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01:20 PM on 07/20/2012
I am unable to finish my education entirely because a policy they had during my initial application was done away with which made me unable to renew my loans and resulted in me being kicked out of school due to lack of funding. Now with out a degree I'm expected to pay off the student loan that was a certain amount based on the salary I would be expected to learn based on the degree I earned. Now because of this I am expected to pay more money per month than I pay for rent, and the side of the loan that was in my mothers hands is now the leading cause she is going through foreclosure on her house. Because of me and my student loan my mom now is losing her house and there is nothing anyone can do about it. She has been in and out of surgery for the past 3 years and I have been bouncing between jobs attempting to get a high enough salary to afford a path out of this student loan hell. Not to mention I was going to give my income tax money to my mother to help with financial struggles (even tho I was just involved in a house fire and lost everything I had) I was surprised to learn Sallie Mae had taken my entire Tax Return. So homeless, mother losing her house, and with out a degree all I have is debt.
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insidious
Socialist Progressive Liberal Independent Feminist
06:34 PM on 07/20/2012
...and unfortunately, debtors jail. Horrible situation. I hope a job comes your way soon or at least some financial help.
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dvoconnor2
11:51 PM on 07/21/2012
I'm in the same situation, and have been for... I'm doing math in my head... 18 years. Sallie Mae is evil.
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Impishparrot
Evolved dinosaur
01:10 PM on 07/20/2012
Congress and it lobbyist pimps in the global financial industry are feeding off the American public. Our lawmakers have set us over-and-over again to be fleeced by these crooks. They took your homes and now they want to saddle your children with crushing debt. What a racket.
04:27 PM on 07/20/2012
And they want the American public to agree with it in the name of "personal responsibility," as if it's the 18-year-olds' fault that they were conned into government-sanctioned loan fraud.
11:09 AM on 07/20/2012
Republicans, like Romney, will keep this Crony Capitalism game going, and another reason not to vote Republican. And, the Democrats better get their act together too and do what is right for America. These Scams have to end.
01:22 PM on 07/20/2012
-I couldn't agree with you more.
04:28 PM on 07/20/2012
I agree with you. The republicans will make the student loan crisis worse... however, the democrats haven't exactly fixed it, and they've had the upper-hand for a while now. I'd hate to think that they're all in this together...
04:22 AM on 07/20/2012
Republicans working with private colleges and banks to create huge loans to kids who could never repay it. It is no coincidence that banks relaxed loan requirements after Republicans made it near impossible to discharge a student loan, and only student loans.
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anitaroosevelt
want some Ayn Rand with those fries?
09:03 AM on 07/20/2012
Exactly.
04:29 PM on 07/20/2012
Haha SO true! Thanks a lot, JOHN BOEHNER! He made over $250,000 in campaign funds for pushing Sallie Mae's (private student loan lenders) agenda!!
03:40 AM on 07/20/2012
Still, we need to bring DOWN the costs of college. 25K/year is just too much for a state school.
08:02 AM on 07/20/2012
The more they lend... the more they will charge.
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Hagia
What fresh hell is this?
02:16 AM on 07/20/2012
God, it's a breath of fresh air to hear from the Consumer Financial Protection Bureau on this. They're the one group of folks in government doing what they were hired to do. Good on you, Mr. Cordray, and thanks Elizabeth Warren for looking out for the people.
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Jeany
Woman w/ Pitchfork
09:00 AM on 07/20/2012
I so agree. The financial services industry exists to lure as many unwary, hopeful young people into indentured servitude as they can. It's good for their business, and never mind how bad it is for the country or the people who use their deceptive products.
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Abraham1771
Polymath Rationalist
12:24 AM on 07/20/2012
How do other industrialized countries graduate their students without these outrageous debts.
Is their anything this exceptional and best in all things (like healthcare) country of ours could learn from these miserable unexceptional countries?

Like from Switzerland, which has more Nobel Prizes per inhabitant to its name than the United States.
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janmB
loves life
06:49 AM on 07/20/2012
Exactly so. Until the USA accepts that we are not number one in anything except for spending money on our military, we are going to stay dumbed-down when an educated country is one that will see prosperity for everyone.
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Abraham1771
Polymath Rationalist
11:50 PM on 07/23/2012
We are also #1 in international telephone prefixes.  Germany is #49! See there!
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Jeany
Woman w/ Pitchfork
09:03 AM on 07/20/2012
Most of Europe makes higher education free or nearly free for students who make their grades.
05:20 AM on 07/21/2012
You are mostly right - for now. Gradually, the costs are going up in Europe. England stopped providing free college in 1998 and is increasingly relying on student loans. Other countries, like Belgium, are lifting annual fees to points that some students have to decide not to enter, or delay, college (although still nearly free compared to the US).
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JustinP213
I dislike all political parties.
10:03 AM on 07/24/2012
Don't forget two important facts: 1) None of the European countries have as many people as we do 2) Most of the European countries "track" students (a dirty word in America).