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| The Student Loan Scam: The Most Oppressive Debt in U.S. History#and How We Can Fight Back | 
 enlarge | Author: Alan Michael Collinge
Publisher: Beacon Press
Category: Book
List Price: $22.95
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Avg. Customer Rating:  (2 reviews)
Sales Rank: 270737
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Edition: 1
Number Of Items: 1
Pages: 256
Shipping Weight (lbs): 0.8
Dimensions (in): 8.5 x 5.8 x 0.8
ISBN: 0807042293
Dewey Decimal Number: 378.3620973
EAN: 9780807042298
ASIN: 0807042293
Publication Date: February 1, 2009 (In 25 Days)
Shipping: Eligible for Super Saver Shipping
Availability: Usually ships in 24 hours
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| Editorial Reviews:
Product Description
An in-depth exploration and expose of the predatory nature of the student loan industry
For the past thirty years, college tuition has risen at double the rate of inflation, with the cost largely shifting to student debt. Alan Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history.
In an unprecedented analysis of this $85-billion industry, Collinge covers the history of student loans, the rise of Sallie Mae, and how universities have profited at the expense of students. The Student Loan Scam includes stories from people across the country about how both nonprofit and for-profit student loan companies, aided by poor legislation, have shattered their lives?and livelihoods. With nearly 5 million defaulted loans, average undergraduate borrowers leaving school with $20,000 of debt, and average graduate borrowers accruing $42,000 in debt, this crisis is growing to epic proportions.
In this clarion call for social action, Collinge offers pragmatic solutions, including returning standard consumer protections to student loans.
"Collinge has lived through the national student debt crisis and has an astonishing tale to tell. Read and be outraged."
?Anya Kamenetz, author of Generation
"Alan Collinge has been to student-loan hell, and has managed to survive to tell about the experience. Turning his personal nightmare into a cause for activism, Collinge has emerged as one of the most effective critics of the student loan industry and its patrons in Washington. Readers will be as outraged as he is with what passes for federal student loan policy."
?Barmak Nassirian, Associate Executive Director, American Association of Collegiate Registrars and Admissions Officers (AACRAO)
"Students and parents planning to borrow money to finance a college or technical school education should read Alan Collinge's warnings and advice before they sign any loan papers."
?David Cay Johnston, author of Free Lunch and Perfectly Legal
"If you plan on borrowing money for college, spend a few extra dollars and buy a copy of The Student Loan Scam. Relevant and deeply timely, this book's excellent advice could very well save you thousands of dollars and spare you a ton of grief."
?Lynn O'Shaughnessy, author of The College Solution: A Guide for Everyone Looking for the Right School at the Right Price
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| Customer Reviews:
 Legalized Loan Sharking Courtesy of Congress December 27, 2008
3 out of 3 found this review helpful
My daughter is in her senior year in high school and I am trying to learn as much about the various mechanisms available to finance her education as I can. I was really stunned to read about all the problems with student loans and how Congress has given the banks and loan guaranty organizations a free ticket to extract as much money from students as possible.
Some of the actions of our government include making student loans the only loans available that cannot be discharged through bankruptcy, allowing the loan companies and guarantee companies to own the collection agencies, which provides to them an incentive to allow (and push) the student to default, being able to attach Social Security retirement and disability income for repayment, allowing interest rates to be as high as 29.9% and a host of other goodies.
The stories in this book will cause you to cringe. The author does name names and lets you know who has been a friend to student's and their families and who has been bought by the loan companies PACs. In addition, you will learn about the various pitfalls and tricks used by the loan companies to increase the profit margin on these loans.
While the writing is a little redundant, it generally is a well written book that contains crucial information for anyone who has a student loan or for the families of anyone considering taking out a loan. Read this book and learn the pitfalls that are waiting for you!
 Read Before Borrowing Money December 27, 2008
1 out of 2 found this review helpful
If you are considering taking out a student loan, read Chapter One. If you are considering co-signing one, read Chapter One. You will not find the same information written so plain in any other source.
If you care about economic issues, start with the Epilogue. Turns out the first bailout wasn't the $700 billion one, it was the student lending one.
The rest is hard reading due to naming names and dates, and it will make you mad.
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