If you take out a student loan in the US today, you are walking the edge of a volcano.
If you slip (and it doesn’t take much to slip), you could end up little more than an indentured servant, owing 2x or 4x or more what you originally borrowed. Your wages, tax refunds, social security payments, even disability payments will be garnished from now until the end of time. Chances are slim you’ll ever be able to pay it off, because the allowable fees and penalties on a student loan are impossibly huge. At the whim of the student loan companies, you can have your professional license yanked or be forced out of public employment. Did I mention debt collectors don’t need to follow fair collection practices because it’s a student loan? Oh and forget about discharging it through bankruptcy… it’s a student loan… not allowed.
Every page of this book reveals jaw-dropping, horrifying facts of how the student loan industry put Congress in their pocket and began a massive wealth transfer (from student loan borrower to them) that has resulted in some student loan executives earning 500 million dollar salaries. The saddest part of this is not only the individuals who suffer due to this; it’s all of society because we need a well-educated workforce to prosper, and the student loan industry is making that more and more impossible.
I highly recommend this book and think it would be a very good choice for a discussion group.
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