I hate student loans!
Granted, I was assisted by several scholarships and grants throughout my undergraduate career, but needless to say, those barely covered my ass. I’m now in debt up to my eyeballs, and if I were to make the standard payment on my loans from here on out, I might be done before social security….maybe!
But more outrageous than my own student loan debt, is the way that universities have been playing with the lives of precious undergrads across this nation. For years, universities have been royally screwing students in the ass. They have been accepting gifts, everything from shares of stock to travel and entertainment tangibles, from banks, and other student loan lenders, and then in turn they offer these gift-giving lenders’ loans to students with no other options.
Talk about taking advantage of our youth. These universities that are supposed to be educating us, teaching us lessons and preparing us for the real world, are selling our debt, 25 years worth of debt for some, directly to the devil. But I guess getting sold out is a lesson everyone should know, so who better to teach to our youth than a prestigious university?
Thank God though that the
These new limitations will prevent universities from accepting “gifts” (a term that is not clearly defined in the new legislation) from lenders, and also requires that they offer at least 3 different lending institutions when communicating with potential student borrowers.
The new laws will stop students from being steered like cattle into the hands of bribing lending institutions, but it still won’t ensure that students are going with the lender that best fits their needs. Not to mention the new legislation only applies to federally backed student loans. This means, that the underhandedness and “wink-wink,” “nod-nodding” will still play a part in the $85 billion student loan industry.
And while the
Now, I’m not against the loan industry. Afterall, they make education possible for millions of students. But there is a big problem when borrowing funds for your education becomes a lot like asking a loan shark for loan money. Students should not be steered into lenders by educational officials who are supposed to be a part of a higher learning experience. Universities already sell their souls to publishers, alumni donators, technology companies and potential advertisers.
How about selling their souls to the people who purchase them with their future and years and years of debt?