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In response to:

The Student-Loan Scam

Gordon Wayne Wrote: May 04, 2012 12:41 AM
Good points Michael, but you miss the "cause-&-effect": Removal of bankruptcy protections from student loans, combined with draconian collection powers (such as wage garnishment) on already inflated original principals & VERY heavy late fees, penalties & interest, mean the Dept of Education makes about $1.22 for every dollar of defaulted student loans; private lenders make similar (if not greater) amounts. Since the Dept of Ed benefits more when students default, they have NO incentive to advise Congress to STOP raising the loan limits for Student Loans; of course, when students can borrow more, dishonest Universities "raise tuition to match" increased borrowing abilities: http://GordonWatts.com/Higher-Ed-Tuition-Costs.html for more info.//
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