Student Loans
Government Rabbit Hole?
After a City bus ran a red light, struck my vehicle tossing us 33 feet into a stone building breaking my neck — I lost everything: My career, income, and my purpose. Getting up each morning and going to bed each evening left a giant empty spot to what was left of my life. It did not take long to realize I could not continue to cruise the shops spending money I did not have on things I did not need.
And this is when I thought of furthering my education! A grand idea for taking my mind off my situation!
It took the counselor three months of daily phone calls to convince me to enroll in online University. One of the lures was Obama had a forgiveness program for seniors on the off chance they could not keep up payments on their loan.
I actually flourished — earning Associate and Bachelor’s Degree in Criminal Justice and continuing on to graduate Summa cum laude with a Master of Science Degree in Administration of Justice and Security. Plus, inducted into the Criminal Justice Honor Society as Alpha Phi Sigma.
The year after graduation my online for-profit university was attacked by the Department of Education (DOE) and nearly taken out of business.
My Diplomas are now ~ JUNK MAIL!
The only response from the DOE has been the for-profit university was promising students a job after graduation! What educational system would promise such a stupid thing? Besides, it would have to depend on the students major! After I questioned this, they added the university had bought their accreditation!!
This alone is slanderous to John Sperling who started the university with his own money so police officers had a way to further their education, for better pay! Then again, Mr. Sperling had passed the year before!
Here is what the DOE accomplished:
1) Sallie Mae who had my student loans went out of business — resurfaced as Navient — and kept going.
2) Great Lakes who has my consolidated student loans was sued for misappropriation of funds- is in the process of being bought out.
3) De Voss (Head of DOE) has been sued twice for rolling back previous commitments to students of for-profit universities.
DeVos is already being sued over another rollback of Obama-era protections for students of for-profit colleges. That lawsuit is about borrower defense, in which borrowers can follow a process to get student loan forgiveness after graduating from for-profit colleges.
Students have been able to ask for student debt relief for decades in the case of deceptive or illegal practices. However, the Obama administration rule simplified the process of receiving forgiveness.
Are Student Loans Government Money Laundering?
Why do banks fight over who becomes a student loan facility knowing they do not set the interest rates, the Government sets interest rates — which are higher than normal borrowing rates?
Why is the DOE still issuing student loans while complaining they currently total in the Trillions?
Why does the DOE issue student loans to those who have no intention of going to school?
Could it be…?
While most of us think of debt as a heavy burden to be paid so as not to affect our credit — banks look at our debts as — Accounts Receivable. Banks use accounts receivable to trade between banks as ‘write offs’ to cut down their profits.
Here is how I look at my Student Loans:
Either I graduated from an Accredited University — my Diplomas are Honored and I owe my student loan — or my university has been downgraded to a laughing-stock, my diplomas are Junk-Mail and I owe nothing!