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The Student Loan Scam: The Most Oppressive Debt in U.S. History—and How We Can Fight Back
Product Code: 4229 ISBN: 978-080704229-8 Pages: 184 Binding Information: Cloth Size: 5 1/2" X 8 1/2" Inches Illustrated: No Copyright Date Ed: 02/01/2009 Trade Code: 00C Price: $22.95 In stock. Browse this book
An in-depth exploration and exposé of the predatory nature of the student loan industry Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.
High school graduates can no longer put themselves through college for a few thousand dollars in loan debt. Today, the average undergraduate borrower leaves school with more than $20,000 in student loans, and for graduate students the average is a whopping $42,000. For the past twenty years, college tuition has increased at more than double the rate of inflation, with the cost largely shifting to student debt. The Student Loan Scam is an exposé of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt. Collinge covers the history of student loans, the rise of Sallie Mae, and how universities have profited at the expense of students. The book includes candid and compelling 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, this crisis is growing to epic proportions. The Student Loan Scam takes an unflinching look at this unprecedented and pressing problem, while exposing the powerful organizations and individuals who caused it to happen. Ultimately, Collinge argues for the return of standard consumer protections for student loans, among other pragmatic solutions, in this clarion call for social action. In the Media: Alan Michael Collinge is profiled on CNNMoney.com as one of the financial heroes of 2008 Read about Alan Michael Collinge in the New York Times. Read a post by Alan Collinge on how the economic downturn will affect student loans on Beacon Broadside Listen to Alan Collinge's appearance on WBUR's On Point Watch Alan Collinge in an interview on Democracy Now Read a Q&A with Alan Collinge in Inside Higher Ed Alan Collinge has a new story in The Daily Kos about how his book fits in with President Obama's new plan for college tuition
Reviews
Review Publisher's Weekly - October 6, 2008
"Comprehensive and stirring, this extraordinary book is whistle-blowing at its finest."
Review Wall Street Journal - February 25, 2009
“[Collinge] highlights some genuinely troubling problems, including the government-fueled inflation in college costs (which continue rising partly because federal aid artificially boosts demand) and a lack of skepticism among borrowers about whether the costs are worth paying.”
Review Boston Globe - March 12, 2009
“That Collinge writes from personal experience makes "The Student Loan Scam" passionate and informed.”
Review Charleston Gazette - April 26, 2009
“. . . the book's compelling power rests in its ability to humanize abstract economic problems and statistics”
Review Buzzflash Blog - May 21, 2009
“To fully understand the intersection of educational finance, industry, and the government, you'd do yourself a favor by reading Alan Michael Collinge's The Student Loan Scam: The Most Oppressive Debt in U.S. History -- and How We Can Fight Back (2009). Collinge artfully combines personal stories he's collected on his Web site StudentLoanJustice.org from former students broken by debt and unsavory lending practices with the sordid tales of how lawmakers and officials collaborated with the lending and collections industry to make student loans the worst kind of legal debt a consumer can take on in this country.”
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