Thursday, September 29, 2011

Quick Shout Out to AlterNet

I want to publicly thank AlterNet for reposting my piece about the Occupy Wall Street Movement and how it's spreading across the country. It is much appreciated!

Help All Education Matters return to D.C. in early November! Pitch in $5 today. 


Also, I am writing a book about the student lending crisis. Would you read it? If so, lemme know in the comments! 

Related Links


"Occupy Wall Street - Tweet About Student Loan Debt And Medical Debt," AEM (Sept 25, 2011)

"Dustin Slaughter's Picture: 'In Debt? You're Not Alone,'" AEM (Sept 19, 2011)

"Occupy Wall Street - Begins Tomorrow, Sept. 17th," AEM (Sept 16, 2011)

Quick Post: Obama Approves Collectors To Hunt Down Borrowers On Cell Phones

Over at AOL's Daily Finance Section, reporter Laura Rowley writes, "Hundreds of thousands of borrowers who are behind on their federal student loans may be the target of some unwanted -- and expensive -- attention: A provision in President Obama's deficit reduction plan would allow debt collectors to call the cell phones of people who are late on government loans or on loans with federal guarantees. Currently, collectors can only call home phones."

Great! So they can hunt us down even more so than they already are. Ain't this news grand?

Also, let me know if you'd read a book by me about the student lending crisis here (please leave a comment)! I am writing a currently writing a comprehensive book about the issue, and want to know how many of you wold purchase it - just leave a quick note. Thanks so much.

Book about the student lending crisis

If I were to write a book about the student lending crisis - the ins and outs - would you buy it?

Monday, September 26, 2011

Investor: "The Governments do not rule the world, Goldman Sachs rules the world"

And this guy, along with other traders, have been dreaming of this severe economic crisis. It's how they make money.

Here's one thing he said:

Our job is to make money from it . . . Goldman Sachs rules the world . . . Personally, I’ve been dreaming of this moment for three years…I go to bed every night and I dream of another recession. When the market crashes… if you know what to do, if you have the right plan set up, you can make a lot of money from this.
Oh, he also said things are only going to get worse. 

MUST WATCH



Source: Think Progress Economy 

Quick Post: Job Hunters With Poor Credit Scores Turned Away From Employment

Here's my latest story at The Loop21 about folks with poor credit scores and their struggle to find employment.

Sunday, September 25, 2011

Occupy Wall Street - Tweet About Student Loan Debt And Medical Debt


@lecreative: RT @matthewstoller: The animating force behind the people here. Debt. #OccupyWallStreet http://yfrog.com/o0i0cij #gfc2





This is what happens when a country stops investing in its people for 35+ years, and we know it's only going to get worse - those of us who have become economic hostages or slaves or whatever you want to call the 99%. That's why we must take to the streets and reclaim what has been lost. We MUST begin investing in Americans again, stop the wars, and restore democracy. The financializiation of the economy has been destructive on so many levels. Even if democracy here always been a "sham," as many have argued, at least we should be striving towards that model. At this point, we're not. We're going in the opposite direction, and we're in a mess. 


Related Links

Occupy Wall Street

"A week on Wall Street: Protesters march on," Fiona McCann, Storyful

"Protesters march in Manhattan, criticizing Wall Street," Ray Sanchez, Reuters

"Dustin Slaughter's Picture: 'In Debt? You're Not Alone'"

"Occupy Wall Street - Begins Tomorrow, Sept. 17th"

Friday, September 23, 2011

Indentured Educated Men

I've written about indentured educated women, and opened up about my own fears of being indebted and unable to ever have a child or own a home. But such worries and fears aren't held by women alone.

Can you pitch in $10 to help AEM return to D.C. in November?

I believe that, in many ways, gender is constructed by culture and complex socializing processes. Whether we like it or not, we experience the world through the lens of gender. Moreover, people judge us, respond to us, and interact with us in different ways as a result of our gender. For instance, I have been, and am, treated in both demoralizing and positive ways because I am a woman. We have all had such experiences, regardless of our gender (those who are transgendered, most likely, experience these moments in even more profound ways). Such things, as we're all aware, happen to minorities as well. However, I don't wish to wander off into a cultural studies critique about whether or not gender is a cultural construct. (In saying that, I am not dismissing that type of work and inquiry - far from it). Instead, I want to hear from indentured educated men.

We've heard from different types of women - mothers with indebted children, young women who long to have children but fear they will be unable to make that choice, indebted women with and without families, etc.

Now it's time for the men to speak. What is it like to be an indentured educated man? Are you a father with loads of debt and unemployed or underemployed? Are your children drown in student loan debt, and does that make you feel helpless? Do you wish to have a family, but fear it will never happen because of your student loans? How has it affected your personal relationships?

Support well-researched, cutting edge analysis on the student lending crisis. Donate $10 today.

Related Links


"Indentured Educated Women," AEM (Sept. 3, 2011)

"Pillow Talk for Tuition: Guys Are Doing It Too - They're Seeking Sugar Daddies To Pay Off Their Student Loans!," AEM (Aug. 30, 2011)

"Arianna Huffington, '245,000 College Grads Looking for Sugar Daddies,'" AEM (Aug. 4, 2011)




Thursday, September 22, 2011

Predatory For-Profits Cashing In From GI Bill

The NYT reported that a large portion of funds from the new Post 9/11 G.I. bill is being funneled into the pernicious, predatory for-profits.

The article states:
Data on the first two years of the program show large numbers of veterans — and the government dollars that follow them — going to for-profit chains. Of the $4.4 billion the Department of Veterans Affairs disbursed during the 2010-2011 academic year, $1 billion went to just eight for-profit schools. The top seven recipients were all for-profit institutions.
[T]he G.I. Bill attracts particular scrutiny because of concerns veterans are being aggressively recruited by institutions that generally have higher costs, default rates and dropout rates [my emphasis]. For-profits enrolled roughly 25 percent of veterans using the program but received 37 percent of the GI Bill funds.
Senator Harkin (D-IA) has done a superb job in scrutinizing the for-profits, and deserves credit for his hard work in exposing the fraudulent activities of these "schools." In this particular article he's quoted saying:  "It's possible that 100 percent of a college's or university's revenue can come from the taxpayers . . . No skin in the game. That's not a good situation for the taxpayers."

Can you pitch in $10 to help AEM return to D.C. in November?

These schools should not be benefiting in this way, and the spin coming from their lobbying groups is pathetic. HIGHER EDUCATION SHOULD NOT BE FOR-PROFIT. Period. And shame on those Ivy League educated folks who are part of this machine. They should be ashamed of themselves. Many of the institutions  who are the so-called "non-profits" are to blame for this disaster too. But keep recruiting the young, the poor, the minorities, and then when they wind up drowning in debt, you can turn around and blame them! Bravo! Bravo! I love how we don't insist that institutions take responsibility for their wrong-doing and their misleading actions, but we sure insist that individual citizens do. Ain't it grand?!?

But you what is grand? Enrollment at these cesspools is down! That's right. They have taken a hit, and so has the value of their putrid stocks.

This is not about "consumer choice," as these pernicious institutions try to argue. Nice spin, but it ain't convincing. These institutions are preying upon our soldiers, as well as the poor and minorities.


Donate $10 to help AEM continue to actively raise awareness about the student lending crisis.  


Related Links


"Federal Student Loan Defaults Up, Especially at For-Profit Schools," The Leadership Conference (Sept. 21, 2011)


"Quick Question: Are you ex-military . . .," AEM (Aug. 17, 2011)

"For-Profit Colleges Target the Military," Daniel Golden, Businessweek (Dec. 30, 2009)

Senator Bill Nelson (D-FL) Responds To An Indentured Educated Constituent

AEM sent a letter to the President on August 10, 2011. I am presently drafting another letter that will praise the president for his work on the American Jobs Act. I urged many of you to send this letter to the President and also to your Senators and Representatives. So many of you got involved and did just that - without your engagement, AEM's activities would be meaningless. I want to thank each and every one of you for taking the initiative to reach out to your leaders. As for the letters . . . Some of you were totally ignored. Others received generic form letters. But in a few rare cases, you received letters of substance, letters that indicated that your leader had taken the time to actually read the content and reply appropriately.
Senator Bill Nelson (D-FL) did just that, and he deserves to be credited publicly. While I applaud him for his attention to Pell Grants and increasing aid for prospective and current students, I hope that he will turn his attention to those of us who are part of the indentured educated class and drowning in debt. We need to come up with viable solutions  for educated, hard-working borrowers now. That said, let's here what he had to say in response to his constituent on August 30, 2011: 

Dear Ms. C.:
I want to thank you for sharing with me your thoughts about student loan indebtedness. I appreciate learning of your circumstances, and I hope that your burdens ease with time. You are in my thoughts and prayers [my emphasis].
 Over the past year, I have heard the concerns of many Floridians regarding the economy and their own financial well-being. We are only beginning to emerge from the most severe economic recession since the 1930s. Sadly, many middle-class Americans bore the brunt of the storm.
 I also share your concerns about the exorbitant tuition costs that pervade our nation's colleges and universities [my emphasis]. Fortunately, over the past two decades, federal policies have created new opportunities for students to obtain financial assistance and grants. The Federal government currently offers several programs that provide direct low interest loans, need-based grants, and tax relief for students and their parents. Since the Higher Education Act was passed in 1993, the Federal government has provided needed assistance through the Federal Family Education Loan program, the William D. Ford Direct Loan program, the Pell Grant program, and the Hope Scholarship and Lifetime Learning Tax Credits. These programs aim to enhance the access students from low and middle-income families have to postsecondary education. Today, the Federal government plays the preeminent role in providing direct aid to the nation's students and their families. This aid is supplemented by direct aid from states and higher education institutions, as well as sources of federal indirect aid such as state and local appropriations, which play an important role in helping to subsidize students' studies.
 Please know that I will weigh your concerns when making any decisions on this or any related issue. I appreciate you taking the time to be involved and informed about such matters. Your opinions are important to me. 
Sincerely,
Senator Bill Nelson
P.S. From time to time, I compile electronic news briefs highlighting key issues and hot topics of particular importance to Floridians.  If you'd like to receive these e-briefs, visit my Web site and sign up for them at http://billnelson.senate.gov/news/ebriefs.cfm
Donate $10 to help AEM continue to actively raise awareness about the student lending crisis.  

On behalf of thousands of student loan debtors, AEM thanks you, Senator Nelson, for responding to this particular constituent. Much work needs to be done to solve the student lending crisis, and we hope that you will take an active role in helping solve this problem.


Wednesday, September 21, 2011

Congressman DeFazio: "We need to help the next generation to succeed! We need money to pay for it!"

Fellow activist and author, Nando of Third Tier Reality, was watching C-SPAN Live this morning, and shared this clip with me. Congressman Peter DeFazio (D-OR) took the floor of the House and gave an impassioned speech. The overall talk was about jobs and taxes, but he then mentioned the need to INVEST in the next generation. We're apparently lost in the mix, but that will change. (I have already reached out to Congressman DeFazio's office and let them know how much I appreciated his remarks about higher education).

The gentleman from Oregon was given five minutes to speak. DeFazio first stated: 

Well, I was, uh, initially very supportive of the President's proposed Buffet tax based on the premise that no millionaire or billionaire should pay a lower tax rate than a check-out clerk at Alberton's supermarket or a small business owner who only earns $40,000 a year. Seemed fair to me. But, you know, then I started listening to the Republican response. And it's pretty heavy, and really gives you pause to think whether or not this is a good idea for our country. It's class warfare. It will hurt job creation. You know, these are arguments . . . that it won't raise money. These are arguments that are certainly very, very, very telling. In fact I have some direct quotes from one Representative. 'This is really the Dr. Kevorkian plan for our economy. It will kill jobs, kill businesses, yes, even kill the higher tax revenues. These suicidal tax increasers hope to gain.'
Wow! Now that's some strong rhetoric! Suicidal tax increasers?!? How's that for describing your colleagues on the other side of the aisle? Talk about unleashing hatred and class warfare.


Donate $10 to help AEM continue to actively raise awareness about the student lending crisis. 


DeFazio didn't let up. He continued:
Another Representative [said], 'class warfare may win political campaigns, but it doesn't spur economic growth. Raising the capital gains tax may garner political capital, but it will not create any jobs.' And then finally of course, 'when are we going to get it? We don't have a revenue problem, we have a spending problem.
DeFazio summed up:
Those are heavy criticisms. And what if those proved true? What a disaster it would be for America. Now these criticisms were all leveled in 1993 the last time we had a Democratic President propose that millionaires and billionaires should pay a fair rate of taxes in this country [my emphasis].  
And here we are again . . . Sound familiar?

He went on to say that the first criticism was from Rep. Christopher Cox, who he described as "total idiot." Cox ran the Securities Exchange Commission, "while Wall Street gambled our economy into the tank."

DeFazio also pointed out that the health of the economy was far better under Clinton, and unemployment was at 3.8%. And at that time, the country was asking millionaires and billionaires to pay their fair share.

 And then he asked "What have [the Republicans] done to create a single job this year? Nothing! In fact, they have eliminated jobs. But that's because," he said sarcastically, "we want to give the 'job creators' a break. We don't want to tax them . . . all to protect tax cuts."

And now what? DeFazio reminds us that there has been "$5 trillion of tax cuts over the past decade! $5 trillion! Five-thousand billion dollars of tax cuts! Heavily oriented towards the 'job creators,' the millionaires and the billionaires. Where are the jobs?!?"

The jobs?!? The jobs are disappearing still and rapidly! That's right, folks. They are cutting them! DeFazio knows that. I know that. You know that. We know they are cutting jobs left and right. Look at Bank of America's recent announcement. They are going to lay off 30,000 people!  Cisco Systems has gotten rid of over 12,000 employees, claiming that they are running more efficiently as a result! The list goes on . . .

As DeFazio continued to ask, and so do I, and so do you, "Where are the jobs?!? Where are they?!?"

He concluded: "It doesn't work. First, it was eight years of Bush tax cuts, and then two years of Bush-Obama tax cuts, and now we had President Obama's proposed further tax cuts. Tax cuts don't create jobs."

Meanwhile hedge fund managers on Wall Street, DeFazio asserted, enjoy less taxes on the billions of dollars they make on speculation than the small business owner or the Army Captain  who has just returned home from a tour in Iraq.


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That's why we need the Buffet Tax. That's why Congress must pass the American Jobs Act.

And here's a critical nugget about student loan debt and financial aid. DeFazio said:

[With the Buffett Tax], we can create jobs, stabilize the economy, get down the deficit, and continue to fund critical programs . . . that ironically, that was in the grand deal . . . that was adopted back here a month ago - that I voted against - there was only one specified cut. One cut specified in that bill. Graduate student financial aid. That's because at the country club they don't meet anybody who can't put their kids through medical school. We need doctors. We need other professionals. We need to help the next generation succeed. Education, infrastructure investment, and we need money to pay for it! 
Bravo! Bravo! Bravo!










   




Tuesday, September 20, 2011

Despondent Mother: "We are about to face a two-generation indentured educated class"

Sensationally smart. Wicked sense of humor. Loving. Deeply religious and caring. These are a few words that come to mind when describing my friend who is a devoted mother and an indentured educated citizen. We have exchanged emails for years, and I have now been invited to her home. She lives far north, where the weather still seems normal. When Texas was on its god-knows-what-day of endless 107+ degree temperatures this past summer, this kind woman told me I was more than welcome to escape and come stay with her. She sends me deeply moving and profound notes all the time, and one recently hit me quite hard. Someone who uses words that can make you cry one moment and then laugh the next . . . that person's words must be shared - I'd be selfish to keep these powerful comments to myself.

Donate $10 to help AEM continue to actively raise awareness about the student lending crisis.

Who is she exactly? She is you. She is me. She is all of us.

She is fearful. She is indebted. She is well-educated. She is worried about her children's futures. She is angry. She is sad. She is like me, and she is like you.

Her pay at her job has been cut. So has her husband's. They have also lost benefits that they were told they would not lose. Recently, she wrote to me and said, "We are about to face a two-generation indentured educated class. . . this is starting to look familiar-- from like 1690-- the Virginia Company . . ."

She included this link: Leaving England: The Social Background of Indentured Servants in the Seventeenth Century."

She went on to say:
The best and the brightest are about to spend their lives paying off debt that cannot be discharged or forgiven--but can be (and has been legislated to pass down to former and future generations). I have paid my pound of flesh in cash and public service, as has my husband. We are now just paying the interest and fees charged. We deserve relief--as does my son, who will soon be entering the same track [my emphasis].
Her anguish is difficult for me to digest, because I can't imagine what it is like to worry about children (and I wish for the day, i.e. to bring a child into this world, but doubt that will ever become a reality) . . . and yet . . . I do worry about this woman and others who are struggling like her, so I identify with her. I am reminded of  my own unsettled, fearful thoughts when I read these notes from her and from all of you. Please keep sending them to me. They remind me of why this matters, and why we have come together to fight against this injustice, this economic slavery.

She is you. She is me. She is all of us.

Like her, I worry about my husband and his stress. I worry about our future. I worry about my nieces. I worry about caring for my older family members. That is to say, I worry I will be unable to care for them. I am scared and exhausted and tired. What if I were to get cancer, and we had to deal with those medical bills and all this debt? Many of you are already there, and your stories always make me tear up. I will never be hardened. If I were to ever become that way, I would be a useless human being, a waste, a loss.

My thoughts turn again to my dear husband. I love him to pieces, and I cry on our anniversaries and his birthdays when I can't buy him a simple gift to show him how much I adore him. I did have a bit of  break from that sadness last year in Korea. I was able to surprise him with a lovely gift on his birthday, and it was exactly what he wanted. Giving gifts on special occasions does not mean I am a victim of our consumerist society or am somehow a sell-out. The act of giving gifts goes back centuries. It is a beautiful, ancient practice. Long ago, cultures would give gifts to their Gods or to their God (they still do this today). Giving gifts is a powerful cultural and religious practice. So, it is painful when you cannot engage in this ritual, especially when you wish to give a gift to someone you love so very much. But I am indebted and penniless, and unable to even buy the simplest things like bath towels, books, and so forth for my husband. I am unable to buy those things for myself. He also has been barred from buying me gifts. Instead, over half of our money goes towards debt, debt, debt. And I am sick, sick, sick of it.

In saying those things,  that does not mean that I don't wish to pay it back, or that I somehow expect a so-called "free ride." Those who assume we are like that sound stupid and moronic, because they haven't a clue. Those of you who assume such things about us have also forgotten that the banks and Wall Street, the very institutions who brought this country and the global economy to the brink, were bailed out. Just like that, they went running to the Government and begged for money. That was after they gambled with ours. They sent in pencil-written requests for billions of dollars under the Bush regime, and huge checks were cut for them. Just like that! Snap! Money sent. No problem! I know. I know. I know. The money has all been paid back! And look at how much better we all are now! There are fewer banks who control our assets, and those big banks are now firing thousands of thousand of workers. But continue to turn your rage against the wrong people, you intellectually deficient mongrels. Blame us for being "deadbeats," and "lazy" and "irresponsible." Turn a blind eye on the class warfare that has been launched against you and me and millions of other Americans. You're playing right into the very hands that have robbed this country. Bravo!

Luckily, my brothers and sisters aren't all so cruel and understand the bigger story. Thank God for them.

But let's talk some more about buying shit. When I do happen to buy things I need, such as clothing, I immediately feel guilt. I become sick to my stomach. My husband feels the same way. We will on very, very rare occasions buy clothing. It's nice, because we always do this together. But as soon as we leave the store, we are mortified by the "huge expense," and we become despondent. Meanwhile, we are told at every turn that we should be buying shit ALL the time. (And for the idiots who have the audacity to mock me for being poor, I tell you this: you are stupid for thinking we are losers and we don't deserve to buy stuff. Besides, it doesn't matter how you  judge us. As Robert Reich and other experts point out, 70% of the U.S. economy is driven by consumer spending. So you can laugh and mock all you want, but you and your family are being brought down too. If that hasn't happened yet, and it continues to worsen, you'll be there with us. We'll see how hardened you still are when you can't buy a thing for your family or for yourself).

I worry more about my husband when I think about these things.

I mean, what if my husband, who is employed at a very good job, becomes stricken with something serious? What then? How will we survive? There are rumblings in my household that a layoff might occur. This terrifies me. I am terrified on a regular basis, because of all the stories I read. There are thousands of you who have written to me, pouring out your heart, telling me your most intimate thoughts. It reminds me of the emotions that Steinbeck described in his phenomenal essay, "Primer on the '30s.'"

He wrote, "And feelings in the Thirties ran high. People were not afraid to express them as they have become recently. If you believed a thing, you shouted it. We lived or at least talked excitement."

Those are comforting words in these uncertain, dark times. I have always identified with the Great Depression. I grew up hearing stories about it.


Pitch in $10 to help AEM return to D.C. in November! 


My father grew up very poor. His first home was a garage with a wooden-like bunk bed built above the concrete. His mother was a woman of the Depression-era from Kansas. Her name was Ruth, and she was tough as nails. When I was quite young, I recall her speaking about the crops being destroyed by insects, the insufferable dust, the heat . . . Once she said, "the chickens only ate grasshoppers, and they tasted like grasshoppers." While I am not eating chickens that taste like grasshoppers, the endless heat of this summer in this state, and my own poverty, made me think of her a lot. I think I have become tough as nails, too, and that makes me damned proud.

A few days ago, I wrote to my father, and I was feeling more than just glum. I said, "I am mourning the loss of our country. It's amazing how it is imploding. I never thought I'd see the day when the US would collapse. It's truly astonishing."

He replied:
I agree with what you say while trying to remain calm using Lincoln's reasoning- humbly I am quick to add with my new pork pie hat in my hand- that this all a part of God's plan that we can not be expected to understand . . . I do not know of a darker time in my adult life...but though maybe not the darkest (well hell yes, it's 11:30 PM) of my entire life . . . 
At least he made me chuckle. We must cling to our jokes in these dark times. My father has surely done that. But the fear is spreading.

The mother had this to say about fear:
The politicians need to know how scared we are. My grandfather was a doctor. My father a scientist. I, I am a librarian. My daughters have the makings of genius (ok, we are biased here, but really they're 1uite gifted--10 & 12 reading and learning at college levels), and my son, well you know about him. But my girls, if they can afford college will be encouraged by my husband and I to leave the country. They have been learning Spanish since they were 4, latin since fourth grade, and I am teaching them the basics of Japanese, French, and German. They can't stay here. This place is going to hell. If my son gets a job out of the country, he will go. My husband and I are toying with the idea--if it weren't for his elderly parents and our children, we would go. I know we would go. The brain drain has begun. There is evidence in every college and university. My husband (a college prof) talks about it every day.
Despite how bleak things seem, and how awfully down I am today, I have dear friends who write me things like this: "Remember you have friends and family who love you and are pulling for things to improve in your life. You are NOT in this alone."

I needed to hear that.

Monday, September 19, 2011

Dustin Slaughter's Picture: "In Debt? You're Not Alone"



Dustin Slaughter (@dustinslaughter) is at Occupy Wall Street. He's been featured on AEM before when he wrote a superb piece about the recent Chilean student uprisings. Dustin is the founder of the David & Goliath Project, which "celebrates protest culture in all of its forms, from video reports and documentaries to writing, art and music."

I am so glad I met Dustin the night before I left for Korea, and that he took it upon himself to interview me on that evening just outside of LAX.

Dustin is taking great pictures of the events in Manhattan. They are entitled, "Scenes from  #ourwallstreet #LibertyPlaza."

Here's are two really powerful ones that the indentured educate class will appreciate:






We have been cheated by this corrupted system. That's why this protest matters to AEM.

Keep up the great work, Dustin!

AEM's Response to FreakOnomics: Justin Wolfer's "Forgive Student Loans? Worst Idea Ever."

Over at FreakOnomics, Justin Wolfers is arguing that the call to forgive student loans is a bad idea. The piece is response to a recent petition drive by Signon.org. The argument in favor of student loan forgiveness has been espoused by many and for several years. In my view, the strongest argument thus far was made by economist Zeus Yiamouyiannis - that's why I included references to his work in my piece about Obama's Jobs Speech. While Yiamouyiannis was not writing specifically about student loan debt forgiveness in "Endgame: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy," his theories for a debt jubilee certainly apply. So, Mr. Wolfers, there are probably a few economists, like Yiamouyiannis, who would support this "idiotic idea." Yowser. Your piece is poorly researched.

But why exactly does Wolfers think this particular idea being promoted by Signon.org, which, mind you, isn't nearly as strongly stated as Yiamouyiannis's, is so bad?

Wolfers has five arguments against it, and most of the assertions are highly questionable. The first one is about distribution.

Wolfers argues:
If we are going to give money away, why on earth would we give it to college grads? This is the one group who we know typically have high incomes, and who have enjoyed income growth over the past four decades.  The group who has been hurt over the past few decades is high school dropouts.
I'd like to see the figures on this claim. Please show me how much higher their incomes are. And even if they are making higher incomes, does it really help if they are saddled with 60k, 70k, 100k, 200k in student loan debt? When it comes to employment - and I am not really sure that's what Wolfers is even referring to - it is true that individuals with high school diplomas who are between the ages of 18 - 29 have a higher rate of unemployment than folks that same age who just have a high school diploma. But if the educated folks who are drowning in student loan debt have jobs flippin' burgers or selling Starbucks-slurpee-slop and earning minimum wage, then the fact that they are employed really isn't helping them. (In addition, minimum wage is far too low, especially when you're making payments to usurious companies like Sallie Mae and Nelnet).

But getting back to the claim that their incomes are higher, I want the evidence. I think his data is old or something. Give me data for this period of time that some refer to as the Great Recession. I prefer Great Depression Deux, but we're all talking about the same thing. We're talking about a shitty, shitty economy.

This also flies in the face of evidence that shows how wages have not only remained stagnant since the '70s for middle class homes, but are actually going down! So, Mr. Wolfers, provide me with some stats for this claim.

In another line, he writes, "This is a bunch of kids who don’t want to pay their loans back." Uh. Really?!? Are you kidding me?!? Wow. This is so off base, I don't know where to begin. The word "kids" is (a) condescending and (b) false. As I have argued over and over again, this is an inter-generational problem. And if you took any time, Mr. Wolfers, to read testimonials from student loan debtors, it's not that easy. Many of them feel humiliated by the fact that they can't pay their loans back. They want to be productive members of society, but they are struggling to make ends meet, and they are falling off the societal grid. So, when you make your point about poverty, we're talking about people who are fucking impoverished. That is a theme I have followed closely. I wonder if Wolfers is aware of the man with multiple master's AND a Ph.D. who is homeless? What about all the couch-hopping grads?!? So, you need to, again, do your friggin' research before writing such fluff. And don't forget the college grads who are becoming SEX WORKERS (see here and here) in order to pay off their student loans. How's that for poverty, Mr. Wolfers?!? Finally, are you aware that a huge portion of recent college grads have moved home? Are you aware of that figure? Well, if you're not, it's a whopping 85% of recent college grads who have had no choice but to move back home. EIGHTY-FIVE PERCENT, Mr. Wolfers. Are you seeing the picture yet? Are you seeing why people are calling for loan forgiveness? I bet you aren't even aware that by June of 2012, outstanding student loan debt will hit $1 TRILLION.

You see, we used to invest in higher education in this country. But we've gotten away from that. It's been turned into a fucking racket. That's what has happened, and that is why so many of us are pissed off. We feel duped. We were duped, and by institutions that should not have fucking duped us. We're all told that we must go to college, and so we did. And now what? We're homeless, living with our parents, jobless, and screwed. We're looking for jobs as sex workers. We're abusing alcohol. We're hating ourselves, when we should be angry at a system that has been rigged for a tiny percentage of rich assholes. We've been left behind, Mr. Wolfers, and we're not happy about it. You have the audacity to call us kids? Oh, and I bet we're "entitled," too? Give me a break. It's just dumb. You sound dumb here.

Your tone is condescending and you clearly haven't done a lick of research on the student lending crisis.

Sunday, September 18, 2011

Kaplan Owned Washington Post Says This: "Stay in School!"

Wow. How brazen can they get? How despicable can they be? Do they not know we see what they are up to? The Kaplan Owned WP just published a recent article that advises students to:
[S]tay put. Their best bet, by far, is to go to college and wait out as much of the economic storm as they can. If they can afford it, the smartest move may be to stay in school or in some sort of training program until the economy recovers in 2017.
Of course they want you to stay put! That will help them pay their salaries and allow these bastards keep their cushy jobs at WP and Kaplan. Meanwhile, they will be turning more and more people into indentured educated citizens. It's surprising that the writer didn't push people to stay put at KAPLAN.

THIS MUST STOP.

Shame on the Washington Post! You are disgusting.

Correction: Kaplan is a subsidiary of the Washington Post, but does that really make this any better? Nope. They are in bed together, and that rag promotes education to line its pockets and help out a predatory "school." That's what matters.



Related Links


"Here's your diploma, now go file for bankruptcy!," AEM (Sept. 14, 2011)


"From the Best to the Worst: For-Profits Are An Ivy-League Created Scam," AEM (Aug. 31, 2011)


"Assessing the Integrity of Individuals and Institutions Connected to Higher Education," AEM (Aug. 30, 2011)

"Good Riddance to ‘For Profit Colleges,'" Gawker (Aug. 23, 2011)

"Here's something to celebrate! For-profit enrollment plunges!," AEM (Aug. 18, 2011)

"UPDATE: Exclusive Interview - Whistleblower David Goodstein Discusses Victory over Kaplan University" AEM (July 25, 2011)

"UPDATE: BREAKING! Whistleblower David Goodstein Slams Kaplan and Wins!," AEM (July 22, 2011)

"Thoughts On Shame: Michelle Singletary, The Washington Post, And Kaplan University," AEM (Nov. 16, 2010)

Friday, September 16, 2011

Occupy Wall Street - Begins Tomorrow, Sept. 17th

Are you ready to see democracy in action? Tomorrow is the beginning of something big. If you can make it to NYC and OCCUPY WALL STREET, go now. Get there with your tent.

If you can't go, then tweet about it. Use these hashtags #OccupyWallSt, #Sept17, #usdor, and follow them on Twitter (@OccupyWallSt). Spread the word. Get involved. We're gonna change things, and it begins tomorrow.

Hope still exists. It's there. We just need to readjust our vision in order to see it.

I see it. Do you?

Hope (Permission for use was granted by the artist, Rachel Baum)

Thursday, September 15, 2011

Grotesque Illustration of the Student Loan Bubble, Plus Thoughts on Student Loan Forgiveness and Bankruptcy Protection Rights

Over at the Reformed Broker, there are illustrations of the student loan bubble. They are grotesque! That's why we need our leaders to take immediate action, and we them need to come up with a multi-solution approach that will include loan forgiveness, the restoring of bankruptcy protection rights, and more. Those are the obvious approaches. First, we need to help current borrowers. The policymakers need to stop conflating us with prospective and/or current students. It's not the same. But if we are somehow granted a debt jubilee, we also need to think about those who come after us. We need to ensure that future generations won't be thrown into a similar system. That means we need to overhaul higher education and remove it from the market system. Higher education must become a public good again. Higher education is a fundamental pillar to democracy. We need to stop thinking of it in terms of its "value" in the market system. That has degraded its intrinsic values, and how it plays an integral role in shaping a healthy, vibrant, and open democratic system. That debasement of higher education needs to change.

Related Links


"Yes! Go Dean Dad! - Remarks About A Student Loan Stimulus," AEM (Sept. 14, 2011)

"The President's Speech On Jobs, And My Call For Him To: "Go after Wall Street -- Go after Wall Street now!," AEM (September 9, 2011)

"Part II: AEM's Work On The Hill," AEM (September 8, 2011)

"Now Is The Time To Invest in CURRENT Borrowers," AEM (September 1, 2011)

GoogleDocs


Higher Education Finance Reform: Accomplishments + Multi-Solution Approach to Truly Tackling the Student Lending Crisis

Brief History of All Education Matters

Pat Tillman, truth, stories, and why our education system is the way it is

About the last thing I am likely to do in this space is to write about a movie. But, as it happened, I chanced upon a movie on TV in which I had no interest. Yet it had an impact on me anyway. The movie is “The Tillman Story” which would mean nothing to non-U.S. people and maybe very little to many in the U.S. as well. Pat Tillman was a U.S. football star who suddenly left the National Football League and his millions of dollars of salary to enlist to fight in Iraq after 2001.

The politicians in Washington loved this story since it justified the “all American hero fighting for his country” story that Bush and his cronies were trying to sell at the time. They played the story up in all the media. Tillman was killed in Afghanistan after some years and Bush and his buddies were busy touting the “our hero died for his country” line they love so much. The problem was that after some investigation on the part of Tillman’s family, it seems he wasn’t killed while fighting the enemy. Instead he was killed by U.S. troops who just seemed to be having fun shooting anything that moved one day.

The movie details how the family fought back and uncovered the cover up that the Army had created to obscure what really happened. The movie is unkind to the Army, but, as someone who has worked with the Army for a long time, I was skeptical that the Army would be that involved in telling such an elaborate lie. Eventually the movie points the finger at Donald Rumsfeld who appears to have been calling the shots and makes it clear that George W. Bush would have had to have been involved as well.

My first reaction was that it says something that they were allowed to make this movie at all. A repressive government doesn't let you make anti-government movies. The U.S. government may have many faults, but freedom of speech still exists here.

But then, my thoughts turned to the real subjects that always interest me which are stories, and the general stupidity of the American public.

The lengths to which Bush and friends went to tell the Tillman story that they wanted to tell and to cover up the real story are well documented in this film. Why? Why lie, cover up, misinform, hush people up, manipulate the media, and otherwise be hysterical about the fact that a soldier was killed by his own troops? This happens all the time. It is called the fog of war.

The answer is that stories matter. Politicians love to tell stories and the stories they tell often have little relation to the truth. They get away with this because stories are simple and easy to understand. The truth is often much more complex.

This points to one reason why politicians all seem to agree on testing and generally making our education system about memorization of facts (otherwise known as “official stories.”) What we want students to learn is what the true stories are. We want them to know the facts about George Washington and Abraham Lincoln and Pat Tillman. We really don't care if those facts are true. In all nations, the job of education is the telling of official government-approved stories about everything from history to economics to how to be a success and why to fight for your country. No one cares about the truth all that much. They just care about having good stories to tell.

We are all susceptible to a good story. (That is why we like to watch movies in the first place.) It is not just poorly educated who like simple stories. We all do. It is part of being human. But how do we learn to determine if a story is true?

We wouldn’t have known the truth about Pat Tillman if it hadn’t been for his family being smarter than your average family and really wanting to know what happened. They were capable of separating truth from fiction. But this is a skill which we are more or less explicitly taught not to do in our schools.

What can be done? Ask students to think instead of memorize? I have been saying that for years, but, no surprise, no government official is ever on my side on that one. They like being able to tell simple stories that remain unexamined by their listeners.

Wednesday, September 14, 2011

Here's your diploma, now go file for bankruptcy!

 

The Kaplan-owned newspaper of shame, which is run by the shameless, featured a piece today about the rise in bankruptcy filings among college educated folks. Big shock-a-roo, right? Wrong.

So, there you have it, folks. You receive a diploma and are soon headed to the poorhouse! Grand, ain't it?


Related Links


"UPDATE: Exclusive Interview - Whistleblower David Goodstein Discusses Victory over Kaplan University," AEM (July 25, 2011)


"UPDATE: BREAKING! Whistleblower David Goodstein Slams Kaplan and Wins!," AEM (July 22, 2011)

"Sordid Relationships And Broken Promises: Kaplan University's Troubling Financial Relationship To The Washington Post," AEM (November 23, 2010)

"Thoughts On Shame: Michelle Singletary, The Washington Post, And Kaplan University," AEM (November 16, 2010)

Yes! Go Dean Dad! - Remarks About A Student Loan Stimulus

In other blog news . . . over at Inside Higher Ed, Dean Dad wrote a piece entitled, "A Student Loan Stimulus?,' and suggested, thanks to the smart Twitter folks' idea, that Obama's plan to invest in community colleges should be used to forgive student loans for people in their 20s and 30s. 
Here's a snippet (for the full read, go here):
President Obama has proposed spending five billion dollars on building renovation at community colleges across America. 
It’s a nifty idea, even though it’s politically DOA. Divided among 1100 community colleges, it works out to between four and five million each. That’s certainly helpful -- no argument there -- but it’s not enough to add much capacity. Even a smallish, not terribly cutting edge classroom building will run at least ten million. It would help tremendously with certain kinds of deferred maintenance, but that tends to be too inconspicuous to hold much political appeal. And the stimulus would take an awfully long time to work through the system. “Shovel-ready” is a myth; we don’t get to shovel-readiness unless and until we’re serious, at which point the decision has already been made. First there’s the environmental impact, the ADA compliance issues, the retrofitting, the bid process, yadda yadda yadda. In other words, it’s a helpful long-term idea, but the short term payoff isn’t there politically or economically.
The helpful folks on Twitter pointed out a much better idea: use the money to forgive interest on student loans. (And I say this as someone whose loans are paid off.)
The student loan stimulus would do a world of good for people in their twenties and thirties, who are struggling badly as a group at exactly the times when the economy is counting on them to start both careers and families. Reducing their monthly (and total) loan payments would give them more spending money immediately. And unlike a one-shot tax refund, the reduction in loan payments would be permanent, so the money would be more likely to go into increasing aggregate demand. (One-shot windfalls are likelier to be saved.) Without demand, hiring just isn’t gonna happen.

 Good remarks, Dean Dad!

The Author's Hour: Robert Whitaker's Anatomy of an Epidemic

The Author's Hour entails interviews with  authors who are already published or on their way to being published. The subjects will be wide ranging. We'll talk to experts from the fields of economics, history, sociology, political science, philosophy, literature, etc. The intent of this new series is to connect with authors whose work intersects with my own. This way, it will allow me to introduce my readers to other authors who are: 
  • concerned about the student lending crisis
  • other major societal problems
  • interested in my work as a political activist for the indentured educated class
Our next author is Robert Whitaker. Mr. Whitaker has an illustrious professional background. His website states:

Robert Whitaker has won numerous awards as a journalist covering medicine and science, including  the George Polk Award for Medical Writing and a National Association for Science Writers’ Award for best magazine article. In 1998, he co-wrote a series on psychiatric research for the Boston Globe that was a finalist for the Pulitzer Prize for Public Service. Anatomy of an Epidemic won the 2010 Investigative Reporters and Editors book award for best investigative journalism.
 He is also the author of Mad in America (Basic Books, 2010).

Before I jump into the interview with Mr. Whitaker, I want to thank one of my special readers who introduced me to Bob. The conversation was great, and I encourage all of you to buy Bob's recent book, Anatomy of an Epidemic.



Here's what we discussed:

CCJ: Not all of my readers are familiar with Anatomy of an Epidemic. Provide us with a brief hypnosis of the book, and why you decided to write it.

BW: The book investigates a puzzle: Why has the number of people disabled by mental illness soared in the past 20 years? And the hypothesis I raise is this: Is it possible that the widespread use of psychiatric medications, in one manner or another, is fueling this epidemic?

CCJ: You discuss the two histories of psychiatry and the rise of pharmacological drugs in the U.S. and in Europe. Most of us are familiar with the 'positive' side of this story, i.e., how people with mental illnesses have been cured or their bad symptoms have been diminished as a result of popping pills ('the magical bullet' theory that you mention in the beginning of the book). However, the negative side of the story is not as well known - it's much like two sides of the same coin. Tell us about the negative side of taking pills for bipolar disorder, ADHD, schizophrenia, and depression for years. What happens to some people? (And you obviously show that not everyone has a negative experience).

BW: The negative side of the coin is that many people who take the medications, particularly over the long-term, end up experiencing worse psychiatric symptoms, physical problems related to the drugs, and cognitive decline related to the drugs. In the aggregate, I think the data is pretty clear: long-term use of psychiatric worsens overall outcomes. Some people do well on the medications, but on the whole, the long-term use of medications worsens outcomes.

CCJ: I have a lot of readers who tell me that they are so overwhelmed by their student loan debt that they sought help, and have been prescribed all kinds of pills (anti-anxiety, sleeping pills, anti-depressants, etc.). How do you feel about this fact, i.e., that people who are drowning in student loan debt are being prescribed these types of medications? While some of them might have legitimate reasons for seeking medical treatment of this nature, do you think this is the best way to deal with the problem both at a societal level as well as a personal one?

BW: I would say this is precisely the wrong way to deal with this problem of student loan debt. Taking a pill won't make that debt go away, and so the underlying situation won't change. The question, I suppose, is whether taking a pill will help that person cope with the distress better, and thus perhaps pursue a better course (in terms of getting a job, etc.) Taking a pill may somewhat alleviate the emotional distress, at least for a time, but I don't think there is any evidence it helps people come up with a long-term solution to this problem. This is a problem that requires a societal fix, and that is providing youth with an opportunity to go to college without ringing up large amounts of debt.

CCJ: In your reporting, what were the most disturbing aspects of the interviews you had with people who began to question the benefits of taking these sorts of drugs? Does any particular story haunt you?

BW: Many stories haunt me. The ones that lingered were those instances when people suffered greatly trying to get off the medications, or never could get off, and ended up feeling trapped. People who began questioning the merits of the drugs often ended up being shunned by family and by their doctors, and had to go down this medication withdrawal path alone (when they decided to do so.) We have a system that encourages people to get on the drugs, but there is nothing in the system that helps those who want to get off them do so.

CCJ: These are powerful drugs. What happens when you mix them with alcohol or other recreational drugs?

BW: This isn't something I studied. But any time you mix drugs that act on the mind, whether illicit or licit, you obviously are courting danger. There is a risk to ingesting such a mix of drugs.

CCJ: As you indicate in your book, many experts in the field believe the theory of serotonin is just that - a theory - and many have hoped to debunk it. Why is this idea, that the 'mentally ill' brain has a 'chemical imbalance' still so popular, even among psychiatrists and clinicians?

BW: It's a myth that has been promoted by commercial interests, and one that is neat and simple and comforting. And people have difficulty giving up neat, comforting myths, particularly when those myths fit an ideological or commercial agenda. Plus, imagine if mainstream psychiatry were to now say, hey, that chemical imbalance story we have been telling you about, turns out it's not real! Psychiatry doesn't want to have to confess that story, and so,  among the leaders of psychiatry, I think there is a hope it will now gradually fade away.

CCJ: The book was very insightful about the history of psychiatry and the rise of pharmacological drugs. What projects are you currently working?

BW: Since Anatomy of an Epidemic was published in the spring of 2010, I have been regularly traveling to give talks, both in the United and in a number of other countries, about this topic. That has consumed most of my time. I have also written a bit more on the subject--magazine pieces, book chapters, etc. I would like to get to the point I can start working on a new book, but I haven't made it there yet.

If you are an author and interested in being featured in AEM's new series called, "The Author's Hour," please send me an email - ccrynjohannsen (at) gmail (dot) com. 



Related Links





Tuesday, September 13, 2011

Student Loan Defaults - Reader's Reaction, and Why I Still Give A F$%*K! About This Country

Yesterday, I wrote a piece about defaulting on your student loans, and that sparked a lot of interesting reactions from readers. I was most struck by what AtheistATLawyer said. S/he wrote:

 Defaulting on student loans? I have no choice! When you make 10k a year as a 'lawyer' do you think you can pay back 75k in student loans? Of course not!
What are they going to do?? I don't plan on ever paying back my student loans. Fuck the shitty gov't and fuck this awful country.
This is the result of the law school scam. Patriots turning their back on this 'country' BECAUSE IT IS SHIT. 
It was all a lie. And now I know. Too bad I just figured it out. At the ripe old age of 27.
Here's how I replied:

@AtheistATLawyer - I feel your rage. That is why I am doing everything in my power to raise holy hell about this situation. 
I know a lot of people are defaulting and have defaulted because they had no other choice. 
It's disgusting and wrong and we need to do something about it. 
I don't say fuck this country, because there are too many great people here. 
The remembrance of 9-11 and how people sacrificed their lives for others is proof of that. And in saying that, I do think it's despicable the way in which the Bush Administration turned that into something else in the years that followed, and Budweiser had ads last night to buy their beer by using 9-11 images (fuck those assholes). That's all shit. But you know what isn't shit? Those people who decided to take down United 93. Those were good people. The people who helped each other out of the towers. The first responders who gave such a shit that most of them DIED under melting rods of twisted steal in order to evacuate others. As people went down the stairs, those men and women WENT UP to their deaths, high above the NYC skyline. They went up because that was the right thing to do. In a small, Irish neighborhood that was hit the hardest, police men there watched out for a shop owner named Mohammed. They were worried that he'd be targeted, because he was from Lebanon. You know what? He wasn't, because people had opened up their arms to him years earlier when he opened a bagel shop. 9/11 didn't change that for him, and he's still there and happy to be part of that community. Someone could come back and accuse me of being overly-sentimental, but I say screw that. This shit MATTERS, and we need to remind ourselves of the fact that there are good people out there and that they do good things for one another.
That's why this fight is worth it, because there are lots of great people who don't deserve to be a part of this bullshit system. We need to band together. We need to remind ourselves of what it means to look out for each other. We need to revive democracy. I know. I know. I know. It's always been bullshit. Perhaps that's true. But at least we TRIED to live up to certain ideals and principles. We need to get back to the basics and reclaim those things.
We need to insist that our institutions reflect the good things about us, and that means that you and others who have defaulted should be given a break. You don't deserve this shit. 
Yesterday [September 11th] reminded me of a lot of painful things, especially the way we went to war for no reason in Iraq. So many lives lost. So many innocent lives. At the same time we stopped investing in our communities and people here. It's painful, because it's the opposite of how people responded on that dreadful day. They should be our role models, because they gave a shit about one another. And as a result of giving a shit, there were lots of people who survived that event. 
I give a fuck about this country because it produced Father Mychal Judge - http://marginsofeverdaylife.blogspot.com/2011/09/in-memorian-loss-of-thousands-of-souls.html [It was also beautiful to see that my fellow comrade, Dona Furiosa, over at Scholastic Snake Oil, also wrote a heartfelt piece about Father Mychal - bless you, Dona].
We need to think about how we can give a shit and then demand change. 
I'm exhausted and tired of this bullshit too. We don't deserve to suffer under these economic conditions. It's un-American.
Henry Giroux is right. The U.S. exhibits a culture of cruelty (look at the recent GOP debates for evidence of how blood thirsty and uncaring we have become, or so it seems from all the hooting and clapping over vicious, disgusting things). In many ways, it seems that civil society is being torn apart, and if you turn to thoughtful writers, many of them are bemoaning the collapse of Empire. Giroux is also right in saying that we are dominated by a punishing state. A punishing state that fears its youth, turns them into debtors for life or incarcerates them at a frightening pace. Americans only represent about 5 percent of the world's population, one-quarter of the entire world's inmates are incarcerated in the United States. How's that for privatizing the prison system?!? Indeed, we are witnessing the eradication of our democratic values.

Does that mean it's hopeless. No way. Far from it. As Giroux recently wrote:

In the spirit of the tenth anniversary of 9/11, the nation engaged in acts of mourning and heartfelt remembrance for the nearly 3,000 victims who lost their lives. In the face of unspeakable hardship and suffering, people all over the country, not only those directly involved in rescue and recovery efforts, reaffirmed the dignity of public values, the social good and the importance of caring for the lives of others.
. . .
What the collective response to 9/11 signifies amid the suffering and despair is a gesture of hope, a recognition that in the behavior of those who sacrificed themselves to help others, a bittersweet beacon of the repressed spirit of democracy shone forth [my emphasis]. The call to witnessing and counter-memory exceeds the despair of the past and speaks also to the future. It is a call that is prophetic in its insistence that the economic, political and social conditions be created for upcoming generations to decide their own future and take back their country from the dark and dangerous policies and politics that have chosen authoritarianism over democracy.
 It's time for us to bring back our country from the brink, to denounce this frightful authoritarianism, and begin to invest in people and communities again. The wars must end. We need to bring our troops home, and stop placing them in catastrophic, violent, deadly situations. That is one of the ways we'll solve the student lending crisis. Start investing in things here.

Evelyn De Morgan - Hope in a Prison of Despair (1887)

Monday, September 12, 2011

Defaulting on Your Student Loans

So many of us have fantasized about defaulting on our student loans. We imagine a collective refusal to pay our debt. We'd do this together, we say. We'd show them. We'd just stop paying entirely, and then the financial institutions who turned us into these indebted zombies would really pay. One reader of mine, a very astute economist, insists that we must revolt in this manner. He calls for a debt revolt on all things, not just student loans.

But then we - the student debtors - stop and think about the co-signers. For those of us with co-signers, we realize we're trapped. We'd have to get our mother, father, or grandparents, perhaps a friends - the co-signer(s) - to agree to this decision. (This is what many of you have said has held you back from committing suicide, something which devastates me every time I hear that admission). Suddenly, default doesn't seem like a possibility, and so we begin to despair.

Recently, I learned that a neighbor had lost his job in construction. I said to my husband, "how is he surviving? It's hard for me to understand. He has no income."

My husband laughed and said, "that's where something called savings comes into play. You know, there are people who've socked away enough money that when bad things happen to them, like losing a job, they can depend upon it."

I suddenly felt beside myself, a feeling I don't often get when it comes to being a debtor, and I said, "We're so screwed. How will we ever have any substantial amount of savings with these goddamned student loans? It's not just us! There are hundreds of thousands of debtors like us. What will happen to us when we're that age and you lose your job or I am diagnosed with cancer? We're over."

So, when you imagine defaulting. What's your initial feeling? Does it change? Do you always feel the same about the idea of doing it?

Also, here's a real shocker. Student loan default rates have risen sharply. Gee . . . wonder why . . .  What's Arne Duncan's brilliant response to the student lending crisis?!? He said in a press release, ""These hard economic times have made it even more difficult for student borrowers to repay their loans, and that's why implementing education reforms and protecting the maximum Pell grant is more important than ever. " Perhaps "education reforms" means helping current debtors? I'd love to be wrong, but I seriously doubt that is what this man means. And how will protecting Pell grants help those of us drowning in debt, jobless, and already out of school?!? I don't see the logic, Sec. Duncan. Once again, the department comes off as sorely out of touch and incapable of solving the crisis, even though they could be instrumental in help us.


Related Links


Bob Drummond, "U.S. College Loan Defaults Highest Since 1997," Bloomberg News (September 12, 2011)

"Now Is The Time To Invest in CURRENT Borrowers," AEM (September 1, 2011)

Riiight. In my dreams . . .
Artist: Dave Coverly