HIGHER EDUCATION has become a big SCAM ON OUR CHILDREN!

UPDATE: 40 MILLION Americans carry more than $1.2 Trillion in Student Debt:

1. Highest in History
2. More than Credit Card Debt
3. High-Interest Debt = 10’s of Times higher than BANKSTERS’ PAY
4. CANNOT be discharge through bankruptcy or reduce it with a settlement.
5. CANNOT be REFINANCED

Must pay whether they can afford it or not. = No Family Formation + No House Buying + No option to start a Business + No Way to Run a Country

Even their Social Security checks at 65 can be garnished.

Sen. Elizabeth Warren’s bill = Helps by allowing education debt to be refinanced at lower rates (STILL BANKSTERS PAY LESS). = Fewer defaults + More money in people’s pockets + A chance to CONTRIBUTE TO THE ECONOMY

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UPDATE June 2014: NAVIENT CORP = Former Sallie Mae Unit = Accused of Cheating US Soldiers = Dept of Education considers granting $Billion Contract = Originating + Disbursing + Servicing + Collections of Federal Student Loans/Grants = TRUSTING CROOKS DOJ FINED = PRIVATIZED FRAUD!

Current contract = Accenture LLP = Valued at $880 Million

60,000 troops Cheated = NAVIENT CORP = SALLIE MAE = Arne Duncan vowed to hold accountable = NOW HAS 4 Servicing = $126 Million = Sen. Jack Reed (D-RI) Put them on “off-limits” list. = WHY IS THIS PRIVATIZED IN THE HANDS OF CROOKS.

FSA oversight of PRIVATIZED FRAUD = Inadequate investigation is “too little, too late.” = Navient CORP = “It’s incomprehensible that the Education Department keeps Navient in the running after finding all these problems at the company. It’s an indication that they don’t seem to be taking these violations seriously.”

Duncan = Should Suspend current loan servicing contract with Sallie Mae

Duncan + “The Department of Education’s actions show how tone deaf they are to what is going on around them.”

Nation’s largest UNION = DOE’s decision to select Navient as a finalist = “too big to fail.” = “It’s really discouraging” = LIE that borrowers would be inconvenienced without Navient

Ending Sallie Mae’s contract = Transition to smoothly transfer Millions of Loans

When “enforcement is inadequate or irregular or weak…when regulators are not doing their job, abuses proliferate. If we don’t do enforcement right, abuses will grow….There’s no real oversight there. There’s always a one-step-ahead-of-the-sheriff phenomenon.” — Senator Brown (D-OH)

Obama officials are spooked by UNIONS advocating for student borrowers by criticizing Duncan DOE could hurt Democrats in elections. = Unions concerned Duncan will NOT hold Navient accountable. = DOE told Navient in October it would renew its main servicing contract for 2015

December: DOE told Sen. Elizabeth Warren (D-MA) it would NOT levy any fines against Sallie Mae despite the FACTS OF FRAUD. = Dismissed as “compliance issues.”

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UPDATE: May 2014 STUDENTS Screwed by High Usury Debt

Click for Source Article

Warren = Greedy special interests = Messed up way of financing student debt.

Warren = NO other country goes out of their way to screw students and people with student debt the way we do.

Warren = Big banks can go to the FED Reserve Discount Window and NEAR ZERO% Interest to speculate.

Warren = Every other kind of debtor can refinance and renegotiate their debts = WHY NOT STUDENT DEBT?

Warren = This predatory law specifically prohibits student loans from ever being refinanced at a lower interest rate.

Warren = Talks about the stupidity of the student debt situation and her plans to change it = REFI at 3% to 4% = BETTER YET 0% since young people are OUR FUTURE!

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SALLlE MAE = GOV WELFARE = GOV maintains its profitability while Students face fees and penalties AS DEBT SLAVES!

SENATOR Warren described a “pattern of breaking the rules and ignoring its contractual obligations,” and Education and Treasury departments “appear to have given little more than a slap on the wrist” to the company….“I am particularly concerned about this approach because of the enormous benefits the GOVERNMENT has provided SALLlE MAE.” = $600 million in profits off selling loans to the Education Department in 2009 and 2010.

SALLlE MAE = USES ECASLA Middle CLASS TAXPAYER BACKED credit facilities to borrow $Billions at “astonishingly low interest rates.” = NEAR ZERO%SALLlE MAE = CORPORATE RlPPlNG OFF STUDENTS AGAlN!

SALLlE MAE = VlOLATlONS of FEDERAL LAWS and GOV CONTRACTS

SALLlE MAE = Contends with numerous BANKlNG REGULATlONS of student LOANS.

SALLlE MAE = FDlC Enforcement actions = VlOLATlONS for “unfair or deceptive” practices and discriminatory lending.

SALLlE MAE = FDlC will publicly accuse them of VlOLATlONS of the Servicemembers Civil Relief Act on active-duty members of the military.

SALLlE MAE = WILL LOSE lucrative contracts or fines = lower its share price.

SALLlE MAE = GOT a threat from Consumer Financial Protection Bureau

SALLlE MAE = State allegations of improper marketing of federal student loans in 2007

Warren is questioning = Education and Treasury departments = NO public steps to rebuke the company’s FRAUD by imposing fines or revoking federal contracts.

Obama administration continued rewarding of federal contracts to CRlMlNALS AT SALLlE MAE

Obama administration continued its “relentless” pursuit of struggling student borrowers

Treasury Department + Education Department = NO RESPONSE TO Warren’s letter

SALLlE MAE = PUNlSHES STUDENTS = MASSlVE FEES, PENALTlES, WAGES GARNlSHED, withholding of tax refunds, federal benefits and “onerous collection practices.”

Senator Warren asked Duncan has EDUCATlON DEPARTMENT ever used its authority to fine companies up to $35,000 for individual violations, and whether the department has ever fined or penalized Sallie Mae, investigated the company or determined that it has violated federal contracts.