Essay on The Student Loan Scam - 1878 Words

Every member of this class, this university, this collegiate atmosphere, has most likely accumulated debt to achieve higher education. I certainly had the feeling that entering into the University of Massachusetts as a freshmen this year would involve relatively little debt which I would pay off upon graduation–a simple affair in which I received an education for a fair price. Yet, looking even at the comparatively â€Å"small† expenditures I have to deal with, examples of educators, students, and parents all paint a portrait of the devastating and deceiving nature of debt involved in the collegiate system in this country. Systemically, culturally, and personally, the system of debt associated with virtually every modern college experience†¦show more content†¦Encompassing the fact that Albert Lord, Chief Executive of the largest student loan company in America, Sallie Mae, reported that in 2003 the company’s record profits were â€Å"attributable to pe nalties and fees collected from defaulted loans† and that â€Å"†¦Sallie Mae’s fee income increased by 228 percent between 2000 and 2005†, every imaginable factor of control now pervades the actions of student loan companies in modernity (Collinge 5). The faculties of student loan companies seem remarkably overpowered, yet even more so when viewed within the scope of an even more nefarious and shadowy condition: university-lender relativity and corruption. Over the course of the last few years, since the post-Reagan Era, the privatization of higher education has incontrovertibly represented the basic premise of the bottom line predication (The Pedagogy of Debt 157). This idea demonstrates itself in the â€Å"blurred lines† between corporate lenders and universities; a relationship which has been referred to as the â€Å"kick-backs† system within the mainstream media (Collinge 80-81). Effectively, universities promote specific company loans from a particular lender and in the process for lender exclusivity, the loans are repurchased by the lending companies and pay for the administrative fees associatedShow MoreRelatedThe Student Loan Scam Is An Interesting Book1320 Words   |  6 PagesThe Student Loan Scam is an interesting book that details all the information that people need to know about, the good and the bad. It is interesting and an easy read, but can be better understood through the use of theories. The theories we find in this book are Power Elite Theory, Karl Marx’s Surplus Populations, Monopoly Capitalism, the Education Industrial Complex, Anomie, and Labeling Theory. Power Elite Theory is one of the more predominate theories in The Student Loan Scam. This is seen mainlyRead MoreProfit Education Is A Higher Education University982 Words   |  4 Pagesprivate institutions who receives a profit. In the beginning of 2015, Corinthian College, a large for profit incorporation, was closed for lawsuits of fraudulent statistics of placement rates to jobs after graduating. Placement rates are the jobs that students have received through their degrees, and Corinthian Colleges would advertise the amount of graduates that have been hired in their field. The schools published around a ninety percent placement rate, but in truth, it was a zero percent placementRead MoreHome Purchase And Sales Research Paper1021 Words   |  5 Pagesmortgage issues that you face. 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They knocked out any competition that stood in their way, no matter if it was more beneficial to students than Sallie Mae. We see Karl Marx’s ideaRead MoreFour Views to the College Conspiracy Essay1067 Words   |  5 PagesMay of 2011 a video by the National Inflation Association (N.I.A) surfaced on YouTube gathering over two million views and opening the eyes of people to the American college system.   According to the producers of this video, College is the largest scam in US history! Is college a worth-while investment? Is it just a way for the government to stimulate the economy? Are college degrees really a necessity in performing on the job? All of these questions have been asked and answered with both yes andRead MoreThe Issue Towards Education And Education Reforms Needs Peoples Awareness Needs941 Words   |  4 Pagesthousands of dollars or take out loans that are putting them in debts for years which is absurd. 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This area provided information where the student could find additionalRead MoreCollege and Tuition: Is it worth It?1153 Words   |  5 PagesIts sad the amount of students not going to collage based on tuition in the United States. Anymore, 47% of junior high and high school student’s parents feel they cant afford college for their kids anymore with the cost of tuition and it still increasing. I feel college tuition is way too high in the United States for most families in todays economy. Over half of the students going into college show some concern with how to pay for college. The amount of college graduate debt is rapidly increa singRead MoreCollege Graduates Suffering From Excessive Financial Burden As A Result Of Student Loan Debt1657 Words   |  7 Pagesâ€Å"Over the past decade, the total volume of outstanding student loan debt has tripled and is now over $1 trillion† (Jaquette and Hillman). This alarming trend illustrates the immediate need to address the issue of college graduates suffering from excessive financial burden as a result of student loan debt. According to Ozan Jaquette, Ph.D., assistant professor of higher education in the Department of Educational Policy and Practice, and Nick Hillman, Ph.D., assistant professor of Educational LeadershipRead MoreCollege Is Not For College1072 Words   |  5 Pagesstability. This stability comes from being payed more than high school graduates, in a case of emergency a highschool graduate isn’t as stable as the college graduate is. Many people argue that college is a waste of time and is just one of the largest scams ever. It is argued that college does not guarantee a job and could even keep you from getting one. A college degree could keep you from getting a job that a high school graduate could have. This is due to employers needing a worker to stay long term