Student Loan Reform: Student Loan Bankruptcy

Student Loan Reform: Student Loan Bankruptcy

http://www.petitionspot.com/petitions/studentloanreform/
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The Conspiracy Against the American People is Student Lending.

Low and middle class America is being targeted by big student lending companies to be pulled into a trap. Commercials promise high wages and the American dream to educate us. We fund our dreams to be educated and successful with Student Loans.

What they don't tell us is that the field you are going into may be saturated to the point of low employment. In the Instance that you may find yourself out of a job Student Lenders take a bite out of you. Late fees, interest, and poor customer service that never send deferment forms (and somehow never receive them). Yet they will send you promissory notes that you sign under duress to keep from wage garnishment, to keep your credit score from being ruined. Promissory notes that tack on hundreds to thousands of dollars to keep you paying them.

Your principal on your loan will not go down unless you are paying four times what you are supposed to pay. That is because your money is applied to the interest first. They are not giving you a low rate to help you get ahead or because you are having a hard time. They are giving you a low rate so you won't get past the interest you will be paying on. That is what is going to push you further into their trap. Your principal on your loan never goes down and your interest is raising the amount you owe. The low amount and sometimes not so low amount you are paying is going towards that monthly interest.

Don't think you are getting away with anything if you find someway to just not pay them either. You are playing into their hands and they will ruin your credit. One of the biggest companies even shuffles your loan through their own companies, and every time they do they are adding thousands to your loan. Whenever you do decide to get a job they got you. They will garnish your wages, and put bad marks on your credit every time they shuffle your loan through their company.

They are patient predators and they target minorities, lower and middle class because they are the most in need. Because they are the ones that are most likely to not be able to pay off the debt before it is completely out of control.

The Student Lenders are ruthless in the way the ruin people lives. They have strategies, government backup, lobbyist, lawyers, etc. These teams are there to fool the masses that they have the money to fund your dreams. These teams are there to make you pay dearly and mislead you into paying even more when they are due.

The thing that they won't tell you is that there is no way out of this debt. They don't tell you that they are unregulated and can play by there own rules. There is no bankruptcy for a student loan. The brutal truth to this is that it is legal. Once you sign there is no way out of this debt. Unless you suddenly become rich and pay it off, or you die. People going into the military have even had problems deferring their payments, and they were going to serve their country.

The proof is there, all you have to do is google ie Sallie Mae Complaints.

Student Lending is like a financial cancer, that leads to financial suffering, eventually to financial death, that will hunt a person and keep them from getting ahead until their physical death. Then these companies will want proof through a death certificate.

This is very real and very sad that our goverment would allow Student Lending to shackle and chain American people in this matter. To allow us to work and pay our hard earned money into these companies. Even though we know that the loan never seems to go down. It goes up higher and higher until the payments are so high. They got you and now they can ruin your credit and still make you pay with the threat of garnishing your wages.

It is no wonder the economy is going down and somehow this issue is highly ignored. This issue is not even addressed as much as other important issues. For trying to become educated and be a productive member of society many people are ruined.

Student Lending Reform must be addressed. Not only for the masses that have yet to fund their education. But, for the masses who's backs are broken and being broken under this new form of slavery American people are suffering through.

There is no racial bias here. The bias is in the money you make. The rich do not have to worry about these issues and neither does their children. Student Lenders don't care about them because that is not their cash cow. So, this is not an issue to the rich and comfortably well off. They say "They need to be made responsible for their education. Why should the tax payers foot the bill." They say this because they are worried about their own pocketbook. If their is fair Student Lending Reform the up and coming might provide competition for them and their children. They can't have that so they support these greedy Student Lending companies.

The point is there is a need for Student Lending for Minorities, Lower and Middle Class. But, not as it stands now. Theses companies need to be;

1. Regulated on how much interest is unconstitutionally unfair to charge on a student loan.
2. Regulated on the quality of the schools that they will allow the privilege of accepting student loans.
3. Regulated on the graduation rate of the schools that are allowed the privilege of accepting student loans.
4. Regulated on the classes offered to prepare students for jobs that are actually out their.
5. Regulated on their non profit efforts to help those that would not otherwise be able to go to college because of low educational preparedness.
6. Regulated on fairly feasible cost of classes.
7. Regulated on customer service and follow up to get customers forms and service needed.
8. Regulated on misleading of customers as well as manipulation of company policy, terms of their loans, and the meaning of the forms they are signing.
9. Regulated on what is fair collection practices and what is harrassent, verbal and mental abuse.
10. Regulated on unfair practices of allowing a student lending company the biased choice of discharging a customers loan for whatever reason. That should be done by an impartial mediator.

These are just some of the things that need to be done. Because Student Lending Companies need to be made accountable. If they have these safe guards in place colleges and schools will become accountable for the curriculum they're offering and the efforts to provide quality education. This will trickle down to the student having a better chance when they hit the workforce and becoming productive. The students productive life will help him pay off his loan, and be financially responsible.Possibly starting his own business, buying homes, and fueling the economy. This could become a norm in regards to minorities, lower and middle class. Rather it being the luck of the draw. Instead of trapping American people into poverty and a non productive future, it could help Americans rebuild this economy that is so fragile.

Student Lending Companies should not be allowed to:
1. Have the own Guarantor company in house (One of the largest student lending companies has just that.)
2. Not be allowed to make judgements on a student loan that should be discharged. (One of the largest student lending companies has that.)
3. Should not be able to sell a loan to one of it's inhouse companies and/or Guarantors and charge a huge fee for the customer to pay. (One of the largest student lending companies do that)
4. Should not be allowed to blackball a customers credit.
5. Should not be able to use threats to a customers credit or wages to make them sign a promissory note under duress.
6. Should not be able to lie, manipulate and scheme on a customer to get them to sign a promissory note that will incriminate them to an unjust amount that they don't deserve to be held responsible for or maybe don't understand the consequences of their actions.

Student Lending companies have gotten away with deregulation and ruining people life long enough. This is a problem that face everyone. If it hasn't hit your home yet . It is possible it can hit your kids home in the future.

We are seeing what can happen if Student Lending Companies are allowed to continue to strong arm Americans. We need to take a united stand in the United States to stop them. To make a better future for ourselves and our generations to come.

All these things can be proved all the government has to do is;
1. Set quality control people up at the board of education to look through their files.
2. Set up a secret shopper type of thing for the Student Lending Companies using accounts of people with complaints.
3. Take a look at all the complaints on the internet. Just google the top Student Lending Companies.
4. Do a case study of the state of bad affairs on Student Lending now as supposed to when they were regulated and could be discharged through bankruptcy. While they are at it they should take a look at the economy at that time too.
5. Fund students education by sending them into school under a student loan and have them report what they experience.
6. Pay off some student loans of people who have just started paying off their student loan and people who have been paying for their experience with the companies.
7. Set up courts that will hear student loan complaints and judge them based on a fair judicial policy for student loans.

These things can be done and need to be done for the sake of future students and past students.

Bring back bankruptcy for student loans if they are past say 20 years old. That is long enough for a person to have to suffer with a Student loan. If they are in that bad of a financial state, they deserve a fresh slate to try to change their life..

There should be no timeframe on good faith payments for bankruptcies. All student loans should be eligible.

All Americans owe it to themselves and their future children to sign this petition and tell others about this petition to get them to sign it. This is more important then hands across America, The million man march, etc.

We need to take a United Stand in the United States for our Educational Future.

Sign, sign, and pass the word, get the word out.

Shannon Davis
asenture45@yahoo.com