Student Debt Movement Is Getting Democratic Candidates to Respond

  The drumbeat grows louder for candidates to issue a plan to tackle the $1.3 trillion behemoth that is student debt, with former Maryland governor Martin O’Malley issuing his debt-free college solution Wednesday. O’Malley’s proposal comes after Vermont Senator Bernie Sanders issued his own plan, ahead of former Secretary of State Hillary Clinton’s plan promised for later this summer. All the candidates on the Democratic side are going to have to take a stand. Getting candidates to acknowledge the student debt crisis and coming out with debt-free college plans is a massive coup for grassroots activists across the country. Prior to the new year, when you did an Internet search for the phrase “debt-free college,” the first results were guides on how to graduate from college without debt, including one titled “How a Pack of Gum Helped Me Graduate College Debt-Free” (seriously). After the stinging defeat of the 2014 […] Read More

They Said Go To College: “It Seems Something Went Wrong on the Road To Riches”

This article was originally published by James Quinn at The Burning Platform. When I graduated from college in 1986 it was easy to get a job. The economy was booming and 82% of college graduates had a job. The other 18% were probably raising kids because their college educated spouse made enough to raise a family. The mantra for my entire life has been – go to college and you’ll get a good paying job. It seems something went wrong on the road to riches. The percentage of college graduates with jobs has been falling for the last 30 years and has been plummeting since 2008. It is now at an all-time low of 74.3%. Shouldn’t these people have obtained jobs since the government tells us the unemployment rate has dramatically dropped from 10% to 5.5% since 2009? Not only is college graduate labor participation at record lows, but […] Read More

Students Revolt Against Debt. Finally.

We Are Change “Much of higher education is a fraud, and much of the reason higher education is such a huge fraud is the structure of the student loan scam. It’s a three step process. First, students take out loans for educations, not knowing the educations are bogus. Next, the students spend years in bogus schools, getting “educated”. Finally, the students leave the schools… only once they’re many thousands of dollars in debt do they know how they’ve been scammed, and they’re in no position to do anything about it. Meanwhile, the schools, and the people running those schools, both for-profit and state, rake in a fortune in student loan money. In a rare, rare, break, the Federal government is shutting down a bogus for-profit school: Corinthian, and all the fake schools that were surreptitiously operated by Corinthian, but by a different name (any legitimate businesses feel the need […] Read More

Student Loans Are Becoming The Most Crippling Debt In America

It’s one of the key facets of the American Dream: if you want to have a great house, beautiful spouse, and that head-turning Mercedes, then you need to get a good education. For many, an education does just that, as it provides them with the training they need to get into the field they are passionate about, to pursue the career that helps them achieve this “ideal” reality. However, there seems to be a much darker side to post-secondary education that is strengthening its grip on the necks of well-intentioned Americans. This dark side is student debt. According to the Federal Reserve, student loan debt is now nearly $1.2 trillion in the United States alone.(1) A 2012 study revealed that the average cost to attend an American post-secondary institution [tuition, room and board] ranges from approximately $14,300 to $37,800 per year.(2) With the cost of education so high, it’s no […] Read More

Even Mark Zandi Admits It: Auto Loan “Credit Quality Is Eroding Now, And Pretty Quickly”

Just 2 days after President Obama reflected on his glorious ‘save’ of the US auto industry – forgetting to explain how so much of this ‘buying frenzy’ has been predicated on massive low-quality-borrower-based credit extensions – The Wall Street Journal bursts the bubble of ‘contained-ness’. Auto loan delinquency rates are surging to levels not seen since 2008 and stunningly, more than 8.4% of borrowers with weak credit scores who took out loans in the first quarter of 2014 had missed payments by November. As even glass-half-full-status-quo-hugger Mark Zandi is forced to admit, “It’s clear that credit quality is eroding now, and pretty quickly.” As The Wall Street Journal reports, Borrowers who took out auto loans over the past year are missing payments at the highest level since the recession, fueling concerns among regulators, analysts and some in the car industry that practices that helped boost 2014 light-vehicle sales to […] Read More

Lenders Can Now Disable Your Car When You’re Driving on the Freeway

People with poor credit are being sold cars with GPS-based kill switches. Imagine this scenario: You’re on an important trip miles from home and stopped in traffic, but before you can continue on your way, your car shuts down. You’ve got enough gas in the tank and no mechanical problems. But you’re stranded far from home because you’re a few days late on your car payment and the lender won’t let you drive until the debt is paid. If this sounds like part of a dystopian future in which repo men are now cyborgs, it’s not. It’s happening today and becoming a big part of the new automotive landscape. Car dealers and automotive lenders are targeting those with poor credit by installing GPS-based kill switches, or starter-interrupt devices, on the cars that they sell. The New York Times recently reported that about 2 million cars are now outfitted with such […] Read More