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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWonder why Mitch McTurtle is really against Elizabeth Warren's student loan reform bill?
It'll cut into some folks' business:
http://money.cnn.com/2013/06/21/pf/college/student-loan-debt/
NEW YORK (CNNMoney)
Firms offering student loan "debt relief" are deceiving borrowers into paying hundreds or even thousands of dollars for access to free government programs, according to a recent consumer watchdog report.
With student loan debt soaring to record levels, many graduates are turning to companies that claim to help reduce or manage their debts. However, some of these firms are charging borrowers initial fees as high as $1,600 and monthly fees as high as $50 to secure services that these borrowers could otherwise get for free, according to the report from the National Consumer Law Center.
While the government offers several relief programs free of charge, such as repayment plans based on a borrower's income level, getting through the red tape is "rarely easy," according to the report. And many borrowers are unaware that the programs even exist in the first place.
To conduct its investigation, undercover NCLC "mystery shoppers" contacted 10 randomly selected student loan relief companies, analyzed websites and reviewed a variety of actual contracts and consumer complaints. They found that the majority of firms surveyed didn't inform potential clients that the products they offered -- most frequently loan consolidations -- were actually free government programs, or the companies buried that information in the fine print.
NEW YORK (CNNMoney)
Firms offering student loan "debt relief" are deceiving borrowers into paying hundreds or even thousands of dollars for access to free government programs, according to a recent consumer watchdog report.
With student loan debt soaring to record levels, many graduates are turning to companies that claim to help reduce or manage their debts. However, some of these firms are charging borrowers initial fees as high as $1,600 and monthly fees as high as $50 to secure services that these borrowers could otherwise get for free, according to the report from the National Consumer Law Center.
While the government offers several relief programs free of charge, such as repayment plans based on a borrower's income level, getting through the red tape is "rarely easy," according to the report. And many borrowers are unaware that the programs even exist in the first place.
To conduct its investigation, undercover NCLC "mystery shoppers" contacted 10 randomly selected student loan relief companies, analyzed websites and reviewed a variety of actual contracts and consumer complaints. They found that the majority of firms surveyed didn't inform potential clients that the products they offered -- most frequently loan consolidations -- were actually free government programs, or the companies buried that information in the fine print.
Article is a year old but I thought it was a good comprehensive overview of how some businesses out there might be averse to the federal government undermining what's now a pretty sleazy operation.
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Wonder why Mitch McTurtle is really against Elizabeth Warren's student loan reform bill? (Original Post)
Gidney N Cloyd
Jun 2014
OP
Warpy
(111,417 posts)1. He seems to be against it because he hates college kids and hates Democrats
and especially hates a college educated Democratic woman who knows a lot more than he does.
Besides, it might cost some of the banks he's heavily invested in a few bucks.
Gidney N Cloyd
(19,847 posts)2. Yup. And some of those banks probably made a couple phone calls...
Atman
(31,464 posts)3. Rich people just pay cash for their spawn's college.
Student debt relief is just another handout to the lower classes.
What amazes me is the suicidal nature of this move by the GOP. They're trying to get the Hispanic vote, so they block immigration reform. They're trying to get women's votes, so the block pay equity. They need young people, so they block a student debt bill. Why don't they just come out and put it in their party platform: White Guys Only.
Their selfishness combined with their blind hatred of Obama might just do them in yet.