Yesterday, Marney White wrote an unflattering op-ed on the student loan industry. He believes predatory credit card and student loan lending is THE 2008 sleeper issue.
Wait, wait.. Didn't congress just pass a bill helping student borrowers?
Yes and no. S. 1762 passed on July 20, 2007 and offers minimum benefits for future borrowers of public loans. Absolutely nothing in S. 1762 provides assistance for borrowers of private loans, and offers no help for current and former borrowers still paying on existing loans. The big thing to note is that S. 1762 does not help borrowers of private loans, and that accounts for the majority of student loans dispersed today.
But this diary is not about Marney White's article, or S. 1762. This diary has to do with my own student loan experiences; it is a story about being human, making honest mistakes and being preyed upon by the powerful and wealthy.
Please join me over the fold.
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