Posts Tagged ‘college’

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by Ellen Brown

This is the second in a two-part article on the debt burden America’s students face. Read Part 1 here.

The lending business is heavily stacked against student borrowers. Bigger players can borrow for almost nothing, and if their investments don’t work out, they can put their corporate shells through bankruptcy and walk away. Not so with students. Their loan rates are high and if they cannot pay, their debts are not normally dischargeable in bankruptcy. Rather, the debts compound and can dog them for life, compromising not only their own futures but the economy itself.

“Students should not be asked to pay more on their debt than they can afford,” said Donald Trump on the presidential campaign trail in October 2016. “And the debt should not be an albatross around their necks for the rest of their lives.” But as Matt Taibbi points out in a December 15 article, a number of proposed federal changes will make it harder, not easier, for students to escape their debts, including wiping out some existing income-based repayment plans, harsher terms for graduate student loans, ending a program to cancel the debt of students defrauded by ripoff diploma mills, and strengthening “loan rehabilitation” – the recycling of defaulted loans into new, much larger loans on which the borrower usually winds up paying only interest and never touching the principal. The agents arranging these loans can get fat commissions of up to 16 percent, an example of the perverse incentives created in the lucrative student loan market. Servicers often profit more when borrowers default than when they pay smaller amounts over a longer time, so they have an incentive to encourage delinquencies, pushing students into default rather than rescheduling their loans. It has been estimated that the government spends $38 for every $1 it recovers from defaulted debt. The other $37 goes to the debt collectors.

The securitization of student debt has compounded these problems. Like mortgages, student loans have been pooled and packaged into new financial products that are sold as student loan asset-backed securities (SLABS). Although a 2010 bill largely eliminated private banks and lenders from the federal student loan business, the “student loan industrial complex” has created a $200 billion market that allows banks to cash in on student loans without issuing them. About 80 percent of SLABS are government-guaranteed. Banks can sell, trade or bet on these securities, just as they did with mortgage-backed securities; and they create the same sort of twisted incentives for loan servicing that occurred with mortgages.

According to the Consumer Financial Protection Bureau (CFPB), virtually all borrowers with federal student loans are currently eligible to make monthly payments indexed to their earnings. That means there should be no defaults among student borrowers. Yet one in four borrowers is now in default or struggling to stay current. Why? Student borrowers are reporting widespread mishandling of accounts, unexplained exorbitant fees, and outright deception as they are bullied into default, tactics similar to those that homeowners faced in the foreclosure crisis. The reports reveal a repeat of the abuses of the foreclosure fraud era: many borrowers are unable to obtain basic information about their accounts, are frequently misled, are surprised with unexpected late fees, and often are pushed into default. Servicers lose paperwork or misapply payments. When errors arise, borrowers find it difficult to have them corrected.

(more…)

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CALL FOR SUBMISSIONS – NO ENTRY FEE!

Calling all aspiring filmmakers! Have a great story to tell? We want to hear from you.

The AT&T Film Awards is an open competition seeking imaginative, undiscovered short films from aspiring filmmakers who want their voices heard. We are excited to announce the 3rd Edition of the competition – where we’re putting the spotlight on student filmmakers, and filmmakers creating great stories using mobile video cameras (e.g. smartphone, tablet, drone, GoPro).

Whether you’re an aspiring college or teen filmmaker, or an emerging indie creator focused on mobile filmmaking, we have a contest category for you.


AWARDS & PRIZES

STUDENT AWARDS: seeking short films from the next generation of storytellers, across the following categories:

Best Short Film – College Students

  • 1st Place:  $10,000 cash
  • 2nd Place:  $3,000 cash
  • 3rd Place:  $2,000 cash

Best Spanish-Language Short Film – College Students

  • Winner will participate in the Warner Bros summer program at the USC School of Cinematic Arts during the summer of 2018

Best Short Film – Youth, ages 13-18

  • 1st Place:   All-expense paid trip (with parent/guardian) to participate in a Fresh Films summer or spring break program approx. 5-8 days in length, and a Camera Equipment Kit
  • 2nd Place:  1-day Fresh Films workshop for winner and up to 9 friends in winner’s hometown, and a Camera Equipment Kit
  • 3rd Place:   Camera Equipment Kit

 

MOBILE TECH AWARDS: targeting original shorts filmed using emerging mobile video technologies (smartphones, tablets, drones, GoPro)

Best Short Film – Shot on Mobile

  • 1st Place:  $10,000 cash
  • 2nd Place:  $3,000 cash
  • 3rd Place:  $2,000 cash

ENTER TODAY

Enter your short today for your chance to win a share of up to $50,000 in cash prizes, scholarships, exposure, and a chance to take home the AT&T Film Awards trophy! We want to help you bring your passion project to life.

See Official Rules for full contest details.

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lies

Lies about college for everyone and universal health care..

Why the Washington Post’s Attack on Bernie Sanders is Bunk

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Bernie Sanders at “Liberty University”

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LINK

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The US/Corporate assault on students and higher learning…