COLLEGE: THE WAY TO
SUCCEED IN AMERICA?

By: SR Shearer


There's a new TV spot put out by "Big Brothers Big Sisters" that asks the question, What if every child graduated from college? The answer given is -

"It could be the start of something big"

- meaning, naturally enough, that America's young people would succeed in their pursuit of the "American Dream."

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PLEASE SEE VIDIO BELOW

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The meaning of this lyric is that the condition of man during the "Last Days" will be reduced to such that he will have to labor (if he can find work at all) a whole day simply to buy a loaf of bread or three measures of barley. But the second part of the saying ["... and see thou hurt not the oil and the wine ..."] means that the economic dislocation of these days will not extend to what might be called a "global elite of worthies" who have evidently allied themselves to the anti-Christ's policy of conquest - only the rich in the ancient world could afford oil and wine. [Please see our article, "Work Provides No Escape from Poverty."]

But is that really true, OR are America's young people being duped into a life of indentured servitude to America's bank's?

Has America's college system become just another means for America's elites to PLUNDER the paychecks of average Americans and feed the spoils from that plunder into the maintenance of the American New World Order System just as the elites are planning to do now with America's Social Security Trust Fund? [Please see our article, "Stealing from Social Security to Pay for Wars and Bailouts."]

The money to maintain and defend the American New World Order System has to come from somewhere — "AND IT SURE AIN'T GOING TO COME FROM THE WALLETS OF THE RICH."

So at last we begin to understand the dynamic behind the mysterious lyric in Revelation 6:6:

"A measure of wheat for a penny [literally - denarius, a Greek coin which represented a WHOLE DAY'S wages], and three measures of barley for a penny; and see thou hurt not the oil and the wine." (Revelation 6:6)

JUDGE FOR YOURSELF WHAT'S HAPPENING!

America's college-educated youth: being plunged into indentured servitude to America's banks.

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INTRODUCTION

Unbeknownst to most Americans, the country's financial aristocracy — an aristocracy where there is no such thing as "enough" insofar as their greed and avarice are concerned - is in the process of plunging America's youth into a future of indentured servitude. And the means the banks are using to reduce America's youth into this miserable condition is US Student loan debt which now exceeds $850 billion and is growing at a rate of $90 billion a year.

Nancy Hanover, an investigative journalist for WSW, writes:

"Student debt is not just consumer debt. It is the most onerous kind of consumer debt because student borrowers do not receive standard consumer protections. Their loans are undischargable in bankruptcy, usurious penalties are legal, and there is no statute of limitations."

A "NO-WIN" SITUATION

Consigning oneself to a low-wage future.

One is tempted, of course, to say that the debt accumulated by America's students for a four-year degree — which now averages $40,000 — is their own fault; but the students who have accumulated this debt find themselves on the horns of a dilemma: To have even a minimal chance of landing a well-paying job in today's economy REQUIRES at least a four year degree; but the average family has no way of coming up with this kind of money on a "pay-as-you-go" basis.

Moreover, students graduating from college in today's economic environment are hardly "out of the woods" insofar as their job prospects are concerned. The fact is, as Daniel Luzer explains,

"It turns out this may have been the year in which Americans figured out that college isn't exactly the golden ticker we once thought it was."

But to acknowledge this reality and forego a college education is tantamount to consigning oneself permanently to service-sector Walmart-type jobs that offer little pay and little chance for advancement — that is, provided one can find work of any kind.

Joe Queenan of MSNBC describes the environment into which recent college graduates are being thrown:

"They will enter an economy where ... two million college graduates are unemployed ... where they will compete tooth and nail for jobs as waitresses, pizza delivery men, file clerks, bouncers, trainee busboys, assistant baristas, interns at bodegas."

Tara Shaffer writes in The Daily Helmsman:

"While some cope well with delayed employment after college graduation, for some young adults, unemployment means more than being broke. It means spending long, restless months staring at an empty inbox while fear, anxiety and disappointment take their toll.

"A Gallup poll last week showed that a majority of unemployed and underemployed college graduates describe themselves as 'struggling'. They are also more likely to report negative emotions such as sadness, worry and depression."

No good jobs for college graduates.

Shaffer cites the example of Jennifer Foreman:

"Memphian Jennifer Foreman, 36, wrung her hands and rocked back and forth in her lounge chair as she spoke about months of joblessness after law school.

"'I felt discombobulated, like I had lost my identity', Foreman said. 'I was no longer a student, but not working or doing anything, and definitely not making any money'.

"Foreman explained that the distressing weightlessness of being without a job left her flailing. She struggled for a foothold in purpose and personal identity.

 "'My surroundings had been very intense, intellectual, always demanding and always a pressured situation; and then nothing', she said."

Victoria Reitano, a recent graduate from a four-year school, agrees with Foreman; she writes in the Huffington Post:

"With the current recession still in effect ... your career choices have become less concrete and more of a fuzzy gray area. Of the many U.S. population segments, young adults between the ages of 20-24 face some of the toughest job prospects coming out of college right now. With an 18.2 percent unemployment rate [32 percent in real terms — see our article, "A Permanent 30% Unemployment Rate"] diminished wages and benefits, and entry-level positions that have been expanded to include middle management responsibilities (due to corporate downsizing) ..."

Remarking on Reitano's assessment, Luzer adds sarcastically,

"Yea, or maybe learn some depressing, useless skills and keep just a step ahead of bankruptcy."

Mike Dorning, writing for Bloomberg Business Week, offers us another example of what's happening:

"Ten months after graduating from Ohio State University with a civil-engineering degree and three internships, Matt Grant finally has a job -- as a banquet waiter at a Clarion Inn near Akron, Ohio.

"'It's discouraging right now,' said the 24-year-old, who sent out more than 100 applications for engineering positions. 'It's getting closer to the Class of 2010, their graduation date. I'm starting to worry more.'" [Please see our article, "The US Economy Is Stuck in Misery."]

THE SCRAMBLE FOR JOBS

Lisa Kahn, an assistant professor of economics at Yale University's School of Management in New Haven, Connecticut comments:

"The scramble for jobs is depressing earnings of new and recent college graduates and handicapping their future career opportunities." 

She adds:

"They are getting shifted down into a lower level and lower pay scale. They are working for worse firms, they're not learning as many skills and they're not moving up the career pyramid as quickly."

Nonetheless, America's "college industry" continues to crank out college graduates — graduates loaded with debt loads unimaginable in previous generations.

Hanover continues:

"The most recent complete statistics cover 2008. As of that year, 62 percent of students from public universities had debt, 72 percent from private nonprofit schools, and 96 percent from private for-profit schools. As all these figures predate the economic crash, the percentages are undoubtedly substantially higher today."

RETURN ON INVESTMENT

Naturally enough, one would think that there would be some kind of reasonable comment in the "mainline press" regarding the "return-on-investment" of a college education. But there is none. All such talk has been quashed by today's banking aristocracy.

And the reason? Hanover explains:

"Student loans have become the most lucrative form of debt in the finance industry because lenders have the most invasive collection rights and the federally mandated right to impose usurious fees and penalties. THE INDUSTRY IS LEGALLY ABLE TO GARNISH WAGES, TAX RETURNS AND SOCIAL SECURITY AND DISABILITY PAYMENTS WITHOUT SO MUCH AS A COURT ORDER."

SPECULATING ON STUDENT LOANS
USING A RIGGED ROULETTE WHEEL

The financial institution that the banking aristocracy created to accomplish all this is the Student Loan Marketing Association (Sallie Mae). Technically speaking, it is a publicly-traded U.S. corporation owned principally by the banks, but whose assets are essentially guaranteed by the government. According to Nancy Hanover, it exists in its present form to enable banks to -

"SPECULATE ON STUDENT LOANS."

BANKS: Speculating on student loans using a roulette wheel that has been rigged

Colleges and universities making loans to students through Sallie Mae are guaranteed that if the student defaults on his or her loan, they would be paid back in full with interest. The defaulted-on-loan would then be passed on to a "guarantor" that is legally enabled to take a quarter of every dollar the borrower eventually repays, money that would not be applied to the principal and interest on the debt, which the borrower had been unable to afford to repay in the first place. THIS MASSIVE, UNEARNED REVENUE STREAM GOING TO THE GUARANTORS AND TO THE COLLECTION AGENCIES THEY CONTRACT WITH (agencies that are often owned by the original lenders) HAS NOT SUPRISINGLY LED TO USURIOUS SITUATIONS."

One might now ask, What is a "guarantor?" Hanover clarifies:

"It is a ... fiduciary organization that ... receives government funding for undefined 'oversight;' [their work consists mainly] of attaching massive penalties and fees to defaulted loans and then passing them along to collection agencies that they might, or might not, own."

INCESTUOUS RELATIONSHIPS

Incestuous relationships

How does this incestuous relationship between Sallie Mae, the guarantors, and the federal government work?

First of all, it is essential to understand that Sallie Mae (meaning the banks who own it) actually owns two of the largest so-called  "guarantors" - USA Group and Southwest Student Services; it also owns most of the country's student loan collection agencies. So the money garnered from the operations of Sallie Mae itself plus the "guarantors" and the collection agencies are all funneled ultimately into the pockets of the banking aristocracy.

THIS HAS CREATED A MASSIVE STREAM OF GUARANTEED REVENUE FROM AMERICA'S STUDENTS TO THE BANKS FROM LOANS THAT CANNOT BE BANKRUPTED AGAINST AND ARE ADMINISTERED BY COLLECTION AGENCIES THAT ARE EMPOWERED TO SEIZE A STUDENT'S ASSETS WITHOUT A COURT ORDER.

Hanover explains:

"For example, you borrow what is in fact a modest $20,000 to attend a public university, say the University of Michigan for four years, and pay out of pocket an additional $80,000 minimum during that time for room and board. You elect a 12-year loan repayment plan. The federal government will guarantee this. If you pay this off at 8.8 percent interest over 12 years, you will pay $23,376 in finance charges.

"If you cannot pay the $293 a month, after 270 days you will default. The federal government will pay Sallie Mae the balance of the loan, plus interest. It will then send the debt to a collection agency. The agency will add 25 percent to the loan as a collection fee. Additionally, it will receive a 28 percent commission on the loan (which you will pay) ... The agency can garnish your wages, tax refunds, etc. There is no statute of limitations, meaning that even if it waits until you claim Social Security, you will pay."

Take the example of "Ellen from Pennsylvania" as profiled in The Student Loan Scam. Hanover writes:

"She had only a GED (General Equivalency Diploma), but after her husband died in an auto accident, she applied to college. She was admitted and was able to finance it by working, grants and federally guaranteed loans. She excelled and went on to graduate school, maintaining a high grade point average. But her father had a heart attack and then a stroke. She was needed to care for her elderly mother.

"When her parents' situation worsened, Ellen had to drop out of school and work part-time. Her loan had risen, due to penalties, from $14,500 to more than $31,000. She says she has lost numerous jobs over the company's attempts to garnish her wages. She has sold almost everything she owns and survives largely on her 85-year-old mother's pension and Social Security. She filed for bankruptcy, but that did not discharge her student loan. She said, 'My life is ruined. If only I would have worked my way through college slowly and paid for it as I went—or not gone at all. Maybe the factory work wasn't so bad after all—at least there I had my dignity'."

Hanover cites another example:

"'I had borrowed around $60,000 in federally backed Stafford Loans to go to Law School in the mid 90s', says a reader of collegescholarships.org. 'After graduation, I consolidated the loan (it cost maybe $7,000 to do so) and then the loan was sold and re-sold a few times, and finally ended up with Sallie Mae, where it more than tripled over a period of 10-12 years.

"I never could make the payments. They were $700 a month after graduation in 1996, and are now close to $2,000 [a month]. I just never had the extra money after my rent and car payment, etc. I never was very successful in law. I just kept signing up for more forbearances, and economic hardship deferments, etc. But the interest never stopped accruing (I never had the option of preventing that). I never understood how it all worked—nobody did really."

Take another example; one cited by Allan Collinge and C. Cryn Johanassen:

 "... I ended up using up all of my forbearance and hardship options, and defaulted with Sallie Mae about two years ago. The loan went back to NY State Higher Ed. All was quiet for several months, until I started getting calls from a private collection agency, offering me yet another consolidation 'opportunity'. This time with Direct Loans.... The collection agency instantly added $10,000 to the balance ...

"The good news is that I now can make income-based payments, which provides for a chance to try and better my income, and figure out a way of possibly paying the loan off ... I was married at one time, and my ex would wake up at 3 a.m. many times, very worried about the student loans, and the idea of her tax return being garnished—a lien on the house that was in her name—and other possible collection efforts ...

"We ended up divorcing. The student loans played a part in breaking up the marriage. They were entirely mine, taken out before the marriage. But somehow, it seems, a spouse can now be dragged into the whole financial mess, no matter when the loans were taken out ...

"At age 45 I am an unsuccessful man ... There is no greater proof of that than my student loans, which are close to $300,000 and growing ..."

Columnists such as the New York Times's David Brooks have suggested that the US has too many educated youth and this unreasonable surfeit of education is now skewing the unemployment figures. This layer is advocating for a return to the conditions when only the elite had the right to be educated.

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God bless you all!

S.R. Shearer,
Antipas Ministries

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