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:
A "NO-WIN" SITUATION
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,
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:
Tara Shaffer writes in The Daily Helmsman:
Victoria Reitano, a recent graduate from a four-year school, agrees with Foreman; she writes in the Huffington Post:
Remarking on Reitano's assessment, Luzer adds sarcastically,
Mike Dorning, writing for Bloomberg Business Week, offers us another example of what's happening:
THE SCRAMBLE FOR JOBS
Lisa Kahn, an assistant professor of economics at Yale University's School of Management in New Haven, Connecticut comments:
Nonetheless, America's "college industry" continues to crank out college graduates — graduates loaded with debt loads unimaginable in previous generations.
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:
SPECULATING ON STUDENT LOANS
BANKS: Speculating on student loans using a roulette wheel that has been rigged
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."
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.
"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.
God bless you all!
IN ADDITION, WE URGE YOU TO DOWNLOAD THE NEW ANTIPAS PAPERS, PRINT THEM OUT YOURSELF, AND STUDY THEM CAREFULLY; SHARE THEM WITH YOUR FRIENDS.
FINALLY, WE URGE YOU TO DOWNLOAD AND PRINT OUT THE FLYER WE SENT TO YOU RECENTLY.
Then make copies and take these copies out to the campuses where you live; pass them out; OR if that seems too "daring" for you right now, post them on telephone poles, the sides of buildings, on campus bulletin boards; post them in union halls, in the neighborhoods of the poor and downtrodden, near employment offices, wherever you can.
Once again, we URGE you to read (or re-read):
We need your help to spread the word concerning Antipas Ministries and the eschatological viewpoint it represents; WE NEED YOUR HELP BECAUSE WE DO NOT "LINK" WITH OTHER SO-CALLED "CHRISTIAN" WEBSITES which are, for the most part, "in the tank" insofar as their loyalty to the United States is concerned - a loyalty that has made them partners in the BLOODY trail the American military has left in its TERROR-RIDDEN rampage throughout the world, as well as making them partners in the abject poverty that American corporations have imposed on the peoples and nations the American military machine has ravaged - A BLOODY, TERROR-RIDDEN RAMPAGE THAT HAS TO A LARGE DEGREE BEEN CARRIED OUT IN THE NAME OF THE "PRINCE OF PEACE." [Please see our articles, "The Third World as a Model for the New World Order," Inside the American New World Order System" and "The American Empire: The Corporate / Pentagon / CIA / Missionary Archipelago."]
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