Student Loan Scam Coast To Coast AM HOST: Ian Punnett, sitting in for George Noory Fri 27 May 2011 show * Hour 1 of 5 * GUEST: Alan Michael Collinge http://CoastToCoastAM.com Coast To Coast AM The College Conspiracy Coast To Coast AM HOST: Ian Punnett, sitting in for George Noory Sat 14 May 2011 Segment 1 of 3 GUEST: Gerard Adams http://CoastToCoastAM.com Coast To Coast AM http://www.GerardAdams.com http://www.Inflation.us See also: http://GordonWatts.com or: http://GordonWayneWatts.com click: Skyrocketing Tuition link http://GordonWatts.com click: Skyrocketing Tuition link http://GordonWayneWatts.com click: Skyrocketing Tuition link http://StudentLoanJustice.org Student Loan Justice http://GordonWatts.com click: Skyrocketing Tuition link http://GordonWayneWatts.com click: Skyrocketing Tuition link Credits Special thanks to Youtube user: MrSuperPotatoTomato http://www.youtube.com/user/MrSuperpotatotomato for providing the clips from which this audio was derived MrThemastercleanser Addendum: http://www.GerardAdams.com http://www.Inflation.us The College Conspiracy - Sat 14 May 2011 In the first hour, Gerard Adams, president of the National Inflation Association, talked about how going to college might be a huge scam and how Universities are stealing your money. He contended that government loans to college students have resulted in generations of graduates being both deeply in debt and having their degree devalued by the sheer number of people who can now afford to get a higher education. Additionally, Adams said that colleges are inflating grades for their students in order to keep them in school and, thus, continuing to pay tuition. In order to solve these issues, he called for the government to "get out of the education industry" and allow the free market to regulate the loans given to prospective students. This, he said, would help decrease tuition costs and improve the quality of education at universities, since they would have to compete with emerging outlets like online schools. student students loan loans scam scams coast am ian punnet punnett finance news college colleges university universities education profit nonprofit non-profit loan loans us debt debts debit history collinge alan tax taxes finance finaces financial Student Loan Scam - Fri 27 - Sat 28 May 2011 Host: Ian Punnett Guests: Alan Collinge In the first hour, Ian Punnett welcomed the founder of StudentLoanJustice.org, Alan Collinge, who discussed how federal student loans have become predatory, turning a generation into debtor slaves. "It's a socially horrible epidemic," he declared, noting that America's total student loan debt now surpasses the nation's credit card debt. He explained that student loans are particularly pernicious because they contain no consumer safeguards such as bankruptcy protection, statute of limitations, or the ability to re-finance the debt in an open market. As a result of these factors, Collinge said, when a loan is defaulted, it can double or even triple due to penalties and fees. In looking at the source of the problem, Collinge pointed to student loan advocates and the Department of Education as the key entities that "failed to play their part" in overseeing lending practices. According to him, the DOE has been using a faulty metric to determine the default rate on student loans, thus misleading Congress into increasing the allowable limits on colleges for lending. Additionally, Collinge said, the DOE actually makes "about 22% versus what they pay out" for defaulted student loans. In order to fix the student loan epidemic, Collinge endorsed restoring bankruptcy protections for these loans. Should that happen, he said, "a multitude of problems" will resolve themselves, including an "almost overnight" drop in college tuitions.