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October 20, 2009

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Eddie Meboy

This type of “fluff” press release really irritates me. Not so much because they are obvious commercials for USA funds but because they are iceberg press releases, only showing a part of the whole. The number represents their entire portfolio not just those that recently entered repayment and fails to acknowledge the elephant in the room, the fact that 1.5 million USA Funds borrowers are having repayment problems. I agree that data showing how many made payments to get up to date vs. how many used alternative methods would shed some light on the issue but I doubt you will see that information in the fluff that USA provides. Another piece of information easily discernable but not reported is the fact that, using USA Funds numbers, over 110000 accounts defaulted in the last year. A deplorable statistic evidencing the struggle that student loan borrower’s are facing. I’m still waiting on the press release for that one.

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