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February 25, 2010


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Yes, actually...I have a suggestion for you. Why not make your interest in this subject THREE-fold, and include solutions for borrowers who are in serious financial crises due to private student loan debt. Seems like suddenly there is a lot of interest in future borrowers, but no one is speaking up for currently defaulted private student loan debtors. The so-called advocates are absent on this subject, as is our President, Congress and everyone else who takes in cash from Sallie's lobbyists, who, by the way, literally wrote the 2005 law that took away the consumer's right to discharge these usurious loans in bankruptcy.

Joe Booth, ALL Student Loan

Are there any examples of a "HEFP"? It's a great idea and we'd like to include a modified version in materials we use working with middle school youth.

Ron Tough

It's a stupid ridiculous student loan bubble. So many hundreds of thousands if not millions of students are bogged down with student loans. It will bog down our economy for years to come. These people are supposed to be our country's future spenders and instead it's all going to pay interest on student loans. That bodes very poorly for housing, cars, vacation travel, second homes, private elementary schools, etc.

Furthermore, as a side note, I'm the only person I know who is substantially prepaying his student loans. I'm not joking. I graduated law school 7 years ago with a combined student loan balance of $180,000! My first job paid $45k and now I make $77k. My student loan balance has been reduced from $115,000 in seven years. That seems like not very much but I know people my age with their student loans still in forbearance!

I live in an $800 a month apartment, and I rarely eat out, I drive an old car, I take few vacations, almost always local (lots of camping!); I keep a strict budget, I make all my food, I use the leftovers. It's amazing, I'm 32 years old, living in a college apartment and I have no money saved, only debt reduction.

How am I supposed to buy a house when I owe $115k in student loans with an income of only $77k? How am I supposed to buy a new car when my disposable income goes to prepay student loans? How does this bode for the future? And I'm one of the lucky ones here. It's a joke, talk about peak student loan debt.

The problem is that the boomers in congress have zero incentive to fix the problem. They're the same age as the professors and deans of colleges, and the managers of the funds that own the securitized student loans. They're counting on my and future students' interest payments to fund their lavish retirements.

I'll tell you, this boomer generation is going to be put into nursing homes and their children will loot every last penny they have, I have no doubts, their generation ran up the national debt, they squeezed the youngins' for every penny loans and spent every penny of it on the mcmansion in the exurb. I have no sympathy for them and I hope most of them go broke and die poor.

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