Suze Orman discusses student debt and the predatory lending practices of Sallie Mae

Suze Orman discusses student debt at the Remaking America Panel recorded January 12, 2012.

“When you are taking out student loans (parents) be very very careful because some of them state that if the person you co-signed for dies you are stuck paying even if the student is no longer here. So you better think twice before you think an expensieve education is going to get you a job when there are no jobs to be gotten.”

http://www.tpteq.com

25 thoughts on “Suze Orman discusses student debt and the predatory lending practices of Sallie Mae

  1. The part that bothers me the most and very few people speak of is that they
    changed the rules so you can’t bankrupt out of school debt, so there is no
    second chance. Not only is this un-American and unfair, but those people
    who say they have no sympathy should consider: if they could do this to
    students, then who next?

  2. Suze Orman on how private student loan debt has turned college into a bad
    investment. Debt that in “99.9999%” percent of cases will follow a student
    through bankruptcy and even death:

  3. Some scholars are stating that student loans are permissable here in the
    UK. With all respect, we think they need to research the situation in the
    US to see what is coming over to the UK. Much of what Suze talks about in
    this video applies to the UK student loan process, for that which doesn’t
    yet apply…..watch this space.

    http://bit.ly/13IS3AD & http://youtu.be/cmsd4r5MgtQ &
    http://www.rollingstone.com/politics/news/ripping-off-young-america-the-college-loan-scandal-20130815-
    With reference to the last link by Matt Taibbi, I do think that the student
    loan issue needs to be looked at from the global picture – why this gradual
    switch to getting student indebted? (particularly over the last 30 years or
    so) Once you realise that the total outstanding student loan debt
    outstanding in the US has exceeded $1 TRILLION the picture starts to become
    clear – $1 Trillion in interest bearing debt at approx. 6% – you work out
    the maths – who in the end benefits from all this riba?? Just watch and see
    what happens to UK student debt figures over the next 10 years,
    particularly as universities ramp up their fees over time.

    “….and whosoever fears Allah and keeps his duty to him, He will make a
    way for him to get out (from every difficulty). And He will provide him
    from (sources) he never could imagine. And whosoever puts his trust in
    Allah, then He will suffice him. Verily, Allah will accomplish His purpose.
    Indeed Allah has a set measure for all things” [65-2-3]

    Muslims students in the UK considering whether to take out a student loan
    need to contemplate the above verse. We need to remember our rizq comes
    from Allah, it is not rolled up within the degree certificate. We give
    something up for the sake of Allah and Allah will replace it with something
    better.

  4. I have on my Project Tuition Reimbursement Blog the list of the Congressmen
    who took away the ability to declare bankruptcy on Private student loans.
    We need to call,. Write, etc to tell them we want student loan bankruptcy
    reinstate for both Federal and Private student loans Just think a gambler
    can declare bankruptcy? How is this possible?

  5. I would like to know that at the time a student signs up for a Sallie Mae
    student loan why they are not informed of all of the requirements and the
    consequences of late payments or lack of payments if there is no income.
    Concerning the interest rates what ever happened to Usery?
    The Federal government needs to change these predatory loan practices! I
    agree debts need to be paid but if due to certain circumstances you are
    unable to pay the loan you are still expected to pay the loan! Sallie Mae
    will not even work with a client making a minimal payment until they begin
    working again. I recently discovered there shady practices. Shame on Sallie
    Mae and shame on the Federal government to permit such practices. These
    practices need to stop!

  6. Private loans are by FAR better than federal loans. There is less paperwork
    that needs to be done to get the loans, the money arrives faster, and you
    can borrow as much as you need. There are also really generous repayment
    options for private loans that do not exist for federal loans. Take a hint:
    Don’t bother with federal loans. Private loans are the ONLY way to go.

  7. A doctor came into my class as a guest speaker and said that he was 200,000
    dollars in debt… 0o0 

  8. You are such a fraud. NOT ONCE did she EVER mention Sallie Mae. Yet your
    title states that this is what the video is about. Again, you are such a
    fucking fraud. Could it be because you are a loser student debt holder and
    Sallie Mae is coming after your pathetic ass? You got a grudge against
    Sallie Mae? Do you even know that Sallie Mae is a GSE (government
    sponsored enterprise)? Do you know that they are contracted by the
    government to collect on federal student loans?

  9. “You better think twice before you think an expensive education is what’s
    going to get you a job when there are no jobs out there to get” 

  10. “You better think twice before you think an expensive education is whats
    going to get you a jobs out there to get”

  11. It’s true, student loans are very seldom dischargable in bankruptcy.

  12. …And don’t forget once your loan goes to collections, if you open a bank
    account, they can seize your funds, win or inherited more than $599 seized,
    State or Fed tax refund seized. Not only will they garnishee Social
    Security but any adjusted increase in SS benefits does NOT go to you. If
    you get a job your pay can, & probably will, be garnisheed down to federal
    min. wage. If you live in Montana or Iowa your driver’s license can be
    revoked. My Dad is sickened by the fact that my investment in education (at
    his urging) has destroyed my future. Graduated 2008 valedictorian into the
    crashed economy created by the very banks that are demanding their money
    back (even though they have been bailed out).
    Yes I know…Nothing is free, no hand outs & nobody forced us to take the
    loan. I’m lucky that I have manipulated my situation into a very successful
    outcome (semi-retired & comfortable) but many are not as fortunate in
    ability & faculties so I champion the downtrodden because I know how
    difficult it can be dealing with these student loans tactics & procedures
    which are more criminal than Mafia loan sharks…And YES I am making monthly
    payments

  13. Also these loans stay on your credit report and disqualify you for
    employment, so not only do they fuck you over from being able to pay back
    loans at ridiculously high interest rates, they fuck you over by fucking
    your credit which they lobbied for to have many corporations filter out
    depted individuals with bad credit form being able to acquire work.

  14. Just another one of the elites ponzie schemes to keep us in debt. same as
    Obamacare, income taxes and the rest. End of story. You think we are free
    and run by a an elected, government. wake up.

  15. Indycurt1 is a Sallie Mae troll apparently. None of his comments give us a
    helpful analysis of the deeper issues involved here. Words like ‘dickwad’
    hardly bring out the nuances of how society is affected by the predatory
    nature of the student loan industry, and how both Democrats and Republicans
    have made it what it is. 

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