What keeps a generation of indentured servants docile in white collar cockroach infested sweatshops? Sallie Mae.
Every heavily indebted law school graduate knows what a mistake it would be to fuck around with Sallie Mae. Don't be deceived by her sweet sounding name. Miss just one payment, and she will literally come after you and destroy your life. As Elizabeth Warren recently noted, "Aunt Sallie Mae has collection powers that would make even a mafioso blush."
How did Aunt Sallie Mae become so powerful? Click on the following Credit Slips link to find out. It includes a link to some recently leaked documents detailing Aunt Sallie's official Washington lobbying strategy:
http://www.creditslips.org/creditslips/2007/06/student_loan_sc.html#more/
27 comments:
Stay away from any of the love children of the big government liberals: Sallie Mae, Fannie Mae, Freddie Mac. Perfect example of gov't programs that were initially started with good intentions, but turned into a monstertrosity.
It's good old fashion conservatives who passed banktruptcy bills making the debt a form of indentured servitude. It's conservatives who fatten their wallets with the money of Big Student Loan. It's conservatives who have cut the grants program that make taking more loans out necessary. It's good old capitalism as practiced in the U.S. which turned education from a non-profit bent to one that is about the dollar. America isn't a liberal country. In fact, the liberal countries of Europe and Canada and the rest of the advanced countries such as those of Japan do not have these problems. This is a conservative country problem.
Wow, heaven forbid I should be asked to pay my debts. Wow, all that money I borrowed wasn't free? I was smart enough to go to law school but not smart enough to realize the deal I was making with Aunt Sallie!
Whine, whine, whine.
Been out 10 years and still paying every month. I think this will be going on until I die or am just too darn old or beaten down to care any more. Maybe in debtor's prison they'll at least have to feed me... maybe
It's liberals, the teacher unions, and the college administrators who gladly accept and jack up tuition because of this this free flowing loan money. The "everybody must go to college" motto is a liberal mantra.
It's neither liberal nor conservative in its essence. However, both parties should assume responsibility for the student loan crisis and figure out better ways to regulate the disastrous gouging going at private schools. We as students/graduates need to inform prospective students about what a horrible deal law school is for at least 80% of those going to law school now. People really need to think about how they will be able to pay them back before taking massive loans. A shitlaw of temp doc review gig won't get it done.
It's caveat emptor, but it's also the hard sell of the "dream of being a laywer" by the law schools who know full well that only 5% of their grads will typically be getting top paying biglaw jobs.
The more we tell people about how bad it really is in the law these days, the more of the next generation can be spared.
I learned from law school loans not to take on a mortgage that I couldn't afford, so I avoided the Real Estate bubble, but many others are not so fortunate.
tempinfo.com is for sale.
http://cgi.ebay.com/ws/eBayISAPI.dll?
ViewItem&ssPageName=STRK:MESELX:IT&item=290230859259
Me too!
I am actually glad I went to law school. Nothing I learned was particularly relevant; I just found the simple fact of having gone through the horrible/scam ridden process was a lesson in itself. You really have to be extra careful with anything you deal with in this world. There is a literally a scam around every corner. It was an expensive lesson to learn (probably one of the biggest mistakes of my life), but the wisdom I gained from it will be ever lasting.
before you get to loans, you should look at underlying costs. no other country in the world that's a developed country treats education as americans do- essentially as a for profit venture. i am not even sure what the tirade about teachers unions have to do with graduate school.
"no other country in the world that's a developed country treats education as americans do- essentially as a for profit venture."
And health care, and retirement, and buying a home!!
oh- I am not saying that we shouldn't live in a capitalist system in which we take risks or responsibility. I am questioning which risks should people take. if we weren't in such a conservative country, you might start, for example, by asking whether the risks of the cost of education and healthcare are what we want to determine who suceeds and who doesn't. especially with other coutnries passing us by and especially considering we have to compete with labor markets in which education and healthcare are not placed solely on the individual.
What in the world is a "bait" stamp?
Simon Nagel is an asshole! Julie Dailey is a cunt! Three people who worked at 2 Logan from the beginning were let go for no fucking reason, and Simon didn't even have the balls to do it in person-- fucking Nazi!
Our government doesn't have true conservatives or liberals - they are all big government statists (except for Ron Paul and maybe a couple of others). The more dependent they make the citizens on them, the longer they stay in power. True on so many levels.
Way to go, 5:15, how is that "blame the recruiter game" working out for you? Get any perm job offers yet?
NOT!!!!
Keep blogging, retard~!! Keep anonymous blogging!!!
"Tom", I really have to question the competence of anyone who has been engaged in discovery for as long as you who would refer to a control number as a "bait-stamp". While the fact that you've only been doing this in the electronic age might lead me to believe that you in fact have never seen the old-style, mechanical ink-pad numbering device, that you are so damned lazy that you couldn't even look it up before writing it in your blog says more about you than you can ever know. (Seriously, how much time have you wasted surfing the internet during your "career" while never once being curious enough to look up that term, or better yet, simply ask a paralegal?)
My purpose is not to demean you publicly, but rather to point out that your difficulties may simply reflect your own shortcomings...
9:46 PM
Uh, anyone can sign anyone's name to an annonymous post. I can say that I'm Hillary Clinton and that I oppose the sweatshops. That doesn't make me Hillary Clinton, does it?
In response to "Steve Mote"--I realize that you are not actually Steve Mote. I do understand your anger at the Associate. You are right that he should have had the guts to do what was right. I am sorry that you chose inflammatory words towards Julie, who has not earned them.
So, Mr. X doesn't have to have a reason for doing anything. Mr. X can do what he will. Would you want to be Mr. X? I wouldn't.
One of the real truths lies with the fact that law school and other tuitions have grown so out of proportion to the actual value received only because there has been an institution such as Sallie Mae, and others. Tacit understanding is that as long as there is a deep pocket into which students can dig, those tuitions have no wheres but the sky to rise. If students didn't have this type of keep pocket available, there probably would be fewer applicants AND no justification for increasing tuition. The fact is how different is teaching torts in 2006 than in 1990, but for case law changes altering certain application of basic law. I'll be the Shakespeare class taught in 1974 in content is not that different than same in 2006....unless it is medicine, science, research, there is no justification for increased tuition to today's level "but for" salaries, facilities, and operating costs. But, if universities ran their institutions like a well run corporation or business, they could easily have kept costs down for students. But since there is a deep pocket, they didn't have to....it was a party, and we all are paying for that party -which extended further to shareholders of Sallie Mae, and other private lenders. Just a pure ponzi scheme and scam........and they complain about lawyers?
Our good friends at Clutch are scoring big in outsourcing. They really should be boycotted, too. It appears they are using their US attorneys to get the business then they are handing to off to the LPO group and stealing jobs from Americans.
http://www.livemint.com/2008/05/21000743/
Indian-legal-offshore-biz-up-a.html
2:32 PM has a point I heard before. IF loans to the students, both gtd and non-gtd, were capped at $15K a year, then would there be so many lawschools graduating students. LAwschools are cash cows to universities. IF you cap lawschool revenue, then Universities wil not create or maintain lawschools. It's nice to have a lawschool for prestige for a short time, but not a long term gold brick!
Anonymous said...
"Our government doesn't have true conservatives"
Oh please--the conservatives love this meme since they got into power and their stupid policies drove this country into the ground. Now they want to pretend it wasn't the failure of conservative ideology, it was the betrayal of that ideology that has ruined everything--bullshit. Your laissez-faire/libertarian nonsense DOESN'T WORK, and every sane person knows it. The end.
Some nerve that Sallie Mae has. They actually want us to pay back the money that was lent to us. ASSHOLES! Who would make us do such a thing????
Tom,
try again -- it is not bait-stamped or bate-stamped, it is Bates-stamped, a proper noun, i.e. Norman Bates.
How hard is it to find this:
http://en.wikipedia.org/wiki/Bates_stamp
2:32,
You seem like a person with good intentions, but the argument you make is based on invalid assumptions, e.g., " how different is teaching torts in 2006...?"
Have you noticed something entitled the Restatement 2nd? Or, that the scholarship concerning Shakespeare continues? Did you intend irony? If you are a lawyer,(although I sincerely hope you are not), please take notice of these well established facts and move forward.
Mr. Mote,
I like Simon, but if I despised him I'd still find your words cowardly.
I could be fired tomorrow, but somehow I think I might endure my dismissal without petty ranting and raving that it failed a formality test.
Atty F.
Sallie Mae has a near monopoly on the student loan business. They are virtually guaranateed to make a profit. Let them compete like everyone else. Most societies outlawed usury until the banks and finance companies lobbied Congress to change the law. Throw the moneychangers out of the temple, NOW!.
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