Wednesday, November 10, 2010

News and Etc

I recently found out that Alan Collinge will be closing down the Student Loan Justice Facebook group. The idea behind it would have been amazing, but sadly, Facebook is not the place to organize such a cause.
He will continue the Student Loan Justice website.

Collinge did post this link through the Facebook page, therefore, I too will pass this on. It's worth a shot.

There is also a worthwhile discussion here.


I would like to issue an apology to Cryn Johannsen for a previous post, it is a misunderstanding in the heat of a moment and I did not intend to direct anything towards her. I thank her for her work and continue to thank her for her future work.

And finally, while at a local bookstore, I was able to glance at Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching off My Parents. It seems like a very vital book for any new college hopeful and a guide to avoid the student loan nightmare. I just wish this book had come out years ago. To paraphrase a quote, it went something along the lines of, "Those who understand compound debt will profit from it, while those who do not will be destined to pay it." How true. Sad. But true.


  1. Thank you for those updates. I recently joined Facebook, in the hopes of augmenting my message. It seems people on that forum would rather post idiotic pictures of themselves than discuss the state of American "higher education." It is a shame, as it has so much potential.

    "Debt-Free U" sounds like a timely book. I have recently finished "Higher Education," "The Law School Gamble," Collinge's book, and "Shop Class and Soul Craft." I have also finished reading several law review articles that highlight the failures of U.S. "legal education." I will add your suggestion to my list of books to read. Thanks!


  2. Thanks for that info on Collinge.

    He is a true pioneer in trying to come to an understanding of the whole Student Loan Fiasco for so many people, including myself.

    I also follow Cryn anbd Nando's blog,and others.

    Does Collinge actually have a blog though?

    I have a big folder of papers going back to 1992 Re: my Student Loans. I never threw anything away.

    My loan has taken a long an meandering course through many hands, and private and public banking entitys, and private collectors.
    And is now with the Federal Gov't (Direct Loans)

    There are also names such as Nellie Mae, Sallie Mae Servicing,Sallie Mae "proper" c/o AFSA data corp.

    I really do want to understand the logical or illogical progression of my loan debt, which grew from 79 thousand in 1997 to 275 thousand today.

    FOr instance: A promissory note in 1991 stated that up to 6 cents on every dollar of a late payment can be assessed. So on a 600 dollar payment that can be 60 dollars.

    And on a 1000 dollars that is 100 dollars, and so on and so on.

    I never questioned the rightness or wrongness of it all, just blamed myself, but I now realize that I have a lot of studying and work to do, and will get the books mentioned above by yourself and Nando.

  3. Sorry, my math was off above. It would be 60 dollars on a thousand. And then other fees and penalties on top.

    All in my files and on paper, which I have.