The Student Loan Scam: The Most Oppressive Debt in U.S. History, and How We Can Fight Back

By Alan Collinge | Go to book overview

CHAPTER TWO
Who Benefited

Since the 1970s, the burden of college tuition has shifted dramatically from the state to the student. In 1977, it is estimated that students and their families borrowed about $1.8 billion through U.S. federal loan programs in order to attend college. By 1989, this amount had increased to twelve billion dollars. By 1996, it had soared to thirty billion dollars.1Today, more than seventy billion dollars is borrowed through federal loan programs, and more than fifteen billion dollars is borrowed annually from private lenders.

Congress's removal of standard consumer protections for these loans, the growing tendency to attach fees to the debt, and the collection methods that student loan companies were allowed to use all set the stage for unprecedented profiteering by the lending industry. It is not surprising that many personal fortunes were made by well-connected student loan executives— particularly after the amendments to the Higher Education Act in 1998.

While the most startling wealth was accrued by executives and staff of the Sallie Mae Corporation and its subsidiaries, personal fortunes were also realized by a bevy of other student loan executives who worked at both nonprofit and for-profit student loan organizations. Certain elected officials also made large monetary gains as a result of their participation in the legislative efforts

-22-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
The Student Loan Scam: The Most Oppressive Debt in U.S. History, and How We Can Fight Back
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 168

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.