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 SIX
The Corruption of the Universities

As the burden of paying for college was shifted to students and the cost of college tuition exploded, lending agencies, guarantors, and collection companies were not the only entities maneuvering to capitalize on this new source of wealth—colleges and universities were also caught up in the fray. By 2000, it became apparent that some schools had all but abandoned even the pretense of concern for students' financial well-being and were entering into agreements with lenders for the purpose of making additional money from students, over and above the loan income that was being paid to them for the cost of attendance.

As a general rule, students are highly vulnerable to exploitation in this area. By the time they set foot on campus, they are already on the hook. With unbridled optimism about their futures and innate trust of their universities, students tend to sign nearly anything their universities put in front of them in order to get registered for class. After all, they have already made the decision to attend college, typically years before they get there. They have already gone through the difficult task of applying for and gaining acceptance to the universities. By the time a student must decide from whom to borrow money, or whether to borrow money at all, the groundwork has been laid, and the student will almost certainly accept any recom-

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