May 11, 2009 0
Tell Congress to Protect Predatory Lending!
Collinge exposes the seedy—and seemingly illegal—activities that even conservative publications like the National Review concede, “should evoke cringes from Americans of all political stripes.” In my view, the most egregious abuse by student lenders is their penchant for intentionally defaulting loans, which cost young borrowers tens of thousands in fees, and wreak havoc on credit scores. According to Collinge’s book, there are more than 5 million such defaulted loans in America. And thanks to intensive lobbying on the part of lenders, student loans have the unique status of being the only type of loan to be non-dischargable in bankruptcy.


