6 Groups Getting Rich Off Your Student Loans

Don’t read this as an endorsement, but the student debt crisis has been pretty lucrative.

Some 40 million people owe about $1.3 trillion in student loan debt. It isn’t pretty. But it is profitable – depending on who or what you are. Here’s a look at where a lot of the money flows, from the public sector to the private sector to academia.

Top Majors For Recent Grads: Turning Unprofitable Degrees Into Lucrative Career Paths

Not everyone’s desperately forcing themselves into a finance or computer science degree in the hopes of a steady job post-graduation. Droves of students are still opting for degrees as diverse as performing arts and health professions, according to data recently collected from LinkedIn.

Out of the 650 schools on FORBES’ Top Colleges list this year, social sciences is the second-most popular area studied. Communications and psychology also showed up in the top 10.

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What You Could Buy If You Didn't Have Student Loans

The class of 2015 just graduated with an average student loan debt of $35,000, according to estimates from Edvisors.com. That’s the highest collective debt of a graduating class in history and it’s adding to the (already staggering) national student debt of $1.2 trillion dollars. With over 70 percent of recent grads […]

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“I think that’s the system, at least in America, is probably going to be the next bubble to go. This idea that you have to shove everyone into college and that no one can take a year off to think what they’re doing and that you should spend two years figuring out your major for 80 grand… In America it’s truly like, the students are suffering coming out of college with hundreds of thousands of dollars in debt and the colleges are booming, cause I’ve performed in hundreds of them, and they all have new libraries  and new gyms, the universities themselves are thriving on the debts of their students. So, it’s pretty evil.” (x)


PLEASE BOOST THIS

Only putting this out there in case anyone else has to deal with it: If you receive any calls from an unknown number, threatening to serve you, or someone you know, a summons regarding debt collection, hang up. The company is RH Group aka Rotech Holdings, and they are a fraudulent debt collection company, who are very pushy and rude, and they attempt to get you to pay a debt for an unnamed plaintiff via credit card over the phone. They will contact you, your family, friends, anyone you work for/with, and even your neighbors.

They usually leave a voicemail, telling you to call back to 877-917-9393, and leave a case number, if you don’t answer. From what I’ve seen, they only target people who have had issues with debt previously. They have an F on the Better Business Bureau’s website, and all the complaints back up what I said, in addition to any others if you google the number.

5 Smart Steps For Struggling Student Borrowers

Rather than turning to one of these questionable debt relief firms you find on the web, take these five steps:

1) Know what you owe. View all your federal loans on the National Student Loan Data System

2) Refinance. If you have a high-paying job and are able to make your monthly payments, you may be able to reduce your total costs by refinancing through startups.

3) Check out federal options. Use government calculators to see how much you can lower monthly payments and what the total costs of your loans will be over time. 

4) Jawbone private lenders. If you’re having trouble making payments on private student loans, call the servicer and ask for relief.

5) Get legit advice. Don’t let anyone pressure you into choosing a repayment plan you’re unsure about or paying a fee to apply to one.

More advice here.

A neighbor of Mittireddi stands outside her home, which was destroyed during cyclone Hudhud but has not been rebuilt. Image by Zach Hollo. India, 2015.

Indian Cyclone Reflects Carnage Posed by Climate Change to Those in Poverty

Months after a cyclone chewed apart his roof and hurled scrap metal slicing into his leg, Tirupathirao Mittireddi can’t get much sleep. But it’s not the natural elements he’s afraid of. It’s the financial burden he acquired to cope with the cyclone’s aftermath.

“They come to me in my dreams,” he said. “The people I owe money to. They knock on the door and scream for me to repay. But I cry and say I don’t have anything.”

Read the full story and watch the video by Pulitzer Center student fellow Zach Hollo, for PRI’s The World.

Millions of Americans are starting to wake up and are beginning to realize that we have very serious problems on our hands, but they have no idea what is causing our economic distress and they are unaware that most of our politicians have absolutely no idea how to fix the economic disaster that we have created.