A few months after he buried his son, Francisco Reynoso began getting notices in the mail. Then the debt collectors came calling. Now, he's suffering a Kafkaesque ordeal
in which he's hounded to repay loans that funded an education his son will never get to use — loans that he has little hope of ever paying off. Despite the help of a lawyer, Reynoso has not been able to determine exactly how much he owes, or even what company holds his loans.
posted by unSane
on Jun 19, 2012 -
The Higher Education (Debt) Bubble
- "[H]igh and increasing college costs mean students need to take out more loans, more loans mean more securities lenders can package and sell, more selling means lenders can offer more loans with the capital they raise, which means colleges can continue to raise costs. The result is over $800 billion in outstanding student debt, over 30 percent of it securitized, and the federal government directly or indirectly on the hook for almost all of it. If this sounds familiar, it probably should... [more inside]
posted by kliuless
on May 17, 2011 -
"What happened here in Jefferson County would turn out to be the perfect metaphor for the peculiar alchemy of modern oligarchical capitalism: A mob of corrupt local officials and morally absent financiers got together to build a giant device that converted human shit into billions of dollars of profit for Wall Street" - "Looting Main Street
" Matt Taibbi takes an in-depth look into how finance, deregulation, corruption, synthetic rate swaps, and greed decimated Birmingham, AL. [more inside]
posted by The Whelk
on Apr 12, 2010 -
--doing business according to Shari'a. ...Pious Muslims are not allowed to invest in industries that have ties to tobacco, alcohol, weapons, pornography or pork products. Since the law prohibits banks from charging or paying interest, Noriba and other Islamic Financial Institutions (ifis) instead make money by using a system based on the sharing of capital gains or losses.
But even with post-Sept. 11 suspicions that Islamic banks may fund terrorist organizations, demand for the services of ifis is on the rise from the towers of Bahrain to the streets of London. Indeed, they represent one of banking's hottest sectors. ...
Socially-conscious investing of a different sort?
posted by amberglow
on May 6, 2005 -
Ted Rall says that college loans are killing America.
I'm inclined to agree. At just $14,736, I'm on the lighter-side of college loan debt, but being a single father, I have a hard time making a dent. Ted makes some salient points about young adults who are struggling to make money in a recession. They don't work for the Peace Corps, they don't volunteer, etc. Even China criticizes America on our insistence that students endebt themselves to corporations just for education.(via fark
posted by taumeson
on Feb 11, 2003 -
The problem isn't too much greed, but too much cowardly greed.
"Spineless lenders, weak-kneed investors and meddling regulators intent on reducing risk pose a greater threat to the global economy than the volatile financial markets... 'The critic's image of the global financial markets as a giant casino is wrong," [writes British financial writer Daniel Ben-Ami], 'On the contrary, the modern financial markets are more often characterized by a fear of risk-taking than a reckless disregard for danger.'"
posted by tranquileye
on Aug 2, 2001 -
Student loans got you down? Try My Rich Uncle
. Not a loan, they just skim a little off the top of your future earnings. Besides the obvious issue of whether or not it's a good idea, is the site even for real? They have applications and an address, but none of the legal info like you find on bank and educational loan sites.
posted by Bezuhin
on Apr 30, 2001 -
Student loans will become grants for any who can't afford $134K for 4 years. How relevant attending college is--except for networking and the social milieu I guess--for the post-Internet teen I'm not sure. But anything which makes information and education more available and less tied to income is a fine thing.
posted by aflakete
on Feb 21, 2001 -