Citing the investigator and one student who "says he trusted NYU, but now he wonders if his trust may have been misplaced," ABC's "World News" on March 18 attacked universities and lending companies and did not include representatives from either.
Anchor Dan Harris only presented New York State Attorney General Andrew Cuomo's view that students are being taken advantage with the practice of preferred lending. Cuomo faulted schools and lenders for "illegal, deceptive business practices."
Harris did not include an on-air interview with any college, university, loan company or industry expert, rather he only said several major lenders "all denied wrongdoing."
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So as an American and a stude
March 19, 2007 - 17:20 ET by Mean Gene Dr. LoveSo as an American and a student, does that mean that I should be able to borrow money at the expense of the lender? Is that what World News wants me to think...or they want me to feel sorry for people that voluntarily accepted a loan to later find out they will have to pay interest?
Anyone in college should have the reading comprehension and good sense to know what is in the fine print. Furthermore, they should also not be so dim to believe that they can borrow money without paying the amount of interest agreed upon when the loan is accepted.
"There is a time to take counsel of your fears, and there is a time to never listen to any fear." --General George S. Patton, Jr.
Mean Gene,They are laying the
March 19, 2007 - 18:53 ET by truth_missileMean Gene,
They are laying the groundwork for another tenet of cradle-to-grave socialism - government funded (that's you and me Bro) schools from pre-K to grad school (no more pesky independent thought) and while they are at it throw in government funded health care.
I couldn't find the March 18t
March 19, 2007 - 20:27 ET by ding7777I couldn't find the March 18th/Dan Harris story - could you link to it?
But I did find a March 17th/Richard Esposito story from ABC's The Blotter:
National Probe: Colleges Take "Kickbacks" From Student Loan Lenders
It reported on the practice of kickbacks to Financial Aid employees and Sallie Mae did respond to the charges
Two cents worth is all you're
March 19, 2007 - 20:52 ET by jonathanandersonTwo cents worth is all you're going to get from a lender ... if that. All you are to 99% of debt peddlers is a number ... you represent profit to them.
Proverbs 22:7
The rich ruleth over the poor, and the borrower is servant to the lender.
Romans 13:8
Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.
Exodus 22:25
If thou lend money to any of my people that is poor by thee, thou shalt not be to him as a usurer, neither shalt thou lay upon him usury.
Psalms 15:5
He that putteth not out his money to usury [lends money for interest], nor taketh reward against the innocent. He that doeth these things shall never be moved.
Deuteronomy 28:12
The Lord shall open unto thee his good treasure, the heaven to give the rain unto thy land in his season, and to bless all the work of thine hand: and thou shalt lend unto many nations, and thou shalt not borrow. [see Deut. 15:6 also]
Pragmatism 101
March 20, 2007 - 04:51 ET by Pragmatic-ManPragmatism 101: read the fine print BEFORE you sign. What is the lender to you, a personal friend? OF COURSE you are just a number. you are one of thousands and thousands of borrowers who did not save effectively for college. I suppose you do not have your lender on the Christmas card list. Just a guess. Yeah, didn't think so. And as for Proverbs 22:7, the lender is offering a service to the borrower, who is *relieved* of his poverty... for a price. Money is not free. Interest is the monetary relief to the lender for being displaced of his capital. You should know this.
I'm about to say something
March 20, 2007 - 06:00 ET by sarcasmoI'm about to say something controversial again. I'm speaking (unofficially) as a moneychanger, so it's agreed at the start that it's good to keep my kind out of the temples during business hours....I've found it's best to ignore very religious people (any religion) when it comes to matters of what we call "money" these days, especially considering general ignorance of what actually constitutes real money is so-widespread due to big government's effects, since the "debt peddler" is a private bank called, misleadingly, "the Federal Reserve." This is especially true for matters of lending and the time-value of money, which is simply an economic fact of life regardless of whether or not it's politically-correct for anybody citing any religious text from Exodus to the Koran. Economics is a "dismal" and hard to understand science even for economists, so it's no surprise to me that preachers historically have failed at it so-often.
JMR
Lending institutions offer st
March 20, 2007 - 01:02 ET by jdhawkLending institutions offer student loans with terms their best customers aren't getting. The reason: it is viewed as an investment. The lending institution lends money at rates below the Prime lending rate and at extended payback periods. Then, it is hoped that the college student will use other services like checking, bill pay, debit and credit cards, car and mortgage loans during college years and more importantly after college.
Cuomo (I want to be the next governor of NY) and ABC can rant if they care to, but I think that they ought to be careful what they wish for and that especially goes for college students.
Financial institutions would utlimately welcome being able to treat college students like any other customer. They wouldn't have to make bets that they can capture a customer for life while in college.
If that comes to pass, expect millions of would be students simply not able to go to college because they can't afford to do so.
Prefer that Cuomo - dunce!