The Student Loan Scam
by Alan Michael Collinge
Nothing could have prepared me for the shock and rage I experienced when I first read this book.
I thought I knew how bad it was. I already knew that student loans were a debt trap. I already knew that many people had had their lives ruined by student loans which they could barely repay.
Collinge's book showed me, in great detail, how much I didn't know. Here is some of what I learned from reading it:
At the moment, you'd probably get a better deal from Paulie Walnuts than Sallie Mae. Under current laws, anyone who takes out student loans:
In addition to providing eye-opening accounts of corruption and greed, Collinge describes the psychological effects of massive, unforgivable debt.
Collinge begins by describing the impact that student debt has had on his own life. This debt led him to work 92-hour workweeks just to keep his head above water, endure harassment from loan officers and collection agencies, and give up his hopes for marrying and raising a family.
As one former student says in the book, "when you are under that kind of pressure, money avoids you. It's tough to get clients when you seem desperate for them."
Student debt leaves many people feeling like failures, and seeing their education and life as a waste. As one borrower said,
My life is ruined. If only I would have worked my way through college slowly and paid for it as I went––or not gone at all. Maybe the factory work wasn't so bad after all––at least there I had my dignity.
Alan Collinge's crisp, simple prose would be a joy to read if the subject matter was more pleasant. He shows you how we came to the current mess, who was involved and who is responsible.
I highly recommend this book to anyone who wants to learn more about the American student loan scam. If these companies preyed on you, this book will help you feel less alone.
If you want things to change but don't know how to change them, this book––as well as Collinge's website, StudentLoanJustice.org, will give you ideas of how to fight back.
If you are thinking about going to college, or any type of expensive education past high school, do yourself a favor and read this book. You'll be glad you did, and it may help you save your time, your money, your future and your dignity.
Buy The Student Loan Scam on Amazon.
Student loan debt infographic by owsposters.
More Books on Education
How to cite this article
Student Loan Scam by Michael Alan Collinge - Book Review. (n.d.). Retrieved from http://www.college-optional-careers.com/student-loan-scam.html
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