Higher Education Inquirer : Search results for Student loan stories

Showing posts sorted by relevance for query Student loan stories. Sort by date Show all posts

Tuesday, July 8, 2025

Share your stories about life and debt

Student loan debt in the United States has ballooned into a $1.7 trillion crisis, affecting over 43 million borrowers. Beyond the staggering figures, this debt exacts a profound human cost, influencing personal relationships, family dynamics, and long-term financial stability.

The Burden Beyond Graduation

For many, student loans are not just a financial obligation but a lifelong burden. A report by Demos indicates that an education debt of $53,000 can lead to a $208,000 lifetime loss of wealth. This financial strain often delays or derails significant life milestones. According to the Education Data Initiative, 51% of renting student borrowers have postponed homeownership due to their debt, while 22% have delayed starting a business.

Strained Relationships and Delayed Families

The weight of student debt extends into personal relationships. A study by TIAA and MIT AgeLab found that nearly one-quarter of borrowers reported that student loans have led to conflict within their families. Furthermore, the greater the student loan debt, the more likely borrowers are to delay key life events such as marriage and having children.

Multigenerational Impact

Student debt doesn't just affect individual borrowers; it reverberates across generations. Parents and grandparents often co-sign loans or take on debt themselves to support their children's education. The TIAA and MIT AgeLab study revealed that 43% of parents and grandparents who took out loans for their children or grandchildren plan to increase retirement savings once the student loan is paid off. This shift in financial priorities underscores the long-term impact of educational debt on family financial planning.

Mental Health and Emotional Well-being

Beyond financial implications, student debt significantly affects mental health. A study from Harvard Law School's Center on the Legal Profession found that 65% of borrowers reported that their total student loan debt or monthly loan obligation caused them to feel anxious or stressed. Over 70% of those with debts between $100,000 and $200,000 reported high or overwhelming stress levels.

Policy Shifts and Economic Consequences

Recent policy changes have further complicated the landscape for borrowers. The resumption of student loan collections, including wage garnishments and tax refund seizures, has placed millions at risk. As of early 2025, nearly one in four borrowers are behind on their payments, with over 90 days delinquent . This financial strain not only affects individual borrowers but also poses a threat to overall economic growth, as decreased consumer spending impacts broader economic stability.

Shredding the Fabric of Society

The student loan crisis is more than a financial issue; it's a pervasive force affecting the fabric of American life. From delayed life milestones and strained family relationships to mental health challenges and economic repercussions, the impact is profound and far-reaching. Addressing this crisis requires comprehensive policy reforms that consider the human stories behind the debt figures. Only then can we hope to alleviate the burden and restore financial freedom to millions of Americans.

Share Your Story

We want to hear from you. If you or someone you know is grappling with the weight of student debt, please consider sharing your story. Your experiences can shed light on the real-world implications of this crisis and help others understand they're not alone.

To share your story, please email us at gmcghee@aya.yale.edu with the subject line "Student Debt Story." Include your name, location, and a brief summary of your experience. We may feature your story in an upcoming article to highlight the human toll of student debt.

Together, we can bring attention to this pressing issue and advocate for meaningful change.

Friday, February 10, 2023

People's Rally for Student Debt Cancellation to be held outside Supreme Court, February 28, 2023

[Update: This event will be livestreamed at https://www.cancelmystudentdebt.org/peoples-rally-livestream ]

Sign up for the People's Rally for Student Debt Cancellation to be held outside the US Supreme Court, Tuesday morning, February 28, 2023. And please share this event with people in your network.

The Supreme Court case involves the constitutionality of President Biden's order to cancel more than $400 billion in student loan debt, that according to the NY Fed would provide a disproportionate amount of relief to low and middle-income families.

Supporters of the People's Rally include the Debt Collective, NAACP, National Urban League, American Federation of Teachers, National Education Association, SEIU, the National Consumer Law Center, Young Invincibles, and Move On. Senator Elizabeth Warren will be one of the speakers.

While there is no substitute for People on the ground, folks can also attend online.

Before the hearing, the People are invited to use the #CancelItSCOTUS! hashtag and flood Twitter with personal and shared stories of why the cancellation is so vital. Access the toolkit to join the Twitterstorm on 2/28 at 9-11am.

Currently, there are about 45 million Americans carrying student loan debt. Based on our interpretation of the 2022 Financial Student Aid Annual Report, about 40 percent of the federal student loan debt portfolio ($674 Billion of $1.7 Trillion) is unrecoverable.*

Meanwhile, student loan debt collectors like Maximus receive hundreds of millions of dollars from the US government while sometimes using unethical and predatory business practices.

Students who attended subprime schools or who had low financial value majors have been hardest hit. And the debt takes its toll on millions of citizens, their families, and their communities--and reduces their opportunities to live the American Dream.

About 200,000 student debtors who were defrauded by subprime schools are also facing a legal battle in the 9th Circuit Court to have their debt forgiven. Hundreds of thousands more have filed Borrower Defense to Repayment claims and are awaiting for decisions that can take several years, due to understaffing and an enormous backlog at the US Department of Education.

So far, ED has only approved Borrower Defense to Repayment claims from a handful of closed schools, and it appears that victims of fraud from other subprime schools, like the University of Phoenix, have received blanket denials.

Pushing back against the debtors, Republican lawmakers are calling for mandatory loan repayments to restart.

Stay tuned to this post for more information. #strikedebt

*We have asked the US Department of Education press team for a comment, but they have not responded, which is often the case.

Tuesday, July 30, 2019

HEI Resources

[Updated January 8, 2023)

Bibliography

Alexander, Bryan (2020). Academia Next: The Futures of Higher Education. Johns Hopkins Press.
Alexander, Bryan (2023). Universities on Fire. Johns Hopkins Press.
Angulo, A. (2016). Diploma Mills: How For-profit Colleges Stiffed Students, Taxpayers, and the American Dream. Johns Hopkins University Press.
Archibald, R. and Feldman, D. (2017). The Road Ahead for America's Colleges & Universities. Oxford University Press.
Armstrong, E. and Hamilton, L. (2015). Paying for the Party: How College Maintains Inequality. Harvard University Press.
Arum, R. and Roksa, J. (2011). Academically Adrift: Limited Learning on College Campuses. University of Chicago Press.
Baldwin, Davarian (2021). In the Shadow of the Ivory Tower: How Universities Are Plundering Our Cities. Bold Type Books.
Bennett, W. and Wilezol, D. (2013). Is College Worth It?: A Former United States Secretary of Education and a Liberal Arts Graduate Expose the Broken Promise of Higher Education. Thomas Nelson.
Berg, I. (1970). "The Great Training Robbery: Education and Jobs." Praeger.
Berman, Elizabeth P. (2012). Creating the Market University. Princeton University Press.
Berry, J. (2005). Reclaiming the Ivory Tower: Organizing Adjuncts to Change Higher Education. Monthly Review Press.
Best, J. and Best, E. (2014) The Student Loan Mess: How Good Intentions Created a Trillion-Dollar Problem. Atkinson Family Foundation.
Bogue, E. Grady and Aper, Jeffrey. (2000). Exploring the Heritage of American Higher Education: The Evolution of Philosophy and Policy.
Bok, D. (2003). Universities in the Marketplace : The Commercialization of Higher Education. Princeton University Press.
Bousquet, M. (2008). How the University Works: Higher Education and the Low Wage Nation. NYU Press.
Brennan, J & Magness, P. (2019). Cracks in the Ivory Tower. Oxford University Press.
Brint, S., & Karabel, J. The Diverted Dream: Community colleges and the promise of educational opportunity in America, 1900–1985. Oxford University Press. (1989).
Caplan, B. (2018). The Case Against Education: Why the Education System Is a Waste of Time and Money. Princeton University Press.
Cappelli, P. (2015). Will College Pay Off?: A Guide to the Most Important Financial Decision You'll Ever Make. Public Affairs.
Carney, Cary Michael (1999). Native American Higher Education in the United States. Transaction.
Childress, H. (2019). The Adjunct Underclass: How America's Colleges Betrayed Their Faculty, Their Students, and Their Mission University of Chicago Press.
Cohen, Arthur M. (1998). The Shaping of American Higher Education: Emergence and Growth of the Contemporary System. San Francisco: Jossey-Bass.
Collins, Randall. (1979/2019) The Credential Society. Academic Press. Columbia University Press.
Cottom, T. (2016). Lower Ed: How For-profit Colleges Deepen Inequality in America
Domhoff, G. William (2021). Who Rules America? 8th Edition. Routledge.
Donoghue, F. (2008). The Last Professors: The Corporate University and the Fate of the Humanities.
Dorn, Charles. (2017) For the Common Good: A New History of Higher Education in America Cornell University Press.
Eaton, Charlie. (2022) Bankers in the Ivory Tower: The Troubling Rise of Financiers in US Higher Education. University of Chicago Press.
Eisenmann, Linda. (2006) Higher Education for Women in Postwar America, 1945–1965. Johns Hopkins U. Press.
Espenshade, T., Walton Radford, A.(2009). No Longer Separate, Not Yet Equal: Race and Class in Elite College Admission and Campus Life. Princeton University Press.
Faragher, John Mack and Howe, Florence, ed. (1988). Women and Higher Education in American History. Norton.
Farber, Jerry (1972). The University of Tomorrowland. Pocket Books.
Freeman, Richard B. (1976). The Overeducated American. Academic Press.
Gaston, P. (2014). Higher Education Accreditation. Stylus.
Ginsberg, B. (2013). The Fall of the Faculty: The Rise of the All Administrative University and Why It Matters
Gleason, Philip. Contending with Modernity: Catholic Higher Education in the Twentieth Century. Oxford U. Press, 1995.
Golden, D. (2006). The Price of Admission: How America's Ruling Class Buys its Way into Elite Colleges — and Who Gets Left Outside the Gates.
Goldrick-Rab, S. (2016). Paying the Price: College Costs, Financial Aid, and the Betrayal of the American Dream.
Graeber, David (2018) Bullshit Jobs: A Theory. Simon and Schuster.
Hamilton, Laura T. and Kelly Nielson (2021) Broke: The Racial Consequences of Underfunding Public Universities
Johnson, B. et al. (2003). Steal This University: The Rise of the Corporate University and the Academic Labor Movement
Keats, John (1965) The Sheepskin Psychosis. Lippincott.
Kelchen, R. (2018). Higher Education Accountability. Johns Hopkins University Press.
Kezar, A., DePaola, T, and Scott, D. The Gig Academy: Mapping Labor in the Neoliberal University. Johns Hopkins Press.
Kinser, K. (2006). From Main Street to Wall Street: The Transformation of For-profit Higher Education
Kozol, Jonathan (2006). The Shame of the Nation: The Restoration of Apartheid Schooling in America. Crown.
Kozol, Jonathan (1992). Savage Inequalities: Children in America's Schools. Harper Perennial.
Labaree, David F. (2017). A Perfect Mess: The Unlikely Ascendancy of American Higher Education. Chicago: University of Chicago Press.
Labaree, David (1997) How to Succeed in School without Really Learning: The Credentials Race in American Education, Yale University Press.
Lafer, Gordon (2004). The Job Training Charade. Cornell University Press.
Lohse, Andrew (2014). Confessions of an Ivy League Frat Boy: A Memoir. Thomas Dunne Books.
Lucas, C.J. American higher education: A history. (1994).
Lukianoff, Greg and Jonathan Haidt (2018). The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure. Penguin Press.
Maire, Quentin (2021). Credential Market. Springer.
Mandery, Evan (2022) . Poison Ivy: How Elite Colleges Divide Us. New Press.
Marti, Eduardo (2016). America's Broken Promise: Bridging the Community College Achievement Gap. Excelsior College Press.
Mettler, Suzanne 'Degrees of Inequality: How the Politics of Higher Education Sabotaged the American Dream. Basic Books. (2014)
Newfeld, C. (2011). Unmaking the Public University.
Newfeld, C. (2016). The Great Mistake: How We Wrecked Public Universities and How We Can Fix Them.
Paulsen, M. and J.C. Smart (2001). The Finance of Higher Education: Theory, Research, Policy & Practice. Agathon Press.
Rosen, A.S. (2011). Change.edu. Kaplan Publishing.
Reynolds, G. (2012). The Higher Education Bubble. Encounter Books.
Roth, G. (2019) The Educated Underclass: Students and the Promise of Social Mobility. Pluto Press
Ruben, Julie. The Making of the Modern University: Intellectual Transformation and the Marginalization of Morality. University Of Chicago Press. (1996).
Rudolph, F. (1991) The American College and University: A History.
Rushdoony, R. (1972). The Messianic Character of American Education. The Craig Press.
Selingo, J. (2013). College Unbound: The Future of Higher Education and What It Means for Students.
Shelton, Jon (2023). The Education Myth: How Human Capital Trumped Social Democracy. Cornell University Press.
Sinclair, U. (1923). The Goose-Step: A Study of American Education.
Stevens, Mitchell L. (2009). Creating a Class: College Admissions and the Education of Elites. Harvard University Press.
Stodghill, R. (2015). Where Everybody Looks Like Me: At the Crossroads of America's Black Colleges and Culture.
Tamanaha, B. (2012). Failing Law Schools. The University of Chicago Press.
Taylor, Barret J. and Brendan Cantwell (2019). Unequal Higher Education: Wealth, Status and Student Opportunity. Rutgers University Press.
Thelin, John R. (2019) A History of American Higher Education. Johns Hopkins U. Press.
Tolley, K. (2018). Professors in the Gig Economy: Unionizing Adjunct Faculty in America. Johns Hopkins University Press.
Twitchell, James B. (2005). Branded Nation: The Marketing of Megachurch, College Inc., and Museumworld. Simon and Schuster.
Vedder, R. (2004). Going Broke By Degree: Why College Costs Too Much.
Veysey Lawrence R. (1965).The emergence of the American university.
Washburn, J. (2006). University Inc.: The Corporate Corruption of Higher Education
Washington, Harriet A. (2008). Medical Apartheid: The Dark History of Medical Experimentation on Black Americans from Colonial Times to the Present. Anchor.
Whitman, David (2021). The Profits of Failure: For-Profit Colleges and the Closing of the Conservative Mind. Cypress House.
Wilder, C.D. (2013). Ebony and Ivy: Race, Slavery, and the Troubled History of America's Universities.
Woodson, Carter D. (1933). The Mis-Education of the Negro.
Zemsky, Robert, Susan Shaman, and Susan Campbell Baldridge (2020). The College Stress Test:Tracking Institutional Futures across a Crowded Market. Johns Hopkins University Press.

Activists, Coalitions, Innovators, and Alternative Voices

College Choice and Career Planning Tools

Innovation and Reform

Higher Education Policy

Data Sources

Trade publications

Monday, January 6, 2025

HEI Resources 2025

[Editor's Note: Please let us know of any additions or corrections.]

Books

Alexander, Bryan (2020). Academia Next: The Futures of Higher Education. Johns Hopkins Press.
Alexander, Bryan (2023). Universities on Fire. Johns Hopkins Press.
Angulo, A. (2016). Diploma Mills: How For-profit Colleges Stiffed Students, Taxpayers, and the American Dream. Johns Hopkins University Press.
Apthekar, Bettina (1966) Big Business and the American University. New Outlook Publishers.
Apthekar, Bettina (1969). Higher education and the student rebellion in the United States, 1960-1969 : a bibliography.
Archibald, R. and Feldman, D. (2017). The Road Ahead for America's Colleges & Universities. Oxford University Press.
Armstrong, E. and Hamilton, L. (2015). Paying for the Party: How College Maintains Inequality. Harvard University Press.
Arum, R. and Roksa, J. (2011). Academically Adrift: Limited Learning on College Campuses. University of Chicago Press.
Baldwin, Davarian (2021). In the Shadow of the Ivory Tower: How Universities Are Plundering Our Cities. Bold Type Books.
Bennett, W. and Wilezol, D. (2013). Is College Worth It?: A Former United States Secretary of Education and a Liberal Arts Graduate Expose the Broken Promise of Higher Education. Thomas Nelson.
Berg, I. (1970). "The Great Training Robbery: Education and Jobs." Praeger.
Berman, Elizabeth P. (2012). Creating the Market University. Princeton University Press.
Berry, J. (2005). Reclaiming the Ivory Tower: Organizing Adjuncts to Change Higher Education. Monthly Review Press.
Best, J. and Best, E. (2014) The Student Loan Mess: How Good Intentions Created a Trillion-Dollar Problem. Atkinson Family Foundation.

Bledstein, Burton J. (1976). The Culture of Professionalism: The Middle Class and the Development of Higher Education in America. Norton.

Bogue, E. Grady and Aper, Jeffrey. (2000). Exploring the Heritage of American Higher Education: The Evolution of Philosophy and Policy.
Bok, D. (2003). Universities in the Marketplace : The Commercialization of Higher Education. Princeton University Press.
Bousquet, M. (2008). How the University Works: Higher Education and the Low Wage Nation. NYU Press.
Brennan, J & Magness, P. (2019). Cracks in the Ivory Tower. Oxford University Press.
Brint, S., & Karabel, J. The Diverted Dream: Community colleges and the promise of educational opportunity in America, 1900–1985. Oxford University Press. (1989).
Cabrera, Nolan L. (2024) Whiteness in the Ivory Tower: Why Don't We Notice the White Students Sitting Together in the Quad? Teachers College Press.
Cabrera, Nolan L. (2018). White Guys on Campus: Racism, White Immunity, and the Myth of "Post-Racial" Higher Education. Rutgers University Press.
Caplan, B. (2018). The Case Against Education: Why the Education System Is a Waste of Time and Money. Princeton University Press.
Cappelli, P. (2015). Will College Pay Off?: A Guide to the Most Important Financial Decision You'll Ever Make. Public Affairs.
Carney, Cary Michael (1999). Native American Higher Education in the United States. Transaction.
Childress, H. (2019). The Adjunct Underclass: How America's Colleges Betrayed Their Faculty, Their Students, and Their Mission University of Chicago Press.
Cohen, Arthur M. (1998). The Shaping of American Higher Education: Emergence and Growth of the Contemporary System. San Francisco: Jossey-Bass.
Collins, Randall. (1979/2019) The Credential Society. Academic Press. Columbia University Press.
Cottom, T. (2016). Lower Ed: How For-profit Colleges Deepen Inequality in America
Domhoff, G. William (2021). Who Rules America? 8th Edition. Routledge.
Donoghue, F. (2008). The Last Professors: The Corporate University and the Fate of the Humanities.
Dorn, Charles. (2017) For the Common Good: A New History of Higher Education in America Cornell University Press.
Eaton, Charlie. (2022) Bankers in the Ivory Tower: The Troubling Rise of Financiers in US Higher Education. University of Chicago Press.
Eisenmann, Linda. (2006) Higher Education for Women in Postwar America, 1945–1965. Johns Hopkins U. Press.
Espenshade, T., Walton Radford, A.(2009). No Longer Separate, Not Yet Equal: Race and Class in Elite College Admission and Campus Life. Princeton University Press.
Faragher, John Mack and Howe, Florence, ed. (1988). Women and Higher Education in American History. Norton.
Farber, Jerry (1972). The University of Tomorrowland. Pocket Books.
Freeman, Richard B. (1976). The Overeducated American. Academic Press.
Gaston, P. (2014). Higher Education Accreditation. Stylus.
Ginsberg, B. (2013). The Fall of the Faculty: The Rise of the All Administrative University and Why It Matters
Gleason, Philip. Contending with Modernity: Catholic Higher Education in the Twentieth Century. Oxford U. Press, 1995.
Golden, D. (2006). The Price of Admission: How America's Ruling Class Buys its Way into Elite Colleges — and Who Gets Left Outside the Gates.
Goldrick-Rab, S. (2016). Paying the Price: College Costs, Financial Aid, and the Betrayal of the American Dream.
Graeber, David (2018) Bullshit Jobs: A Theory. Simon and Schuster.

Groeger, Cristina Viviana (2021). The Education Trap: Schools and the Remaking of Inequality in Boston. Harvard Press.

Hamilton, Laura T. and Kelly Nielson (2021) Broke: The Racial Consequences of Underfunding Public Universities
Johnson, B. et al. (2003). Steal This University: The Rise of the Corporate University and the Academic Labor Movement
Keats, John (1965) The Sheepskin Psychosis. Lippincott.
Kelchen, R. (2018). Higher Education Accountability. Johns Hopkins University Press.
Kezar, A., DePaola, T, and Scott, D. The Gig Academy: Mapping Labor in the Neoliberal University. Johns Hopkins Press.
Kinser, K. (2006). From Main Street to Wall Street: The Transformation of For-profit Higher Education
Kozol, Jonathan (2006). The Shame of the Nation: The Restoration of Apartheid Schooling in America. Crown.
Kozol, Jonathan (1992). Savage Inequalities: Children in America's Schools. Harper Perennial.
Labaree, David F. (2017). A Perfect Mess: The Unlikely Ascendancy of American Higher Education. Chicago: University of Chicago Press.
Labaree, David (1997) How to Succeed in School without Really Learning: The Credentials Race in American Education, Yale University Press.
Lafer, Gordon (2004). The Job Training Charade. Cornell University Press.
Loehen, James (1995). Lies My Teacher Told Me. The New Press.
Lohse, Andrew (2014). Confessions of an Ivy League Frat Boy: A Memoir. Thomas Dunne Books.
Lucas, C.J. American higher education: A history. (1994).
Lukianoff, Greg and Jonathan Haidt (2018). The Coddling of the American Mind: How Good Intentions and Bad Ideas Are Setting Up a Generation for Failure. Penguin Press.
Maire, Quentin (2021). Credential Market. Springer.
Mandery, Evan (2022) . Poison Ivy: How Elite Colleges Divide Us. New Press.
Marti, Eduardo (2016). America's Broken Promise: Bridging the Community College Achievement Gap. Excelsior College Press.
Mettler, Suzanne 'Degrees of Inequality: How the Politics of Higher Education Sabotaged the American Dream. Basic Books. (2014)
Newfeld, C. (2011). Unmaking the Public University.
Newfeld, C. (2016). The Great Mistake: How We Wrecked Public Universities and How We Can Fix Them.
Paulsen, M. and J.C. Smart (2001). The Finance of Higher Education: Theory, Research, Policy & Practice. Agathon Press.
Rosen, A.S. (2011). Change.edu. Kaplan Publishing.
Reynolds, G. (2012). The Higher Education Bubble. Encounter Books.
Roth, G. (2019) The Educated Underclass: Students and the Promise of Social Mobility. Pluto Press
Ruben, Julie. The Making of the Modern University: Intellectual Transformation and the Marginalization of Morality. University Of Chicago Press. (1996).
Rudolph, F. (1991) The American College and University: A History.
Rushdoony, R. (1972). The Messianic Character of American Education. The Craig Press.
Selingo, J. (2013). College Unbound: The Future of Higher Education and What It Means for Students.
Shelton, Jon (2023). The Education Myth: How Human Capital Trumped Social Democracy. Cornell University Press.
Simpson, Christopher (1999). Universities and Empire: Money and Politics in the Social Sciences During the Cold War. New Press.
Sinclair, U. (1923). The Goose-Step: A Study of American Education.
Stein, Sharon (2022). Unsettling the University: Confronting the Colonial Foundations of US Higher Education, Johns Hopkins Press.
Stevens, Mitchell L. (2009). Creating a Class: College Admissions and the Education of Elites. Harvard University Press.
Stodghill, R. (2015). Where Everybody Looks Like Me: At the Crossroads of America's Black Colleges and Culture.
Tamanaha, B. (2012). Failing Law Schools. The University of Chicago Press.
Tatum, Beverly (1997). Why Are All the Black Kids Sitting Together in the Cafeteria. Basic Books
Taylor, Barret J. and Brendan Cantwell (2019). Unequal Higher Education: Wealth, Status and Student Opportunity. Rutgers University Press.
Thelin, John R. (2019) A History of American Higher Education. Johns Hopkins U. Press.
Tolley, K. (2018). Professors in the Gig Economy: Unionizing Adjunct Faculty in America. Johns Hopkins University Press.
Twitchell, James B. (2005). Branded Nation: The Marketing of Megachurch, College Inc., and Museumworld. Simon and Schuster.
Vedder, R. (2004). Going Broke By Degree: Why College Costs Too Much.
Veysey Lawrence R. (1965).The emergence of the American university.
Washburn, J. (2006). University Inc.: The Corporate Corruption of Higher Education
Washington, Harriet A. (2008). Medical Apartheid: The Dark History of Medical Experimentation on Black Americans from Colonial Times to the Present. Anchor.
Whitman, David (2021). The Profits of Failure: For-Profit Colleges and the Closing of the Conservative Mind. Cypress House.
Wilder, C.D. (2013). Ebony and Ivy: Race, Slavery, and the Troubled History of America's Universities.
Winks, Robin (1996). Cloak and Gown:Scholars in the Secret War, 1939-1961. Yale University Press.
Woodson, Carter D. (1933). The Mis-Education of the Negro.
Zaloom, Caitlin (2019). Indebted: How Families Make College Work at Any Cost. Princeton University Press.
Zemsky, Robert, Susan Shaman, and Susan Campbell Baldridge (2020). The College Stress Test:Tracking Institutional Futures across a Crowded Market. Johns Hopkins University Press.

Activists, Coalitions, Innovators, and Alternative Voices

College Choice and Career Planning Tools

Innovation and Reform

Higher Education Policy

Data Sources

Trade publications

Sunday, February 25, 2024

Letter to Secretary of Education Miguel Cardona Regarding Borrower Defense to Repayment and Gainful Employment Regulation (Michael DiGiacomo)

Dear Secretary Cardona, Department of Education Staff, and Regulating officials,

My name is Michael DiGiacomo. I am a former student and victim of two closed for-profit scam colleges and the student loan industry. I have been fighting this industry since 2003-2006, when I realized I had been played badly by these deceptive debt factories.

These "colleges," and others like them, were easily able to trick not just me, but many thousands of poor, first-time people into attending. The false promises of dream job placement stats and leads, fueled by the student loan industry's "College Students make A Million Dollars More" pitch, along with high pressure tactics, lack of financial understanding, and easy access to government funds made us all the prime target for these scamsters.

They also piled on fraudulent private student loans as they worked hand-in-hand with commercial lenders to help themselves fleece the 90/10 requirement to gain more federal money funds. The promise of the future our parents and grandparents had was turned into a scam to fuel the next big bubble and wallets of those schools, the industry, and their lobbyists.

Now, after having gone through this fight for almost 20 years, through the recruitment lies, joblessness, default, garnishment, depression, hopelessness, and the unknown, I have fought to have my federal student loans canceled as part of Sweet v Cardona [DEVOS] and the defense to repayment process. I am still miles away from relief.

The paychecks, garnished for federal loan money by Sallie Mae-owned debt collectors for years, will never be returned as they somehow escape the parameters of the Sweet v Cardona [DEVOS] settlement.

I spent years choosing between food or gas to get to work because federal student loan garnishments don't take those necessities into account when they rip away your paycheck. I have also not been refunded for years of payments made to the US Department of Education and Nelnet now that the federal loans have been closed in the settlement.

My GI BILL even dried up/time ran out because I was too ruined financially and burned by those schools to want to finally return to ANY college again. Unfortunately, I am not alone on this. Over and over again I have heard the same stories. I have lost friends, have seen people alienate family, or even abandon our country.

Now with Sweet v Cardona [DEVOS] class and post class members, I have heard that even with evidence, payments are not returned even though the loans are closed. I have seen servicers that are supposed to be helping class members [and post class] become whole pinball students away from them back to the department of education or others or give flat out incorrect information.

And why does the class not cover federal loans held by Sallie Mae or other pre-Obamacare lenders?

Why should the same corporate banks that helped the scamster schools be allowed to keep the funding?

Why should the crooks be allowed to keep the robbery purse?

Why is the process of getting a federal loan legally closed so hard?

Why is there no federal program in place to help with the predatory/fraudulent private student loans?

The processes for Defense to Repayment and the Gainful Employment regulations are hard to follow for someone as knowledgeable as myself about this, never mind a first time student or parent with no experience in the process. Clearly the "Colleges" aren't being honest in the first place to their customers, never mind slow regulators and watch dogs.

I have watched the Student Aid website under serve people applying to defense to repayment they rightfully should be able to use. I have watched it only allow one school when they were hit by multiple. I have seen the website break or take minutes just to type the final name line. This is inexcusable since this is the one chance for people to make things right.

The government guaranteed funding needs to be heavily protected on what schools get access to, and on the other side students need to be easily able to be made whole when it turns out there is systematic fraud. The fraudsters are faster than the government patches to fix it.

Often when someone gets hit by one for-profit college, they get easily hit by a second one thinking the first was an isolated incident.

I have watched this fight and have been part of it for too long to watch it happen all over again. Regulation needs to be strong on the part of protecting borrowers and easy for borrowers to be made whole. The promise of a government accredited college should be just that. It should not be just an arm of a corporate entity or allowed to be made "Not-for-profit" just because they worded it differently.

The same corporate CEO's should not be trading companies and schools around like baseball cards or like whack a mole game once the one before it crashes down. Please put borrowers first if you want to have an educated society and protect them from corporate scamsters. And if somehow the scamsters DO get the upper-hand, please make it easier and more understandable for borrowers to get made whole.

When I joined the Army, I made a promise I would protect this country from all threats, foreign and domestic. The for-profit college and student loan industry is a domestic threat to this country and the public. They have decimated generations of prospective students and you still haven't fully picked up the pieces yet.

Sincerely, Michael DiGiacomo

Veteran US Army

Victim of the New England Institute of Art aka "The Art Institutes" Aka Education Management Corporation

Victim of Katherine Gibbs aka Gibbs aka Sanford Brown aka Career Education Corporation

Victim of SallieMae aka USAFunds Aka Pioneer Credit Aka Navient

Search This Blog