Alan Collinge's The Student Loan Scam: The Most Oppressive Debt in U.S. History is a serious read. I have known that most people go to college with a student loan, except those fortunate ones who receive grant and scholarships. But if you need a loan for your education, you need to be aware the following issues:
The interest rate: Do you know the interest rates of these loans can be as high as 29.9%?
Government's involvement: Do you know the major student loan provider; Sallie Mae's fee income increased 220% between 2000 and 2005? - Congress has given banks and loan providers a "free ticket" to extract as much money from students as possible.
Lenders are allowed to take up to 25% as collection fee on defaulted loans - they make money out of the poor/needed students!
If you haven't noticed any of the above issues, PLEASE read this book beofre you take on a student loan.
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