I’m helping on a documentary exposing the shady practices of private student loan lending and we’re going for funding. Yes, it sucks that you have to register to vote, but it just takes a minute to vote yes on this important issue! Like Maxed Out on the issue of credit card debt and I.O.U.S.A. on the issue of the staggering national debt, we need this documentary to get the issue on the agenda and mass media radar so laws can be put in place for a fair student loan lending industry.
- Two weeks ago our film won the Weekly Sprint and became one the Finalists for this month. And now, if we can have a minute or two of your time–we need you to vote again so the film will win the funding we need. Thanks in advance for your support of this film!
- We have until July 31st PST that’s this Friday to get as many votes as they can to win the final round. PLEASE vote!
- To read up on student loan facts please scroll down.
- To visit the film’s website: http://www.defaultmovie.com/
According to the Project on Student Debt, almost 70% of borrowers feel they were very poorly informed about their loans.
Private student loans carry variable rates of up to 25%, with no caps on fees and interests.
Economists generally estimate that a “manageable” debt burden means payments that are 8 percent or less of monthly income – 39% of student borrowers now graduate with unmanageable debt by this measure. That includes 55% African-American grads and 58% of Hispanics – Anya Kamenetz, Generation Debt.
As The National Consumer Law Center concluded in their March 2008 report titled “Paying The Price: The High Cost of Private Student Loans and the Dangers for Student Borrowers”, there are ominous signs that “the student loan market is headed for the same fate as the subprime mortgage industry .”