Student Loan Scams 1 - Sallie Mae, Part 4

[Part 4] Sallie Mae is the largest student loan company. We look at a 60 Minutes report on Sallie Mae and how Sallie Mae, with the help of government, makes a lot of money off of student borrowers.

Category:

Education

Tags:

• sallie
• mae
• college
• university
• education
• student
• loans

[mainmedic]

I'm curious as to what your thoughts are about someone who wishes to become a physician or another healthcare professional and must obtain a degree in order to do this. I wish on the job training was all you needed but unfortunately it's not enough.

[DontGoToCollege]

@mainmedic In my first video, I say "except for a few career choices such as medicine, law, or science"... In earlier times, people who wanted to be doctors went straight to medical school. I think it's a waste of time for someone with a desire to be a doctor to get a bachelor's degree. I'd rather have them learning medicine while they are younger. I wonder if this was done to sell college to the masses..."Doctors go to college so you should to college too, it means you're smart".

[blueswan1984]

omg i wish i learn about this sooner, i once attended the art institute of portland in 2007 hoping to get an associate in media arts and animations and after the 1st semester i owed over $6,000 in loan that i had to pay back to sallie mae. after that i was thinking if i continue to go to this institute i will die sooner than i live so i instead drop-out, go back to my assembly job, live with my family, and is now able to get back my life, my friends, and my financials free from debt.

[DontGoToCollege]

@blueswan1984

That's great you got out before the debt got too bad.

I wish I'd have done that.

[swinggcat1]

all this college shit is such a fucking fraud

[lerxt42]

true

ben to school 3 times, I have an associates degree and 2 certifications and still cant get a fucking job. I give up

[romanmel1]

These folks don't realize is when they are in forebearance and don't have to repay the loan for several years, interest is being charged EVERY DAY. When they default huge fees and charges are added. In the case of private loans sometimes they double your interest rate because of late payments. Bottom line...if you can't pay for college, don't go.

[gimmie1261]

So basically the banks are cooking their books. They know most of these students will never, ever pay all that money back but it makes their balance sheet look good.

[Kinlywarlock]

Run to the hills.... Run for your lives!

[EyeCanC4Miles]

we should have let SallieMae die. Why did the govt bail them out. Is it to gain more power? I think so.

[dick117]

Thumbs up to 60 Minutes, thumbs down to the douche that keeps butting in and interrupting.

[saintgauden]

@DontGoToCollege One major problem with our educational system today is the focus on proving oneself "smart", rather than focusing on students learning useful skills that will enable them to do things. It is a system meant to exploit base youthful egotism (tapping into that primitive "I am better than you" mentality) in order to make money for the schools.

[saintgauden]

@DontGoToCollege You're right. Universities should just train students for their careers, not load them up with extra classes in order to milk the financial aid system. Also, I think BA degrees could be made into two year degrees...as most of the General Education stuff they make you take in the first two years have already been given to you in high school. It should only take four years at the most to get a MA.