The American student loan crisis is often seen as a problem of profligacy and predation. Wasteful colleges raise tuition every year, we are told, even as middle-class wages stagnate and unscrupulous for-profit colleges bilk the unwary. The result is mounting unmanageable debt.
There is much truth in this diagnosis. But it does not explain the plight of Liz Kelley, a Missouri high school teacher and mother of four who made a series of unremarkable decisions about college and borrowing. She now owes the federal government $410,000, and counting.
When President Trump rolled out his recent budget proposal, it made some cuts that were always going to cause controversy. For one thing, his plan would slash subsidized student loan repayment plans, and let the government crack down on missed payments. To left-wing politicians who think the state should hand out more subsidies, this might as well have been Armageddon.
Every month, approximately 40 million Americans make payments to a corporation they know almost nothing about.
There are just four major companies contracted by the federal government to process the nation’s student loan checks and after the just-completed merger of two of these firms — Nelnet Inc. NNI, -0.72% and Great Lakes Educational Loan Services Inc. — one company will handle more than 40% of all payments.
HUG is NOT refinancing, consolidation, settlement or bankruptcy. It will not damage or freeze your credit. Our typical client will be debt-free in half the time or less, including mortgage, credit cards, student loans and other types of debt obligations, compared to their current schedule. Most clients will pay less than 3% interest over all.
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"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
The road to success is always under construction
– Lily Tomlin
"Nothing in life is to be feared. It is only to be understood."