I was listening to Micheal Savage on the way home tonight and he had a guest on that was talking about he biggest loan scam in the US. Many might wonder...subprime, Alt A...derivatives...WHAT IS IT!!!!
Student Loans. That one got me. Apparently they are not protected by anything. If you go into default they can garner your wages, social security benefits whatever WITHOUT a court order. The government is apparently complicit in this as they need the tax revenue. People who default could end up paying 3 or 4 times what they actually owed.
This is just further proof that college is a scam. Check out the book!
http://www.amazon.com/Student-Loan-Scam-Oppressive-History/dp/0807042293/ref=sr_1_1?ie=UTF8&s=books&qid=1233288617&sr=1-1
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