Papantonio: The Student Loan Scam Industry

[GoLeft TV]

With college tuition rates soaring, and student loan interest rates set to rise in the coming months, the burden of student loan debt is becoming a serious problem for college graduates. To make matters worse, the lending industry is filled with more scammers and predators than we can count. Recently, lawsuits were filed against several lending institutions that have been accused of fraud for their student loan lending practices, and Mike Papantonio discusses these suits with attorney Jim Magazine who is handling some of those cases on behalf of borrowers.

[jillan]

1. The biggest scam was when they went thru the banks. I worked at

that rathole B of A. The student loan apps where kept in a cabinet. They were to be mailed directly to the gov't, and we didn't have any answers to any of their questions - so we would give them a 1800# to call.

I wonder how much $$$$$$$$$$$ BofA made for "offering" student loans.

That was one of the best things President Obama did, getting the bank's grubby hands off of student loans.

Sounds like there is alot more to do, but that was a start.