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Just a quick question and/or comment about loans, debt, interest, etc. in general. When were you taught the basics in understanding what it means when you sign a promissory note? How did you learn? Are these things being taught in schools (high school, college) today? If so then great, but why do so few understand the basics of taking on debt? Seems to me that much more effort and education is needed at the high school level on the basics of finance so that students can understand the fundamentals of taking out any kind of loan (student loan, car loan, credit card debt, signing a lease, etc.). As today’s youth go out into the world, it seems that knowledge which converts to wisdom which converts to power would help to reduce the predatory actions of these student loan and credit card companies. By the way, my opinion only but credit card companies should NOT be allowed to lure students with hats, tee shirts, in exchange for a free credit card. This practice only encourages the naive to take on debt that they are in no position to handle. This should not be allowed by college and university Presidents. If it is that easy for Navient to write off more than $1.7B and pay $170M in fines…then maybe, the above knowledge I spoke of above could be used to reduce student loan debt, not to mention used in negotiating, at the very least, the terms of the note!! Thoughts?!
Could be taught in schools, yes. Could also be taught at home.
Navient is a spin-off from Sallie Mae which tried to con CIty officials out of a $3 million tax abatement in 2017, and the officials were all-in. Despite all the orchestrated behind-the-scenes oil and grease, the plan, when disclosed, could not stand up to public scrutiny and was quietly withdrawn. Hoosiers should be grateful for our Access to Public Records Act which obligates agencies to disclose public records. Corporate predation never sleeps.
“…Navient will pay $142.5 million, most of which will go to about 350,000 borrowers who were placed in long-term forbearances…” which comes out to be about $407.14/victim.
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And there were no penalties placed upon the suits running the company like loan sharks. Perhaps if the executives were ordered to repay any bonuses (with interest) they received while all of this was going on, they would understand the pain they were causing their victims. Oh, and leaving the company [now] wouldn’t absolve them of their repayment responsibilities.