"Student Loans -- Do Criminals Have More Rights?," by Richard Gaudreau (Huffington Post)
Money Quote: "With all of the special protections afforded federal loans under the law, it's not surprising a study by the National Consumer Law Center ("NCLC") found the Department of Education ("ED") to be abysmal at resolving consumer complaints. NCLC found the culprit to be Ed's penchant for abdicating its responsibility for student loans to private debt collectors. The Department of Education awarded almost $1 billion in commissions in 2011. Collectors insisted on stiff payments, ignoring rules that made borrowers eligible for leniency. One collector working for Educational Credit Management Corporation received $454,000 in commissions in one year. This is more than double the yearly salary of the commissioner of the Department of Education. The CEO of Sallie Mae, a private student loan collector, has found the student loan business so profitable he owns his own golf course. Unencumbered by the fiduciary duties expected of a government agency towards its citizens, private debt collectors are free to ignore complaints as costly distractions."
*****
"True Confession: I've Completely Given Up Hope of Paying Off $186,000 Worth of Student Loan Debt," by Mandi Woodruff (Business Insider)
Money Quote: "'The way I see it, I'm already screwed,' Jackson told us. 'I'd rather make sure my kids are OK. Unless I start making significantly more money [my situation] is not gonna change."
*****
"Digging Into Student Loan Legislation: What these 7 Pending Laws Would Mean," by Tuition IO (Student Loans Made Simple)
A proposed legislation round-up.
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"Thomas Jefferson Law Prods Support from Alumni," by Jacob Gershman (Wall Street Journal Law Blog)
Money Quote: "Stop hating on Thomas Jefferson School of Law. That's the plaintive plea from a group of graduates who say their school is getting a bum rap. About two dozen alumni attached their names to a letter defending their alma mater against claims that the school bamboozled its students....A public relations consultant for the school wrote the first draft of the letter, a spokesman for Thomas Jefferson law school told Law Blog. The lead signer, a San Diego attorney who graduated in 2008 and just stepped down as head of its alumni association, was 'very involved' in the editing process, the spokesman said."
Some of this stuff you can't even make up.
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"Why People Go to Law School -- Or At Least Why I Did," by New Dealer (The League of Ordinary Gentlemen)
Money Quote: "It seems to me that we have thousands of young people who graduated from top colleges and universities every year but cannot get jobs because their diplomas do not say Harvard, Yale, Princeton, Stanford, and maybe Dartmouth, UPenn, and Columbia every now and then....I think that a lot of these people choose law school because every other job opportunity seems closed to them."
*****
"Law School Applications Continue to Slide," by Catherine Ho (Washington Post)
Money Quote: "[Georgetown University Law Center's Dean of Admissions, Andrew] Cornblatt said growing concerns about the legal job market and law school debt are driving away less-serious potential applicants who a few years ago might have been eager to enter law school to weather the recession."
RAB, these posts are solid, especially the distillation of the articles down into the "money quote".
ReplyDeleteI thought I was going to flip out when I read this:
"One collector working for Educational Credit Management Corporation received $454,000 in commissions in one year."
Then one sentence later, you made me want to smash my face into a meat grinder:
"The CEO of Sallie Mae, a private student loan collector, has found the student loan business so profitable he owns his own golf course."
I think I speak for all of us when I say: what a cunt.
And I think I speak for all of us when I say, in reference to the entire Department of Education and whoever makes these fucked up decisions to outsource student lending and collections: what a bunch of cunts.
Thanks for spoiling my night by putting me in a rage of stress and anger (but in a good way!)
You're welcome.
DeleteAgreed entirely but can we tone down the language?
Delete"It seems to me that we have thousands of young people who graduated from top colleges and universities every year but cannot get jobs because their diplomas do not say Harvard, Yale, Princeton, Stanford, and maybe Dartmouth, UPenn, and Columbia every now and then....I think that a lot of these people choose law school because every other job opportunity seems closed to them.""
ReplyDeleteWhile I agree in the overall tone, I have to quibble with the schools listed. A UPenn/Columbia/Dartmouth English/fem studies/sociology/whatever is worth precious little on the open market. For most students, going to your state flagship is a much, much better idea. A lot of recruiters who actually will look at non-specialty majors are just as likely to show up at Penn State, Michigan, Alabama, Florida, Texas, Washington, etc., and in many cases, they'd rather hire that person.
Point is that the academic hierarchy doesn't work in undergrad hiring. Yes, Harvard, Yale, Stanford, and Princeton will probably open doors. Beyond that, there's really not a lot of distinction on the open market. Kids who do well at Dartmouth, Brown, Hopkins, Chicago, Northwestern, Columbia, Wash U., Cal, etc. aren't really better off than kids who go to the big-name state schools. Those are trap undergrad schools, IMO, along with the liberal arts holes where rich people send their kids. Trust me. I went to one.
Question. Is it the name or the alumni network that gets the jobs? Harvard has a huge network, as does Yale and Princeton. Dartmouth? Brown? How to they compare?
DeleteUmm ... last time I checked, Cal is a big-name state school, not a private school. That is why it's called the University of California, isn't it?
DeleteCorporatization and Foxnewsization of undergraduate education is exactly why we're in the predicament we're in as a nation regarding unemployment hopelessness. Liberal Arts at a school like Columbia is better than at Alabama (unless you live and want to continue living in Birmingham, maybe). Moreover, the study of liberal arts *anywhere* is worthwhile - this constant bashing of the study of history and philosophy because it's not the study of hedge fund capitalism is moronic. Civilization has existed prior to the creation of business schools and engineering schools.
DeleteTrue, but Cal is generally viewed in the prestigious, go-at-all-costs category. In reality, you'll probably be just as well off going to a "lesser" school in the UC network.
Delete"TJ prods support from alumni"
ReplyDeleteSo "proud alumni of Thomas Jefferson School of Law" have "sat on the sidelines while news reports and certain websites treated our School’s reputation like a piñata."
Maybe I'm just an Anglo who needs some cultural broadening, but I always thought a lot of candy, toys and goodies fell out of a piñata, and that excited, happy kids ran forth to collect their prizes. They truly want the piñata's contents, and it's not toxic or harmful to their well being. I also thought that piñatas were in the shape of a Christmas Star, a donkey, a cartoon character, etc., ... never a Toilet.
The visual of blindfolded law grads repeatedly swinging at a toilet-shaped piñata, only to be splattered by flying poop when it finally breaks, and then recoiling in horror is quite a thought.
When it comes to swinging sticks, it's actually the law schools that have the better game. In fact, they use the 'carrot and stick' approach --they take the carrot and ram it up your ass, then use the stick to tap it in.
literally lol'ed
DeleteYou missed the news about the wave of Kentucky lawyer suicides. Saw the link on Drudge. Sad story. Had a factoid saying lawyers are 6x more likely to kill themselves than ordinary people.
ReplyDeleteAlso, penn undergrad won't open doors, I know from personal experience and seeing my friends. Wharton definitely, regular Penn no. --Jim
http://www.usatoday.com/story/news/nation/2013/06/03/lawyer-suicides-concern-colleagues/2383627/
DeleteThe "Law School Applications Continue To Slide" should be the title to a Top Ten Hit.
ReplyDeleteIn that article "law school applications continues to slide" there's some interesting comments by someone called "Fantasypro". Of course he agrees there's way too many law schools, never go to a lower ranked law school, etc. But he also writes things like:
ReplyDelete"There is not a shortage of a need for lawyers. The graduating classes of good law schools are doing fine (as long as they did well in school)."
"The class that just graduated this May was from the largest applicant class (the 2008 applicant class)...and Big Law is hiring again close to their pre-collapse levels."
"But if you go to a top school and do well, you dont need LR. Hell if you to a top school and do average, you will land a job."
That's not the impression I get from reading the comments in this site. BigLaw hiring levels are not returning to pre-2008 levels, and even in a top-14 (or top-20 or however he defines a top school) average marks won't guarantee a job (maybe HYS though).