The Student Loan Scam

The Most Oppressive Debt in U.S. History - and How We Can Fight Back

By: Alan Michael Collinge

Narrated by: Adam Robinwitz

An in-depth exploration and expose of the predatory nature of the student loan industry

Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.

High school graduates can no longer put themselves through college for a few thousand dollars in loan debt. Today, the average undergraduate borrower leaves school with more than $20,000 in student loans, and for graduate students the average is a whopping $42,000. For the past twenty years, college tuition has increased at more than double the rate of inflation, with the cost largely shifting to student debt.

The Student Loan Scam is an expos of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt.

Collinge covers the history of student loans, the rise of Sallie Mae, and how universities have profited at the expense of students. The book includes candid and compelling stories from people across the country about how both nonprofit and for-profit student loan companies, aided by poor legislation, have shattered their lives-and livelihoods. With nearly 5 million defaulted loans, this crisis is growing to epic proportions.

The Student Loan Scam takes an unflinching look at this unprecedented and pressing problem, while exposing the powerful organizations and individuals who...

©2009 Alan Michael Collinge (P)2009 Audible, Inc.

Student Loan Nightmare

All of the stories he told are true. Take it from me. I was a victim of student loan sharks and had many sleepless nights.

Very informative

I'm going to listen to this again & take notes, so I can take action. It covers the context/history & solutions!

A story that needs to evolve in 2023

I enjoyed the book from a history learning perspective but I wasn’t aware the story was nearly 15 years old (in today 2023).
Overall, it provided me a good perspective of what these borrowers are facing and perhaps it make me feel a little bit of sympathy for their pain. University is not for everyone and consumers should be granted the same protections as in any other lending area in our Country.