The Student Loan Scam is a groundbreaking examination of the predatory practices within the student loan industry, revealing the harsh realities faced by millions of borrowers in the United States. Authored by Alan Collinge, this powerful book sheds light on the alarming rise of student debt, which has become the most oppressive financial burden in American history.

Collinge, who never intended to become a student loan justice activist, shares his personal journey. Initially, he believed that after graduating college and securing a stable job, he would effortlessly repay his student loans and move on with his life. However, like countless others, he found himself ensnared in a complex web of student loan obligations, struggling to keep up with payments and facing a daunting financial nightmare.

Today’s reality is stark: high school graduates can no longer afford to attend college without incurring significant debt. The average undergraduate borrower leaves school with over $20,000 in student loans, while graduate students face an even more daunting average of $42,000. This alarming trend has been exacerbated by college tuition rates skyrocketing at more than double the inflation rate over the past twenty years, shifting the financial burden predominantly onto students and their families.

In The Student Loan Scam, Collinge critically evaluates the $85 billion student loan industry, arguing that it has evolved into an unyielding, highly profitable, and oppressive form of debt. This transformation has been fueled by federal legislation enacted since the mid-1990s, which stripped away vital consumer protections for borrowers. As a result, students have become vulnerable to severe penalties and exploitative collection tactics that further entrench their financial struggles.

The book provides a comprehensive historical overview of student loans, detailing the emergence of Sallie Mae and the complicity of universities in perpetuating this debt crisis. Through compelling narratives from individuals across the nation, Collinge illustrates the devastating impact that both nonprofit and for-profit student loan companies have had on borrowers’ lives. With nearly 5 million defaulted loans, the crisis is escalating at an alarming rate.

The Student Loan Scam does not shy away from addressing this urgent issue head-on. It unveils the powerful organizations and influential individuals responsible for perpetuating this crisis, while also highlighting the dire need for reform. Collinge’s work serves as a rallying cry for those affected by student debt, empowering readers with the knowledge and tools to fight back against this oppressive financial system.

Ultimately, The Student Loan Scam is more than just an exposé; it’s a call to action for anyone grappling with the weight of student debt. It invites readers to understand the systemic issues at play and encourages collective efforts to advocate for change in the student loan landscape.