Sallie Mae Throwing Good-Faith Student Loan Repayers Under School Bus

23 05 2008

Once upon a time MisEducation was a Good College Kid, bright, hard-working, meaning to make money decisions responsibly. Even she was famously taken in for a couple of years (and a few thousand dollars) by a life insurance product branded as the College Masters Scam, oops, uh, Plan.

It only bruised her ego and bank account, didn’t cripple either one, probably a good lesson in the real world.

But in today’s world a young person’s entire financial future may be forfeit to shady deals and immoral misrepresentations — even a good college kid who graduates and goes on into adulthood without making a single stupid investment or missing a single student loan payment. Worse, the government could be in on it.
See “. . .Sallie Mae’s new effort to trash the credit ratings of people in full compliance with their repayment obligations. . .”

And don’t even get me started about universities selling students’ individual information to credit card companies without their knowledge or permission, maybe there’s a video on that somewhere too? hmmm . . .




One response

28 05 2008

A Chronicle of Higher Education blog today mentions that Purdue and other universities now are doing academic data mining too, “in loco parentis” — pretty creepy when academic administrators think paternally about their young adult customers, and have the technological weapons and private info to do whatever they will to individuals and to the system affecting everyone, rationalized by their own self-justifying ends and whatever data they can marshall. . .

The at-risk students are not told that they have been identified as being underprepared in any way, Mr. Wild says. . .
Different colleges have found different variables worth watching, and not all of them are academic. At the University System of Georgia, administrators worry about the “locus of control,” a common personality-test measure the system uses . . .At Slippery Rock University of Pennsylvania, administrators monitor how many visits students make to campus dining halls. . .Dormitory staff members approach students who have not been to the dining hall. . .

Freshmen who lived off the campus were more likely to drop out.
University officials took the findings seriously and adopted a few policy changes as a result. For instance, the university began requiring first-year students to live on the campus.

Other universities have made similar decisions as a result of their data analyses. At South Texas College, a study of grade histories showed that students who enrolled late in courses frequently failed or dropped them. So, despite protests from students, officials did away with late registration.

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