Wage inequality, which has led to flat family incomes and has led to $115 billion in federal loans for college. These college loans equal $7 million in student loan defaults and this in turn had led to a new industry which feeds off student loan debt. The companies are debt collectors who make calls for government contracted debt collectors. The companies making these calls are just one part of a system feeding on federal student loans. There are also debt services, refinance lender firms that help former students avoid defaulting on their loans and for profit schools that makes money as borrowers try to repay more than $1.2 trillion in government backed education debts. The beneficiaries of the loan programs are for the most part not the students, they are companies like debt services like Affiliated Computer Services Inc. Now part of Xerox Corporation and Education Management Corporation, which operates for for-profit colleges and whose largest shareholder is Goldman Sachs Group In...
This blog is a quick read about concerns, whether local or international, facing union and non-union workers.