Student Debt Statistics
Go to the bottom of page 1 and onto page two of this link. This table shows the percentage of graduate students borrowing, by degree program.
As you can see, more law students – as a percentage – go into student debt than any other graduate degree program. Even a higher percentage than medical students! This is sobering. (Perhaps, there is a higher percentage of rich kids who go to medical school, and can simply rely on parents or a wealthy spouse to pay for their education.)
The chart shows that 88.60% of law students borrow money for their graduate level program. You read that right - EIGHTY-EIGHT POINT SIX PERCENT!! This same table shows the average law student debt load was $80,081. This is based off info from 2007-08.
American Student Assistance® (ASA) is a non-profit, federally funded student loan guarantor that was founded in 1956. Guarantors traditionally assist the U.S. Department of Education (ED) to insure private lenders against the risk of default on college loans. But ASA champions a new role for the nation’s guarantors, one that better meets the needs of today’s students and families. [Emphasis mine]
From the bottom of this page, you can access their Corporate Brochure. (Coincidentally, if you print this eight-page document off, you will have an emergency reserve of toilet paper.) You can see on page 2 where their CEO talks about “focusing on delinquency and default prevention.”
On page 4, you can see where these vultures refer to themselves as “counselor to borrowers, service provider to the U.S. Education Department, consultant to financial aid professional, partner to lenders and public servant to society.”
One question: how in the hell can you refer to yourselves as public servants to society?!? You partner with the most egregious, insidious snake-oil salesmen – the upper echelons of the higher education industrial complex – and you are performing a public service?!?!? I guess strapping generations of motivated young people with massive student loan debt is a service – of some sort.
Page 5 notes that they help students make “the first step toward building good credit…” Read: “We help students by helping them bury themselves in student debt.” Yeah, that’s a GREAT way to help people! It’s also a tremendous way to start off one’s working life. Buying a home, getting married, and having kids can wait. You have an investment to pay off!!
Also, look at the bottom of page 5 – Delivering on public purpose:
As a nonprofit organization, helping students complete a successful program of college financing and repayment offers a variety of compelling public benefits, including a well-educated and fiscally responsible workforce.
Don’t forget to add well-educated, low-paid, financially insecure workforce.
If you have the stomach to peruse these materials further, you can see that the company purports to be concerned with saving tax monies.
These numbers only begin to convey our results: averting thousands of borrowers from student loan default problems…improving the performance of our partners’ portfolios…and saving our taxpayers millions – proving it pays to Think About Tomorrow. [Emphasis mine]
Yes, because you certainly care about taxpayers.
In the final analysis, the ASA is looking out for the interests of corporate executives and banksters. Just look at how they liberally employ corporate doublespeak, i.e. “counseling,” “wellness programs” and “compassion.” These vultures don’t give a damn about the student borrower. They simply want to make CERTAIN you pay back your loans.