Organizing for America | Kevin Kissinger's Blog: Student Loan Shock

Student Loan Shock

By Kevin from Kansas City, Mo. - Feb 22nd, 2008 at 1:03 pm EST

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When Barack speaks about predatory lending practices and educational opportunity he strikes a chord with me.

My daughter completed her fine arts degree last year. She could not find a job that pays a living wage and, out of desparation, went back to school to defer her loan payments.

Since she cannot get a job, she cannot consolidate her loans (most of which I co-signed) -- though I have never made a late payment in my life my credit rating is taking a tumble due to this exposure. She may never be able to remove my name from these loans -- which will take twenty years to repay.

In the meantime, I have three other kids who want to go to college. I will not be able to give them a "leg up" because my credit is tapped out and I can't cosign any more. How do I tell them that they may not be able to go to college while their older siblings got to go?

It is time to regulate (or hopefully eliminate) private student loan companies. They are as ruthless and unfair as payday loan companies. Parents beware!

When Barack pledges to STOP predatory lenders, I am ALL FOR IT!

My daughter cannot dig herself out of this mess alone and I will step up to this and, in ten to fifteen years, we will be out of the hole. However, for my younger kids and for all the people who want to go to college, we have to change this disasterous student loan system that all but destroys the dreams of our college graduates.

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