Alleged Fraud at Sallie Mae & Student Loan Xpress: Paid Recommendations for Best Student Loans Provider
It is easy to evangelize some ideas.
- Here is another meme on why blogging is good and important.
- Education is great. Everyone should have a chance to be formally educated.
- I love my God and country. etc.
These types of campaigns work so well because we all need to believe in something, and there are cascading layers of fraud baked into society telling people what to believe in. In some cases the fraud is little white lies, while in other instances powerful institutions collude with other powerful institutions to keep their plot in tact. Rich Skrenta recently pointed to an excellent Mark Tarver article about college titled Why I am Not a Professor OR The Decline and Fall of the British University :
Which brings us to the students - the supposed beneficiaries of this new egalitarianism. For them, the new system has brought debt and degree inflation, since the new degrees are undoubtedly not equivalent to the pre-1990 degrees as measures of ability and learning. They pay more for less quality than their mothers and fathers received and they have little contact with the lecturers because the lecturers are too busy filling out forms and chasing money. This is the Cultural Revolution of the new century and it has left the same desolation behind it.
The situation in the United States isn't much better either. Universities are actively and openly engaged in fraud:
So far, six schools -- the University of Pennsylvania, New York University, Syracuse University, Fordham University, Long Island University and St. John's University -- have agreed to reimburse students a total of $3.27 million for inflated loan prices caused by revenue sharing agreements, Cuomo said. The schools will return money to students who took out loans during the time the revenue sharing agreement was in effect. Students will be refunded based on the amount they were loaned.
And that doesn't even take into account that at some univeristies 96% of enrolled students never get a degree.
This is why I don't like automation and efficiency when pulled out of context. Eventually efficiency for one party comes at the expense of defrauding anther. If so many schools are actively involved in fraud, how much can a degree be worth? How many other businesses operate with large subsidized hidden costs?
When cash and influence rich industry leaders push things so far it forces some people to commit fraud just to keep pace with the marketplace. Yet nobody seems to connect the dots. Why?
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