Americ The College Loan Scandal

1357 Words Sep 3rd, 2016 6 Pages
1. Matt Taibbi argues in his Rolling Stone article “Ripping Off America: The College-Loan Scandal” that the government, colleges and universities, are all perpetuating this scandal of ripping off unknowing students. He states that students have essentially been backed into a corner because any good paying job requires a 4 year degree, but the debt gathered in doing so makes life after getting a degree just as difficult. Taibbi’s first point of surprise was “In 2010, it estimated that one in five had defaulted on their loans since 1995, that 31 percent of community-college students default and that an astonishing 40 percent of students attending for-profit schools end up defaulting” (Taibbi). Pursuing a higher education is something that has been disguised as doable for everyone, but what such high defaulting percentages, the current method clearly does not support this. Furthermore, Taibbi went on to say that, “After the latest compromise, the 10-year revenue projection for the DOE 's lending programs is $184,715,000,000, or $715 million higher than the old projection - underscoring the fact that the latest deal, while perhaps rescuing students this coming year from high rates, still expects to ding them hard down the road” (Taibbi). This is surprising because it further shows that deceit is a very prominent theme when it comes to understanding and pursuing a higher education. They make it appear like they are finding a solution or trying to be fair, when their true…
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