About "Default: The Student Loan Documentary"
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"Default" is an independent production concerning the ills and evils (perceived and/or real) of the private student loan industry and the impact these ills have had on students and their families. This is a five-minute trailer from the 27 minute movie. More information, including movie screenings around the country, can be found here. edCelerator, LLC does not endorse the movie or its content but provides it as another cautionary tale about the perils of financing college via private student loans.
Borrowers should analyze all of their options, read the fine print of every contract and work with professional college planners to maximize their chance at properly financing college. Borrowers should NOT default on loans they freely signed, just because the terms of the loans (that the borrower may have failed to read) have gone against the borrower. edCelerator, LLC does however, offer solutions to parents of students who find themselves in debt to the tune of three or four times the cost of college. Contact us for help.
Default: The Student Loan Documentary is a 27 min. long documentary chronicling the stories of borrowers from different backgrounds affected by the student lending industry and their struggles to change the system.
No matter when their loans were taken, many borrowers now find themselves in a paralyzing predicament of repaying two, three or multiple times the original amount borrowed, with no bankruptcy protection, no cap on fees and penalties and no recourse under the law. The consequences are dire, with stories of borrowers in financial and emotional ruin.
While the media has focused on the disaster that sub-prime mortgages have turned out to be, only superficial attention has been given to financial giants which have been profiting by approving loans to low-income students with variable interest rates up to 25%.
As The National Consumer Law Center concluded in
From www.defaultmovie.com:
their March 2008 report titled “Paying The Price: The High Cost of Private Student Loans and the Dangers for Student Borrowers”, there are ominous signs that “the student loan market is headed for the same fate as the subprime mortgage industry.”
Considering Private Loans? Read these articles and watch the trailer below, FIRST. Contact us, second.
