People do not want to read this story. I am one of them. It is horrifying that we allow ourselves to have our entire lives poisoned in this fashion. Purely imaginary chains ruining lives, the potential for love, children, all of creation…over paper. Paper.
On a stronger, more contentious note: I regard anyone who is complicit in these businesses as directly participating, with their full moral consent (none of this “it’s business, it’s not personal”) in the ruination of another human life. The more we heap moral and social opprobrium upon them, the easier it will become to make this stop. If you spend your day raining misery and harassment upon another — if this is your career, your vocation, your reason for being on earth — let us begin to collect the moral debt you owe the living for your actions. In a Voltarian vein: “To the living we owe respect, but to the dead we owe only the truth.”
Let’s start by taking our respect back from these — excuse me — bastards, and write the truth upon their gravestones: “Here lies X. He destroyed.”
Ms. Cordeiro, a single mother, dropped out of Everest College, a profit-making school, 16 credits shy of a bachelor’s degree. She said she could not get any more loans to finish. “I get these letters about defaulting, and I get them and throw them in the bin,” she said.
Jake Brock, who graduated in 2008 from Keuka College, a private liberal arts school in upstate New York, defaulted in May on a federally guaranteed loan of $8,000. With penalties and accumulated interest, the loan balance is now $13,000, he said. “I just fell behind and couldn’t dig myself out,” said Mr. Brock, who is 29 and owes a total of $100,000 in student loans.
There is no statute of limitations on collecting federally guaranteed student loans, unlike credit cards and mortgages, and Congress has made it difficult for borrowers to wipe out the debt through bankruptcy. Only a small fraction of defaulters even tries.
“You are going to pay it, or you are going to die with it,” said John Ulzheimer, president of consumer education at SmartCredit.com, a credit monitoring service.