New Idiot to Laugh at…(Alan Collinge)
Posted by americandust on May 10, 2007
So due to a recent discussion on something political, I was informed about a Political Action Comittee (you know, the evil special interest we’re always hearing about) called “student loan justice.” So I researched it’s founder, Alan Collinge. I read his story online somewhere and basically, well, Mr. Collinge, you’re an idiot.
Collinge borrowed $38,000 for school at USC (the first warning sign is that he went to USC). Anyway, he gets out of college and immediately falls for the old “consolidate your debt” thinking this will improve his student loan debt situation. Hello… paying back smaller amounts over longer times will only cost you more in the long run (slight exception where the loan’s interest rate is drastically smaller– IF they don’t charge an arm and a leg for the consolidation). So he’s already cost himself significantly more in interest payments. Next, the genius goes on to say he didn’t understand Sallie Mae was in this business to make money! I guess he thought it was ran by the government to help people… so basically it’s his fault again for not knowing something a quick google or turning on his radio to any of the financial programs would have solved. But his story continues… He misses a payment one month and doesn’t really worry about what kind of punishment he would have (didn’t he read the contract he signed? Nope… I’m sure he didnt’). Then it takes 6 months (six!) of bills before he notices he’s being charge a late fee for that month! Six times a bill comes in higher then usual and he doesn’t notice (okay, we can add truthfullness to the list of things Mr. Collings isn’t so good with). Then he tells us he left his then current job to find a higher paying job. He left his job just assuming he’d get hired somewhere else and make more money? Once again, I’m not sure we’re getting the truth… maybe he was fired. I hope he was fired, because if you’re dumb enough to leave you job just thinking you’ll find a better paying one without having a new job lined up, well, I hope you’re not doing any work that involves reasoning. He then bounces around from state to state… once again you have to wonder how his finances took that. He claims he applied for a deferment and didn’t get it (most people do not so he had to know that was a longshot). So of course all this time the back-interest, fees, and any other missed payments are adding up…. quick. All according to the contract he never bother reading. Then he can’t understand why the company won’t release him from the extra debt he negligently took on while trying to weasle out of his commitment. Better yet, he then tries to enter the world of defence contracter businesses, but isn’t aware that he’ll get nowhere (just like military clearance, if you’re in huge debt you are considered a threat to be easily bribed and thus a risk they will not take). Then of course he tries to turn to the classic escape plan of those foolish or evil with their money… bankruptcy. The plan B (actually, who are we kidding, plan A) of deadbeats. “Why can’t I get what I want and screw everyone else out of what they’re entitled to?” This is where it gets good… he apparently didn’t know that you can’t lose student loan debt through Bankruptcy!!! Then he blames that fact on Sallie Mae’s lobbying efforts. It’s been like that for a long time, if you didn’t know. It’s that way for a reason, if they let you default and get away with sticking it to the loaner, then everyone would do that and there would be no student loans at all. Then of course, rather than face up to his own horrible and dishonest (yes, it is dishonest to try to weasle out of a contract or escape fullfillment of your financial duties) efforts, he blames the system, starts a PAC and tries to blame it all on the high salaries of the exectutives that run the program he tried to screw. Seriously… you’re an idiot. Or worse, you’re a con-man. The difference between you and a theif who breaks in at night to steal is that the theif doesn’t try to get others to feel sorry for him.