American Dust

A random blog that features things like soccer, politics, personal financial advise, and sometimes comics.

Hear Alan Collinge’s idiocy for yourself…

Posted by americandust on January 7, 2008

  So I got to hear Alan Collinge’s voice for the first time.  He’s a guest on a podcast at http://www.podcastdirectory.com/podshows/1204099

 Boy oh boy.  Right out of the bat he cites on of the reasons he formed his Political Action Committee was that people had a hard time consolodating thier loans after graduation.  See, here’s his faulty thinking:  “I need to borrow more money to consolodate my loans, essentially swapping one contract I signed for a longer, more expensive (over-time) loan so I can stay in debt longer, but pay slightly less each month.”  Then he whines that companies make money off fines on those that don’t pay their debt back.

  We then get his life story… how he borrowed $38,000, consolidated immediately, then made bad decision after bad decision, and managed to grow his debt to $110,000 by defaulting.  He’s mad he can’t file bankruptcy (the American Dream:  Screwing people out of money you borrowed!) to get rid of this debt.  He even says it’s awful that doctors have had to drive trucks to make more money!  I guess he doesn’t think much of those of us who drive trucks for a living, or like myself do so in the summer to make extra cash.  So not only is he an idiot, he’s a snob.

  What he wants is to be able to refinance several times, not just get into one consolodation.  So basically, he STILL hasn’t learned his lesson! 

In other news, we just paid off one of my wife’s student loans just last month by making monthly payments.  We never missed a payment, was never late, and kept our (or I guess, her) word that she gave the lender in the contract she signed.  My wife could only afford to go to college by using student loans.  The system can work, but you have to be smart enough to know what you are getting into.  Alan wasn’t smart enought to read his agreements, much less understand them. He wasn’t even smart enough to read his bill to see that he was being charged late fees for six months straight!  Poor Alan.  As bad as he is with money, you just know that he’s going to forget to write something down or fill out some paperwork for his Political Action Committee and you just know he’s going to go to jail for embezzlement or tax-fraud because of a mistake.  Then we’ll hear his sad, sad prison story and how we need to change the PAC laws to allow for less reporting so people like him can understand it!

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18 Responses to “Hear Alan Collinge’s idiocy for yourself…”

  1. Oh, to be fair, Alan is ABSOLUTELY right that the colleges and universities are to blame for the rise in the cost of college. I’m paying twice as much per class for grad work now then I was four years ago. Meanwhile, they have seven new buildings on campus, a football team that jumped from Division 1 AA to 1A (or whatever they call that now), a remodled state of the art basketball gym, and tons of other high-end facilities.

  2. Whatabeautifullife said

    To ring that bell again, Allan is right. We as American and I did say American citizens have since the birth of this country have had the unfettered right of bankruptcy. I’m not saying that all those who take student loans are going to use this well known liberty that congress can regulate. It is nice to know that if it is needed it was there at one time.

    What will be the next thing that is taken away from us, our milk money to.

  3. You lost me at “that Congress can regulate.”
    I’m sure in your perfect life Congress could just run your entire life for you! I’m sure they’d do a job deserving of their 11% approval rating.
    Your milk money analogy is wrong… so I will correct it for you and Alan.
    “I want to borrow money to buy milk. I can’t afford milk otherwise, so I’ll just sign a bunch of papers without reading them. Then, I will not hold up my end of the responsibility. Now it says in my contract (that I didn’t read, oh why can’t congress pass a law making me read it?) that if I miss payments I will have to pay huge fines! No problem, I’ll just ignore the bill for a few months. I won’t even notice that they are charging me more then my regular monthly milk loan payment… because I don’t care enough to spend ten seconds checking the bill. What? Now it’s up to $4.00? What an outrage. I’ll teach them, I’ll do absolutely nothing about this and hope it goes away. Several months later and I owe $8.00! I could have dealt with this all along, but now I’m really mad! It’s someone elses fault! It’s the fault of the company that provided for me a way to get milk when I could not afford it on my own! It’s congress’ fault because they never passed any laws to prevent milk-loaning companies from actually expecting to be paid back! We better put together a political action committee to try to buy off enough politicians to change this by making a law! Help poor kids everywhere who don’t bother to read their contracts! Deadbeats of the world, UNITE!!!”
    That is exactly how Alan sounds to those of us who believe in being accountable for your own lives and actions.

  4. GradGirl24 said

    Yayyyyyy, more Alan smack. I missed it so much. The thing with him is, he can only see things one way. He will never accept responsibility for what he did. He just keeps saying over and over that he is willing to pay off his original amount, problem is, that is NOT what he signed up for. That is not how loans work. There is interest on loans, there are penalties for ignoring your responsibilities. What Alan doesn’t realize is that while he was off vacationing in Alaska, Sallie Mae was paying people to try and track him down. They have incurred expenses for his avoidance. He will never accept any of this, he will just keep on trying to change laws to fit his needs.

    To Whatabeautifullife, the fact that you think you deserve an unfettered right to declare bankruptcy is a wonderful look into your life and values. Bankruptcy may be one of the most abused safety nets that exist in this country and to allow people to do it at age 22 to wipe out 50k in student loans would be devastating. It would basically give people the option to start fresh with diploma in hand and by age 30 their credit would be restored. Seems like the perfect time to buy a house and start a family these days. And for those out there who don’t think it would be exploited, you are simply lying to yourselves.

    StudentLoanJustice is a pathetic example of just how hard people are willing to work to back out of responsibilites. I wish they would put half that effort into finding a good job and paying back their loans. I don’t doubt that there are special circumstances in some people’s life that lead them to have to way to pay back college debt, and those rare examples should be treated differently and given some sort of protection but to extend that same protection to people like Alan Collinge is ridiculous. The man has 3 engineering degrees, no health problems that i know of, and a record of really bad decisions over the years. Maybe SLJ needs a new spokesman and a new direction, because they are getting nowhere and i’d hate to think of the money and time they are wasting on that stupid bus tour.

  5. Actually, to allow people to bankruptcy themselves out of student loans would mean one thing… no more student loans for anyone! Why would a company put itself in the position of giving you 50 grand to maybe, maybe get back 1 grand four years from now. Forget credit ratings… forget how dishonest bankruptcy is…
    Think of how much they’d have to charge the decent consumers and honest students who need the help to make up for all the deadbeats that rip off the system. Bankruptcy is not a solution… it is the last straw, not plan B!

    You are absolutely right that he will NEVER accept responsibility. If it was a woman coming after him for child support on a baby they made after one drunken college party, Alan would offer to pay for his part of the medical bills to deliver the baby, none of the expenses afterwards!

  6. Joe Perez said

    after i moved home dead broke… we’re talking $200 in my bank account. it took me 2 years to save up $5000 so i could move out of my parents… I was forced to default a Sallie Mae Loan because JUST TWO, JUST TWO loans out of my 9 were asking for $856 a month.. 2 Sallie Mae Loans. I couldn’t pay that with my other bills. And there were no deals, or lower payment options…

    They made a deal with me by taking $2500 out of my account. half I saved up to move out, I don’t even own a personal computer. Sallie mae took $2500 – which is a brand new apple lap top that i could be working on… The computer I use everyday is at my Job.

    If anything happens to you while under the thumb of these student loan corporations too bad.. They keep rolling over you everytime you pick yourself up.

    Is that right?

    joe p

  7. Joe Perez said

    There should be a loan cap.. there should be protections… and payments should not exceed 20% of your monthly income.

    These companies are employing the same practices that the mortgage industry applied to SUB PRIME.

    It’s unethical, and Highway robbery.

  8. Joe Perez said

    For every Grad Girl there are a 100 of Alan, or Myself.

  9. GradGirl24 said

    Joe,
    You have absolutely NO idea what you are talking about. You are a horrible spokesman for SLJ and if Alan Collinge had half a brain, which he has proven that he doesn’t, he would ask you to stop speaking for him and his PAC.
    The SubPrime mess was caused by lenders offering teaser rates on loans which essentially means that you pay a low rate at the beginning and it goes up to an unspecified amount after you are in your house. When you signed your loans, and yes, you did sign a contract stating that you would pay them back, you were given the current interest rate and told clearly that the interest rate is variable. It is not variable based on the whim of the lender like SubPrime, it is variable based on one of two benchmark interest rates which reflect the interest rate set by the federal government. It is either LIBOR or PRIME that every single student loan is based off of. Why don’t you Google either of those rates and see what the rates have done over the last 10 years. You will notice a cyclical pattern which essentially means that you have just as much chance of your rate going down as you do of it going up. The rates have fluctuated between 4% and 9%. So while you much rather believe your ignorant SubPrime theory, you are simply 100% wrong Joe. Do some homework. You would think after all you have been through that you would actually understand how student loans work, but obviously you don’t care about facts, you just regurgitate the crap you hear from SLJ.
    Your problem is with the collection of loan debt, and while I would agree that certain companies, mainly Sallie Mae use some pretty hard core tactics, you can’t escape the simple FACT that were you to just make payments, that could all be avoided. Please understand that for every month you don’t pay your bill, there are people who are being paid money to try and recoup that loss on behalf of the student loan companies. These people need to be paid, there are costs associated with trying to track Alan down and Alaska to get him to pay up. So please don’t hit me with anymore of your B.S. I would strongly disagree with your numbers. For every deadbeat who doesn’t think they should have to pay back their loans, there are 100 of us who do so even though we aren’t rich. We do it because we honor agreements, even if they are difficult.
    No nasty name-calling for me today huh? How disappointing.

  10. Joe Perez said

    well grad girl you are just a horrible person

  11. I don’t think grad girl is a horrible person. But I do think she is wrong, I think Joe is a MUCH better spokesperson then Alan for their cause. Joe actually had a bit of bad luck (the illness) to compound his gamble (that going that far into debt in search of his dream job while hoping he could pay it off if his dreams came true). Whereas Alan is just a complete idiot who tried to run from his responsibility at every point.
    Alan represents the clueless portion of Americans that find themselves in deep debt from their own stupidity.
    Joe represents the head in the clouds dreamer who reached for a bit too much too quick to be hit in the face with reality (and some bad luck).
    I don’t think it’s fair to compare Joe’s lack of planning for disaster with Alans idiocy.
    As for grad girl, she represents the large portion of Americans that look out for themselves and resent the government’s efforts to nanny us and patronize us by telling us they know better how to run our lives then we do.

  12. Loan Slave said

    When discussing the ability of student loan debtors to bankrupt their loans, people opposed to relief are forgetting some very important concepts.

    First, bankruptcy law relief need not be complete relief. Congress has nearly unfettered discretion under the constitution to craft a bankruptcy law that allows partial discharge, or abatement of penalties and interest.

    Second, Congress changed the rules in 2005 regarding the dischargability of private loans AFTER people signed up for the loans. When I got into this mess I still had the option of discharging my private loans. Now I don’t. So, for those who say I signed up for this, no I didn’t.

    Third, the 2005 amendments still leave substantially intact the protections for credit card debtors and corporations, who constantly escape their contractural obligations through the bankruptcy system.

  13. So what your saying is that since you thought you could “discharge” your loan (translation, ignore your word and dead-beat your way out of it) you should be able to?

    You have NEVER been able to get out of repaying a student loan. This is very similar to many government backed loans like some Veterans Housing and F.A. and such.

  14. nice article

  15. Justice said

    To be fair, colleges are not entirely to blame. First, a lot of fringe things like elaborate athletic centers are funded by earmarked donations – in other words, money that the donor donated for a specific purpose, so it can’t be reallocated. For example, many people scratched their heads when my alma mater built a new football stadium while tuition was going up. The reason was that two wealthy alumni had donated the money for the stadium under the condition that it be used for that purpose.

    Also, federal student aid, including grants, distorts the market. Colleges that have tried to make things inexpensive often cannot attract students because of their lack of amenities.

  16. Dave said

    Hey Americandouche,

    Do you own a home? Have you ever refinanced to take advantage o lower rates? Why would you deny these same privileges to those with student loans? I just don’t get you right-wing weirdos. You vote in the interest of the corporations rather than yourselves. Pretty dumb. I thought you said you were a teacher? Man, I pray you aren’t my school district. I’m guessing somewhere in rural Texas…

  17. Nanette Rayman Rivera said

    How is it idiocy you TOAD? If it gets me out of having to pay, it is brilliant. Why can SCUM like you not get it?

    This country is mean to people like me, and I demand what is mine!

  18. Nanette Rayman Rivera said

    You tell them, Jose! Tell them what they threatened to do to your clitoris and nipples! Those TOADS!!!

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