Default
San Francisco, CA
defaultmovie.com
Default: The Student Loan Documentary is a feature-length documentary chronicling the stories of borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system.

In 2005 private student loans were exempted of ALL consumer protections. 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 to the law. The consequences are dire, with stories of borrowers in financial and emotional ruin.

Beyond these personal accounts, DEFAULT will explain the differences between federal and private student loans, a subject often overlooked by colleges and high school counselors. It will also give detail on the rise of the private lending industry and of college debt.

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 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 .”

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    3 months ago
    Default commented on DEFAULT - The Student Loan Documentary

    Default: the Student Loan Documentary is competing to win $10,000 on Ideablob.com and we need your vote by July 31st. What would $10,000 mean to the project? Well, I'll tell you. Today, more than ever, we are confident that this film is prime for major funding. What is needed to attract the major players is a more informative 15-20 minute piece, and $10,000 helps to make this happen. This version will also strengthen our campus outreach. We cannot stress enough how important this all is.

    The polls close Friday, July 31st. Voting is free.

    Please take a minute and vote at:

    ideablob.com/ideas/5677-Default-the-Student-Loan-Docum

    (there's a quick registration process, and open to all of our international friends)

    Only one vote per person.

    After voting, forward the link to at least 5 of your friends and ask them to vote, send it to your colleagues, post it on your Facebook ...We can win this!

    Here are some facts on student debt. There are many more things we could say and that’s why we need this important film:

    -According to a poll by the Project on Student Debt, almost 70% of student loan borrowers feel they were very poorly informed about their loans.

    -Private student loans carry variable rates of up to 25%, with no caps on fees and interests.

    -Economists generally estimate that a “manageable” debt burden means payments that are 8 percent or less of monthly income…39% of student borrowers now graduate with unmanageable debt by this measure. That includes 55% African-American grads and 58% of Hispanics – Anya Kamenetz, Generation Debt.

    -As The National Consumer Law Center concluded in 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 .”

    Please cast your vote now
    ideablob.com/ideas/5677-Default-the-Student-Loan-Docum

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