STUDENT LOANS

UNITED WE STAND, DIVIDED WE FALL! In protest of the nearly $1 trillion dollar student loan debt bubble and your ASTRONOMICAL student loan debt that’s growing bigger by the day!Apply for an UNAUTHORIZED SIGNATURE / UNAUTHORIZED PAYMENT false certification loan discharge  The nearly $1 trillion dollar student loan debt, the $1500/month interest only payment, the double in some cases almost triple outstanding principle amount owing, etc. is due to the following:

Bank FFELP lenders partnered with loan guaranty agencies and student loan servicers to create student loan brokerage firms aka special purpose entities the majority of which were incorporated in State of Florida. For example, Student Loan Xpress, Goal Financial, K2 Financial, Education Finance Partners, US Education Finance etc. Kinda like the storefront mortgage companies and unlicensed brokers, think Enron’s LJM2, the Raptors, Chewco etc .  The bank ffelp lenders, servicers and guaranty agencies used the student loan brokerage companies to access and repeatedly access students’ personal information, nslds, and credit reports for what they claimed were Marketing or Promotional Purposes. If you don’t believe me then just check your credit reports from 2006-2008. I bet you’ll have 3 ‘Promotional Purpose’ pages that are all student loan companies.

Unfortunately, they weren’t accessing your reports for marketing purposes as they claimed. They were accessing the reports for your personal information which they unlawfully used to originate federal consolidation loans. The consolidation loans were then purchased by student loan servicers/guaranty agencies from lenders on the Federal Family Education Loan Program secondary market.  The servicers/guaranty agencies issued tax-exempt bonds to obtain funds to acquire loans.  Billions of such bonds issued prior to October 1, 1993, were outstanding.  The servicers/guaranty agencies  bills the U.S. Department of Education for 9.5 percent special allowance payments on the loans it purchases, holds, and services.  

For example, in April 2003, Nelnet implemented a process (“Project 950”) to increase the amount of its loans receiving special allowance [taxpayer subsidy payments] under the 9.5 percent floor. . . . Nelnet repeated this process many times, increasing the amount of loans it billed under the 9.5 percent floor from about $551 million in March 2003 to about $3.66 billion in June 2004. PHEAA did it too! Guess how they did it? You guessed it, by partnering with lenders to create student loan brokerage firms, special purpose entities and special purpose vehicles that unlawfully used your personal information to create federal consolidation loans. The lenders then used the fraudulent consolidations loans to replace loans that defeased, were repaid or discharged in their 9.5 percent floor loan securitized trusts and student loan revenue bonds. Consequently, because the federal consolidation loans were unlawfully created by the student loan brokerage firms (lenders + servicers + guaranty agencies) theft of your personal information they are not valid obligations; thus they are not enforceable! So, in protest of the nearly $1 trillion dollar student loan debt bubble and your ASTRONOMICAL student loan debt that’s growing bigger by the day pull your NSLDS report highlight that fraudulent loan, complete an UNAUTHORIZED SIGNATURE / UNAUTHORIZED PAYMENT false certification discharge form, and send it to fraudnet@gao.gov!

Don’t forget to name your lender, servicer, and guaranty agency on the discharge form and attach your NSLDS report with showing the fraudulent consolidation loan you never applied for or agreed to!

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Filed under 9.5 percent, 9.5 percent SAP, federal direct loans, FFELP, for-profit colleges, for-profit schools, PLUS, Stafford, student loan lenders, student loan program, student loan scandal, student loans, Uncategorized

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