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Amazon Suddenly Stops Selling Student Loans (bloomberg.com)
"The promotion has ended," a bank spokesperson said. After more than a year of preparation, Amazon's partnership with Wells Fargo to sell student loans barely lasted six weeks. An anonymous reader quotes Bloomberg:
It's another black eye for Wells Fargo's student loan business, which just last week agreed to pay $3.6 million to the federal Consumer Financial Protection Bureau to settle claims that it misled borrowers, illegally charged certain fees, and processed payments in a way designed to maximize late fees. Wells Fargo neither admitted nor denied wrongdoing.
The article cites a consumer advocate who says both Amazon and Wells Fargo were hiding the high costs of the loans, as well as their inflexible terms for repayment, in a "cynical attempt to dupe current students." The Washington Post noted that interest rates for community colleges and for-profit institutions "can climb to nearly 14%."
The article cites a consumer advocate who says both Amazon and Wells Fargo were hiding the high costs of the loans, as well as their inflexible terms for repayment, in a "cynical attempt to dupe current students." The Washington Post noted that interest rates for community colleges and for-profit institutions "can climb to nearly 14%."
Not only do they engage in fraud, but also money laundering. To this day, they and HSBC and BoA, etc. etc. etc. remain immune and untouchable. And we continue to stand by and reelect the politicians that also benefit, totally distracted by *he who shall not be named*, not that anybody cared beforehand.
It is probably a wise move for Amazon to keep its distance, lest they get caught up in this tornado and lose everything.
“He’s not deformed, he’s just drunk!”
Banks are incredibly greedy, no doubt. They're always looking for new fees and new ways to prey on consumers. I nearly took out a student loan with Wells Fargo a few years ago, and I'm really glad I didn't. Federal loans are pretty sketchy, too, though. It's not the government, necessarily, that's the problem. The issue is that you get assigned to a student loan servicer. Nelnet is mine, and they're a complete disaster. I've always made my payments on time, and pay a little extra along the way, but they've claimed I've missed a payment when I didn't. Then they tried to tell me I was wrong when I claimed I didn't miss a payment. Finally, I asked which payment was late and, not being able to tell me, they admitted they were wrong. The next month they again claimed I'd missed a payment and, upon me threatening to report them to the BBB and attorney general and threatening to sue them, the problem magically got fixed. I've concluded that ALL student loans are sketchy, and I can't wait to pay mine off and never look back.
The education industry part of the macro-parasite (comprised of government, finance, and business - and which has as one goal: the gathering to itself of all the assets of the mass of people), has identified and targeted the college education as an asset of the mass due to the increase of future earnings that can be expected with a college degree. I've read that increase in future earnings can be a million dollars over a lifetime. Universities and businesses want that money and they will engage in any immoral or illegal activity they have to in order to get it. Tuitions continue to rise in a time of low inflation and low interest rates. There is now over a trillion dollars in student loan debt. That is more than all credit card debt. The mass is being preyed upon with an avidity and efficiency never before seen by man.
E Proelio Veritas.