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Since 1989, American college tuition has increased at an extraordinary double the inflation rate. As a result, financing college has shifted to an annul $85 billion student debt. In response to the predatory student loan Monopolist Welfare Queen Socialist corporations feeding at the American public trough, the U.S. Congress incredibly removed standard consumer protections from student loans. That was done in the Higher Education Act. The predatory student loan Monopolist Welfare Queen Socialist corporations immediately acted and imposed massive and exceedingly profitable student loan penalties. The colleges and universities and their staff immediately also began enormously profiting at the expense of their students when they knowingly steered their unsuspecting and innocent students into these what would be later harsh nightmares.
Financial Aid Director for John Hopkins University, Ellen Frishberg, received from Monopolist Welfare Queen Socialist Sallie Mae all-expense paid trips, golf-outings, lavish parties, and the like for steering students into these bullet-to-the-head loans. Ellen Frishberg did not report this bribery, nor did she pay income taxes on it. Welfare Queen Socialist John Boehner, then Chairman of the U.S. House Committee on Education and the Workforce, unethically and illegally got a job for his daughter, Trisha Boehner, at Monopolist Welfare Queen Socialist General Revenue Corporation. Monopolist Welfare Queen Socialist General Revenue Corporation is a draconian student loan collection company subsidiary of Monopolist Welfare Queen Socialist Sallie Mae. Welfare Queen Socialist John Boehner also received the largest amount of Monopolist Welfare Queen Socialist Sallie Mae’s PAC money.
Student loans must immediately be brought back under the full protection of standard consumer protection laws. Monopolist Welfare Queen Socialist Sallie Mae is a for-profit Monopolist Welfare Queen Socialist corporation. The U.S. government guarantees repayment of all student loans. Ultimately, that’s on the broken backs of all American taxpayers. Monopolist Welfare Queen Socialist Sallie Mae is the only game in town since the U.S. Congress immorally and unfairly passed their law it is illegal to refinance – even if other lenders are available at better terms. So much for patriotic good old fashioned oh-so vaunted by politicians American capitalism competition. Instead, it is more Socialism for the Monopolist Corporate Welfare Queen Socialists. In 2006, Ralph Nader wrote, “the corporate lawyers who conceived this self-enriching system ought to get the nation’s top prize for shameless perversity.”
It is particularly offensive that currently, student loans have none of the standard consumer protections. Students have no disclosures. Instead, students are ensnared by a deliberate web of deceit. Student loan borrowers, and only student loan borrowers, have no right to negotiate, refinance, use the lender of their choice, discharge their student loans in bankruptcy, student loans have no statue of limitations, and your school made a lot of money putting you into this nightmare. The result is people are overwhelmed, paralyzed, demoralized and jobless from an education that compellingly ended up doing them more harm than good. Employers are not hiring based on adverse credit. Security clearances are not issued based on adverse credit. Further student loans for higher education are denied based on adverse credit. Insurance companies deny coverage based on adverse credit.
Incredibly and unjustly, the student loan lenders and servicers, like Monopolist Welfare Queen Socialist Sallie Mae, like the Monopolist Welfare Queen Socialist mortgage companies, make more money off defaulted loans. The U.S. Department of Education’s Office of Federal Student Aid is run by former student loan Monopolist Welfare Queen Socialist corporation’s executives getting corrupt kick-backs from the schools. These kick-backs are bribes and are not being reported, nor are income taxes being paid on them. Student loans must immediately be brought back under the full protection of standard consumer protection laws just like credit cards, payday loans and IRS debt. Then Senator Hillary Clinton did draft and introduce in 2007 a Student Borrower Bill of Rights. But due to the bribes of the Monopolist Welfare Queen Socialist corporations to the members of the U.S. Congress, it went nowhere.
Since the U.S. government guarantees repayment of all student loans, the lenders have an evil incentive to double-dip. Student loans that have been fully paid off years ago are now being illegally claimed as in default instead. Paid off your student loan year’s ago? Doesn’t matter. It’s not a matter of if, but only when you’re next to be brutally ambushed again for their payment.
In 2003, Monopolist Welfare Queen Socialist Sallie Mae’s CEO, Albert Lord, proudly bragged that its record profits were from the student loan penalties. From 1995 through 2005, Monopolist Welfare Queen Socialist Sallie Mae’s stock obscenely shot up 1,600 percent. That’s a appalling annual rise of 160 percent, on the broken backs of students and U.S. government repayment guarantees. Ultimately, that’s on the broken backs of all American taxpayers.
Also on the broken backs of students and U.S. government repayment guarantees, Monopolist Welfare Queen Socialist Sallie Mae in 1995 put an incredible $3.6 billion into employee stock. By April 2007, Monopolist Welfare Queen Socialist Sallie Mae’s Albert Lord and Tom Fitzpatrick were paid more than a staggering half a billion dollars on the broken backs of students and U.S. government repayment guarantees.
Fortune Magazine described Monopolist Welfare Queen Socialist Sallie Mae in 2005 as the second most profitable corporation. Microsoft was eighteenth on that list. The Washington Post described Monopolist Welfare Queen Socialist Sallie Mae’s CEO, Albert Lord, as the highest paid CEO in Washington, D.C. Fortune Magazine’s Bethany McLean described Monopolist Welfare Queen Socialist Sallie Mae’s CEO, Albert Lord, being paid a disturbingly offensive in excess of $224 million that year – off the dollars on the broken backs of students and U.S. government repayment guarantees.
EdFund, a California Monopolist Welfare Queen Socialist corporation chartered in 1997, has also obscenely profited on the broken backs of students and U.S. government repayment guarantees. EdFund is based in Sacramento, California in an opulent fortress where former students are escorted out by security for daring to come and in ask about their loans. EdFund President Becky Schiller initially collected $127,000. Less than three years later, Monopolist Welfare Queen Socialist EdFund President Becky Schiller collected $263,000. Monopolist Welfare Queen Socialist EdFund Counsel Wendy Doyle initially collected $36,000 in 2000. In 2003, Monopolist Welfare Queen Socialist EdFund Counsel Wendy Doyle collected $225,000. All off the dollars on the broken backs of students and U.S. government repayment guarantees.
Part-time CEO of Monopolist Welfare Queen Socialist USA Group Loan Services, Inc., James Lintzenich, was paid $613,000 in 1997. In 2000, it was $3.5 million. Part-time COO of Monopolist Welfare Queen Socialist USA Group Loan Services, Inc., Andrew Lynch, was paid $173,000 in 1999. A year later, it was $1.4 million.
Monopolist Welfare Queen Socialist Sallie Mae acquired Monopolist Welfare Queen Socialist USA Group Loan Services in 2000. Part-time James Lintzenich then received $21 million dollars for his USA stock, a salary increase to more almost $8 million, $5 million for his “early exit” from USA, and an annual $530,000 for his “retirement” from USA.
Those atrocities were all during the wreckage of the terrible American dot.com recession. Monopolist Welfare Queen Socialist Sallie Mae and its co-conspirators have been proudly bragging they are recession-proof.
Paid off your student loan year’s ago? Doesn’t matter. It’s not a matter of if, but only when you’re next to be brutally ambushed. The student loan shakedown is the most tyrannical debt in U.S. history. Monopolist Welfare Queen Socialist corporations are not providing better services or products. They’re just shaking down the American taxpayer. Student loans must immediately brought back under the full protection of standard consumer protection laws. Harvard professor Elizabeth Warren tersely described the collection powers of the Monopolist Welfare Queen Socialist corporations as, “powers that would make a mobster envious.”
Thank you Craig B. for bringing this horror to my attention.
ACS and Dan Wallis have quite a student loan scam going.
The Internet has become a common ground for sharing viewpoints, both pro and con. As more people are tuned in to the electronic age it has become increasingly more difficult for the bad practices of any business, no matter how remote or small their marketplace is, to continue without being noticed, as has been the case until now. People of all levels and of experience have increasingly begun to share their opinions concerning the various pluses and minuses of various businesses. Many businesses are not coming out well in these news group discussions. In this case it’s Dan Wallis and ACS.
In Dan Wallis and ACS world, fraud is how they make a killing.
According to the paperwork provided me, in 1979, one person I’ll call Carol Ann Mann took out a student loan through a credit union. In 1984, she graduated, and by 1986 she had paid that student loan back in full. Carol went on to become a banker, get married and change her name, get a couple more degrees, get several car loans in her name, an RV loan in her name, several credit cards in her name, several mortgages in her name, and several vehicle and homeowners insurance policies in her name. Carol’s credit score varied between 787 and 810 over the years. An 850 credit score is perfect. She saw her credit reports at least once a year, oftentimes several times a year. Some time during those years, along with her other old credit, her paid student loan dropped off her credit reports.
Carol is now a resident of Reno. In April 2008, Carol received at her Reno home a letter from one Dan Wallis with one ACS. Along with her current married name, there were six other “aka” names on the envelope. It was a demand for money and a claim she was delinquent on a bill.
Carol wrote back this Dan Wallis with ACS. She did it with a U.S. Postal Return Receipt.
ACS attn: Dan Wallis
2277 E 220th St
Long Beach, CA 90810-1690
Dear Mr. Wallis:
This letter to you is in regards to the debt collection letter I received today from your company:
1. I dispute the validity of this alleged “debt” as I am unaware of any outstanding debt against me with the alleged creditor ACS Education Services as I have never done business with them,
2. As the state and Federal law, Fair Debt Collections Practices Act (FDCPA), require you, I request you immediately send me including but not limited to
a. written legal validity of this alleged “debt” as mine,
b. including what I allegedly signed to create this alleged debt, with the original to be provided for examination for fraud and identity theft,
c. a full and complete account history, with the original to be provided for examination for fraud and identity theft,
d. all communications of any sort of all parties in validating this alleged debt, with the original to be provided for examination for fraud and identity theft.
3. If you won’t provide me written legal confirmation this alleged “debt” is mine and why you just now think it’s mine, I deem your allegations as malicious harassment, threats, infliction of emotional abuse, and defamation.
4. I have never been known as or used the alleged as your letter and envelope has written on it “aka names. Your writing these names and then publishing them to the public at large in your mailing to me is harassment and defamation, and was done solely with the intent to emotionally harm me, to humiliate and embarrass me to the public at large, to create feelings of mistrust in the public including my regular mail person, various persons at the post office, by publishing several names in the envelope of this letter, creating questions as to why I would be using such different names, all damaging my reputation, and all civil torts.
5. Your letter is deceitful in nature using tactics of written threats of impending legal issues against me which is per se blackmail and Fair Debt Collections Practices Act violations.
6. You and your company threatened in writing to review my financial and credit history and seize my assets. Your actions and threats are unlawful collection practices violating my consumer rights. Your threats are violations of 1681b of the Fair Credit Reporting Act (FVRA). If you report any unsubstantiated or expired credit information to any credit reporting agencies, you will also be in violation of 1681 c of the FCRA.
7. You letter is holding yourself out as an attorney which you failed to identify yourself as in your letter if you are, and is practicing law without a law license which is a crime, if you aren’t an attorney.
8. Your letter fails to have the legally required state and Federal disclosures, such as, but limited to, I do not have to pay, and you can not accrue interest or costs, while I have disputed the account, while you are investigating, and are to provide me with written legally sufficient proof and why you just now think it’s mine, nor can you report me as delinquent or take any action to collect the amount in question.
9. If the alleged debt is older than 6 years old, per NRS 11.190 Periods of Limitations, you are barred by my state’s statute for recovery.
10. Do no contact me by phone or with any communications of any form to my home or employment.
11. If there is any more communication from you with me, it will be by mail at my below post office box to notify me only in my lawful name that you are complying with Fair Debt Collections Practices Act (FDCPA) and proving me with the legally required information, or you are terminating collection efforts as lawfully required to do so by Fair Debt Collections Practices Act and or NRS 11.190.
12. If you continue to fail to comply with my legal rights, I will immediately report your failures to the BBBs of California and Nevada, your state Attorney General, and my state’s Attorney General, and I will take all legally allowed steps, including but not limited to, filing against you and your company for damages you and your company have willfully inflicted upon me for your illegal and malicious harassment, defamation and emotional abuse and I will seek a restraining order against you and your company.
13. You and ACS have repeatedly and intentionally acted in bad faith with me and repeatedly violated state and federal laws.
a. ACS failed to notify me in a timely manner of their alleged debt from more than 30 years ago. I have not been in hiding during those 30 plus years. On the contrary, my career has been very public.
b. I have had several loans in my legal name which is not any of the names you are harassing me under. Several auto loans, an RV loan, more than a dozen mortgages and home equity loans, lines of credit, and several credit cards. On none of these or my credit reports over the last 30 plus years did this alleged debt show up.
c. I have had several homeowners and vehicle insurance policies in these last 30 plus years, who all pulled my credit reports, where never did these alleged loans appear.
d. I have had several jobs in these last 30 plus years, who all pulled my credit report and did thorough background checks on me. Jobs where the United States Federal Bureau of Investigation pulled my credit reports and did a through background check on me. I held licenses from various states where state Attorney General offices pulled my credit report and did thorough background investigations on me. I had jobs with States where they pulled my credit report each time and did a through background check on me each time.
Not once in those 30 plus years did this alleged debt come up as being reported to any of the three credit bureaus nor in the several thorough background checks.
e. I also went on to obtain academic degrees after these alleged debts. In none of those various school financial packages for those degrees did these debts ever appear.
f. All begs the question of why these alleged debts in 30 plus years never appeared on several of my credit reports or were never found in several Federal or State investigations.
14. ACS failed to respond to my certified letter to them although I did get back the signed Return Receipt.
15. MAINTAINING A PATTERN OF ILLEGAL BUSINESS PRACTICES in Nevada. Per NRS 598.0903, et seq http://leg.state.nv.us/NRS/NRS-598.html
and ACS and Dan Wallis have maintained a pattern of illegal business practices, student loan fraud, in violation of Nevada's consumer protection laws.
16. Failure to deliver services within a reasonable time in Nevada, ACS and Dan Wallis have failed to deliver services within a reasonable time per NRS 598.0903, et seq http://leg.state.nv.us/NRS/NRS-598.html and ACS and Dan Wallis have maintained a pattern of illegal business practices in violation of Nevada's consumer protection laws.
State of Nevada Office of the Attorney General fax # (775) 684-1170
Bureau of Consumer Protection
100 North Carson Street
Carson City, Nevada 89701
Sincerely,
Carol
In spite of the fact that Carol got her U.S. Postal Return Receipt back from the post office, neither Dan Wallis nor ACS responded to her. Instead, she was served at her Reno home with a lawsuit from ACS. ACS it turns out is a servicer and collector for student loans. ACS is also a fraudster.
Regina Swopes wrote about ACS and Wallis.
I don't know how I'm managing to type this, as I am in a state of total shock. Reading Carol's story feels as if someone is walking across my grave. How can the United States government permit this? Where is the Justice Department? Where is the FBI? Where is God?????
I am fighting a court battle with ACS and this Wallis guy over loans that were paid in full two years ago. The loans totaled approx. $37,000. ACS managed to get a default judgment against me in February for an incredible $200,778.04! All this while I was in the hospital!
They emptied my bank account, garnished my wages, my car was repossessed, I was nearly evicted from my apartment--and no one will tell me anything. When I phone them, I am immediately transferred to Wallis. He starts screaming and bulldozing, then slams up the phone. If you ask to speak to some else, you're told he is the only person available. It's like a nightmare. For many months I was able to access my account on their website. According to their own website, I owed nothing. When I would ask about this, Wallis hangs up the phone. The first time I phoned them, I asked Wallis what A-C-S stood for. He said he didn't know and hung up the phone.
Their 'attorney' a character in Chicago named Parker MaMahan, (who went to court even after he'd be informed 3 times that I was in the hospital) wlll not respond to any of my calls. ACS says I must speak to their attorney; their attorney (MaMahan) won't speak to me. I've browsed other sites, and read dozens of other complaints against this same company. Also, like Carol, ACS does not show up on my credit report. But my report does show that they ran my credit 3 times.
Where's Johnny Cochran! If anyone becomes aware of a class action suit against these thugs--PLEASE contact me. Rswopes@yahoo.com.
Graphic from http://www.freneticfunnies.com/economic-bites/plumber-overcharge.gif
Sources: www.finaid.org/educators/20070814pslFICOdistribution.pdf; Law Favors Gambler Over Grad, Dave Newbart, Chicago-Sun Times, May 6, 2007; http://chronicle.com/weekly/v53/i37/37a01801.htm; Big Money on Campus, Megan Barnett & Julian Barnes, U.S. News & World Report, October 27, 2003; http://strategicis.ic.gc.ca/epic/site/bsf-osb.nsf/en/bro1679e.html;
When Sallie Mae Met Wall Street, Bethany McLean, Fortune, December 26, 2005; http://robertreich.blogspot.com/2007_04_01_archive.html; U.S. Gets Tough on Failure to Repay Student Loans, John Hechinger; www.StudentLoanJustice.org; The Student Business, Ralph Nader http://nader.org; The Student Loan Scam, Alan Michael Collinge; www.HigherEdWatch.org.
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It makes one want to stay poor. I guess if Wall Street and the Banks can commit major fraud, why can't anyone.
Good writing