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Monday, March 26, 2012

Students Protest Debt as Student Loan Debt Collectors Make a Billion

Source
Students Protest Debt as Student Loan Debt Collectors Make a Billion - CommonDreams.org

36 students arrested at headquarters of student loan provider Sallie Mae


Dozens of students were arrested this afternoon at the Sallie Mae headquarters demanding forgiveness of student loans.  The protest comes after recent reports show $1 trillion in student debt burdening borrowers.

The high amount of debt is good news for debt collectors, however. A Bloomberg report shows that debt collectors made nearly $1 billion in commissions from aggressivley pursued student loan collection efforts.

“Student-loan debt collectors have power that would make a mobster envious,” said Harvard Law Professor Elizabeth Warren.
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NewsiT: Students arrested at Sallie Mae during college loan protest
About three dozen student activists were arrested Monday during a protest outside the Washington headquarters of student loan provider Sallie Mae, according to participants.

The demonstration was part of an annual legislative conference by the U.S. Students Association, which ended Monday with a “Lobby Day.” That event usually consists of a march to Capitol Hill and meetings with congressional representatives, but because of the outcry over student loans and the challenges of student debt, the protest at Sallie Mae was added to the schedule.
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