Trillion Dollar Lawsuits To Hit Student Loan Industry

Across the United States, tens of thousands of student debtors who have fallen victim to the predatory student loan and debt system are becoming outraged and ready to fight back. The Student Debt War Project (SDWP) has tried to help as many student debtor victims as possible and one tool starting to gain widespread interest is a class action lawsuit aimed at the heart of the banking and college system.

Attorneys across the USA are joining the fight [see form here] and teaming up with SDWP toward what is expected to become one the largest and best coordinated set of class action lawsuits in America. Lawsuits across multiple states are expected to seek well over $1 trillion in damages from the industries of banking, debt collections, and colleges and universities, governments and more.

“The level of predatory lending, loan collection abuse, and white collar criminal activity exacted across the US against honest students is astronomical,” said Morgan Fisher, co-founder of the SDWP. “The Department of Education and some of the nation’s largest lenders and student loan companies and most of our colleges appear to have erected a pilferage scheme against the US Treasury, taxpayer and student debtor on a scale never before seen,” he said. “They are not only violating human rights and the Constitutional and other Rights of student borrowers, but they are fleecing the general public of billions of dollars yearly—such a terrible thing has got to be exposed and forced into remission,” he said.

While the SDWP receives many inquiries from attorneys seeking to lend a legal hand to the project, Missouri attorney Christopher C. sums up the problems seen by many.

“I believe the voting public is not yet fully sympathetic to the problem.  Therefore, the solution lies in civil litigation against schools and banks as well making Constitutional arguments during undue hardship proceedings and appealing those decisions to legally binding courts.  Also, the issue of which party is responsible for legal fees needs to be addressed as well as the issue of debtor privacy protections to safe guard against negative employment implications….’

‘…I also believe that all political issues would benefit from a highly educated public, which is why I believe education should be our nation’s top priority.  Therefore paying for education should also be a top priority.  I know that the burden of high education costs and debt inhibit a graduate’s ability to make a successful life.  I believe that the problem will be solved in one of three ways.

  1. Expensive litigation
  2. People fighting for political action to reform bankruptcy and student debt laws (highly unlikely).
  3. Or the overall debt load will eventually start to manifest as depressed spending and a lagging economy, which will lead to some kind of crisis/bailout scenario.”

Officially, the SDWP does not generally view a “bail out” or “write off” of all student loans as a viable solution because it fails to address the underlying problems while also fleecing taxpayers–new student borrowers would be thrust into the same situations of those currently trapped in the system. Also, many students can afford to pay their college loans and want to pay them so lumping them in with those students who are in far more difficult situations is not optimum. Changing the bankruptcy and student lending laws and entire funding and tuition system will ensure fairness and justice for all so that those who need help, can get help.

Our goal is not to destroy the system but to expose its faults and injustices and establish remedies that help our nation, taxpayers and most of all, our students.

SDWP has studied the collection of issues extensively and has proposed detailed bills that will solve the problems and best of all, keep student borrowers and taxpayers safe from abuses and harms.

“Only student debtors banning together and using a professionally organized public protest process and law against the student loan system and its predators will be able to achieve the scale of justice needed for student borrowers—so they can escape lifetime debt slavery and secure restitution for the harms plied against them on the whole,” said Fisher.

Join The Fight

If you are a student debtor, consider becoming a member and volunteer of the SDWP.

We also have a class action lawsuit sign-up form. Once all preparations have been made, those on the list will be contacted by SDWP attorneys for follow-up interviews so please provide a phone number where you can be reached (you are not going to be contacted for any other purposes—your information is not shared with anyone outside the SDWP or its legal teams. Learn more here.

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Keywords: Trillion Dollar Lawsuits To Hit Student Loan Industry

1 Comment on "Trillion Dollar Lawsuits To Hit Student Loan Industry"

  1. An attempt to get out from under Sally Mae!

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