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“I find it challenging to invest in an economy in which so many powerful people are financially dependent upon human failure. Worst among them are those who are financially vested in the failure of our young people, for that is ultimately the failure of the future itself.” ~ Catherine Austin Fitts, The Economic Hit Man of Student Loans
By Catherine Austin Fitts
Filmaker Mike Camoin joins me to discuss Scared to Debt – the documentary that he and Student Loan Justicefounder Alan Collinge are making. Check out the trailer:
Scared to Debt will help support efforts to return standard consumer protections to student loans and reverse the ongoing debt entrapment of people who seek an education.
I encourage our subscribers and readers and anyone concerned about the entrapment of the next generation and the desire for a positive future to support Mike and Alan with your prayers, your donations and your promotion of their work – send the trailer and this interview far and wide!
You can join with the Solari team and donate to their Go Fund Me Campaign for the film here
Do you have young people in your life? Help them do an analysis of the return on investment for both the time and money they invest in their education. They need to justify every class and aspect of their curriculum as to how it will contribute to their future. They need to ensure that the economic investment they are making will produce a positive return on an economic basis.
If a university can not demonstrate how the skills they will acquire will generate the income in the economy that will exist when they graduate (as opposed to the one that existed when the universities curriculum was designed) that will be required on an after-tax basis to pay off any debt incurred, it is not the university for them.
As a society, we need to start applying return on investment criteria to invest in our children’s success as opposed to using it to harvest the next generation.
I hope you will support Mike and Alan’s efforts. Every little bit counts!
Related Solari Reports
The Student Loan Scam with Alan Collinge
Related Reading
Graduated magnum cum laude with dual degree in physics and math. I then taught as a graduate student assistant for the applied mathematics department. When I left college I had 68,000. After paying 4 loans off, I now owe 105,000 – Seriously. Debt-slavery. The crazy thing is the debt-based fiat currency was created out of thin air by a process called Fractional Reserve Lending/Banking. What a scam!
Sorry Magna Cum Laude… Autocorrect… LOL.
Good heavens. That is outrageous. Ugh.
That’s not all. When I went to college, it was to learn the necessary skills to create/design things that would help improve this world – such as energy systems. However, to my surprise, it is ALL being used for destruction and evil (D.O.D. and DARPA…). Technology is neutral, and can be used for good or bad. Unfortunately, it is being used for dominating and manipulating the public. As Tolstoy put it: “If the arrangement of society is bad (as ours is), and a small number of people have power over the majority and oppress it, every victory over Nature will inevitably serve only to increase that power and that oppression. This is what is actually happening.”
Even Aldous Huxley spoke about this in 1962 at Berkeley –
https://m.youtube.com/watch?v=p-JJfJRhAU0
In disgust, I left graduate school.
I then became a Paramedic, in hopes that I could contribute to the good this way. After a couple of years as a Paramedic, I was offered a full ride to Physician Assistant schooling. However, when I was in the process of applying to Mercer and Emory, both stated that the prerequisite classes had a window of expiration and that I would not be allowed to test out of all the prerequisite classes that I had already taken and aced. They wanted me to take two years of classes again. In other words, my degrees are worthless. Keep in mind that I was still paying my loans for these degrees. I say “was” because at that point I decided to stop paying. They might come one day to arrest me, but at this point, I am done being a good little debt-slave… They definitely have destroyed my credit and made life quite difficult.
By the way, around this time I was being exposed to the darker side of our “medical” industry, and this too was an eye opener…
Biological warfare, depopulation, and the public is ignorant.
Machiavelli was right: “Men, in general, make judgements more by appearances than by reality, for sight alone belongs to everyone but understanding to a few.”
Here’s a playlist of some brave physicians that have discussed some of this:
https://m.youtube.com/playlist?list=PLCesTOorWvdOfyy4rdVjylFnHxNxiZoPO
Anyways, I can go on but you have covered much of these things already in your reports. And, I am grateful for you and all the truth tellers.
For, as Antony C. Sutton stated, “In order to eliminate freedom, one must first eliminate widespread knowledge of the truth.” For, the truth does set us free.
At this point, I am absolutely convinced that we are seeing the physical results of this spiritual warfare: “For we wrestle not against flesh and blood, but against principalities, against powers, and against the worldly governors, the princes of darkness of this world, against spiritual wickedness, which are in the high places.” Ephesians 6:12 (1560 Geneva Bible).
Anyways, thanks again for shining a light on the darkness.
I just had a chance to see this Student Loan Program and am so grateful someone is trying to so something about this scam. My 36 year old son earned BS in Marine Biology, Masters of Public Health from UCLA and DVM from LSU and is a practicing Veterinarian after attending universities from 2001 – 2015. Now it is apparent that he was the victim of one of the worse Inflation Bubbles that the Feds fostered upon its citizens by the Government in their attempt to keep the money flowing into the economy at the cost of these naive young victims thus stealing their future.
The Federal Government pumped and dumped money into Main Street via their willing partners, the College/University system, resulting in a 160% increase in college cost. Money from Feds was used to pay Salaries and Fund Pensions thus allowing Universities to use large endowments and gifts from donors to build infrastructure. This allowed the flow of revenues through student loans to Main Street through manufacturing and employment thus moving money to Main Street with the massive building expansive of major universities.
Financial Aid Departments in the colleges and universities (where I was a Financial Coordinator from 2000 to 2010)work hand in hand with Sallie Mae entraping naive young people by first removing the parents or any other adult from the process of considering the cost incurred in buying into their fancy university programs while at the same time hiding the true cost of attendance as much as they can.
In the early 2000 where I worked. we were required to wait until the last day of early orientation when the commitments is made to present the parents with the cost of attending. After the student had already picked his roommate, his program of study and his dorm room, what parent has the guts to TELL the student “No, we are going to find a cheaper place”!
The process of establishing what is called their “Financial Aid package” demands that the family disclose their full financial status even before they have all the facts ABOUT the cost. Also, the student is asked to signed papers with financial Aid Department and Loan Companies without a bottom line figure on the loan papers much less what interest will be incurred. This only happens at the end of the process when they exit the University system during what is called their “Exit Interview”. So he first learned at the Exit Interview that his monthly payment would the $6,400 for the next 10 years!
Since he was taking his Boards during May before graduation, he asked me to help him consolidate his loans so he would begin payments the next month when the first payment was due.
Now that I have retired, I have taken upon myself to monitor his Student Loans and find it is very consuming. As a Veterinarian, he works sometime 12 hours a day and has no time to do this. In monitoring the program, I found that in Consolidating the programs, they failure to take one of the loans off the loan company where it originated thru were double collecting for this loan. I had extensive paper work to give him to make his case and he was able to get it removed but not until he had overpaid for six months and of course no refunds was given.
What is particularly horrendous about the Graduate loans is a change that occurred in 2006 when the Feds changed the Loan Program for Graduates in which the Feds began to allow graduate students to borrow not only for tuition and fees but also their daily living expenses. Before this time, it was assumed that graduate students were already on the job working and were going to school part time and had an income to support their living expenses.
The most aggress thing they did regarding the “living expense” loan amount was the “living amount” was NOT determined by the student’s actual living expense but was a figure determined by the Feds as to the cost to live in a particular city . Since my son was at UCLA which is a very expensive place to live being next to Beverly Hills! Thus, he automatically qualified for a large sum of money that was automatically deposited in his bank account each month.
Even though we as parents were helping him with his living expenses, UCLA automatically deposited into his bank account the amount the Feds determined he should be given. He never signed a paper with the loan company to determine what his expenses actually were and what he wanted to borrow much less what interest rate he was willing to spend. The Feds determine the rate on an annual basis so that his rate on some loans have gone from 3% to 7% over the last few year with no recourse.
There are no restrictions on how the money can be spent. Students are free to buy drugs, cars, and, in the case of my son, a motorcycle! Thus again; the Feds have found a way to enable the flow of revenue into Main Street using a naïve 22 year old person instead of going through the Legislative Body who have to approve large Infrastructure Expensive programs through the Congress and Senate and signed by President. They have seduced young people to do their work of money circulation while destroying their future.
It is so important that he does not miss a payment or he will be in Debtors Prison with no hope to start a family or buy his own Animal Hospital.
Costa Rica is looking better every day!
Grateful for your work, Marilyn
Wow. Really appreciate your posting, Marilyn. Note how the process is designed to trick but to always be able to say that the prey agreed to the deal. Entrapment.
So true! Student Loan process is structured as if:
The Buyer decides he needs a new truck and can’t pay cash for it. So now a triangle must be formed before he can drive away in his shiny new truck: The Dealer, the Loan Company and the Buyer, right?
No, instead of involving all three in the process; Buyer is now left out of the process! The Dealer and the Loan Company put their heads together and decide the style, make and model of the truck the dealer will provide depending on what funds the loan company will make available. End result: the keys to the truck are handed to the Buyer as the Loan Company hands him his monthly payment book. “Deal Closed! Have a good day and enjoy your truck!”
You should add, buyer finds out later that his loan is not subject to extinguishment in bankruptcy. Normal consumer protections do not apply!
In my opinion, the tracks for this runaway train were laid by Hillary Clinton during the Clinton Administration with the enactment of the Family Educational Rights and Privacy Act (FERPA) (20 U.S.C. § 1232g; 34 CFR Part 99).
After all, FERPA, is the primary federal law that requires any institution, public or private, that receives funds under any program administered by the U.S. Department of Education to hid information from anyone except the student. This requires the institution exclude the parent/guardian from the admission process and orders them against divulging any financial or academic information unless the student signs a paper allowing the parent/guardian to be involved.
In effect, College/University system is allowed to deal with a 16/17 year old applicant without any adult oversight. It is ironic that this Act includes the word Family because in effect… it breaks up the family… and puts the student in total control. FERPA allows the US Department of Education along with the loan servicer (SallieMae and now Navient) to work with the student without being answerable to any adult.
While working as Finance Coordinator in the Student Admission Office, I was warned many times that if I violated this rule, the University would lose its government financial aid and thus put the University in jeopardy.
Wow. I know you have read this, but am posting for others who are interested in this thread. https://home.solari.com/william-m-diefenderfer-the-financial-hit-man-of-student-loans/
In the FERPA comment, I made a mistake about the start of FERPA Act which actually began in 1974. However, in 1996 additional compliance rules were added under HIPPA (Health Insurance Portability and Accountability Act) which required schools to withhold additional information from parents/guardians.
In my attempts to learn about government financial reporting, I have spent some time studying the 2018 US Government financial report. On the balance sheet (page 59), it lists loans receivable as the largest asset on the asset list. Referring to note 4 (page 82), it lists student loans as the top receivable. The student loans come out to about 28% of the total asset column.
I think that I am mis-interpreting this. Student loans are 28% of the assets of the US government? Perhaps someone out there can set me straight. The CAFR’s for my city, county and state have all made sense as well as I can interpret them. The USG statement has got me buffaloed.
Robert:
Will take a look and talk about in Money & Markets. Important to understand that with FASAB 56, the statement is meaningless. Who knows what has been disappeared where.