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Founder,
StudentLoanJustice.org
March 2007
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Tell us about your background.
I’ve earned three degrees in aerospace engineering from the University of Southern California—a bachelor’s in 1992, a master’s in 1997, and an engineer’s degree in 1999. I was employed as a research scientist at Cal Tech until 2001. Between 2001 and 2003 I was under-employed. From 2003 through 2006 I was a contracted regional director of a U.S. Dept of Transportation loan program. |
Who does your organization represent, and how?
We represent the interests of millions of former students who are living with defaulted loans. And also the interests of borrowers on the verge of defaulting. They can tell their stories on StudentLoanJustice.org. With a registered political action committee, we’re also a grass-roots activist on their behalf. |
What is your view of the way student loans are offered to college students in the U.S. today?
The system has been optimized for lenders certainly and also for the U.S. Dept of Ed. However, not for borrowers, who are fairly naive and highly controllable individuals. This can and does lead to regrettable circumstances for many of them after graduation. |
What missing consumer protections are needed?
In fact, the consumer is surprisingly often out of sight, and their interests are under-represented. First, students need more borrower education, and it should be delivered in a way that compels them to make borrowing decisions with insight into their future. Next, they should have a wider choice of lenders. Third, borrowers should be free to refinance student loans, even after consolidation. Finally, in the absence of bankruptcy protection, defaulted borrowers should have better make-good options. |
For many defaulters, which transaction was likely the mistake: the college purchase or the student loan?
Certainly, students bear responsibility for their decisions regarding their choice of education and their choice to borrow. However, the current infrastructure greatly compounds the consequences of a mistaken decision through penalties and fees and post-default interest rate increases, which can double, triple or even quadruple the debt. |
What about your own student loans?
I’d like to make good on my debt. I’m being billed for $109,000. I borrowed $38,000 during my schooling. By graduation, with accrued interest, it had grown to $50,000, which I consolidated. I’ve lived in default for five years. I’d like to be able to negotiate repayment of the $60,000 the government paid on my $50,000 consolidation loan and get on with my life. |
TOPICS: Executive Briefing, Finance, Leadership
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