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We built MyDebtStory.com to be a platform that allows education loan borrowers to tell their stories - in 3 minute videos that they upload themselves.
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The same "players" that were in the housing "game" are also in the higher education game: lenders, student loan borrowers, producers, and, perhaps the biggest, government.
While it no longer can borrow at Treasury-like rates or depend on the feds to bail it out of a jam, Sallie remains the largest source of education loan funding in the U.S. ($127 billion lent to 10 million borrowers).
Instead of requiring borrowers to provide collateral for a loan, borrowers are instead asked to provide evidence a pattern of saving and are encouraged to focus on family health and education.
Over 7m student loan borrowers are now in default.
We also included parents for SSCOPE and loan borrowers.
About one third of white student loan borrowers and half of black and Hispanic borrowers all under the age of 50 wish they would have found another way to finance their education, according to a depressing survey from Pew Charitable Trusts.
But student loan borrowers shouldn't rejoice just yet.
They played a key role in the introduction of a pension fund for borrowers, life insurance for borrowers' husbands and higher education loans for children, Nurjahan noted.
A third of students graduate owing more than $20,000 in education loans, and nearly half of all student borrowers graduate with credit card debts that average $3,176.
His bill calls on the treasury secretary to first determine whether borrowers "are unable to secure adequate credit accommodations with existing private education loans".
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