Dear Ms. Sharon Bove, Administrative Assistant:
To: UNF President David Szymanski:
From: Journalist Gary L. Koniz – August 23, 2019
I want to relate to you how much that I respected and appreciated your courtesy in polite attention to my briefing conference on resolving the dire subject of Student Loan Debt; and for forwarding my presentation about the Full Faith Special Issue Fiat Money Bill on to University of North Florida President Mr. David Szymanski to help reduce our Public Education Universities Student Loan Tuition Costs.
To provide you with some background information about my knowledge on this subject of Student Loan Debt; I applied to and was hired with a Federal Security Clearance in June of 2016 by General Dynamics Information Technology (GDIT), a subsidiary of Maximus Inc., located at 1 Imeson Park Blvd, Jacksonville, FL, and was trained to work in their Student Loan Debt Resolution Group Call Center that employed 27 Debt Resolution Specialists at that time and handled calls non-stop 6 days-a-week from 8:00 A.M. to 10:00 P.M. at night; as to the extent of my research on the project that was subsequently aired by CBS Evening News on April 30, 2019 (that is still being left without resolution.) So, believe me, I have listened to their many stories of students suffering terrible financial ruin for pursuing a College Diploma.
https://www.cbsnews.com/video/student-loan-debt-crisis-spans-generations/
Student loan debt crisis spans generations - CBS News
Student loan debt is a $1.5 trillion financial crisis in America. The average household with student debt owes more than $47,000. Mark Strassmann examines the issue in a special CBS News series ...
In Call-To-Action to emphasize the salient facts of what are:
1. That it is unconscionable for our Nation's Public and Private Universities to "Exploit" Student Loan Debt for their financial bottom line. To point-out that these are our Nation's Children, (to be treated as our own children,) who are being financially ruined and made to suffer for their dreams of a higher education. And that these Universities know full well from the outset that the loans are untenable; and that once begun, that these loans will continue on until their degree is obtained.
2. The hard reality being that students upon completing their education cannot find suitable work in their chosen field and are then unable to pay their student loans.
3. The "Interest" of these student loans goes to 9% when they are no longer registered for full time courses a semester and continues that way on the loan.
4. When these loans go into "Default" after three months of non-payment, they are then put into "Collections" by ruthless mercenary Private Debt Collecting Agencies who tack-on an additional 22% of the total loan for their private agency collections work and who then hound the student night and day with threatening phone calls.
5. And that, after a six month period of unsuccessful Private Collection Agency harassment, that The Federal Government then begins a "Garnishment of Wages" process; (a) at 25% of a Student's Current Income (regardless of how insufficient that income may be in the terms of household finances;) (b) Confiscation of All Federal and State Income Tax Refunds; (c) and also includes a 30% Confiscation of a student’s Social Security Benefits, Railroad Retirement, or Federal Pension.
The Cause of Action being: that the Implied Intent of the Student Loan Contract is for the purposes of securing financially enhanced employment. Investigation and Reporting are not the solution. FIXING THE PROBLEM IS THE SOLUTION; (a) by acknowledging that enormous Unsecured Student Loans are not to be handed out unless they are backed-up by a degree related expectation of employment in the reality of ability to repay. And (b) that subsequently, should any default of loans occur due to an inability to find Suitable Degree Related Employment; that these Student Debts, “SHALL BE DEEMED DEFERRED,” UNTIL THEY CAN BE REPAID BY A DETERMINATION OF FINANCIAL ABILITY; and Are Not Further To BE Tortured by Accrual of Interest, Collection Fees, and Garnishments.
As far as our sensible adoption of the Fiat Issue Monetary Resolution is concerned; our Nation is 22.5 Trillion Dollars in National Debt that WE can never hope to free ourselves of under the current Outdated System of Traditional Supply and Demand Economics Taxation; and that requires a Modern Hybrid Solution of being able to Issue (Not Print) the currency generation WE need to sustain ourselves Nationally, and to supply our Public Universities with Grant Monies they require to provide reasonable tuition costs. The Security Well-Being of Our Nation Is At Stake Here.
Predatory lending is any lending practice that imposes unfair or abusive loan terms on a borrower. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower doesn’t need, doesn’t want or can’t afford. Borrowers are protected under several federal laws. The Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal Trade Commission Act and the Consumer Financial Protection Act all provide a level of protection for private student loan borrowers. The same applies to federal student loans; however, the borrowing process does not require an assessment of a person’s financial capacity or a review of credit history for most federal loans, with the exception of Parent and Graduate PLUS loans. All borrowers have a right to a full disclosure of terms before signing a loan agreement. Willful and knowing violations of TILA permit imposition of a fine of $5,000, imprisonment for up to one year, or both.
Consumers have debt collection rights. While you may have the benefit of different options for affordable repayment of your private student loans, it may be necessary to restructure these loans when it becomes difficult to maintain on-time payments. Restructuring a private loan may include refinancing a single loan or consolidating multiple loans into one. For short-term affordable repayment solutions, borrowers may choose deferment or forbearance. Debt forgiveness is not a right or guarantee, but there are cases of extreme hardship that may qualify for a loan discharge. The same considerations are true for federal student loans with the additional options associated with income-driven repayment programs, like the Pay As You Earn Plan, known as PAYE, or the Income-Based Repayment Plan, IBR.
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. The Federal Trade Commission Act is the primary statute of the Commission. Under this Act, as amended, the Commission is empowered, among other things, to (a) prevent unfair methods of competition and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct injurious to consumers; (c) prescribe rules defining with specificity acts or practices that are unfair or deceptive, and establishing requirements designed to prevent such acts or practices; (d) gather and compile information and conduct investigations relating to the organization, business, practices, and management of entities engaged in commerce; and (e) make reports and legislative recommendations to Congress and the public. The Statutes that are listed here are to be enforced under the FTC Act.
