Does anybody lose as a result of the student loan changes?

  • #1
Char. Limit
Gold Member
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Main Question or Discussion Point

I saw this snippet in a newspaper today:

The Spokesman-Review said:
Q. Does anybody lose as a result of the student loan changes?

A. Banks and other financial institutions. Sallie Mae, the biggest student lender, has about 8,500 employees in the student loan program and has said close to one-third of them may lose their jobs as a result of the overhaul. Sallie Mae will still have contracts to service federal loans.
When I saw this, I didn't feel remorse for the banks. I almost laughed out loud. Then I worried that I was laughing at the suffering of others... Then I remembered that the "others" were banks, and I felt happy again.

Has anyone exhibited similar feelings as a result of the financial crisis?
 

Answers and Replies

  • #2
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Someday you might want to become a quant, so slower with the schadenfreude.
 
  • #3
mgb_phys
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When I saw this, I didn't feel remorse for the banks. I almost laughed out loud.
Remember that none of the 8000 will be CEOs, they will mostly be customer service people in call centers.
So when your student loan check doesn't arrive, or your repayments suddenly gained a zero, there won't be anyone to call.
 
  • #4
Evo
Mentor
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I saw this snippet in a newspaper today:



When I saw this, I didn't feel remorse for the banks. I almost laughed out loud. Then I worried that I was laughing at the suffering of others... Then I remembered that the "others" were banks, and I felt happy again.

Has anyone exhibited similar feelings as a result of the financial crisis?
It's never happy that people lose their jobs, unless it's Executive Management that was overpaid and contributed to the company's downfall. Those people should be made to repay their multi-million dollar paychecks and bonuses to the employees that worked diligently despite the idiotic and self-serving decisions upper management made.
 
  • #5
Char. Limit
Gold Member
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Actually, because of the changes to the student loan system, I can get my loans directly from the government... which, while corrupt, is less likely to raise my rates for no reason than, say, Bank of America.

And I know that none of the employees will be at the top, but when you're killing a plant, you gotta start with the roots, right?

EDIT: I just realized that this statement could be taken as incendiary. Nevertheless, I do sometimes feel like that, that it's worth it that the employees lose their jobs if we can take out the CEOs and Directors. However, that'll never happen legally (they're all obscenely rich) so maybe we could just make them into social pariahs instead. Equate a bank CEO with evil. Hey, it'd be easy; they already seem that way.
 
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