What your diploma from Underwater Basketweaving U. will get you

I have personally attended a highly prestigious (and expensive) college and a highly regarded state university for the two degrees I have. I also worked at two highly regarded state colleges. Everyone I know who has gone on to college has gone to state colleges at least, or possibly community colleges.

So I was in no way prepared for the wide range of dubious institutions of higher education I would come into contact with in student loan collections, and the stories from them.

I had a long chat with a borrower today about her educational experience and why she shouldn't have to pay her bill. "The professor came in high on crack or pills every class...then she got into a car accident and we had this sub who didn't know anything about medical transcription...they offered to transfer me into the paralegal program but I didn't WANT to be a paralegal, so I dropped out...then they got the loan money for the next semester...does that seem fair to you?"

Not really, I tell her, but we're not investigators. We're collectors. Complain all you want to the proper people, but I need to see how to get your loan out of default.

Which didn't happen. She just kept ranting on about how that college screwed her over, and how she had to pay for her current college education out of pocket, and if only SOMEONE would help her out with that but no one wants to help, and can you hold please?

I hung up after being on hold for four minutes. And I will not be calling her back.

There are some schools out there that definitely have a feel to them of being more money-making racket than education. And one of the criticisms of private lenders that led to the current change in law is that private lenders would agree to fund loans to these schools in bizarre kick-back schemes that profited everyone but the students.

So I hear all the stories of the schools that closed down, the schools that folded programs, the schools that promised the world and failed to deliver much of anything. And borrowers complain that they shouldn't have to pay the loans now due to being screwed over.

On the one hand, I understand this. In the case of the person who complained of the crack-addict teacher, I agree that there should have been something in place to make sure this was taken care of.

On the other hand...the loan in question has been in default since 2006. And taken out in 2004. At some point long before this, there should have been a complaint to the school. And having the loan in default is only hurting them. The school got paid. Without hiring an attorney, you just have to pay the debt.

And as she was lamenting to me about how no one would help her, I was trying to explain how I could have. I'll do the hardship programs for small loans that make my manager grumble. I'll put forward the effort. But she had to give me a small break in that 20-minute rant about the unfairness of the school in order to start the process.

It gets back to the idea that you can only help those who want to be helped. But it made for a slightly frustrating start to the day.