Sallie Mae Pushing British LIBOR Loans On Students

In light of the ongoing mortgage and foreclosure mess and crisis primarily in the West and Southwest due to the boom and bust cycle and rising costs of ownership which resulted in many Americans refinancing their original mortgage loans under loans marketed out of California illegally based on British banking index rates (the LIBOR - London Interest Bearing Origination Rate), I was astounded to see that a supposedly "private" banking entity, Sallie Mae, is promoting these same loans to recent high school graduates and college students for their further educations.

Loans not even based on the U.S. currency, and for which the interest rates are well above U.S. prime for any and all students that commit themselves to adjustable and flexible repayment terms, especially if those terms exceed seven years.

Formerly, guaranteed student loans in this country based on the U.S. currency and issued by the government for educational purposes carried ten year repayment terms at fixed low interest.

It seems while Obama is pushing education for both our youth and unemployed adult population, he and Congress once again are simply acting as agents for the British bankers and lenders, while those tuitions continue to increase annually and now are off the charts as opposed to the actual Cost of Living Index in this country and Department of Labor figures for goods and services.

The President of ASU's salary (formerly of Colombia University, one of those British Ivy League colleges) now exceeds over $700,000 from all reports, even more than the President's salary, plus extensive benefits alone.

Although it is clear that our college graduates are actually coming out of college many times overqualified for the jobs left in this country that haven't been outsourced to foreigners.

Those jobs, it appears, that Congress and the President also feel that Americans DO want, although since this President and Congress is about as out of touch as the last with the people in this country, that position is truly laughable when it comes to this media created "immigration" debate.

The fact that the name "Sallie Mae" is so similar to both Fannie Mae and Freddie Mac, two entities actually created by Congress and the Carter Administration, which many of these British based loans were also promoted and backed to adult homeowners in this country is misleading. And also the fact that their "disclosure" that this entity has no connection to the United States government is in very small print on their advertising literature, and also a questionable representation since the printing and regulation of our currency was actually illegal privatized by a rogue Congress and President back in 1913, in addition to then inflicting the U.S. income tax on American labor also outside Constitutional intent in order to so do.

Which, after all, in its initial stages was quite different and at lower and non-usurous rates also (less than 10%) when it was first initiated, while the tax on foreign labor which is Constitutionally provide was abandoned altogether instead. Thus, causing this lopsided foreign favoring labor pool we now have in this country, rather than the domestic variety.

It seems the fraud and continued misrepresentations by the banking industry even post the mortage mess and tsunami is another area in which both Congress, and this Administration is "looking the other way."

Similar to the BP (BRITISH Petroleum) disaster now ongoing.

Gotta love those allies.

http://www.salliemae.com/get_student_loan/apply_student_loan/interest_rates_fees/libor.htm