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So @charliekirk11 of Turning Point USA has criticized student loan "cartels." He thinks Liberty & Hillsdale are only schools worth the $. And he thinks #studentdebt is effect of school fraud. His podcast is sponsored by company that links students to risky private loans. 1/
On Kirk& #39;s podcast website is the script he reads about @credible: "Refinance your college loans and start saving." The website he says go to gives you $200 off a refinance. 2/
Credible was founded by Australian Stephen Dash @stephenjdash in 2012 "when he was working for investment bank JP Morgan in the US and talking to his colleagues about their crippling student debt." 3/ https://www.smh.com.au/business/companies/billionaire-alex-waislitz-hits-out-at-credible-labs-sale-to-the-murdochs-20190805-p52dus.html">https://www.smh.com.au/business/...
Credible was sold to Fox and the Murdochs in 2019 for $585 million. The company has received much praise from many websites, but the key con in any reviews is this "middleman" only points to private loans. 4/
While it has a good @bbb_us rating, it has had its complaints:
5/ https://www.consumeraffairs.com/finance/credible.html">https://www.consumeraffairs.com/finance/c...
5/ https://www.consumeraffairs.com/finance/credible.html">https://www.consumeraffairs.com/finance/c...
Beyond the company, Kirk& #39;s endorsement of private student loans is hypocrisy. Kirk has long complained (wrongly) the availability of loans has allowed colleges to spike tuition and so profit more. Yet he endorses loans w/ much higher limits. 6/ https://medium.com/@mboedy/debunking-charlie-kirk-and-prageru-on-student-loans-57f385653f36">https://medium.com/@mboedy/d...
Private loans also generally don& #39;t have the same post-grad allowances as federal loans: no income-contingent repayment or closed school discharge (the non-profit fraud element). 7/ https://www.finaid.org/loans/loantradeoffs.phtml">https://www.finaid.org/loans/loa...
Kirk would like to see market forces break up the "cartel." But private lenders can& #39;t compete with federal loans. There is a reason 6% of undergraduates took out private loans in 2011–12. That rate has doubled in eight years. 8/ https://hechingerreport.org/more-students-are-taking-out-private-loans-as-college-costs-rise/">https://hechingerreport.org/more-stud...
Yes, the price of college has gone up and some are maxing out on federal and getting private. But why else has that rate risen? With easy-to-use websites like Credible which make FAFSA look like an engineering schematic. And Kirk promotes it. 9/
Finally, there is the current moment. States will cut #highered funding due to #CoronavirusPandemic. And more students will face more need for more loans. And Kirk is happy to show them to a place that will add burdens to their already burdened futures. /end
PS as usual this thread has been added to my @Medium post that houses all my Charlie Kirk threads https://medium.com/@mboedy/twitter-threads-debunking-charlie-kirk-and-turning-point-usa-617473595a7">https://medium.com/@mboedy/t...
