And then there are the Genesis loans
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What big banks can’t squeeze out from the US government’s Title IV funds, they squeeze out from working class students and their families through private loans. This is typical Mafia behavior.
Wells Fargo appears to be involved in predatory behavior at multiple levels, including institutional investments in Corinthian Colleges (a sub-prime college) and a “partnership” with Genesis Lending (sub-prime student loans).
As I have noted before, Genesis is lending money to students at rates exceeding 14%. This is a money machine for Wells Fargo at the rate they are getting money from the FED. Get US money for close to nothing, and then invest in predatory loans that squeeze the future from working class folks.
Goldman Sachs, Barclays, and Deutsche Bank are also “partnering” with Genesis student loans.