Against the Rules with Michael Lewis The Seven Minute Rule
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Apr 9, 2019 Katie Highland, a dedicated public school teacher and mother, opens up about her harrowing experience with student loan debt and identity theft. She shares the emotional toll and systemic challenges of navigating the convoluted student loan forgiveness process. The discussion delves into the predatory practices of student loan servicing, including the alarming 'seven-minute rule' that prioritizes efficiency over borrower well-being. Throughout, Katie's personal anecdotes highlight the struggles many face in balancing debt and dreams while advocating for better consumer protections.
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Michael Lewis's Identity Theft
- Michael Lewis dealt with identity theft after Citigroup issued a fraudulent credit card in his name.
- He questions why the burden of resolving the issue falls on him instead of Citigroup.
Victimhood in Financial Fraud
- The financial system burdens victims of fraud with resolving the issue, not the institutions that enabled it.
- Lewis argues this reverses the roles of victim and perpetrator.
Katie Hyland's Student Loans
- Katie Hyland, a public school teacher, accumulated $77,000 in student loans.
- She trusted financial advisors and believed repayment would be manageable.