Report: #1488449

Complaint Review: John DePodesta of Educational Credit Management Cororation ( - Minneapolis Minnesota

  • Submitted:
  • Updated:
  • Reported By: Robin — Wilkes-Barre PA United States
  • John DePodesta of Educational Credit Management Cororation ( 111 Washington Avenue South, Suite 1400 Minneapolis, Minnesota United States

John DePodesta of Educational Credit Management Cororation ( Modern Day Mafia Criminal John DePodsta of ECMC - Bait And Switch, RICO-Mafia Criminal Extorting, Deceiving And Exploiting Poor Student Loan Borrowers, Then Illegally, Immorally And Unethically Doubling Their Student Loan Amounts Minneapolis Minnesota

*Consumer Comment: This Has Nothing to do With Politics

*Consumer Comment: Always Somebody Else's Fault

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John DePodesta, CEO of Educational Credit Management Corp (“ECMC”) is nothing but a modern day, cleaned up, streamlined street-mafia criminal who has made a living out of exploiting and deceiving poor bankrupted student loan borrowers who defaulted through no fault of their own, and then tacking on upwards of 60-100% of the remaining loan balance on to their original loans, breaking their backs while lining his pockets with gold.

This son of a b*tch John DePodesta realized and recognized long ago that by hiding behind/pretending that his clearly “for-profit” company ECMC is a “non-profit organization,” that he can use the immunity and protections of the federal Higher Education Act (“HEA”) to mask and hide his bloodthirsty lust for billions of dollars in cash stolen and extorted from poor, mostly millennial, sometimes jobless, bankrupted or disabled student borrowers who temporarily defaulted, only to offer them low monthly payments to get the loan out of default, but then hits them with nearly 100% in “collection costs,” thus doubling their original student loan, all the while lying to these students about other financing payback options available.

This is like giving small amounts of heroin or cocaine to a down and out abused drug addict, then forcing them into prostitution to pay back twice as much money or drugs to pay them back after they get addicted.

Someone needs to throw this animal John DePodesta into prison for his mafia-like RICO tactics and behavior, but unfortunately he has greased the wheel and bribed various corrupt officials in the Republican President Donald Trump administration, such as arch-criminal and Republican Education Secretary Betsy DeVos, who gutted the former Consumer Financial Protection Bureau (“CFPB”) founded by Democrat Senator Elizabeth Warren and Democrat President Barack Obama, now destroyed by Trump-appointees Republicans Mick Mulvaney and Kathy Kraninger.

Now poor student loan borrowers are getting f*cked even worse than before, because President Donald Trump is too stupid to realize that this upcoming $1.5 trillion dollar student loan financial crisis is going to be hundreds of times worse than the 2008 housing financial crisis, also created by Republicans in the George W. Bush administration, which nearly destroyed the United States of America after the 2008 financial crash.

This report was posted on Ripoff Report on 12/01/2019 01:16 PM and is a permanent record located here: https://www.ripoffreport.com/report/john-depodesta-educational/minneapolis-minnesota-modern-1488449. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#2 Consumer Comment

This Has Nothing to do With Politics

AUTHOR: Jim - (United States)

POSTED: Tuesday, December 03, 2019

It also doesn't involve Republicans or Democrats or any politician; everyone likes to blame politicians for their own shortcomings.  Your situation has nothing to do with governmental agencies either and no one in government cares about you.  The only person this has anything to do with is YOU and it's time for you to grow up and realize this. 

Did you do any due diligence on taking out a loan before you actually took one?  The government isn't going to advise you one way or the other about it.  You didn't, otherwise you wouldn't complain.  When you take out a loan, interest accrues over that period you happen to be in school.  And yes, with the interest rates on student loans, the amounts can pile up.  Just ask anyone who has a mortgage on a home how it all works. 

What you are angry about is that the education you received didn't result in a job and now you can't pay back that loan.  You state something about defaulting through no-fault of your own.  Really?  If you default on a loan, then yes that is your fault regardless of your circumstance.  There is no provision in your loan that allows you to escape repayment because defaulting isn't your fault, or because of your circumstance or handicap, or whatever.  It is your fault - take responsibility.

So here is a wake-up call for you:  There are thousands upon thousands of millenials who paid their loans without an issue - far more than those who haven't.  You are part of a small and shrinking number of millenials who haven't paid back their loans, and may never.  You therefore cannot utilize the poor millenial excuse since more millenials pay back their loans than not.  And no, the CPFB would not have been able to help you, even if you thought it could. 

There is nothing to protect you from.  There was no one who forced you to take a loan and no one forced you to agree to the terms of the loan.  You happily agreed to everything and signed with a smile on your face.  Even if there was verbage from the CFPB warning you at the beginning of the process and advising you of compounding interest on a student loan, you would have ignored it.

And finally, I would not worry about a student loan crises.  Since most people actually pay back their loans, the liability exposure you're talking about is not $1.5T; that number is the size of the entire industry.  The real exposure is probably somewhere about 3%-8% of that; the other 92%-97% pay back their loans.  You represent a small minority and even if you were to take this to a politician, they would tell you to pay up.

Pay up...

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#1 Consumer Comment

Always Somebody Else's Fault

AUTHOR: Momo - (United States)

POSTED: Monday, December 02, 2019

 It was YOUR loan in which YOU agreed to pay back. It was YOU who failed to do that! It is YOU who doesn't have the INTEGRITY to pay their obligations. All you have said is clearly a bunch of BS.

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