Student Loan Primer

The “Aurora” is a 120 foot yacht. Bob Conconi is a smart financier. Bob Conconi is the founder of the Conconi Group, active in real estate and private equity. In 1989 Conconi co-founded the Canadian Securities Registration Systems or CSRS. CSRS was active in the outsourced student loan administration services amongst other financial services.

CSRS was later renamed Resolve Corporation. In 2006 Resolve went public, then acquired by a financial services company.

Bob deserves a nice boat. But a boat that takes 66,000 liters of fuel. A crew of 4 and took 400,000 hours of labor to finish might be more than anyone deserves.

Bob invented the CSRS, it registers student debt, smart move. He is also a philanthropist and a fine gentleman. He ordered the “Aurora”. But this really is not about Bob, its about a system that allows people to get super rich at others expense.

As you work day in and day out to tighten your personal budget to pay off that student debt the administration of your loan allows Bob to indulge in things like “Aurora”. Sadly Bob got into a squabble with the builders, and never took delivery of his boat. Without the scandal we would never have known about him and his boat.

When a financial system turns into a funnel instead of being a sprinkler, you get atrocities like the Aurora 120, its nice when some people do well and get a nice boat, its wrong when tens of thousands can not afford a canoe because of student debt just to allow Bob something like “Aurora”.