Posted on 08/22/2015 7:09:57 PM PDT by SeekAndFind
Nearly 7 million Americans have gone at least a year without making a payment on their federal student loans, a high level of default that suggests a widening swath of households are unable or unwilling to pay back their school debt.
As of July, 6.9 million Americans with student loans hadn’t sent a payment to the government in at least 60 days, quarterly data from the Education Department shows.
(Excerpt) Read more at wsj.com ...
They need jobs, which is why we need Trump.
So obviously since so many many of these loans have gone bad, the interest rates for these loans, when done in an unsecured manner, have skyrocketed right? Thus reducing the overall number of loans and reducing the risk pool to only those who are most qualified to repay their debts.
Oh, shoot, that’s a real solution, instead, let me guess (since I couldn’t be bothered to read the likely great article on the subject..) Let’s see - lower payments, lower interest rates, with interest forgiveness to get people to start paying their debt again, and for those who have no real hope of turning their $230,000 women’s studies degree into anything more than a runner at a Starbucks, debt forgiveness?
Guess all those degrees in woman’s studies and other similar subjects just aren’t working out.
Bet they spend at least $200 a month on cell phones and cable TV.
If the schools were on the hook for all these defaulted student loans, I'm thinking they would be much more discriminating on who they give them to. Also, they would be incentivized to keep their costs in line and their prices competitive, just like a regular business.
Anyone who has their student loan forgiven won’t get a job from me.
The big write off, coming up.
Then free college after that.
well.. the government took over the loans from the banks.. what did you expect?
The second the government did that I knew those loans would never be repaid.
“What difference at this point does it make?” Just “put some ice on that.”
What the Gov’t could do is stop the outrageous interest accumulation on these loans. A friend of mine graduated owing like 24K defaulted and very quickly became 110K. No way you can ever pay that off. And if you do make payments then you can’t buy a home, car, etc b/c of high payments due to all the interest
Maybe your friend shouldn’t have borrowed money she couldn’t pay back
L
... unable or UNWILLING!?!
buet but but... I thought you could never get away from a student loan... that bankruptcy wouldn’t save you. How are people getting away with just not paying?
Yeah, but those people will be in for a rude awakening when that debt forgiveness shows up on their credit report.
They don’t have seizure rights. But they will take your Social Security, while dumping more money into Wall Street and Big Bank pockets
“thought you could never get away from a student loan... that bankruptcy wouldn’t save you. How are people getting away with just not paying?”
Hillary! will save you! Vote for her now!
Don’t you think that’s a little snarky? Why not consider the fact that some people have parents who will not, or can not help with college, but if they want to try and do better for themselves student loans are the only way to get a college education. A little empathy goes a long way!
No, I don’t.
A little effing common sense goes a hell of a lot farther than empathy. Don’t borrow money you can’t pay back. Pretty simple, actually.
L
I remember sitting at a desk with the statement put in front of me: this is what you are borrowing, this is what the interest will probably cost you, this is the total.
I took a deep breath and signed. And many years later, after great sacrifice, I paid every cent back.
Everyone else must do the same. Monkey around with the interest, perhaps, but they must pay the principal back. I scrimped, saved and sacrified to pay back my loans and I’m not doing it again through my tax dollars.
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