Posted on 03/26/2013 9:52:55 AM PDT by rightwingintelligentsia
WASHINGTON (Reuters) - Banks wrote off $3 billion of student loan debt in the first two months of 2013, up more than 36 percent from the year-ago period, as many graduates remain jobless, underemployed or cash-strapped in a slow U.S. economic recovery, an Equifax study showed.
The credit reporting agency also said Monday that student lending has grown from last year because more people are going back to school and the cost of higher education has risen.
"Continued weakness in labor markets is limiting work options once people graduate or quit their programs, leading to a steady rise in delinquencies and loan write-offs," Equifax Chief Economist Amy Crews Cutts said in a statement.
(Excerpt) Read more at chicagotribune.com ...
I thought they never wrote those off, even after bankruptcy.
No doubt Obama will direct the appropriate agencies not to initiate collection actions and debt forgiveness proposals are in the works (the application for debt forgiveness will include a voter registration form, too).
That’s what I thought as well. I believed it was part of the new bk legislation of recent years.
WASHINGTON (Reuters) - Banks wrote off $3 billion of student loan debt in the first two months of 2013
WHY? The reason stated seem highly inadequate.
That’s what I thought.
We should stop paying my wife’s. Being a deadbeat is the new black!
Ain’t that just terrific. Some college spendthrift cannot repay a few tens of thousands they write it off and say thanks for screwing us. Meanwhile if I am late with my electric bill, they turn off the juice. Where is the “fairness” in that??
So let’s stop forcing taxpayers to make such bad investments!
Part of writing off a loan is selling it to a collector for a small fraction of the loan amount. So just because a bank has admitted defeat doesn’t mean somebody else won’t be trying to collect.
I have saved for years and have been paying for my Daughter’s college with cash each semester. It kills me to think that people who knowingly entered into student loans could just walk away from their debt.
Exactly.
Same here, I’m confused.
I won’t hire anyone who had a student loan written off.
Another government wealth redistribution scam.
that’ll be decided by what your major is and how your parents and/or student voted.
They can’t.
There’s no such thing.
What could go wrong with the government taking over the student loan industry??
Wait... are they writing off ALL student loans or do they check the voter registration rolls first?
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