“..at least half the students had defaulted or failed to pay down at least $1 on their debt within seven years.”
“pay down at least $1”?
In other words, half the students have defaulted.
This is a disaster and I would suggest that, in the interest of combating servitude, the students should be released from paying interest. I would also suggest that the hue and cry that everyone should go to college should be tamped down. Probably, the half that have defaulted are the half that statistically drop out of college.
Looks like students borrowing money from the government to go to college is a ponzi scheme to throw money at the colleges.
>Looks like students borrowing money from the government to go to college is a ponzi scheme to throw money at the colleges.
As someone who works in colleges, you are correct.
>>Looks like students borrowing money from the government to go to college is a ponzi scheme to throw money at the colleges.<<<
This would be correct, from someone who knows many kids who were lied to by universities as well about what their rights were. In fact, the whole process is more like a fox watching a chicken coop, since it is in universities interest to get students paying as much as they can for as much as they can get a loan from the government for.
Fafsa loans should have only been offered to people who had a work history post high school graduation. Kids who have never lived on their own have no idea what taking out a student loan actually means.