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Keyword: studentdebt

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  • Nearly 5 Million Americans in Default on Student Loans

    12/13/2017 11:54:56 AM PST · by C19fan · 34 replies
    Wall Street Journal ^ | December 13, 2017 | Josh Mitchell
    The number of Americans severely behind on payments on federal student loans reached roughly 4.6 million in the third quarter, a doubling from four years ago, despite a historically long stretch of U.S. job creation and steady economic growth. In the third quarter alone, the count of such defaulted borrowers—defined by the government as those who haven’t made a payment in at least a year—grew by nearly 274,000, according to Education Department data released Tuesday. The total number of defaulted borrowers represents about 22% of the Americans who were required to be paying down their federal student loans as of...
  • U.S. cracks down on debt collection of private student loans

    09/18/2017 12:25:28 PM PDT · by sparklite2 · 18 replies
    Reuters ^ | 9/18/2017 | Staff
    WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau said on Monday it had ordered National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc to pay at least $21.6 million in penalties and restitution for illegally filing debt collection lawsuits. According to the agency, the companies allegedly sued borrowers without being able to prove the debt was owed or pursued collection on loans that were too old to sue over, and relied on false and misleading legal documents. The CFPB said the trusts had filed at least 486 lawsuits on debt where the statute of limitations for...
  • Poll Reveals Why Many College Students Deserve No Sympathy on Student Debt

    09/09/2017 11:28:08 AM PDT · by SeekAndFind · 47 replies
    PJ Media ^ | 09/09/2017 | Tom Knighton
    We've been hearing for some time about how crushing student debt is. It's particularly amusing to hear about it from students who spent six figures getting their degree in something like lesbian fruitbat studies, but plenty of young people have talked about how difficult it is for them to live with debt they accrued in college.However, a new poll found out a few things about what many students use their student loan money on, and I'm a little less sympathetic than I was. A majority of college "Greek" students have used student loan money to pay membership dues to their...
  • $78,000 of Debt for a Harvard Theater Degree

    08/08/2017 9:50:37 AM PDT · by Theoria · 97 replies
    The New York Times ^ | 07 Aug 2017 | SOPHIE HAIGNEY
    Twelve years after finishing Harvard’s graduate theater program, Katierose Donohue still pays almost as much in student loans each month — about $650 — as for her share of the rent in Los Angeles. She recently stopped hosting her monthly sketch comedy show, “Ma’am,” because she didn’t always break even on her $200 budget. She’s now working side jobs as a dog walker and a social media copywriter, after past gigs serving at Starbucks and handing out free cigarettes for Camel. She’s never missed a loan payment, but there’s no end in sight: She borrowed nearly $75,000 to attend the...
  • How Higher Education Became an Obscenely Profitable Racket That Enriches the Few (trunc)

    05/11/2017 7:13:15 AM PDT · by all the best · 25 replies
    OfTwoMinds.com ^ | May 10, 2017 | Charles Hugh Smith
    Student loan lenders are skimming tens of billions in profits guaranteed by the taxpayers. "Legal" rackets have two essential components: a public-relations "cover" that obscures the racket and the mechanism that extracts the wealth from the "marks." The Higher Education Racket qualifies on both counts: 1. The PR cover is "you all need a college diploma, and we're here to make that happen." Yea for more education! 2. The extraction mechanism is student loans. Here's a chart that shows what happened relatively recently: your federal government began guaranteeing obscene profits to student-loan lenders and debt-serfdom for tens of millions of...
  • The Largest Predatory Lender in America

    09/29/2016 5:28:11 AM PDT · by Hojczyk · 18 replies
    Weekly Standard ^ | September 29,2016 | | By KEVIN COCHRANE
    What would you think of a lender that has holds more than one $1 trillion in loans outstanding, targets low income and minority borrowers, has a payment delinquency and default rate in excess of 25 percent, and has postponed repayment on 14 percent of its loans, but is still accruing interest on them? Wouldn't you think that some government agency—say, the Consumer Financial Protection Bureau, the Federal Reserve, or even Congress—would be investigating this perfect definition of a predatory lender and trying to shut it down? Roughly 45 percent of people that enroll in college ultimately drop out without ever...
  • Make Colleges Back Up Their Student Loans

    05/02/2016 8:48:35 AM PDT · by reaganaut1 · 56 replies
    National Review ^ | May 2, 2016 | PAUL KUPIEC & RYAN NABIL
    ... The key to controlling costs and student-debt burdens is to require colleges themselves to have “skin in the game” so they have strong incentives not only to provide a good education, but also to safeguard the financial solvency of their graduates. Colleges should be required to offer all students the first tranche of their funding. The funding could be an ISA or a student loan, but in either case, the student’s future payments on these obligations must be subordinate to all outside student-loan obligations. In other words, federal student loans must be paid before loans or ISA reimbursements are...
  • Obama to forgive the student debt of permanently disabled people

    04/12/2016 8:20:11 PM PDT · by Leaning Right · 49 replies
    Washington Post ^ | April 12, 2016 | Danielle Douglas-Gabriel
    The Obama administration plans to forgive $7.7 billion in federal student loans held by nearly 400,000 permanently disabled Americans. By law, anyone with a severe disability is eligible to have the government discharge their federal student loans. The administration took steps four years ago to make the process easier by letting people who are totally and permanently disabled use their Social Security designation to apply for a discharge, but few took advantage.
  • US Marshals arresting people for WHAT?

    02/20/2016 2:31:47 PM PST · by TBP · 98 replies
    Conservative Byte ^ | FEBRUARY 16, 2016
    Believe it or not, the US Marshals Service in Houston is arresting people for not paying their outstanding federal student loans. Paul Aker says he was arrested at his home last week for a $1500 federal student loan he received in 1987. He says seven deputy US Marshals showed up at his home with guns and took him to federal court where he had to sign a payment plan for the 29-year-old school loan.
  • The 7 Keys To Trapping As Many Americans As Possible In Poverty

    11/03/2015 5:42:47 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | November 3, 2015 | John Hawkins
    Keeping Americans poor in a prosperous country like America is not as easy as you think. After all, this is the "land of opportunity." Legal immigrants pay tens of thousands of dollars and wait years for the opportunity to come legally and illegal immigrants often risk their lives just so they can get here and do menial work. This is the country that made Bill Gates, Steve Jobs and even OPRAH into billionaires and it's a nation where you can have everything from hoverboards to medicine for your pet delivered right to your door. So when there's so much wealth...
  • Yes, You Can Discharge Student Debts And The Feds Want To Make It Even Easier

    10/12/2015 8:26:54 AM PDT · by reaganaut1 · 28 replies
    Forbes ^ | October 12, 2015 | George Leef
    Mark Twain famously said, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” That observation could easily be applied to the situation facing students who have amassed large college debt burdens: they think they know that those debts cannot be discharged through bankruptcy. But that just ain’t so. The “undue hardship” provision in the U.S. Bankruptcy Code says that student loans cannot be discharged unless “excepting such debt … would impose an undue hardship on the debtor and the debtor’s dependents….” Just how difficult is it for a...
  • Kiss of Debt

    05/14/2015 7:24:49 AM PDT · by Academiadotorg · 1 replies
    Accuracy in Academia ^ | May 13, 2015 | Nick Kowalski
    Beth Akers of the Brookings Institution, co-author of controversial research on the status of student loans, downplays the significance of the more than $1.3 trillion in debts held by Americans. “Debt is increasing steadily across all levels” of higher education, Akers, who has served as a staff economist to the White House’s Council of Economic Advisors (2007-2008), said at a conference recently in Austin. Akers blames the economy. “Wage income has been stagnant,” Akers notes, “for a significant period of time.” Yet and still, she claims that, “Large debt burdens are exceedingly rare.” There is no doubting that tuition and...
  • My Islamic Faith Prevents Me From Paying Interest on My Student Loans

    04/22/2015 1:28:57 PM PDT · by SoFloFreeper · 37 replies
    Huffington ^ | 4/22/15 | Steve Rhode
    Dear Steve, I had two citi-student loans and at some point in time within the last 5 years they went to Navient (Sallie Mae) I recently called to ask if I could get a lower pay-off amount as the original loans were 32K and now they are up to about 64K because of deferment and interest. They said no and I believe these may have been private loans. My conditions have changed. I was born into Islam, but never knew much about my religion. Since 2012 I have been learning more about my faith and it is strictly forbidden in...
  • My Islamic Faith Prevents Me From Paying Interest on My Student Loans

    04/22/2015 1:39:21 PM PDT · by Idaho_Cowboy · 33 replies
    Huffington Post ^ | April 22, 2015 | Steve Rhode
    Dear Steve, I had two citi-student loans and at some point in time within the last 5 years they went to Navient (Sallie Mae) I recently called to ask if I could get a lower pay-off amount as the original loans were 32K and now they are up to about 64K because of deferment and interest. They said no and I believe these may have been private loans. My conditions have changed. I was born into Islam, but never knew much about my religion. Since 2012 I have been learning more about my faith and it is strictly forbidden in...
  • Are Student Loans the new Sub-Prime Bubble?

    04/17/2015 7:46:44 AM PDT · by SeekAndFind · 6 replies
    American Thinker ^ | 04/17/2015 | Chriss Street
    On April 15 Tax Day, Americans paid about the same amount of income tax as total student loans outstanding. The St. Louis Federal Reserve on the same day published a report titled ‘Student Loan Delinquency: A Big Problem Getting Worse?' The Fed has determined that of the $1.3 trillion in non-bankruptcy-dischargeable student loans, the delinquency rate for students in repayment is over 27 percent. With tuition at the University of California and other top schools growing faster than inflation, student loan defaults are skyrocketing. Prior published student loan reports have stated that the “30+ days delinquency rate for all student...
  • The Real Student Loan Crisis Is The One Obama Created

    04/17/2015 5:28:23 AM PDT · by afraidfortherepublic · 20 replies
    Investor's Business Daily ^ | 4-16-15 | Editorial
    rresponsibility: A new report finds that 27.3% of student loans are delinquent. Why does this matter? Because thanks to President Obama, about $1 trillion dollars of student loan debt is owed to the federal government. Obama keeps trying to portray the student loan crisis as a problem suffered by students burdened by a mountain of debt when they graduate, and who are unable to make enough money to pay it back. But that's not the real crisis. First, average student loan debt is only a little over $20,000. A student who gave up his $5-a-day Starbucks habit could pay off...
  • Federal Debt Now $200,000 Per Full-Time Private-Sector Worker

    10/15/2014 6:54:59 AM PDT · by Kaslin · 16 replies
    Townhall.com ^ | October 15, 2014 | Terry Jeffrey
    Which will be greater: the burden of student debt on Americans who went off this fall to their first year of college, or the amount of federal debt per full-time private-sector worker when these students earn their degrees and start looking for jobs? There is no doubt: It will be the amount of federal debt per full-time private-sector worker. As of last Friday, the total debt of the federal government was $17,858,480,029,490.28, according to the U.S. Treasury. That equaled $200,258.81 for each of the 89,177,000 full-time private-sector workers that, according to the Census Bureau, were in the United States in...
  • Student debt at all-time high of $1.2 trillion

    09/24/2014 2:48:03 PM PDT · by SeekAndFind · 23 replies
    CNBC ^ | 09/24/2014
    U.S. student debt has climbed to an all-time high, despite a decrease in consumer debt for all other major lending categories such as automotive debt, credit card and home equity loans. Behind mortgages, student loans are the second largest debt class. Now at $1.2 trillion, student debt has increased 84 percent since the 2008 Great Recession, based on a study by information services firm Experian. The national average balance of loans stand at $29,400 and 40 million consumers now have at least one student loan, originally reported by NewsOK. Mississippi, Oklahoma and Louisiana had the highest amount of late payments....
  • Occupy Movement abolishes $4 million in other people's student loan debt

    09/18/2014 6:35:38 AM PDT · by SeekAndFind · 15 replies
    Money ^ | 09/18/2014 | Blake Ellis
    After forgiving millions of dollars in medical debt, Occupy Wall Street is tackling a new beast: student loans. Marking the third anniversary of the Occupy Wall Street movement, the group's Strike Debt initiative announced Wednesday it has abolished $3.8 million worth of private student loan debt since January. It said it has been buying the debts for pennies on the dollar from debt collectors, and then simply forgiving that money rather than trying to collect it. In total, the group spent a little more than $100,000 to purchase the $3.8 million in debt. While the group is unable to purchase...
  • Think college is expensive now? Wait until July 1

    06/26/2014 5:43:45 PM PDT · by SeekAndFind · 5 replies
    CNBC ^ | 06/26/2014 | Sharon Epperson
    Congratulations, graduates, on your diploma. Now what about that $29,000 student loan debt? More than 70 percent of graduates will carry student debt into the real world, according to the Institute for College Access and Success. And the average debt is just shy of $30,000. But the news will get worse next week when interest rates on student loans are set to rise again. Though federal student loan rates are fixed for the life of the loan, these rates reset for new borrowers every July 1, thanks to legislation that ties the rates to the performance of the financial markets....