31–40 of 441 posts
In New Zealand the Government has started to arrest defaulters at the border[1]. This may not work as well for US as I am not sure of the percentage who travel outside the country versus NZ. [1] http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objecti...
Earlier quoted context omitted.
The article talks about many grads who could repay, but simply don't for whatever reason.
That is because they have other debt they are prioritizing over their student loans
The important piece there is that the new debt has ramifications for non-payment that are much more obvious than the student loan debt.
There's a simple solution, the Feds should cutoff loans for schools that don't get their students jobs. The government are the only ones that are able to accurately calculate which schools are completely worthless. In fact they should take it one step further and advertise to the whole world what percentage of students get jobs in their studied field and the average starting salary. That would finally put some market…
Full text if you don't want to deal with google/paywall workarounds: More than 40% of Americans who borrowed from the government’s main student-loan program aren’t making payments or are behind on more than $200 billion owed, raising worries that millions of them may never repay. The new figures represent the fallout of a decadelong borrowing boom as record numbers of students enrolled in trade schools, universities…
In New Zealand the Government has started to arrest defaulters at the border[1]. This may not work as well for US as I am not sure of the percentage who travel outside the country versus NZ. [1] http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objecti...
Wow, modern-day debtor's prisons making a comeback. Welcome to the Middle Ages.
A big takeaway from this article (for me) is that people are surprised that 17 year old kids don't understand what they're doing when they take out that college loan. Shock and astonishment despite there being little to no preparation for this kind of financial understanding previously in their education. That surprise and shock shocks and surprises me. Honestly it kind of reminds me of the whole Yelp minimum wage th…
Not surprising. Lots of kids are holding out hoping that someone will get elected and wave a wand to magically erase the money they borrowed.
There's a simple solution, the Feds should cutoff loans for schools that don't get their students jobs. The government are the only ones that are able to accurately calculate which schools are completely worthless. In fact they should take it one step further and advertise to the whole world what percentage of students get jobs in their studied field and the average starting salary. That would finally put some market…
yes absolutely. this is a great idea. loan defaults by school would be an excellent indicator. more upvotes please.