Archive for August, 2010

Meet Your New Roommate: Student Debt

Posted in Economy, Higher Education, Student Debt, Student Loan Default, Student Loans with tags , , , on August 30, 2010 by debtprisoner

Chiropractors Defaulted on Student Loans “In Droves”

Posted in Chiropractic College Debt, Economy, Higher Education, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , , , , , , , , on August 23, 2010 by debtprisoner

The  chiropractic industry counted a win after it successfully lobbied for  inclusion in a federal student loan program for those studying  health-related professions. Decades later, though, significant numbers  of chiropractors have defaulted on their loans, leaving Uncle Sam to  make up the difference.

Fifty-three percent of  healthcare providers barred from receiving Medicare and Medicaid  reimbursements from patients because they defaulted on Health Education  Assistance Loans (HEAL) are chiropractors, according to an analysis of  the Department of Health and Human Services’ exclusion list.

The data shows people well into middle age–even in their 60s–saddled with debt, sometimes as much as $500,000, from the four years of graduate chiropractic school.

Link (via Sunshine Foundation Reporting Group)

We’ve said it before and we’ll say it again: Don’t become a chiropractor unless you like STUDENT LOAN DEBT you can’t repay — and lots and lots of it. You have been warned.

In Lawsuit, Students Claim College Deceived Them

Posted in Economy, Higher Education, Media Appearances, Student Debt, Student Loans with tags , , , , , , , , , , on August 22, 2010 by debtprisoner

Bernal says she was told that with a fashion merchandising degree from Westwood, she’d pull down a $65,000 salary after graduation in three years. The cost of the degree was a bit of a shock — $75,000 — but Westwood helped Bernal get federal student loans.

Two years after graduating, the only work she can find is a $12 per hour, part-time job as a bank teller.

Link (to National Public Radio)

Suze Orman on Forgiving Student Loans

Posted in Economy, Higher Education, Media Appearances, Student Debt, Student Loans with tags , , , , , , , , , , , , on August 20, 2010 by debtprisoner

Link (via Youtube)

The Homeless At College

Posted in Economy, Higher Education, Student Debt, Student Loans with tags , , , , , , , , , , on August 20, 2010 by debtprisoner

Article in Businessweek about recruiting the homeless to sign up for student loan debt:

Rollins’ experience is increasingly common. The boom in for-profit education, driven by a political consensus that all Americans need more than a high school diploma, has intensified efforts to recruit the homeless. Such disadvantaged students are desirable because they qualify for federal grants and loans, which are largely responsible for the prosperity of for-profit colleges. Federal aid to students at for-profit colleges jumped from $4.6 billion in 2000 to $26.5 billion in 2009. Publicly traded higher education companies derive three-fourths of their revenue from federal funds, with Phoenix at 86%, up from just 48% in 2001 and approaching the 90% limit set by federal law.

Link (to Bloomberg Businessweek)

Americans Now Owe More Student Loans Than Credit Card Debt

Posted in Economy, Higher Education, Student Debt, Student Loans with tags , , , , , , , , , , , , , , , , , on August 10, 2010 by debtprisoner

Americans owe some $826.5 billion in revolving credit, according to June 2010 figures from the Federal Reserve. (Most of revolving credit is credit-card debt.) Student loans outstanding today — both federal and private — total some $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.

Link (via Huffington Post)