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Killer Student Loans

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags , , , , on October 31, 2010 by debtprisoner

“This year Americans’ total outstanding student loan debt from federally funded and private loans was estimated at $833 billion, a sum that exceeds our credit card debt (though the two kinds of debt overlap, since, as the Smith study showed, credit cards are used to help pay tuition). The Chronicle of Higher Education reported in July that the 15-year default rate for federal loans is 20 percent; for loans to community college students, 31 percent; for loans to students at for-profit schools, 40 percent.”

**** HIGHLY RECOMMENDED READING if you are new to the Student Loan Disaster. ****

LINK to “Killer Loans: Student loan borrowers drown in debt as lenders make billions.” in Valley Advocate News