Archive for student loan crisis

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

Student Loan Debt Clock — $848 billion and counting

Posted in Activism, Economy, Higher Education, Student Debt, Student Loan Default, Student Loans with tags , , , , on September 5, 2010 by debtprisoner

A new tool lets you watch the country’s collected student debt pile up in real time.

Sponsored by FinAid.org, the Student Loan Debt Clock tallies an estimate of total private and federal outstanding student debt. According to FinAid, now is peak time for debt growth, as more student loans are doled out at the semester’s start.

Link (to Huffington Post)

High Costs, Loan Defaults at For-Profit Colleges

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default with tags , , , , , on September 5, 2010 by debtprisoner

From USAToday:

According to the Department of Education, 77% of for-profit universities’ revenue — some $24 billion in the 2008-09 academic year — comes from federal grants and loans. Amazingly, even though the industry accounts for only 10% of students, it is responsible for 44% of all loan defaults. On average, more than one in five people who borrow to attend for-profit institutions is in default within three years of leaving school. The schools don’t care because the loans are federally guaranteed — an echo of the practices that led banks to issue subprime mortgages.

Link (to USAToday)

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

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)

Unethical Student Loan Lending Practices on CNN

Posted in Economy, Higher Education, Media Appearances, Student Debt, Student Loans, Videos with tags , , , , , , , , , , , , on March 23, 2009 by debtprisoner