Archive for student loan defaults

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.

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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)

Forgive Student Loans, Stimulate The Economy

Posted in Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , , , , , , , , , , on March 19, 2009 by debtprisoner

“The National Association of Colleges and Employers says that average starting salaries for the Class of 2002 range from $27,000 for political science majors to $51,000 for computer programmers. Around $35,000 is the national norm.”

“After taxes, that works out to about $2,000 a month–the rent on a tiny apartment in a borderline neighborhood in New York or San Francisco. When a fifth of your paycheck goes to student loans, it’s hard to afford a car, much less purchase a first home. Economists looking for explanations for declining sales of big-ticket items might start here.

“College tuition is free or nominal in most industrialized, and many Third World, countries. The United States’ insistence that students assume huge debts to pay for their college education is unusual enough that the Chinese government included it in its 2001 report of American human rights violations.”

Excerpted from “Student Loans Are For Suckers” by Ted Rall.

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