Archive for u.s. economy

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

Starting Life With Student Loan Debt

Posted in Economy, Media Appearances, Student Debt, Student Loan Default, Student Loans with tags , , , , , , , on October 6, 2010 by debtprisoner

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)

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)

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)