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26 Oct 2011 14:40

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Politics: Obama backs plan to alleviate crushing student loan debt

  • $24,000 average student debt in 2009 source
  • » Way down in the hole: The above figure represents the average student loan debt for a graduate of a four-year, non-profit university, as measured in 2009 by the Institute for College Access & Success. In an economy that’s stifling the job prospects of even accomplished college graduates, finding yourself in this level of debt can feel a bit like you’ve been scammed. President Obama is today promoting his plan to tweak the Income-Based Repayment Plan for student loans with changes that were meant to take effect in 2014 (Obama wants 2012). The percentage of one’s discretionary monthly income that must be paid would be lowered from 15% to 10%, and all debt would be forgiven after 20 years, as opposed to the program’s current 25.
Posted by Chris Tognotti • 0 Comments • Permalink

25 May 2011 14:10

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Biz, U.S.: Bubble watch: Is the student loan market about to crash?

  • $24k average amount of debt a graduating college student has
  • $800B amount in outstanding student debt — with 30% of it securitized
  • 40% number of student loans that are in default after 15 years; not good source
  • » This is huge. To put it in perspective: Student loans are the nation’s largest source of debt – even more than credit cards. Tuition has risen faster than inflation, and lenders are quick to help students. That’s because until 2009 the government had a program in place that purchased loans that weren’t paid back. That sounds a lot like the housing market, right? Couple all of that with the fact that college graduates are having harder times finding jobs, and you don’t get a very good picture over the long-term.
Posted by Justin Jones • 0 Comments • Permalink
 
 
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