Angela Piazza/Special to Tribune
Arizona State University’s graduate commencement ceremony inside Wells Fargo Arena on Wednesday, May 2, 2012 in Tempe. [Angela Piazza/Special to Tribune]
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Let me guess, a disproportionate amount of these loans went to minorities?
Were the loan companies pressured to provide the loans?
Unlike the federal loans, these are not easy to discharge....awww, actually expecting someone to pay back money for more liberal indoctrination? Obama will fix that!
When I went to college in the 80s credit card companies begged students to get credit cards and start the debt cycle. Alot was discharged for inability to pay.
These loans were legal, and students took them out. If they spent them on education to better themselves, they should be in a position now to pay them off.
if they took them and didn't follow through, I guess we are supposed to give them a pass like the federal(taxpayer funded) loans do.
Evil, mean banks. Expecting 18-25 year old to act like adults. They are children, and the Government should be taking care of them with healthcare, free education and food stamps until they are mature enough to make it partially on their own by buying a VOLT or a Prius and living at home with their parents.
"Too many student loan borrowers are struggling to pay off private student loans that they did not understand and cannot afford,"
THAT'S their excuse? They didn't understand it (but still took out the loan anyway) and now they can't afford to make the payments (what are they doing with their money?).
I scoff at these flimsy excuses. I (and many like me) paid my way through college without spending borrowed money like it was free. I paid my debts, some through great sacrifice. Why can't they?Are our schools no longer teaching fiscal responsibility? PAY WHAT YOU OWE.
Most student loans in the US are backed by the government and carry a fixed rate of interest determined by Congress but there is also a large private market where rates have remained high despite low overall interest rates. The Obama administration has pushed hard to make it easier to refinance a mortgage but so far there has been little action on student loans. The nature of the problems is similar: low quality servicing and a lack of competition for refinancing makes it hard for borrowers to take advantage of low interest rates performed by some lenders online.
This is getting out of control. Students are being forced into debt just to acquire a diploma, which is required for most careers. Student loan debt exceeds the total credit card debt. HR 4170 would create student loan forgiveness.
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