Koch originally borrowed $69,000 (...) eventually he defaulted on his loans. He was immediately slapped with $50,000 in penalties.
What must I do to have any remaining balances on my Direct Loans forgiven under the PSLF Program?
You must make 120 on-time, full, scheduled, monthly payments on your Direct Loans. Only payments made after October 1, 2007 qualify.
But by taking out those loans, Yoder was doing exactly what the student loan-industrial-complex wanted him to do. Sallie Mae CEO Albert Lord made a fortune of $230 million by shifting his company, and the government-backed student loans in its portfolio, from public to private.
While there has been no formal study to map the correlation between student loan debt and suicide, studies have been done, which prove that long-term unemployment is a factor in rising suicide rates:
This seems to me to hit exactly the stratum of society which, when sufficiently alienated, has often initiated successful revolutions elsewhere
For the quarter, student debt rose by $30 billion, or 3.4%, while all other kinds of debt fell by $131 billion, or 1.2%. Of the other major categories, only auto debt was up (but just 0.3%); mortgages (-1.0%), credit cards (-3.6%), and home equity lines (-2.4%) all fell. Debt has broadly been falling for almost four years, but student debt continues to rise. Nonstudent debt is down 13% from its 2008 peak—but student debt makes a new peak every quarter.
also, wait, companies foot bills for MAs? I'm familiar with hospitals/health systems helping out with tuition costs if you go on to advance your degree, but I hadn't heard of that before.
wolfdreams01 : When you "invest in yourself" through higher education, it's important to make sure that there's enough base capital to make the multiplicative effect of your investment substantial enough to be rewarding. Unfortunately, studies show most people have an inflated view of their own utility, and so the educational system will be taking advantage of people for many years to come.
Stories of students who went to an expensive, elite private college to study basket-weaving are very, very common in news media (I suspect because those students are the type to be friends with media professionals), but they do not paint a true picture of the students most burdened by educational debt- those students are low-income, first-generation college students who do not have enough information about the education market to make an informed financial decision before enrolling in college. Those are the students who need reform.
Many on Wall Street think cheating breeds success - Nearly one-fourth of financial services professionals feel it’s at least sometimes necessary to do illegal or unethical things to be successful, and many are motivated to do so by fat bonuses and other compensation.... The survey found that 30 percent of those in financial services feel pressure to do things that are unethical or illegal because of their compensation or bonus plans.
For our private student loans, Sallie Mae uses an index based on LIBOR.
The London Interbank Offered Rate (or LIBOR, pronounced LYE-bor) is a reference rate based on the interest rates that banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market).
Sallie Mae uses variable rates on our private student loans, and they are adjusted monthly. The interest rate is based on LIBOR plus a margin. Sallie Mae uses the one-month LIBOR as published in Reuters on the 25th of the month or next New York business day if the 25th is a weekend or holiday. The interest rate on your private loan will increase or decrease if LIBOR increases or decreases.
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