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Tuesday, October 02, 2012
More Than 1-In-5 Students At For-Profit Colleges Default On Student Loans Within Three Years
For the first time, the Dept. of Education has provided stats for people three years into their student loan repayments, and the numbers don’t paint a pretty picture. The percentage of college students defaulting on their loans is on the rise, with 9.1% of recent students defaulting within two years of their first payment coming due, and a whopping 13.5% defaulting within three years. And at controversial for-profit colleges, that number is alarmingly higher.
Looking at borrowers whose first student loan payments came due between Oct. 2008 and Oct. 2009, a startling 22.7% of those who had gone to a for-profit college had defaulted by Sept. 2011. That’s more than double the 11% three-year default rate for students at public institutions and triple the rate (7.5%) for those who had gone to private, non-profit schools.
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Perhaps getting out of college with a degree but no job prospects and unemployment at 8+% for 4 years straight sorta puts a crimp in one's ability to pay $400-1000 a month? And those same college grads can't wait to give obama another four years. A degree apparently doesn't instill any critical thinking abilities any more. I feel sorry for the parents who were forced to cosign on loans to their under 25 year old children. Why is that? Because the companies who do student loans KNOW they are loaning to a high risk demographic. They do it anyway. College expenses have skyrocketed faster than any other service or commodity. And the degrees they produce aren't worth the paper they are printed on.....I know, I know ---- it's Bush's fault again...
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