How much people borrow to attend college can become just a small share of what they wind up owing.
Currently, fewer than a quarter of student loan borrowers are repaying their principal, or the amount they originally took out,according to recent remarks made by Education Secretary Betsy DeVos at a conference on financial aid.
That's because their monthly payments are just going to the interest accumulating on their debt or they're not paying anything right now.
In the meantime, their debt is likely growing.
For example, law school graduate Rick Tallini borrowed around $55,000 in the 1990s. He's since struggled to find employment and pay the bills, and today his student loan balance has ballooned to well over $300,000.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
A majority of Americans across the political spectrum support things Medicare for All, livable wages, a Green new deal, debt-free higher education, getting serious about addressing the opioid epidemic, and more.
In America today we falsely associate modern day Centrism as being Moderate or being “in the middle.”
That’s simple not true and it doesn’t win elections (See the 1,000 seats lost under Obama and in this past election candidates like Jesse Colvin.)
This is why we pay our son’s interest on his loans each month. Although we could pay more, we feel is is a lesson for him to establish his credit and have a goal to work for and not just give him everything. Once he graduates, we will be happy to help him if needed.
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