Msg. 37971 of 65535 (This msg. is a reply to
37965 by
Zimbler0)
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For some borrowers, student loan debt is very difficult to manage. For black and Hispanic students, students who enter low paying, often public service, careers, or students who take on extremely high amounts of debt, defaulting is a very real possibility. And defaulting on student loans can be a crushing financial blow to a student, particularly if that student does not have outside support, such as family or friends, to rely on. At each default, collection costs of up to 40 percent of the loan balance are added to the loan plus any unpaid interest. If a borrower defaults multiple times, his or her balance can quickly balloon, making the total debt to be repaid even more daunting.7
The NCES study makes clear that to get a complete picture of student loan defaults it's necessary to disaggregate default rates by student characteristics and to track students' borrowing histories for longer time periods than the Department of Education does currently.
Dear Clo,
Many years ago now, my paper did an article (authored
by 'acorn') which purportedly 'proved' that blacks
were being denied home loans at a rate much higher
than whites because of racism.
The article had a lot of statistical type numbers,
but the thing that struck me the most was that the
liars had thrown out the credit scores.
As luck would have it, my local paper also ran an
article with the local colleges student loan default
rates. Norfok State, a predominantly 'black' college
had an obscenely high default rate. Old Dominion
University, a local 'white' college had a very low
rate.
But, here is a link which should have a graph to
help you understand.
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