Msg. 37982 of 65535 (This msg. is a reply to
37971 by
clo)
Jump:
Clo> For some borrowers, student loan debt is very difficult to manage.
In other words, Clo,
Here be another method by which blacks can be absolved
of any personal responsibility for their problems.
Here's two personal true stories for you.
I was working the night shift, and the boss decided
to hire a black guy. (I never met the guy.) I'm
an electronics technician, and this guy was hired
to do the same job I do. (Different shift.) Now, on
paper one would think this guy could 'walk on water'.
Lots of schools, job experience, etc. etc. A couple
of months later the boss let him go. It seems he
could not perform the simplest of tasks required in
my profession. (Now, we administer our own little
pre-test before hiring.)
I once went to take a computer programming class - in
a language called 'C'. This was a college level class.
Opening night of class, and I ask about homework.
This black guy in the class threatens to whip my butt
because I'm asking for homework. (It was pretty
obvious to me that I was there to learn something -
and willing to do LOTS of homework to learn it. This
guy was just there to get a piece of paper that said
he was as smart as a white boy . . . which he never
will be.)
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.
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