A person living in poverty takes on a substantial risk when they take out a student loan in order to get a college degree. This is a story of what it feels like when the risk doesn't pay off.
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This week I'm hearing about some good news for MetaBank and some very bad news for ITT Tech.
Buried in the latter half of the CFPB's complaint against ITT Tech is a revelation that the private lending at the center of the issue was done by a group of credit unions.
The CFPB says that ITT Tech set up a business plan that pressured students into taking out high-cost private loans.
Lead Generators Find Her Again. She Decides to Enroll at the Art Institute
Then she made another decision. While searching for work on the employment website www.jobhat.com, a pop-up advertisement appeared. “Do you want to go to school?” it said. “Let Us Match You with Top Schools in Seconds!” JobHat.com is the kind of
Jaqueta's Life Gets in the Way of School
Jaqueta signed up because she wanted to escape a future of minimum-wage work at part-time service jobs. She had to borrow in
This is the third part in this week's series on for-profit schools.
Today's entry (1 and 2 are here and here) sheds light on the context in which so many students find themselves when they consider an education. In this period of fiscal austerity, many states have decided to freeze or even cut back on their allocations for community colleges.
Note: This is the second part of my Salon story. This entry focuses on one repayment rates of federal student loans. This is, in my opinion, one of the main problems with the current state of affairs. Student loans are not dischargeable. Any future income streams - either from
Over the next week, I'm going to serialize a 5,800 word article that I wrote for Salon. I wrote about one person's difficult experience in pursuing an online degree through two different for-profit colleges. The story layers her narrative with lots of
There are a variety of relevant policy issues that could address this situation. Right now, the Deparment of Education is considering a rulemaking on the gainful employment rule. GE puts accountability on schools when too few of their graduates are
While much has been written about the gradual but constant deleveraging of the American household balance sheet, long-term trends in its composition have changed from their trajectory prior to 2008. Homeowners are borrowing less and paying on time for often. Students are borrowing more, but unfortunately, more are falling into delinquency as well. At the end of last spring, Americans owed $986