2009 was a big year in the student loan world. Unfortunately, as the economy has worsened and joblessness rates have increased, more and more student loan borrowers are finding it difficult to deal with overwhelming debt loads. We will write more in 2010 about our clients and other financially distressed student loan borrowers. We will also write about legislation and the need to push government servicers and collectors to respect borrowers, provide real default management services and at a minimum, comply with the law.
In the meantime, here is a quick look back at 2009 through a few interesting and important pieces from other blogs.
On For-Profit Schools and Loan Defaults
From the Education Sector’s quickanded.com: Cohort Default Rates and Proprietary Schools (December 2009)
From Student Lending Analytics: Defaulted Student Loan Portfolio Crosses $50 Billion (December 2009)
A New York Times Blog piece on default rates (December 2009)
On Private Loans
From the New America Higher Education Watch: Putting an End to the Subprime Student Loan Racket (October 2009)
From New America Higher Education Watch on the private loan debt swap proposal (December 2009)
On Student Loan Legislation in Congress
The Education Sector: Increasingly Desperate Arguments Against Reform (September 2009).
Just a slice of many interesting posts from 2009. Happy New Year.