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Tag Archives: Default
Follow-up to Mr. A’s Story
Thanks to all of you who have responded to the story about my client Mr. A. Many of you have asked why Mr. A has not tried rehabilitation or consolidation to get out of default. We have discussed these options … Continue reading
Tagged Bankruptcy, Collection, Default
Older Borrowers and Student Loans: One Client’s Experience
This is dedicated to my client Mr. A in hopes that he will keep his dignity and not lose hope. Some basic facts about Mr. A: He is 83 years old and a veteran of the Korean War. His sole … Continue reading
Tagged Collection, Consolidation, Default, Disability
Give Older Student Loan Borrowers a Break
A recent Washington Post article highlights the numbers of older individuals struggling with student loan debt. The Federal Reserve Bank of New York published new data showing that Americans 60 and older still owe about $36 billion in student loans. We have cautioned … Continue reading
Tagged Bankruptcy, Collection, Default
Paying Attention to “Non-Traditional” Students
The current debate about student loan debt generally spotlights the struggles of young college graduates. The image of a young adult, unable to find a job, maybe even moving back in with her parents, often comes to mind because this best … Continue reading
Tagged Default
Profits and Education: What About the Students?
Joe Nocera wrote in the New York Times last week that profits and education shouldn’t have to be such an ugly combination. Nocera notes that defenders of the for-profit higher education industry are often ignored when they point out that … Continue reading
Tagged Default, For-Profit schools
The Costs of Draconian Student Loan Collection
The Department of Education has unprecedented powers to collect defaulted student loans. The agency can take tax refunds (even earned income tax credits), garnish wages without first getting judgments, and even seize portions of federal benefits such as Social Security. There … Continue reading
Tagged Collection, Default
Student Loan Debt and Low-Income Borrowers
Student Loan Borrower Assistance Project Director Deanne Loonin recently spoke about student loan issues with Isaac Bowers, senior program manager at Equal Justice Works. Here is an excerpt from that interview: “Student loan policy is generally developed with a focus on the … Continue reading
Tagged Default
The Consequences of Student Loan Defaults
Deanne Loonin, Director of NCLC’s Student Loan Borrower Assistance Project, spoke on a panel this week at the annual conference of the National Association of Student Financial Aid Administrators. Here are her more extended views on the session, “Student Borrowing: … Continue reading
Tagged Default, Federal student loans
Denying the Rights of Low-Income Borrowers
Imagine this scenario–Congress passes a new tax deduction that primarily benefits middle income Americans and the I.R.S. decides not to provide the benefit because their staff can’t figure out how to reprogram their computers. It’s hard to imagine because it … Continue reading
Tagged Consolidation, Default
The Real Cost of Student Loan Defaults
The debate about the costs of defaulted federal student loans has taken a very troubling turn. Confusing budget numbers seem to show that the government actually recovers more than it pays out on federal student loans. Jason Delisle of New … Continue reading
Tagged Default, Federal student loans
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