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Thread: Ohio student loan default rate among highest in U.S.

  1. #1

    Default Ohio student loan default rate among highest in U.S.

    http://www.mansfieldnewsjournal.com/...g-highest-U-S-


    Good to see this is getting some attention!


    Ohio student loan default rate among highest in U.S.

    DAYTON — Ohio’s student loan default rate is among the 10 highest in the country with nearly 30,000 Ohioans defaulting on federal loans they were supposed to start repaying in 2010, a newspaper reported.

    A total of 29,500 Ohioans are among more than 600,000 former college students defaulting on student loans for the three-year period, the Dayton Daily News (http://bit.ly/17gzfIJ ) reports. Ohio’s default rate over that time increased from 13.2 percent to 16.2 percent, according to new data from the U.S. Department of Education.

    The Consumer Financial Protection Bureau reports that more than 7 million borrowers are currently in default on a federal or private student loan, meaning they missed payment for nine months.

    Defaults leave borrowers facing problems that include late fees, added interests, wage garnishment and court costs.

    “The consequences of default are so severe,” said Lauren Asher, president of The Institute for College Access and Success.

    She said the debt can follow borrowers for the rest of their lives, ruining their credit and making it difficult to buy a car or rent an apartment. It can also limit job prospects and make it impossible to get federal grants or loans to return to school, Asher said.

    Ohioans graduate with an average $28,683 in loans, according to the Project on Student Debt. But fees and interest can cause that debt to increase quickly when borrowers don’t find jobs after college and default on their loans.

    Ronnie Battson, 57, said he owes $60,000 for a $24,000 loan he took out to fund his computer networking degree from ITT Technical Institute in 2001. The Dayton resident said he has applied for jobs in his field without success and now works as a security guard at minimum wage, while his student debt keeps growing.

    “It gets really discouraging,” he said.

    The Department of Education advises borrowers in default to contact the agencies billing them, explain their situation and ask the agencies to work with them.

    U.S. Sen. Elizabeth Warren, D-Mass, who has proposed changes aimed at helping borrowers, says debt can be very destructive.

    “It kills hope. It kills opportunity,” she said.

    Warren has proposed restoring bankruptcy protections for student debt and giving graduates the ability to refinance their debt to take advantage of historically low interest rates. She also wants loans be made at no profit to the government.
    "Sorry, fellows, the rebellion is off. We couldn't get a rebellion permit."



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  3. #2

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    Surprising....

    Not $#@! going on in Ohio, promises of jobs for unneeded career fields, propaganda and employers looking towards higher education..

    Of course the rust belt is defaulting on loans. Indebting an entire generation to perpetual debt and a lack of credit. Trust and believe it will be bailed out. Probably about the time the dollar fails.
    “The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them.” --George Orwell

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    In terms of a full spectrum candidate, Rand is leaps and bounds above Trump. I'm not disputing that.
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  4. #3

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    Free education!

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    Free housing!

    Free Medical!

    USA

    USA

    USA

  5. #4

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    Quote Originally Posted by tod evans View Post
    Free education!

    Free food!

    Free housing!

    Free Medical!

    USA

    USA

    USA
    The ObamaCareLess website needs to be updated so I can sign up for everything on one easy to use government website. Maybe he can set it up in his 3rd term?
    Lifetime member of more than 1 national gun organization and the New Hampshire Liberty Alliance. Part of Young Americans for Liberty and Campaign for Liberty. Free State Project participant and multi-year Free Talk Live AMPlifier.

  6. #5

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    Quote Originally Posted by Keith and stuff View Post
    The ObamaCareLess website needs to be updated so I can sign up for everything on one easy to use government website. Maybe he can set it up in his 3rd term?
    My son wants free XBox stuff too, think the prez would authorize that too?

    My dog'd like to eat better and I remember reading where "pets" should qualify for "benefits"....

    Hell I could use a nice new truck, think of the stimulus if everybody got free cars!






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