Student loan - Wikipedia

Student loan – Wikipedia

A student loan is a sort of loan designed to assist students pay for post-secondary training and the related charges, comparable to tuition, books and provides, and dwelling bills. It could differ from different sorts of loans in the truth that the rate of interest could also be considerably decrease and the reimbursement schedule could also be deferred whereas the student remains to be at school. It additionally differs in lots of nations within the strict legal guidelines regulating renegotiating and chapter. This article highlights the variations of the student loan system in a number of main nations.

Australia[edit]

Tertiary student locations in Australia are normally funded by means of the HECS-HELP scheme. This funding is within the type of loans that aren’t regular money owed. They are repaid over time through a supplementary tax, utilizing a sliding scale based mostly on taxable revenue. As a consequence, loan repayments are solely made when the previous student has revenue to assist the repayments. Discounts can be found for early reimbursement. The scheme is on the market to residents and everlasting humanitarian visa holders. Means-tested scholarships for dwelling bills are additionally obtainable. Special help is on the market to indigenous students.[1]

There has been criticism that the HECS-HELP scheme creates an incentive for folks to depart the nation after commencement, as a result of those that don’t file an Australian tax return don’t make any repayments.[2]

The province of British Columbia permits the Insurance Corporation of British Columbia to withhold issuance or renewal of driver’s license to these with delinquent student loan repayments or youngster assist funds or unpaid court docket fines.[3]
Students want to satisfy the qualification with a person’s direct academic prices and dwelling expense to get the certificates to acquire a loan and this coverage is instantly managed by the federal government.[4]

Germany[edit]

New Zealand[edit]

New Zealand supplies student loans and allowances to tertiary students who fulfill the funding standards. Full-time students can declare loans for each charges and dwelling prices whereas part-time students can solely declare coaching establishment charges. While the borrower is a resident of New Zealand, no curiosity is charged on the loan. Loans are repaid when the borrower begins working and has revenue above the minimal threshold, as soon as this happens employers will deduct the student loan repayments from the wage at a set 12c within the greenback charge and these are collected by the New Zealand tax authority.

Thailand[edit]

The public sector is likely one of the most necessary sections in Thailand’s increased training system. In addition, many public academic organizations normally obtain earnings from the students’ tuition charges and the governments. Specifically, There are six numerous sections within the public sector’s group: faculties with the restricted enrollment,universities which is opening to public, universities which is nationwide autonomous, Rajabhat faculties, Ajamangala Universities of Technology, and polytechnic faculties.[5]

Citizens in India present that the Indian Nation Loan Scholarship Scheme which operated from 1963 would make the additional waste on expenditure for the explanation of ‘limiting’, which implies solely the individuals who really want to borrow would apply the student loan for the longer term training. Because of this, most Indian students could be extra cautious to decide on their jobs in an effort to pay again the stability due.[6]

The Indian authorities has launched a portal, Vidya Lakshmi, for students looking for academic loans and 5 banks together with SBI, IDBI Bank and Bank of India have built-in their system with the portal. Vidya Lakshmi was launched on the event of Independence Day i.e. 15 August 2015 for the good thing about students looking for academic loans.[7] Vidya Lakshmi was developed beneath three departments of India i.e. Department of Financial Services, Department of Higher Education and Indian Banks Association (IBA).[8] Vidya Lakshmi Portal has been developed beneath the Pradhan Mantri Vidya Lakshmi Karyakram and introduced by the Honorable Finance Minister Shri Arun Jaitley within the finances speech of FY 2015-16. As on August 15, 2020 , 37 banks have registered on the Vidya Lakshmi Portal and providing 137 loan schemes [9]

To bridge the constraint of accelerating institutional charges, NSDL e-Governance in India launched Vidyasaarathi portal to assist students looking for scholarship for research in India or abroad.[10][11]

South Korea[edit]

South Korea’s student loans are managed by the Korea Student Aid Foundation (KOSAF) which was established in May 2009. According to the governmental philosophy that Korea’s future is determined by expertise improvement and no student ought to give up learning as a consequence of monetary causes, they assist students develop into skills that serve the nation and society as members of Korea.[12] Normally, in South Korea, the default charge of redemption is said to every student’s tutorial personalities. For occasion, evaluating with different majors, students in superb arts and physics are alleged to possessing a better default charge. Therefore, students in such majors could be inclined to a better charge of unemployment and a better threat of default in redemption. Also, folks will are inclined to have an inferior high quality of human capital if the interval of unemployment is simply too lengthy.[13]

United Kingdom[edit]

Student loans within the United Kingdom are primarily supplied by the state-owned Student Loans Company. Interest begins to build up on every loan fee as quickly because the student receives it, however reimbursement will not be required till the beginning of the following tax 12 months after the student completes (or abandons) their training.[14]

Since 1998, repayments have been collected by HMRC through the tax system, and are calculated based mostly on the borrower’s present stage of revenue. If the borrower’s revenue is under a sure threshold (£15,000 per tax 12 months for 2011/2012, £21,000 per tax 12 months for 2012/2013), no repayments are required, although curiosity continues to build up.

Loans are cancelled if the borrower dies or turns into completely unable to work. Depending on when the loan was taken out and which a part of the UK the borrower is from, they might even be cancelled after a sure time period normally after 30 years, or when the borrower reaches a sure age.

Student loans taken out between 1990 and 1998, within the introductory section of the UK authorities’s phasing in of student loans, weren’t subsequently collected by means of the tax system in following years. The onus was (and nonetheless is) on the loan holder to show their revenue falls under an yearly calculated threshold set by the federal government in the event that they want to defer fee of their loan.
A portfolio of early student loans from the Nineteen Nineties was offered, by The Department for Business, Innovation and Skills in 2013.
Erudio, an organization financially backed by CarVal and Arrow Global was established to course of functions for deferment and to handle accounts, following its profitable buying bid of the loan portfolio in 2013.

READ:   Loan Payoff Calculator - Extra Payments

There are complaints that graduates who’ve totally repaid their loans are nonetheless having £300 a month taken from their accounts and can’t get this stopped.[15]

United States[edit]

In the United States, there are two sorts of student loans: federal loans sponsored by the federal authorities and personal student loans, which broadly consists of state-affiliated nonprofits and institutional loans supplied by faculties.[16] The overwhelming majority of student loans are federal loans. Federal loans may be “subsidized” or “unsubsidized.” Interest doesn’t accrue on backed loans whereas the students are at school. Student loans could also be supplied as a part of a complete monetary assist package deal which will additionally embrace grants, scholarships, and/or work research alternatives. Whereas curiosity for many enterprise investments is tax deductible, Student loan curiosity is mostly not deductible. Critics contend that tax disadvantages to investments in training contribute to a scarcity of educated labor, inefficiency, and slower financial development.

Prior to 2010, federal loans have been additionally divided into direct loans (that are originated and funded by the federal authorities) and assured loans, originated and held by personal lenders however assured by the federal government. The assured lending program was eradicated in 2010 due to a widespread notion that the federal government ensures boosted student lending firms’ earnings however didn’t profit students by decreasing student loan prices.[17]

Federal student loans are cheaper than personal student loans. The rate of interest of debtors with federal student loans is almost equal to the weighted common charge on the previous loans whereas the brand new rate of interest of personal loans is determined by the one-month London interbank supplied charge. Therefore, these two student loans are completely different in each software and definition.[18] Losses on student loans are extraordinarily low, even when students default, partially as a result of these loans can’t be discharged in chapter except repaying the loan would create an “undue hardship” for the student borrower and his or her dependents.[19] In 2005, the chapter legal guidelines have been modified so that personal academic loans additionally couldn’t be readily discharged. Supporters of this alteration claimed that it might cut back student loan rates of interest; critics mentioned it might enhance the lenders’ revenue.

Students can apply loans to Stafford Loans with no dangers; and there are round 1000 banks, like J.P. Morgan Chase, engaged within the student loan challenge. Besides, students may also take into consideration making use of for student loans with the Department of Education which allow any faculty to participate in its Direct Loan challenge.[20]

Rising Student Debt[edit]

Federal assist insurance policies expanded loan eligibility and shifted from grants to loans[21] beginning the rising student debt. The Federal Pell Grant, a type of federal assist for increased training students that doesn’t must be re-paid, solely supplies a most annual grant of $6,195 per student for the 2019-2020 award 12 months.[22] With the typical annual tuition price for a 4 12 months in-state public college averaging $26,590 for the 2019-2020 tutorial 12 months[23], many students are compelled to take out student loans to bridge the hole between grants and their annual tuition prices. More students over time have been actively enrolled in universities, with for-profit universities enrollment rising by over 5 million prior to now 10 years. For-profit universities enroll solely 10% of the nations lively school enrollment, but maintain practically 20% of all federal student loan.[21] States have additionally disadvantaged public assist and shifted the monetary burden onto students by growing the price of tuition.[24] With the median household revenue on a gentle decline annually since 2007 up till 2012, it noticed growing issue for students to pay again school tuition out of financial savings and labor revenue.[25] Between 2002 and 2012, public spending on training dropped 30%, whereas complete enrollment at public faculties and universities jumped 34%.[26] In a research carried out by the Federal Reserve Bank of St. Louis discovered that approximate $140 billion in student debt was loaned instantly by the federal authorities, however by 2017, the federal authorities had reached $1.15 trillion.[27]

Income-Based Repayment[edit]

The Income-Based Repayment (IBR) plan is an alternative choice to paying again federal student loans, which permits the debtors to pay again loans based mostly on how a lot they make, and never based mostly how a lot cash is definitely owed.[28] Income-based reimbursement is a federal program and isn’t obtainable for personal loans.[29]

IBR plans typically cap loan funds at 10 % of the student borrower’s revenue. Deferred curiosity accrues, and the stability owed grows. However, after a sure variety of years, the stability of the loan is forgiven. This interval is 10 years if the student borrower works within the public sector (authorities or a nonprofit) and 25 years if the student works at a for-profit. Debt forgiveness is handled as taxable revenue, however may be excluded as taxable beneath sure circumstances, like chapter and insolvency.[30][31]

Scholars have criticized IBR plans on the grounds that they create ethical hazard and undergo from antagonistic choice. That is, IBR and PAYE encourages students to borrow as a lot as doable for so long as doable and largely for private (oblique) bills (not tuition and charges), notably on the graduate stage the place there is no such thing as a restrict on borrowing (as much as $138,500 in Staffords plus limitless Graduate plus loans) and steer those that may have obtained high-wage jobs to take low wage jobs with good advantages and minimal work hours to scale back their loan funds, thereby driving up the price of the IBR program. And, if IBR applications are non-obligatory, solely students who’ve the very best money owed relative to wages will choose into this system. For instance, as a consequence of components to qualify, the overwhelming majority of students with money owed exceeding $100,000 will qualify even when incomes at or close to the median wage, thus they don’t have any incentive to borrow responsibly. Historically, plenty of IBR applications have collapsed due to these issues.[32]

Qualification[edit]

Most school students within the United States qualify for federal student loans.[33] Students can borrow the identical amount of cash, on the similar worth, no matter their very own revenue or their dad and mom’ incomes, no matter their anticipated future revenue, and no matter their credit historical past. Only students who’ve defaulted on federal student loans or have been convicted of drug offenses, and haven’t accomplished a rehabilitation program, are excluded. Borrowers from households with low revenue with separation are extra are inclined to default than these from higher-income households. Also, debtors getting into reimbursement after sophomore usually tend to default.[34]

This is the picture of the Percentage of Federal Student Loans in Default inside age teams, Fiscal Year 2013. This chart reveals that in 2013, round 17 % of mum or dad plus loans have been in default from ages 65 to 74, and 30 % of their very own training loans have been in default.

The quantity students can borrow annually is determined by their training stage (undergraduate or graduate), and their standing as dependent or unbiased. Undergraduates are eligible for backed loans, with no curiosity whereas the student is at school. Graduate students can borrow extra per 12 months.[17] (Graduate {and professional} faculties are costly and fewer assist of different sorts is on the market.)

READ:   Schumer, Warren, Pressley urge Biden to increase student-loan fee pause — and cancel student debt

Private lenders use completely different underwriting standards, together with credit ranking, revenue stage, dad and mom’ revenue stage, and different monetary concerns. Students solely borrow from personal lenders once they exhaust the utmost borrowing limits beneath federal loans. Several students have advocated eliminating the borrowing restrict on federal loans and enabling students to borrow in line with their wants (tuition plus dwelling bills) and thereby eliminating high-cost personal loans.[17]

Repayment[edit]

Federal student loan rates of interest are established by Congress and listed in § 20 U.S.C. § 1087E(b). Because the rates of interest are established by Congress, rates of interest are a political choice. In 2010, the federal student loan program ran a multibillion-dollar “negative subsidy”, or revenue, for the federal authorities. Loans to graduate {and professional} students are particularly worthwhile due to excessive rates of interest and low default charges.[35] Usually, the online movement of the default charge on student loans are strongly associated to the nontraditional issuer and the flowing worth of the tangible property, not like buildings or land.[clarification needed] However, in distinction to the constructive correlation with the borrower, a change within the worth usually results in unfavourable affect on default charge. These two points have been used to elucidate the Great Recession of student loan default, which had grown to just about thirty %.[36]

Some consultants[specify] consider that the training of employees would carry societal advantages comparable to decreasing stress on public providers, decreasing medical bills, growing incomes, and selling employment charges. These folks suggest that federal student loan charges must be adjusted with particular programs, relative to the speed of threat and societal returns from numerous research.[37][38]

Normally, reimbursement begins six months after commencement or leaving faculty.

It is necessary to notice[according to whom?] that monetary aid can present a security web for these beneath intense stress to repay, main many in direction of gaining revenue and avoiding defaulting.[39]

With federal student loans the student could have a number of choices for extending the reimbursement interval. An extension of the loan time period will cut back the month-to-month fee and enhance the quantity of complete curiosity paid on the principal stability in the course of the lifetime of the loan (the unpaid curiosity and any penalties turn into capitalized, i.e. added to the loan stability). Extension choices embrace prolonged fee durations supplied by the unique lender and federal loan consolidation. There are additionally different extension choices together with income-based reimbursement plans and hardship deferments.

The Master Promissory Note is an settlement between the lender and the borrower that guarantees to repay the loan. It is a binding authorized contract.

Criticism[edit]

In protection by means of established media shops, many debtors have expressed emotions of victimization by the student loan firms.[40][41][42] There is a comparability between these accounts and the faculty credit card pattern in America in the course of the 2000s, although the quantities owed by students on their student loans are nearly all the time increased than the quantity owed on credit playing cards.[43] Many anecdotal accounts of the hardships attributable to extreme student loan debt ranges are chronicled by the group Student Loan Justice which is based and led by client rights advocate and creator Alan Collinge.[44] Student loans can’t be discharged in a chapter continuing except the debtor can display “undue hardship.”[45] After the passage of the chapter reform invoice of 2005, even personal student loans will not be discharged throughout chapter. This supplied a credit threat free loan for the lender, averaging 7 % a 12 months.[46]

In 2007, Andrew Cuomo, then Attorney General of New York State, led an investigation into lending practices and anti-competitive relationships between student lenders and universities. Specifically, many universities steered student debtors to “preferred lenders” which resulted in these debtors incurring increased rates of interest. Some of those “preferred lenders” allegedly rewarded college monetary assist employees with “kickbacks”. This has led to modifications in lending coverage at many main American universities. Many universities have additionally rebated hundreds of thousands of {dollars} in charges again to affected debtors.[47][48]

The largest lenders, Sallie Mae and Nelnet, are often criticized by debtors. These lenders usually discover themselves embroiled in lawsuits, essentially the most severe of which was filed in 2007. The false claims go well with was filed on behalf of the federal authorities by former Department of Education researcher Jon Oberg in opposition to Sallie Mae, Nelnet, and different lenders. Oberg argued that the lenders overcharged the U.S. authorities and defrauded taxpayers of hundreds of thousands and hundreds of thousands of {dollars}. In August 2010, Nelnet settled the lawsuit and paid $55 million.[49]

The New York Times printed an editorial in August 2011 endorsing the return of chapter protections for personal student loans in response to the financial downturn and universally growing tuition in any respect faculties and graduate establishments.[50]

Since 2005, Bankruptcy reform lead debtors need to take the accountability of personal student loan debt in chapter which may decline debtors’ intention of decreasing expensive defaults to declare chapter.[51]

As of 2013, many economists are predicting a brand new financial disaster will emerge on account of an estimated $1 trillion of student loan debt at present impacting two thirds of graduating school students in America.[52] However, most economists and traders consider that there is no such thing as a student loan bubble.[53]

Hong Kong[edit]

The loan scheme for Hong Kong students was launched in 1969. This scheme aimed to assist full-time students at two universities: the Chinese University of Hong Kong and Hong Kong University. The program was prolonged in 1976 to cowl full-time students within the Hong Kong Polytechnic, and additional prolonged in 1982 to cowl post-advanced stage students within the Hong Kong Baptist College. In 1984 loans have been expanded to incorporate students within the new metropolis Polytechnic. The scheme is managed by the secretary of the University and Polytechnic Grants Committee, which is suggested by the Joint Committee On Student Finance. The applicant of the loan scheme will need to have resided or been domiciled in Hong Kong for 3 years instantly previous to software.[54] In 1990, a brand new authorities workplace, the Student Financial Assistance Agency, was additionally established to coordinate the administration of the student loan scheme.[55]

READ:   What to Expect When Student Loan and Mortgage Forbearance Ends

See additionally[edit]

References[edit]

  1. ^ “Paying for your studies (HELP loans)”. Goingtouni.gov.au. Archived from the unique on 2010-10-22. Retrieved 2010-09-07.
  2. ^ Free Uni for Artful Dodgers Incentives for Australians to depart the nation after commencement (Retrieved 2014-08-22)
  3. ^ Kines, Lindsay (March 12, 2015). “Pay debts or put your driver’s licence at risk; ICBC asked to collect on student loans, court fines”. Times – Colonist. Victoria, British Columbia. p. S5.
  4. ^ Finnie, Ross (November 2001). “Measuring the load, easing the burden: Canada’s student loan programs and the revitalization of Canadian postsecondary education”. Commentary – C.D. Howe Institute (154–156). ISSN 0824-8001. ProQuest 216599241.
  5. ^ Somkiat, Tangkitvanich; Manasboonphempool, Areeya (2010). “Evaluating the Student Loan Fund of Thailand”. Economics of Education Review. 29 (5): 710–721. doi:10.1016/j.econedurev.2010.04.007.
  6. ^ B.G.Tilak, Jandhyala (1992). “Student Loans in Financing Higher Education in India”. Higher Education. 23 (4): 389–404. doi:10.1007/BF00138626. JSTOR 3447354.
  7. ^ “Govt launches education loan portal for students”. timesofindia.indiatimes.com.
  8. ^ “This is a one-stop portal for all your education loan queries”. India Today. Retrieved 2018-11-22.
  9. ^ “Vidyalakshmi”. www.vidyalakshmi.co.in. Retrieved 2020-09-08.
  10. ^ “Education Loans And Scholarship For Students”.
  11. ^ “NSDL e-Governance invites students to apply for Scholarship through Vidyasaarathi portal”. The Hans India. 2017-05-15. Retrieved 2018-11-22.
  12. ^ “50 Euro Lenen met een Minilening”. 50 Euro Lenen. Retrieved 15 May 2017.
  13. ^ Jun, Sang Gyung; Han, Byung Suk; Kang, Hyoung Goo (August 2015). “Student Loan and Credit Risk in Korea”. Economics Letters. 135: 121–125. doi:10.1016/j.econlet.2015.08.018.
  14. ^ “Klein bedrag lenen – Vergelijk minilening aanbieders! – Minilening, Mini lening”. Klein bedrag lenen.
  15. ^ Student loans: graduates nonetheless face money grabs of £300 a month The Guardian
  16. ^ Consumer Financial Protection Bureau. (2012) Private Student Loans. See additionally: Report Details Woes of Student Loan Debt. NYT.
  17. ^ a b c Jonathan Glater, The Other Big Test: Why Congress Should Allow College Students to Borrow More Through Federal Aid Programs, 14 N.Y.U. J. LEGIS. & PUB. POL’Y 11, 37 (2011)
  18. ^ Andriotis Anna, Maria (Jun 2014). “WEEKEND INVESTOR — College Debt: Easing the Burden — Despite moves to expand a major student-loan relief program, many borrowers still won’t qualify; Here are the best options for graduates with federal or private student loans”. The Wall Street Journal. ProQuest 1535344338.
  19. ^ John A. E. Pottow, The Nondischargeability of Student Loans in Personal Bankruptcy Proceedings: The Search for a Theory, 44 CAN. BUS. L.J. 245, 249-250 (2006)
  20. ^ Petri, Thomas E. (Feb 2008). “No Worry About Getting Student Loans“. New York Dow Jones & Company Inc. ProQuest 399057075.
  21. ^ a b Hillman, Nicholas (October 17, 2018). “Borrowing and Repaying Student Loans”. Journal of Student Financial Aid.
  22. ^ [studentaid.gov “Types of Financial Aid”]. studentaid.gov.
  23. ^ “Trends in College Pricing”. analysis.collegeboard.org.
  24. ^ Conner, Thaddieus W.; Rabovsky, Thomas M. (2011-03-08). “Accountability, Affordability, Access: A Review of the Recent Trends in Higher Education Policy Research”. Policy Studies Journal. 39: 93–112. doi:10.1111/j.1541-0072.2010.00389_7.x. ISSN 0190-292X.
  25. ^ Goldfield, Edwin D. (1958), “Decennial Census and Current Population Survey Data on Income” (PDF), An Appraisal of the 1950 Census Income Data (PDF), 23, Princeton University Press, pp. 39–64, doi:10.1515/9781400875412-003, ISBN 9781400875412
  26. ^ “Charts: How Big Debt on Campus Is Threatening Higher Ed”. Mother Jones. Retrieved 2018-10-28.
  27. ^ “Student Debt Continues to Rise”. www.pgpf.org. Retrieved 2018-10-28.
  28. ^ “Student Aid on the Web”. Studentaid.ed.gov. Retrieved 2012-04-24.
  29. ^ “Loans | Repayment Plans | Income-Based Repayment”. FinAid. Retrieved 2012-04-24.
  30. ^ Philip G. Schrag & Charles W. Pruett, Coordinating Loan Repayment Assistance Programs with New Federal Legislation, 60 J. LEGAL EDUC. 583, 590-597 (2010)
  31. ^ “6 Must-Know Facts About Income-Based Repayment”. 29 September 2016.
  32. ^ Robert J. Shiller, THE NEW FINANCIAL ORDER: RISK IN THE 21ST CENTURY (2003).
  33. ^ “StudentLoans.gov”. Retrieved 3 January 2014.
  34. ^ L. Diane, Ryan (1993). Student Loan Defaults. Los Angeles: University of California. p. 23.
  35. ^ “Brian Leiter’s Law School Reports”. leiterlawschool.typepad.com. Retrieved 2015-11-15.
  36. ^ Mueller, Holger M.; Yannelis, Constantine (January 2019). “The Rise in Student Loan Defaults”. Journal of Financial Economics. 131 (1): 1–19. doi:10.1016/j.jfineco.2018.07.013.
  37. ^ OECD, Education at a Glance (2011)
  38. ^ DEBORAH KALCEVIC & JUSTIN HUMPHREY, CONGRESSIONAL BUDGET OFFICE, CBO MARCH 2012 BASELINE PROJECTIONS FOR THE STUDENT LOAN AND PELL GRANT PROGRAMS, Tables 2, 3
  39. ^ Di, Wenhua; Edmiston, Kelly D. (2017). “Student Loan Relief Programs: Implications for Borrowers and the Federal Government” (PDF). The Annals of the American Academy of Political and Social Science. 671: 224–248. doi:10.1177/0002716217704410.
  40. ^ “Student Loan Stories . NOW on PBS”. Pbs.org. Retrieved 2010-09-07.
  41. ^ “Anderson Cooper 360: Blog Archive – Student Loan Nightmare: Help Wanted « – CNN.com Blogs”. Ac360.blogs.cnn.com. 2009-03-30. Retrieved 2010-09-07.
  42. ^ Fetterman, Mindy (2006-11-22). “Young people struggle to deal with kiss of debt”. Usatoday.Com. Retrieved 2010-09-07.
  43. ^ Kurt SollerFebruary 17, 2009 (2009-02-17). “Credit Card Issuers Still Target College Students”. Newsweek. Retrieved 2010-09-07.
  44. ^ “StudentLoanJustice.Org”. StudentLoanJustice.Org. Retrieved 2012-04-24.
  45. ^ “Liz Pulliam Weston: Good and bad student loan debt – MSN Money”. Articles.moneycentral.msn.com. Archived from the unique on 2011-08-07. Retrieved 2010-09-07.
  46. ^ Collinge, Alan (2009). The Student Loan Scam: The Most Oppressive Debt in U.S. History, and the way We Can Fight Back. Boston, MA: Beacon Press. ISBN 9780807042298.
  47. ^ “Cuomo: School loan corruption widespread”. U.S.A. Today. April 10, 2007. Retrieved 2008-04-08.
  48. ^ Lederman, Doug (May 15, 2007). “The First Casualty”. Inside Higher Education. Retrieved 2008-04-08.
  49. ^ Field, Kelly (August 15, 2010). “Nelnet to Pay $55 Million to Resolve Whistle Blower Lawsuit”. The Chronicle of Higher Education. Retrieved 2011-07-14.
  50. ^ “Relief for Student Debtors”. The New York Times. 2011-08-26.
  51. ^ Rajeev, Darolia; Ritter, Dubravka (Sep 2015). “Do student loan borrowers opportunistically default? Evidence from bankruptcy reform”. Working Papers. Federal Reserve Bank of Philadelphia. 15 (17) – through IDEAS.
  52. ^ Denhart, Chris. “How The $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy”. Forbes.
  53. ^ Bidwell, Allie (2014). “Why Student Debt Won’t Cause the Economy to Collapse” – through U.S. News.
  54. ^ Bray, Mark (1986). “Student loans for higher education”. Higher Education. 15 (3–4): 343–354. doi:10.1007/bf00129222. ISSN 0018-1560.
  55. ^ Preview of The different Hong Kong report. [WorldCat.org]. OCLC 657900910.

Further studying[edit]

  • Manning, Robert D. (1999). “Credit Cards on Campus: The Social Costs and Consequences of Student Debt.” Washington, D.C.: Consumer Federation of America.
  • Schemo, Diana Jean, “Private Loans Deepen a Crisis in Student Debt”, The New York Times, June 10, 2007
  • “New Default Rate Data for Federal Student Loans: 44% of Defaulters Attended For-Profit Institutions”, The Pew Charitable Trusts, Project on Student Debt, Berkeley, California, December 15, 2009
  • Studentaid.ed.gov on Federal Perkins Loan Teacher Cancellation

External hyperlinks[edit]