The GAO says that the Department of Education’s “income-driven repayment” plans for federal student loans will rack up “government costs of $74 billion” in the upcoming fiscal year.
More than 8 million borrowers have defaulted on their student loans. For millions more, the financial burden of those loans has altered lives, relationships, even retirements. Here’s a look at how people are coping with their debt.
Corinthian Colleges was one of the world’s largest for-profit college chains – and one of the biggest moneymakers. But even in a boom-and-bust business, its closure and bankruptcy in 2015 was a remarkable collapse.
Just about everyone involved in the student loan industry these days – banks, private investors and even the federal government – makes money off the borrowers. On this episode of Reveal, we explore how this happened and who’s profiting from student debt.
The highlights of our investigation into how the student loan system – originally created to alleviate poverty and inequality – became a profit center for Wall Street, private investors, even the government.
We wanted to inspire a creative way to highlight all that debt – and to build a conversation that puts it out in the open. Which is why we’re launching a new social media campaign today to hear about your experience.
Once a family-owned firm, NCO Financial Systems moved into the student loan collection business in 1996 and began buying up other debt collectors – before the Federal Trade Commission cracked down.
