The Truth About Student Loans Corey king Author
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Student loan debt has topped $1.5 trillion in recent years, making it the largest type of consumer debt outstanding other than mortgages.The average student loan borrower graduates with nearly $30,000 in debt.The CFPB estimates that over 1-in-4 borrowers are delinquent or have defaulted on their student loan debt.One predictor of borrower distress is whether the student attended a for-profit college. While only small minority of students enroll at a for-profit, these schools generate the largest share of defaults on federal student loans. In addition, investigations of large for-profit college chains such as ITT and Corinthian have revealed that private student loan programs offered at these schools have default rates of over 60%.African Americans and Latinos disproportionately enroll at for-profit colleges, and have higher debt levels and lower completion rates than their counterparts attending public or private, non-profit schools, placing them at particular risk. SMH


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