Student Loan Default Rates Jump
The number of borrowers defaulting on federal student loans has risen substantially, highlighting concerns that rising college costs, low graduation rates and poor job prospects are getting more and more students over their heads in debt.
The national two-year cohort default rate rose to 8.8 percent last year, from 7.0 percent in fiscal 2008, according to figures released Monday by the Department of Education. The latest figures show the percentage of the more than 3.6 million borrowers whose first payments came due in the year starting October 2008 – at the height of the financial crisis – and who defaulted before Sept. 30, 2010.
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Short $SLM to fucking 0. Cain can get his hate trade on for when they royally fucked him over with the buyout of some company which I forgot the ticker. But the thesis Cain had was straight up awesome.
Indeed. That bitch Sallie is going down.
VENGEANCE WILL BE MINE
JPM will probably buy them for $30, just to fuck with people.
Jamie Deal style, of course.
How does one default on student loan debt? I thought that bankruptcy did not apply to student loans.