Post by mesquite on Oct 10, 2015 2:48:11 GMT -5
Nonrepayment rates include both defaulters and borrowers who have never paid a single dollar of principal on their loans.
American National University — a for-profit chain offering degrees in business, health care and information technology at 30 campuses in six Midwestern states — has an official default rate of 8.5 percent, well below the national average of 11.8 percent. But its five-year nonrepayment rate is 71 percent. Even after seven years, most of the university’s students, the large majority of whom borrow, have failed to pay back a penny of their loans. The typical former student earns only $22,400 a year 10 years after entering college.
At the University of Memphis, 35 percent of students have not paid down principal after five years.
More than half of the students who borrowed to attend the for-profit University of Phoenix have been unable to pay back a dollar of their loan principal after five years.
The 25 private colleges with the worst nonrepayment rates, 22 are historically black. One example, Lane College in Jackson, Tenn., has a 12.9 percent default rate but a 78.2 percent nonrepayment rate.
www.nytimes.com/2015/10/08/upshot/student-debt-is-worse-than-you-think.html?ref=education
Much of the student loan repayment that is made is when the IRS transfers welfare credits, such as the earned income credit, to past due student loans.
American National University — a for-profit chain offering degrees in business, health care and information technology at 30 campuses in six Midwestern states — has an official default rate of 8.5 percent, well below the national average of 11.8 percent. But its five-year nonrepayment rate is 71 percent. Even after seven years, most of the university’s students, the large majority of whom borrow, have failed to pay back a penny of their loans. The typical former student earns only $22,400 a year 10 years after entering college.
At the University of Memphis, 35 percent of students have not paid down principal after five years.
More than half of the students who borrowed to attend the for-profit University of Phoenix have been unable to pay back a dollar of their loan principal after five years.
The 25 private colleges with the worst nonrepayment rates, 22 are historically black. One example, Lane College in Jackson, Tenn., has a 12.9 percent default rate but a 78.2 percent nonrepayment rate.
www.nytimes.com/2015/10/08/upshot/student-debt-is-worse-than-you-think.html?ref=education
Much of the student loan repayment that is made is when the IRS transfers welfare credits, such as the earned income credit, to past due student loans.