Chicago suburbs, by flikr user Scorpions and Centaurs
American student loan debt totals nearly one trillion dollars. These loans break down to about $23,300 owed by each borrower. Changing Gears has been reporting on the effects of that debt and what it takes to pay it off.
We want to know how student debt affects big purchasing decisions. Are you ready to buy a house? And if so, can you get a mortgage?
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Victor Gregory teaches high schoolers about cars. He worries when they take on debt after graduation.
Americans owe close to a trillion dollars in student loan debt. Changing Gears has been reporting on that debt, a lot of which comes from attending private, for-profit schools. They’re the fastest growing part of higher education, popular for non-degree technical training. Call them career colleges, technical schools or trade schools … just don’t call them cheap.
Fact: For-profit schools cost more than community colleges. Fact: For-profit students borrow more, then default more than students from public colleges. Fact: All this explains why I ended up at the strip club in Detroit.
So I’m at Cobra’s the Grind, eyes-avoiding-buttocks, walking up dimly lit stairs to meet the manager. Steve is a big guy; he started here as a bouncer. He lays his gun down next to us as we talk. He had different life plans after graduating high school in 2006. Continue reading
Podcast: Play in new window | Download
America’s student loan debt is now bigger than its credit card debt. It’s approaching a trillion dollars. Student loan default rates are rising too. While many families struggle to afford traditional colleges, a lot of student debt comes from attending private, for-profit schools that focus on vocational training. These students default on their loans twice as often as students from public colleges. Today we’re looking at one small school battling big defaults.
