Tuesday, July 30, 2013

Picture of problems with student loans

Today's edition of WorldNetDaily linked an article from the New York Times about a Puerto Rican immigrant who was duped into taking large amounts of student loans to become a hairdresser.  Now, given that there is a need for hairdressers, I'm not against student loans to become one if that in fact will tend to give someone a good paying job.  However, one thing in the article stuck out; Ms. Tejada was interviewed with a translator.

OK, so we're giving student loans to people who do not even know the main language of this country well enough to explain their loan situation to a reporter--a situation any banker with green eyeshades would tell you is not conducive to being able to repay student loans.  If we wonder why we have double-digit default rates for loans that cannot be discharged in bankruptcy, it's insanity like this.

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