“These risk factors suggest borrowers could struggle when student loan payments resume, report finds”
July 3, 2023
“Many student loan borrowers face risk factors that suggest they could struggle covering their bills, especially after the Supreme Court struck down President Biden’s federal student loan forgiveness proposal and repayment will resume in October.
To that point, about 20% of borrowers exhibit one or all of five risk factors, according to a June 7 report from federal watchdog agency the Consumer Financial Protection Bureau.
Those five risk factors include:
- Delinquencies on student loans prior to the onset of the Covid-19 pandemic;
- Pre-pandemic payment assistance on student loans;
- Multiple student loan servicers;
- Delinquencies on other credit products since the start of the pandemic; and
- New non-medical collections during the pandemic.
…”
This may sound harsh but I don’t care about their struggle. I went to college too. Guess what? I didn’t pile up a ton of debt. It’s their fault and now they have to deal with the consequences. College is a scam and my tax money shouldn’t go to bailing out people who have been scammed. Let them sue the colleges.
Also college is suppose to be for smart people. How are all these people not smart enough to understand “debt is bad.” It’s amazing and not in a good way.