There have been several reports regarding student's leaving university not only with a degree but with debt as well.
In today's www.metro.us, an article by Tony Lee states the Massachusetts's Public Interest Research Group (MassPRIG) has taken steps to do something about it.
More than 60 percent of Massachusetts graduates had student debt last year -- with an average of over $23,000 owed -- and many of them are locked into high-interest private loans.
Students in the Bay State are graduating with an average of $5,008 in non federal student loans that can carry interest rates of over 18 percent. Paying off such growing debts amid a poor job economy has left several students in dire straits.
The MassPRIG report comes amid a push for the creation of a Consumer Financial Protection Agency, which would provide federal oversight to the industry and curb private lenders who make loans to students with no supervision.
An oversight agency might help, but unless there is a commitment from higher education institutions to communicate to their students regarding funding and loan protection, we may not see a decrease in loan profiteering by lenders.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment