Today we are running the third segment of the 15-part series on college-student-loan debt. (Thank you to onlinecolleges.net for putting this together.)
Last year, the U.S. Department of Education spent over $1.4 billion to hire collection agencies to hunt down these defaulters.
Despite the fact that unemployment for new grads is at record highs, the government is working harder than ever to recoup money from individuals who have defaulted on their loans. While those who owe should have to make good on their agreements, many simply don’t have the funds to do so, ‘choosing’ to pay for rent and food over their student loans.