Monday, September 10, 2012

Student Loan Defaults

Andrew Martin, The New York Times News Service: "As the number of people taking out government-backed student loans has exploded, so has the number who have fallen at least 12 months behind in making payments - about 5.9 million people nationwide, up about a third in the last five years.... To get the money back, the Department of Education last fiscal year paid more than $1.4 billion to collection agencies and other groups to hunt down defaulters. Hiding from the government is not easy."

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