busyStudent loans turn into crushing burden for unwary borrowers
Natalie Hickey picked up $140k in student debt, some of it at interest rates as high as 18%. Her monthly payments are roughly $1,700, more than her rent and car payment combined. Caught in an increasingly common trap in the nation's $85-billion student loan market, Hickey borrowed heavily, presuming that all her debt was part of the federal loans...
All lenders should be obliged to disclose complete terms and all fees, including the total amount to be owed, before the loan is signed and legalized. Otherwise, predatory lending results. It's difficult or impossible to make sound decisions with incomplete information, especially for young and inexperienced people.
Besides, in this economy, how many students are going to get a job that will make enough to pay off huge loans? "Ya want fries with that?" Talk about an obvious bubble in search of a pin! Yet somehow, I'm sure this will escape the notice of the people who are supposed to be supervising America's economy.
December 29 2008, 14:15:55 UTC 12 years ago
Hmm...
December 30 2008, 02:32:53 UTC 12 years ago
Until it blows their hands off.