Student Loan facts
While investigating facts about Student Loans and Student Loan Forgiveness, I found out little known, but curios details like:
A student in China can secure a loan by providing nude images of themselves holding their student ID as collateral to be released online in case of a loan default
how student loans work?
Student loans have passed credit cards and auto loans to become the second biggest source of personal debt in the U.S., trailing only mortgages.
What student loan can i get?
In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across answering what student loans are federal. Here are 50 of the best facts about Student Loans Company and Student Loan Calculator I managed to collect.
what student loan plan am i on?
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There's a company that takes donations to purchase student loans at pennies on the dollar just to wipe them out and has wiped $32m to date.
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Skyrocketing college tuition prices began in 2005, when Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act, that made it essentially impossible to discharge or declare bankruptcy on federal or private student loans.
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United States student loan debt exceeds US credit card debt and auto debt
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Student loans have hit a record high of $1.2 trillion in the United States
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Yale Cost of Attendance is $63,250 but if you cannot afford it then they allow you to attend free of charge through a "need-based grant" Yale does not require students to take out loans to attend.
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Iowa and Montana will revoke your driver's license if you can't pay back student loans
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In the 1950s, hundreds of babies were on loan from orphanages to various U.S. universities. There, students could practice the latest child-rearing theories of the day on a real newborn. After a year or two, the babies would leave their multiple mothers to find homes in adoptive families.
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After obtaining "atleast" 3 billion USD in fraudulent student loans, University of Phoenix was fined only 78.5 million USD.
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Student loans that are "forgiven" after 25 years of payments, are treated as TAXABLE INCOME; meaning huge taxes due IMMEDIATELY, and could be 5 + figures.
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More students at University of Phoenix, ITT Institute schools default on their student loans than graduate
Student Loan data charts
For your convenience take a look at Student Loan figures with stats and charts presented as graphic.
Why student loans?
You can easily fact check why student loan forgiveness by examining the linked well-known sources.
Following graduation from law school Marco Rubio had approximately $100,000 worth of student loans which were paid off in 2012.
Oxford college students in the Middle Ages got loans from a literal chest, where they deposited books as collateral; the system worked until someone broke into the chest in 1544 - source
Grove City College does not accept any federal student aid for their students, including loans. - source
Augustus Caesar was rich enough that he could pay off every single student loan in the US, Pay off all credit card debt for every citizen in the US, All debt held by US states to the federal government, Pay of the debt of the lowest owing 120* countries and still be the richest man alive today
Some debts are not erased when an individual files for bankruptcy. These debts can include child support payments, legal fines, some student debts, car loans, mortgages, and alimony payments, depending on where the individual lives.
When student loan written off?
The US Department of Education made around 51 Billion dollar profit off of government student loans, equivient to the profit of PMorgan Chase, Bank of America, Citigroup and Wells Fargo combined.
How student loan interest is calculated?
More than 3 million Americans ages 50 to 64 are in default on their student loans, putting them at risk of having their benefits garnished when they claim Social Security
Students at for-profit institutions represent only 11 percent of college students, but they make up 44 percent of students who default on their loans.
Iowa and Montana will revoke your driver's license if you can't pay back student loans.
A financial institution estimated the average millennial with student debt had 75 percent less net worth than their debt-free peers. The median net bank account balance (checking+savings) of all grads under 35 who had loans, they found, was $5,500, while it was some $10,180 for those who didn't.
In the USA, 1 in 4 of the more than 41 million people with student loans is in default or struggling to make payments.
Student loan infographics
Beautiful visual representation of Student Loan numbers and stats to get perspecive of the whole story.
I took out ~$50K in student loans for my first year of medical school, here's how I spent it.
