101 People Owe Over $1 Million (Each!) In Federal Student Loans
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Title : 101 People Owe Over $1 Million (Each!) In Federal Student Loans
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Title : 101 People Owe Over $1 Million (Each!) In Federal Student Loans
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news-today.world | Editor’s Note: Outstanding student debt reached $1.521 trillion in the first quarter of 2018.
Rising college tuition and meritless loaning practices by the federal government has led to a massive increase in the number of student borrowers with super-sized student debt.
There are 101 borrowers who owe at least $1 million in federal student, a 621-percent increase from just five years ago when 14 borrowers owed that much, according to Department of Education data obtained by The Wall Street Journal.
Orthodontist Mike Meru, 37, is one of those borrowers. Meru borrowed $601,506 to attend the University of Southern California’s program, he told The WSJ. Within a few years, his debt had swelled to $1,060,945.
Meru, who earned $225,000 as an orthodontist in 2017, makes monthly payments of $1,590 against his debt on a government-sponsored repayment plan, but that isn’t enough to cover the interest. His debt grows $130 a day, meaning his loan balance will exceed $2 million in two decades.
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Rising college tuition and meritless loaning practices by the federal government has led to a massive increase in the number of student borrowers with super-sized student debt.
There are 101 borrowers who owe at least $1 million in federal student, a 621-percent increase from just five years ago when 14 borrowers owed that much, according to Department of Education data obtained by The Wall Street Journal.
Orthodontist Mike Meru, 37, is one of those borrowers. Meru borrowed $601,506 to attend the University of Southern California’s program, he told The WSJ. Within a few years, his debt had swelled to $1,060,945.
Meru, who earned $225,000 as an orthodontist in 2017, makes monthly payments of $1,590 against his debt on a government-sponsored repayment plan, but that isn’t enough to cover the interest. His debt grows $130 a day, meaning his loan balance will exceed $2 million in two decades.
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You are now reading the article 101 People Owe Over $1 Million (Each!) In Federal Student Loans With link address https://newstoday-ok.blogspot.com/2018/05/101-people-owe-over-1-million-each-in.html