Student Loan

Consumer Debt for College Education

Since 2005 BAPCPA (thx Joe Biden), can't escape via Bankruptcy.

It turns out that two of the nation’s biggest banks own debt collection agencies that have contracts with the Department Of Education to collect on federal student debt that’s gone bad: NCO Group, owned by OneEquityPartners, the Private Equity arm of J P Morgan Chase and Allied Interstate, owned by Citi Venture Capital International, the Private Equity arm of CitiGroup.

SallieMae is the largest holder by far.

Apr'2018 Tweetstorm of graphs of growing debt

  • but median is actually "only" $20k - the horror stories tend to involve 2 lumps of GradSchool cases - professional degrees (Law School debt), and ridiculously stupid MA degrees.

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