debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Government stats show more for-profit school grads finding themselves in debt
By Sam Craine on Sep 5th, 2010
New government statistics show that while many recent college graduates are finding difficulty repaying their student loans, graduates of for-profit colleges are suffering the most. Just 36.4 percent of for-profit school graduates are meeting their monthly payments, compared to the 53.7 percent of graduates from public schools and 56 percent from private colleges.
According to CNN, the for-profit school sector has exploded in popularity, despite poor repayment rates. Between 2007 and 2008, 2.6 million Americans attended for-profit schools, compared to the 1.7 million that enrolled 10 years beforehand. Analysts say that the problem with for-profit colleges lies with their desire to make an income, as opposed to helping graduates find full-time jobs.
"We think they're innovative and have done some good things, but in some of these programs, students have high debt loads," Department of Education deputy undersecretary James Kvaal told CNN. "We are also hearing anecdotes of graduates unable to get jobs in the fields they were trained."
Graduates struggling to pay their student loan debt could consider consolidation. By combining debt, students can take out a larger loan with a lower interest rate to reduce monthly payments.
More Debt Consolidation News
