loan defaults

7 Stories

Students With Smallest Debt Most Likely to Default

Those with biggest debt tend to end up with high-paying jobs

(Newser) - Who is more likely to default on a loan: a student who borrows a few thousand dollars, or one who borrows $50,000? The answer may surprise you: According to new data from the Department of Education, students who borrow between $1,000 and $5,000 default in 34% of... More »

Puerto Rico Defaults on Debt

US island territory fails to make $58M debt payment

(Newser) - The government of Puerto Rico has confirmed that it failed to make a $58 million debt payment that was due Saturday, a significant escalation of the debt crisis facing the US island territory. Puerto Rican officials had warned on Friday that they would not make the payment because the island... More »

It's Time to Default on Student Loans

Maybe that'll help change the bungled system: Lee Siegel

(Newser) - Lee Siegel was 17 when he took out his first student loan some 40 years ago to attend a small private liberal arts college. He later transferred to a state college in New Jersey and eventually went on to graduate school, taking out additional loans along the way. Siegel says... More »

Lenders Shutting Off Cars Over Missed Payments

Electronic devices becoming common in subprime loans: NY Times

(Newser) - T. Candice Smith lost control of her car on the Las Vegas freeway when it suddenly shut off. She alleges it happened because the lender of her subprime auto loan activated a starter-interrupt device installed in the car as a condition of the loan. The New York Times reports that... More »

Many Parents Have to Pay Off Dead Kids' Student Loans

Families often have little legal recourse in these cases

(Newser) - Probably the last thing parents mourning a deceased child want to do is deal with late notices from creditors—especially when those notices are for a student loan taken out by their lost loved one. That's what happened to pastor Steve Mason, who found himself saddled with a $100,... More »

Owe Student Loans? Your Social Security Might Be Cut

Feds taking up to 15% of some retirees' checks

(Newser) - If you're retired and owe student loans, your Social Security benefits might not be as big as you thought. More and more retirees who are in student loan default are seeing a chunk of their monthly Social Security checks being grabbed by the federal government. Since January, the feds... More »

Feds Close 9 More Banks

Failures, mostly in west, bring total to 115

(Newser) - Regulators have shut California National Bank of Los Angeles and eight smaller related banks as the weak economy continues to produce a stream of loan defaults. The banks closed yesterday by the FDIC were in California, Illinois, Texas and Arizona. They were divisions of privately held FBOP Corp., a bank... More »

7 Stories