48. Default Debacles
Student loans are more predatory than payday loans.
—Alan Collinge, founder of StudentLoanJustice.Org
When Alan Collinge left his job as an associate scientist at the California Institute of Technology in 2001, he had no idea of the financial nightmare that awaited him. His next job vanished after September 11, and the young man was forced to struggle on low-paying jobs for a lengthy stretch.
Collinge asked his student lender for a temporary forbearance. A forbearance allows a borrower to temporarily postpone or reduce payments on a loan while the interest continues accruing. Forbearances, as well as loan deferments, are typically given to those who are experiencing economic hardship. Collinge’s lender, however, rejected ...
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