Quote:
Originally Posted by Tsunami
I love how they are blaming the banks and the schools for not preventing the borrowers from borrowing.
On standpoint of profits, the bank should get a better picture of whether the odds are in their favor on whether they will have their loans paid back and be more selective on who they lend money to.
Its the responsibility of the borrower to know what they are getting themselves into. There is no excuse not to be educated and informed, especially when it comes to that amount of money. There is no shortage of information on how to be financially smart and responsible. Tell the college graduate to go use the power of google and figure it out. And yeah, she needs a 2nd job. Does she even have a first one??
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Unlike a home loan its almost impossible to charge-off an education loan so the banks know that even if the borrower never graduates or gets a decent job they will still get their monthly payment.