GoFuckYourself.com - Adult Webmaster Forum - US Student Debt--losing $37 for every $1 collected

Americans Are Paying $38 to Collect $1 of Student Debt
Student loan defaults are a bonanza for the debt collection industry.

Fix this shit... Maybe 'free' taxpayer education stipends too all qualifying (academically) students would be a better investment?

Quote:

Even when borrowers don't default, debt collection efforts often yield little. Close to 80 percent of borrowers who rehabilitate their debt make the minimum $5 monthly payment, according to a 2015 estimate by the National Council of Higher Education Resources, a lobbying group that represents student debt collectors and servicers. That means the Education Department is paying its debt collectors up to $1,710 per borrower to collect around $45, regardless of whether the borrower continues to make her payments.

https://www.bloomberg.com/news/artic...f-student-debt