From the LA Daily News:
Needy U.S. borrowers are defaulting on almost $1 billion in federal student loans earmarked for the poor, leaving schools such as Yale and the University of Pennsylvania with little choice except to sue their graduates. The record defaults on federal Perkins loans may jeopardize the prospects of current students since they are part of a revolving fund that colleges give to students who show extraordinary financial hardship. Yale, Penn and George Washington University have all sued former students over nonpayment, court records show…
Full story at http://www.dailynews.com/breakingnews/ci_22530769/schools-sue-graduates-amid-record-defaults-federal-loans
If they ain’t got it, it’s hard to get it:
[youtube http://www.youtube.com/watch?v=8_ZD9cFk7DM?feature=player_detailpage]
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