The US Department of Education is holding more than 900,000 student loans that are at least 30 years old. Tens of thousands of these loans originated almost a half-century ago. And it's likely that most of the total balances are the result of interest charges that have accumulated over the decades--from people who can't ever pay back their loans.
Source: US Department of Education
Will these student loans finally be forgiven under the latest Biden
forgiveness plan? Or will the US continue to honor (and bail out) the
rich while punishing generations of the working class for their
mistakes?
The information in this article is part of a larger effort to examine quality of life, disability, and premature death among student loan debtors. Our most recent Freedom of Information requests to the US Department of Education attempt to gather more information.
23-02758-F
The Higher Education Inquirer is asking for the age and cause
of death of the last 100 student loan debtors whose debt was relieved
because of death. The age and cause of death should be listed on the
death certificates sent to the US Department of Education for student
loan relief. (Date Range for Record Search: From 09/09/2022 To
09/09/2023)
23-02747-F
The Higher Education Inquirer is requesting the number of
loans and the dollar amount of loans that have been discharged each year
for the last ten years due to (1) death and (2) disability. If
available, we would also like an estimate of the number of debtors
affected in that decade. (Date Range for Record Search: From
09/08/2013 To 09/08/2023)
From Glen McGhee:
A
study published in the Journal of American College Health[2] reveals
that student loans are associated with negative health outcomes among
college students, including delaying medical care. The study found that
those with student loans are more likely to delay medical, dental, and
mental health care[1].
Another study published in Health Soc Care
Community[4] found that borrowers behind or in collections on student
loans are forgoing healthcare after self-reporting general physical
ill-health. The study's objective examines whether falling behind on
student loans may compound ill-health by deterring people from seeking
healthcare. The results of this study confirm that student loans are
associated with poor health.
A survey conducted by ELVTR[5] found that
54% of respondents say their mental health struggles are directly
related to their student loan debt. Additionally, over 80% of
participants say student loan debt has delayed a major life event for
them.
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