Word: loans
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Dates: during 2000-2009
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...They can still afford to pay but they decide not to," says Paola Sapienza, a finance professor at Northwestern University and one of the paper's authors. "It's very easy to do this in the U.S." Even though there are serious consequences to reneging on a home loan - including wrecked credit, not being able to buy another house for years to come, the cost of moving and the social stigma associated with being a person who does not honor one's commitments - lenders tend not to pursue former homeowners for the money they are owed because of the prohibitive...
...past, federal-loan repayment was structured so that a graduate would have to pay a certain amount of money each month, regardless of his or her income at the time. Under the IBR program, if you lose your job or are forced to take a pay cut, the amount you have to pay back per month will drop. If, however, your salary subsequently increases, your payments will still be capped at 15% of your disposable income. That is, of course, if you are eligible to participate in the program; grads with private loans are exempted as well as those...
College students are often forced to make a decision between two life paths: one that feeds the soul and one that feeds the bank account. Rarely do the two meet. As a result, the average college grad - who leaves school with about $23,000 in student-loan debt - either slogs along during those first few work years in satisfying (yet typically low-paying) jobs or makes a play for grinding corporate gigs that pay the bills and deaden the heart...
Under the IBR program, if students are still paying back college loans after 25 years, they will be eligible to have all debt erased (though, if the law stands as is, much of that remaining balance will be taxed as income). And if students go into a public-service career, they are eligible for loan forgiveness after a mere 10 years. While participants in programs such as AmeriCorps, the Peace Corps, the military and other such institutions have long been eligible for loan reduction or forgiveness, this new program expands such mercy to potentially hundreds of thousands more students...
...with the sounds of pinging bells and clicking roulette balls. But now the place is deserted, filled only with an eerie silence. The timing couldn't have been worse for Olha Stupak, who was one of the casino's senior supervisors. With a child about to enter university, car-loan repayments to make and rent to pay, she's going to struggle to get by on her savings and unemployment benefits. "I'm looking for work, but it's difficult because of the crisis," she says, looking around at the empty tables. "I know all about roulette, poker and blackjack...