- change " The New York Times published an editorial in August 2011 endorsing the return of bankruptcy protections for private student loans in response to the economic downturn and universally increasing tuition at all colleges and graduate institutions."
into "Since 2005, Bankruptcy reform lead debtors have to take the responsibility of private student loan debt in bankruptcy which can decline debtors’ intention of reducing costly defaults to declare bankruptcy’ . This paraphrasing content can both fit the link and the argument about reform of student loan.[1] "
revise the United States section
2. make addition in Canada section: Add " Students need to meet the qualification with an individual’s direct educational costs and living expense to get the certificate to obtain a loan and this policy is directly controlled by the government. [2] " to ''The province of British Columbia allows the Insurance Corporation of British Columbia to withhold issuance or renewal of driver's license to those with delinquent student loan repayments or child support payments or unpaid court fines.[3]"
3. Make an addition to the Repayment part under the United States section: "What need people to pay attention to is that the financial relief can lead many programs that connected with the needed payment to discretionary inflow, like income. The important idea about student loan is that giving the borrowers who have strong pressure with a safety net and then to decline the default." [4]"
4.Eliminate "However, the federal student lending program still generates billions of dollars in profit for the government each year, because the interest payments exceed the government's own borrowing costs, loan losses, and administrative costs. " and then add the definition "The interest rate of borrowers with federal student loans is close to the weighted average rate on the former loans while the new interest rate of private loans depends on the one-month London interbank offered rate."[5]
5. Also add "Students can apply loans to Stafford Loans with no risks; and there are almost 1000 banks, like J.P. Morgan Chase, engaged in the student loan project. Besides, students can also think about applying for loans with the Department of Education which enable any school to take part in its Direct Loan project.[6]" to the third paragraph in the United States section. (Thomas E. Petri, ‘No Worry About Getting Student Loans’)
7. Add the information about default loan "borrowers from families with low income with separation are more tend to default than those from higher-income families. Also, borrowers entering repayment after sophomore are more likely to default.[7]" after the sentence"Only students who have defaulted on federal student loans or have been convicted of drug offenses, and have not completed a rehabilitation program, are excluded." in the Qualification section.
8. Add more information about Student Loan in India:
Citizens in India show that the Indian Nation Loan Scholarship Scheme which operated from 1963 would make the extra waste on expenditure for the reason of 'limiting', which means only the people who really need to borrow would apply the student loan for the future education. Because of this, most Indian students would be more careful to choose their jobs in order to pay back the money. [8]
9. Change citation to the pharaphrase into the section of student loan default: Usually, the net flow of the default rate on stuent loans are strongly related to the nontraditional issuer and the flowing price of the tangible asstes, like building and land. However, in contrast to the positive correlation with the borrower, the price changing normally lead the negative influence on default rate. Therefore, people can explain the Great Recession of student loan default, which is nearly thirty percent of increasing, with these two aspects. [9]
10. The public sector is one the most important section in Thai higher education system. In addition, many public educational organizations usually receive profit from the students' tuition fees and the governments. Specifically, There are six various sections in the public sector's organization: colleges with the limited enrollment，universities which is opening to public, universities which is national autonomous, Rajabhat colleges, Ajamangala Universities of Technology, and polytechnic colleges. [10]
11.Add: Normally, in South Korea, the default rate of redemption is related to each student's academic personalities. For instance, comparing with other majors, students in fine arts and physics are supposed to possessing a higher default rate. Therefore, such students in such majors would be inclined to a higher rate of unemployment and a higher risk of default in redemption. Also, people will tend to have an inferior quality of human capital if the period of unemployment is too long. [11]
12. Add a chart about the percentage of the US student federal loans in default which I found from CC search, and then upload it in Wikimedia Commons. This chart shows that in 2013, around 17 percent of parent plus loans were in default from ages 65 to 74, and 30 percent of their own education loans were in default.
[CS1]Definitely a good thing to change.
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- ^ Rajeev, Darolia (Sep 2015). "Do student loan borrowers opportunistically default? Evidence from bankruptcy reform". Working paper: 15–17 – via IDEAS.
- ^ Ross, Finnie (Nov 2001). "Measuring the load, easing the burden: Canada's student loan programs and the revitalization of Canadian postsecondary education". Scholarly Journals: 154–156.
- ^ Kines, Lindsay (March 12, 2015). "Pay debts or put your driver's licence at risk; ICBC asked to collect on student loans, court fines". Times - Colonist. Victoria, British Columbia. p. S5.
- ^ Edmiston, Kelly (May 2017). "Student Loan Relief Programs: Implications for Borrowers and the Federal Government". Sage. 671: 224.
- ^ Andriotis Anna, Maria (Jun 2014). "WEEKEND INVESTOR --- College Debt: Easing the Burden --- Despite moves to expand a major student-loan relief program, many borrowers still won't qualify; Here are the best options for graduates with federal or private student loans". The Wall Street Journal.
- ^ E. Petri, Thomas (Feb 2008). "No Worry About Getting Student Loans'". New York Dow Jones & Company Inc.
- ^ L. Diane, Ryan (1993). Student Loan Defaults. Los Angeles: University of California. p. 23.
- ^ B.G.Tilak, Jandhyala (1992). "Student Loans in Financing Higher Education in India". Higher Education. 23: 392 – via JSTOR.
- ^ M.Mueller, Holger (July 2018). The Rise in Student Loan Defaults. the United States: Elsevier BV.
- ^ Somkiat, Tangkitvanich; Manasboonphempool, Areeya (2010). "Evaluating the Student Loan Fund of Thailand". Economics of Education Review. 29: 710–721 – via ScienceDirect.
- ^ Jun, Sang Gyung; Han, Byung Suk; Kang, Hyoung Goo (August 2015). "Student Loan and Credit Risk in Korea". Economics Letters. 135: 121-125.
13. Some experts believe that the labors which have been educated could bring society with more benefit such as reducing stress of the public services, declining medical expenses, increasing the incomes, and also promoting employment rate. Therefore, they propose that federal student loan rate should be adjusted with specific courses and then efficiently show the rate of risk to various study.