Melissa Korn

speaker

822 appearances 14 recordings 1 series first heard Sep 2017 last heard Sep 2024

Melissa Korn’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Many Master's Programs Leave Grads Short on Earnings to Pay Off Loans · 9 Jul 2021 podcast

So at some of these schools, their tuition is very high. voice-verified

They're in big, expensive cities. voice-verified

So the amount of money you need to just participate in that program is very high. voice-verified

And you can borrow every single dollar of it. voice-verified

And there's no consequence to the schools if these master's graduates don't pay off the debt. voice-verified

But someone's left paying the bill at the end, and that's the taxpayers. voice-verified

Yeah, it depends on who you ask. voice-verified

There's been a bunch of different estimates regarding how much in the whole the education department or the student loan program is. voice-verified

The federal government had a pretty rosy forecast of who will actually repay their loans and how much they'll repay. voice-verified

And that's not proving true. voice-verified

So just to give you a sense here. voice-verified

People borrowed $11.2 billion in the school year that ended in 2020, a year ago school year. voice-verified

That's just in grad plus loans. voice-verified

So billions and billions of dollars a year are being taken out in these loans. voice-verified

And then interest accrues as they don't pay them back. voice-verified

So we're looking at many, many billions of dollars that these students likely will never repay that taxpayers are on the hook for. voice-verified

So a lot of these students aren't making payments on their loans right now. voice-verified

Payment requirements were frozen during the pandemic. voice-verified

But even before that, these were people who were earning so little that their income based repayment plan requires them to pay zero dollars. voice-verified

So they're not paying down the principal. voice-verified

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