Colleges Withhold Transcripts From Grads in Loan Default

More than ten years ago, Pedro Rodriguez, a talented keyboard musician, came from his colonial homeland of Puerto Rico to go to Temple University. From a low-income family, he depended heavily on student loans to finance his four-year undergraduate study. Graduating summa cum laude with a bachelor’s of music, he went on to earn a master’s degree in music from Temple and then was hired for three years to teach there as an adjunct. By the end of college, he was $62,000 in debt but was making payments regularly until Temple laid him off, allegedly because of budget cuts. That’s 

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Student Loans: The Next Debt Bubble:

Total student loan debt in the U.S. is expected to reach $1 trillion this year — more than the nation’s total credit-card debt. The consequences of default are severe. Unlike most debt, student loans are almost impossible to dispose of through bankruptcy. If students fail to repay, their tax refunds can be withheld and wages and Social Security payments can be garnished. Lawyer turns topless dancer to pay the bills