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Indiana Payday Loan Laws

Why the dental practitioner with $1 million in pupil debt spells difficulty for federal loan programs

Adam Looney

Joseph A. Pechman Senior Fellow - Financial Studies, Urban-Brookings Tax Policy Center

A recently available Wall Street Journal article informs a startling story of the University of Southern California school that is dental whom owes significantly more than a million bucks in pupil debt—a balance he'll never ever completely repay. As he could be exceptional—only 101 individuals away from 41 million student-loan borrowers owe a lot more than a million bucks—his situation highlights the flaws in a student-loan system which provides graduate pupils and parents limitless use of federal loans and ample payment plans. The effect: Well-endowed universities and well-paid, well-educated borrowers benefit at the cost of taxpayers much less well-off pupils.

While borrowers with big balances aren't typical, they take into account a share that is growing of student education loans.