For Lora Ladd, the dream went like this: Get a great education in graphic design. Land a $40,000-a-year job. Pay off those student loans. Save some money and start a business.
It all seemed within her grasp. After all, when Ladd researched Brooks College in Long Beach, Calif., the institution promised that almost all of its graduates found good jobs with great wages. Lenders were only too willing to write her loans.
But nothing would turn out as planned.
Ladd, 22, found out the hard way just how much of a burden student loans can become. She is part of a growing number of Americans expected to default on their loans. The problem remains hidden behind rosy official statistics, but is noted in a U.S. Department of Education audit, which predicts about a quarter of freshmen and sophomores who take out loans will default during their lifetime. Read full story. (Seattle Times)