Originally Posted by Jason K
1st, they have no way of claiming that they know how many defaults there have been. They don't collect comprehensive data on that. There's a huge difference between "I haven't heard of any..." and "There have been none."
2nd, when you're on IBR, you can make as little as ZERO dollars in repayment and maintain your good standing in the eyes of the lender. Your interest mounts and mounts, and you stand by in blissful ignorance that your balance is ever rising. Please, if you learn nothing else from me, just know that the schools aren't there to give you unbiased information.
3rd, grads know they have no choice but to pay their loans. If that means taking garbage optometry jobs to do it, that's what they do. That happens to be what a large majority of new grads are doing today. There's a difference between outright unemployment faced by newly graduated attorneys these days, and vastly UNDER-employed OD grads that are entering the workforce today. It won't be long before new OD grads will be facing the same unemployment problems faced by new attorneys. The numbers guarantee it.
She's the head of financial aid and she had a lot of data to back up the claim. Basically, I figure it's #3 on your list, that ODs are just sucking it up and working at Walmart, or #2 that they're just doing the 30 year repayment...either way, I found it kind of interesting that no one has been ****ed over and defaulted according to her data. I don't see why she would lie, she has no motivation to sell me SCCO.