Student Loan Borrower Assistance Project Director Deanne Loonin recently spoke about student loan issues with Isaac Bowers, senior program manager at Equal Justice Works.
Here is an excerpt from that interview:
“Student loan policy is generally developed with a focus on the needs of middle-class borrowers and their families. Although these issues are very important, it is often difficult for those who do not work with low-income populations or who have not experienced poverty to understand the unique issues low-income consumers face.
It is not that low-income consumers make worse decisions than consumers with more money. Rather, they have little or no margin for error when they fail. They can rarely move in with parents or get help from friends and families. A small problem, such as minor car repairs, can spiral into much bigger problems, including delinquent student loan payments.”
Please let us know if you have ideas about how to engage policymakers and others about the unique problems low-income student loan borrowers face.
