Allez au Canada devient beaucoup plus facile – Autres détails à savoir sur le processus (Les étapes)

Allez au Canada devient beaucoup plus facile – Autres détails à savoir sur le processus (Les étapes)

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Student Loan Insurance

Millions of families struggle to find ways to pay for college today. To help, the federal government offers those covering the cost with student loans the option to enroll in one of several income-based repayment (IBR) plans that cap monthly payments and eventually forgive any outstanding balances.

For some these plans are seen as the best and last hope for keeping college affordable. For others their $20 billion-per-year price tag is not only prohibitively expensive to taxpayers but also end up helping those who need it the least.

Higher education isn’t the only market where consumers typically buy things by going into debt. Millions of people finance new and used cars every year at levels similar to what typical undergraduates borrow, and most homebuyers end up with six-figure mortgages. Both are arguably as important to families as education, yet consumers still manage to successfully pay for these things without all of the repayment options and economic hardship plans that student loans have.

One reason lenders don’t need to offer such programs is that there’s a car or a house that can be reclaimed when non-payment occurs. The other is that insurance markets help lenders cover the risk of nonpayment, like private mortgage insurance, or to deal with cases where assets lose value before the loan’s paid off, like buying full-coverage insurance on financed cars.