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San Diego’s newest corporate darling, Bridgepoint Education

Some have predicted a coming surge in student loan defaults, =========== There is no coming surge, it is already here. The true default rate for ALL student loans is well over 30%, it could be as high as 50%. For some "for profit" schools it is well over 75%, for some HBCU's it is over 40%. This was from data processed and analyzed from "Education Sector" in 2007 (but collected from the DoE), that was BEFORE the Great Recession. I am sure that rate had climbed dramatically since then. Google Erin Dillion at Education Sector in Washington D.C., she is an expert and has done numerous studies. I have used Erin's research numerous times under expert witness testimony and evidence. Don't listen to the US DoE " official" default rate-it is totally gamed, no different than how the US games the unemployment rate by using the U-3 UE rate instead of the true U-6 UE rate. The US DoE only counts loan as "defaulting" if it happens within the first 2 years of graduation. It takes 9 months for a student loan to "officially" default after the first day the default starts. That means for a student loan to "officially" default you would have to not pay within the first 15 months after graduation-and that just doesn't happen. And that certainly is not an indication of the TREU default rate. It is a gamed number from a government that does not value the truth-too many special interests taking the taxpayers to the cleaners and making money off the scam SL system.
— May 22, 2010 5:48 p.m.

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