DOCSLIB.ORG

Delivering on Debt Relief | Foreword 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Delivering on Debt Relief | Foreword 2020 DELIVERING ON DEBT RELIEF Proposals, Ideas, and Actions to Cancel Student Debt on Day One and Beyond November 2020 STUDENT BORROWER PROTECTION CENTER ABOUT THE STUDENT BORROWER PROTECTION CENTER The Student Borrower Protection Center is a nonprofit organization focused on alleviating the burden of student debt for millions of Americans. The SBPC engages in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance economic opportunity for the next generation of students. ABOUT DEMOS Demos is a dynamic “think-and-do” tank that powers the movement for a just, inclusive, multiracial democracy. Through cutting-edge policy research, inspiring litigation, and deep relationships with grassroots organizations, Demos champions solutions that will create a democracy and economy rooted in racial equity. ABOUT THE STUDENT LOAN LAW INITIATIVE The Student Loan Law Initiative is a partnership between the Student Borrower Protection Center and the University of California, Irvine School of Law to develop a body of rigorous research around how to address the student loan crisis. CONTRIBUTING ORGANIZATIONS Authors who contributed articles to this paper series hail from a diverse array of advocacy organizations and academic institutions. Authors are not speaking on behalf of their institutions, nor do authors necessarily endorse any piece in the compendium aside from their own. STUDENT BORROWER PROTECTION CENTER 2 DAY ONE CANCELLATION 2020 Table of Foreword 4 Seth Frotman, Dalié Jiménez, & Jonathan Glater Contents Introduction 10 Ashley Harrington & Mark Huelsman Relief for Public Service Workers 27 Michael Pierce & Rebecca Maurer Relief for Borrowers with a Defense to Repayment 45 Toby Merrill & Eileen Connor Relief for Borrowers in Income-Driven Repayment 74 Persis Yu Relief for Borrowers with Disabilities 94 John Whitelaw & Bethany Lilly Relief for Borrowers Whose Schools Closed 112 Robyn Smith Relief for Borrowers with a Disqualifying Status 134 Rye Salerno & Erik Manukyan Relief for Servicemembers and Veterans 150 Mike Saunders The Tax Treatment of Student Loan Discharge 166 and Cancellation John R. Brooks About the Authors 183 3 DELIVERING ON DEBT RELIEF | FOREWORD 2020 Foreword By Seth Frotman,1 Dalié Jiménez,2 and Jonathan Glater3 As of the date this compendium was published, the nation’s outstanding cumulative student debt burden stands at $1.7 trillion, collectively shouldered by 45 million Americans.4 This burden continues to rise unchecked—in only four short years, outstanding student debt is estimated to reach nearly $2 trillion.5 This looming cloud of student debt casts a growing shadow over our communities and our country. Research increasingly shows the ripple effects of student debt on households, cities, and the economy at large.6 We also know that the burden of student debt is not shouldered equally and only serves to further entrench widespread racial, gender, and wealth disparities.7 In particular, Black borrowers have disproportionately borne the brunt of 1 Executive Director, Student Borrower Protection Center and Co-Founder of the Student Loan Law Initiative. 2 Professor of Law at the University of California, Irvine School of Law and Co-Founder of the Student Loan Law Initiative. 3 Professor of Law at University of California, Los Angeles School of Law and Co-Founder of the Student Loan Law Initiative. 4 See Consumer Credit - G.19, Fed. Res. Bd. (Nov. 6, 2020), https://www.federalreserve.gov/releases/g19/current/default.htm; Federal Student Loan Portfolio by Borrower Age, Fed. Student Aid, https://studentaid.gov/sites/default/files/fsawg/datacenter/library/Portfolio-by-Age.xls (last accessed Nov. 13, 2020). 5 See Robert Hiltonsmith, Demos, At What Cost? How Student Debt Reduces Lifetime Wealth (2013), https://www.demos.org/sites/default/files/publications/AtWhatCost.pdf. 6 See Alvaro Mezza et al., Can Student Loan Debt Explain Low Homeownership Rates for Young Adults?, Consumer & Cmty. Context, Jan. 2019, at 2, 5; Hiltonsmith, supra note 5; Fed. Res. Bd., Consumer & Cmty. Context, Jan. 2019, https://www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf; Bina Shrimal, Jacob DuMez, and Sarika Abbi, At What Cost? Student Loan Debt in the Bay Area, San Francisco Office of Financial Empowerment (Apr. 2019), https://www.frbsf.org/community- development/files/student-loan-debt-in-the-bay-area.pdf; Joelle Scally and Zayne Abdessalam, Student Loan Borrowing Across NYC Neighborhoods, Fed. Res. Bank of NY and N.Y.C. Dep’t. of Consumer Affairs (Dec. 2017), https://www.newyorkfed.org/medialibrary/media/ outreach-and-education/community-development/credit-conditions/student-loan-borrowing-nyc-neighborhoods.pdf; Riley Griffin, The Student Loan Debt Crisis Is About to Get Worse, Bloomberg (Oct. 17, 2018), https://www.bloomberg.com/news/articles/2018-10-17/the-student-loan- debt-crisis-is-about-to-get-worse (“Fed Chairman Jerome Powell[:] . ‘You do stand to see longer-term negative effects on people who can’t pay off their student loans. It hurts their credit rating; it impacts the entire half of their economic life. As this goes on, and as student loans continue to grow and become larger and larger, then it absolutely could hold back growth.’”). 7 See Dalié Jiménez & Jonathan Glater, Student Debt Is a Civil Rights Issue: The Case for Debt Relief and Higher Education Reform, 55 Harv. C.R.- C.L. L. Rev. 131, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3475224&dgcid=ejournal_htmlemail_education:law:ejournal_abstractlink; Dalié Jiménez, Professor of Law, U.C. Irvine Sch. of L., Written Testimony Before the House Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law (June 25, 2019), https://www.law.uci.edu/news/in-the-news/2019/Jimenez-testimony.pdf; Disparate Debts: How Student Loans Drive Racial Inequality Across American Cities, Student Borrower Prot. Ctr. (2020), https://protectborrowers.org/wp- 4 DELIVERING ON DEBT RELIEF | FOREWORD 2020 the student debt crisis—recent research shows that the median Black borrower still owes 95 percent of their original student loan balance 20 years after graduation and Black borrowers also experience default at significantly higher rates.8 Now, as the nation grapples with another recession before millions of families have recovered from the last one, student debt threatens to add kerosene to the fire of the ongoing economic fallout from COVID-19.9 Yet, armed with the benefit of hindsight and buoyed by the possibilities afforded by a new administration, we recognize that we can and must act. In 58 days, President Biden will take office with the tools needed to take immediate action to eliminate this burden for tens of millions of people who have been needlessly forced to bear its brunt. In order to understand the need for such relief, we must first understand how we got here. The trillion-dollar policy failure we face today compounded over decades as the country slashed public investment in higher education and already-struggling American families were forced to borrow to compensate.10 As the country replaced grant funding to support access to higher education with the availability of debt, Congress enacted multiple legislative interventions intended to serve as a critical safeguard against growing student loan balances.11 Across the ideological spectrum, policymakers agreed that when we collectively shifted the risk of higher education onto the backs of tens of millions of our citizens, there must be strong safety valves content/uploads/2020/06/SBPC-Disparate-Debts.pdf; Kevin Miller, Am. Ass’n of Univ. Women, Deeper in Debt: Women and Student Loans (2017), https://www.aauw.org/research/deeper-in-debt. 8 Stalling Dreams: How Student Debt is Disrupting Life Chances and Widening the Racial Wealth Gap, Inst. on Assets and Social Policy (Sept. 2019) https://heller.brandeis.edu/iasp/pdfs/racial-wealth-equity/racial-wealth-gap/stallingdreams-how-student-debt-is-disrupting- lifechances.pdf. Further, Black borrowers disproportionately experience default—Black borrowers with a Bachelor's degree default at rates 5 times greater than their white peers and Black BA graduates are even more likely to default than white borrowers who do not graduate. The looming student loan default crisis is worse than we thought, Judith Scott-Clayton, Brookings Institute (Jan. 11, 2018), https://www.brookings.edu/research/the-looming-student-loan-default-crisis-is-worse-than-we-thought/. 9 See, e.g., Alana Semuels, The Never-Ending Foreclosure, The Atlantic (Dec. 1, 2017), https://www.theatlantic.com/business/archive/2017/12/the- neverending-foreclosure/547181/; Annie Nova, Many Americans Say Their Financial Situation Is Worse Since the Great Recession, CNBC (Oct. 11, 2019), https://www.cnbc.com/2019/10/11/many-americans-are-still-struggling-from-the-great-recession.html. 10 See Seth Frotman, Broken Promises: How Debt-financed Higher Education Rewrote America’s Social Contract and Fueled a Quiet Crisis, 2018 Utah L. Rev. 811, 820 (2018), https://dc.law.utah.edu/cgi/viewcontent.cgi?article=1172&context=ulr. 11 See, e.g., 20 U.S.C. §§ 1087(a) (total and permanent disability discharge), 1087(c)(1) (closed school discharge); 1087(c) (false certification), 1098ee (protections in case of national emergency); see also Abbye Atkinson, Rethinking Credit as Social Provision, 71 Stan. L. Rev. 1093, 1104 (2019). 5 DELIVERING ON DEBT RELIEF | FOREWORD 2020 to serve as a counterweight.12 By design, those safeguards contemplated the
Load more

Recommended publications
  • The Coronavirus Crisis and Debt Relief Loan Forbearance and Other Debt Relief Have Been Part of the Effort to Help Struggling Households and Businesses
    The Coronavirus Crisis and Debt Relief Loan forbearance and other debt relief have been part of the effort to help struggling households and businesses By John Mullin he pandemic’s harmful financial effects have been distributed unevenly — so much so that the headline macroeconomic numbers generally have not captured the experiences of those T who have been hardest hit financially. Between February and April, for example, the U.S. personal savings rate actually increased by 25 percentage points. This macro statistic reflected the reality that the majority of U.S. workers remained employed, received tax rebates, and reduced their consumption. But the savings data did not reflect the experiences of many newly unemployed service sector workers. And there are additional puzzles in the data. The U.S. economy is now in the midst of the worst economic downturn since World War II, yet the headline stock market indexes — such as the Dow Jones Industrial Average and the S&P 500 — are near record highs, and housing prices have gener- ally remained firm. How can this be? Many observers agree that the Fed’s expansionary monetary policy is playing a substantial role in supporting asset prices, but another part of the explanation may be that the pandemic’s economic damage has been concentrated among firms that are too small to be included in the headline stock indexes and among low-wage workers, who are not a major factor in the U.S. housing market. 4 E con F ocus | s Econd/T hird Q uarTEr | 2020 Share this article: https://bit.ly/debt-covid Policymakers have taken aggressive steps to miti- borrowers due to the pandemic.” They sought to assure gate the pandemic’s financial fallout.
    [Show full text]
  • Course Catalog 2019 - 2020
    COURSE CATALOG 2019 - 2020 mc3.edu TABLE OF CONTENTS COLLEGE FACULTY AND STAFF.................................................................................................2 1 COLLEGE FACULTY AND STAFF Cheryl L. Dilanzo, R.T. (R), Director of Radiography B.S. Thomas Jefferson University M.S. University of Pennsylvania Therol Dix, Dean of Arts and Humanities COLLEGE FACULTY B.A. University of California, Los AngelesM.A. University of Pennsylvania J.D. Georgetown University AND STAFF Bethany Eisenhart, Part-Time Career Coach ADMINISTRATION B.S. DeSales University Kimberly Erdman, Director of Dental Hygiene A.A.S., B.S. Pennsylvania College of Technology Office of the President M.S. University of Bridgeport Victoria L. Bastecki-Perez, President Katina Faulk, Administrative Director for Academic Initiatives D.H. University of Pittsburgh A.S., B.S. Pennsylvania College of Technology B.S. Edinboro University of Pennsylvania M.B.A. Excelsior College M.Ed, Ed.D. University of Pittsburgh Gaetan Giannini, Dean of Business and Entrepreneurial Initiatives Candy K. Basile, Administrative Support Secretary B.S. Temple University A.A.S. Montgomery County Community College M.B.A. Seton Hall University Deborah Rogers, Executive Assistant to the College’s Board of Trustees Ed.D. Gwynedd Mercy University A.A.S. Montgomery County Community College Suzanne Vargus Holloman, WIF Grant Project Director B.S. Syracuse University Academic Affairs M.B.A. Drexel University Gloria Oikelome, Interim Vice President of Academic Affairs and Dean of Sean Hutchinson, Coordinator of Integrated Learning Health Sciences B.A., M.A. La Salle University B.S. Bethel University Alfonzo Jordan, Science, Technology, Engineering and Mathematics Lab M.S. Long Island University Manager Ed.D.
    [Show full text]
  • Debtbook Diplomacy China’S Strategic Leveraging of Its Newfound Economic Influence and the Consequences for U.S
    POLICY ANALYSIS EXERCISE Debtbook Diplomacy China’s Strategic Leveraging of its Newfound Economic Influence and the Consequences for U.S. Foreign Policy Sam Parker Master in Public Policy Candidate, Harvard Kennedy School Gabrielle Chefitz Master in Public Policy Candidate, Harvard Kennedy School PAPER MAY 2018 Belfer Center for Science and International Affairs Harvard Kennedy School 79 JFK Street Cambridge, MA 02138 www.belfercenter.org Statements and views expressed in this report are solely those of the authors and do not imply endorsement by Harvard University, the Harvard Kennedy School, or the Belfer Center for Science and International Affairs. This paper was completed as a Harvard Kennedy School Policy Analysis Exercise, a yearlong project for second-year Master in Public Policy candidates to work with real-world clients in crafting and presenting timely policy recommendations. Design & layout by Andrew Facini Cover photo: Container ships at Yangshan port, Shanghai, March 29, 2018. (AP) Copyright 2018, President and Fellows of Harvard College Printed in the United States of America POLICY ANALYSIS EXERCISE Debtbook Diplomacy China’s Strategic Leveraging of its Newfound Economic Influence and the Consequences for U.S. Foreign Policy Sam Parker Master in Public Policy Candidate, Harvard Kennedy School Gabrielle Chefitz Master in Public Policy Candidate, Harvard Kennedy School PAPER MARCH 2018 About the Authors Sam Parker is a Master in Public Policy candidate at Harvard Kennedy School. Sam previously served as the Special Assistant to the Assistant Secretary for Public Affairs at the Department of Homeland Security. As an academic fellow at U.S. Pacific Command, he wrote a report on anticipating and countering Chinese efforts to displace U.S.
    [Show full text]
  • Scholarship Information and College Planning Guide
    Mount Union Area High School Scholarship Information and College Planning Guide 2020-2021 Online www.muasd.org *Scholarship Packet prepared by MUAHS business classes/saved in Cooper Scholarship folder *Revised October 2020 TABLE OF CONTENTS Programs for your MU College Bound Senior .................................................................... Page 1 College Planning Calendar for Seniors………………………………………… ................ Page 2 How Colleges Make Decisions About Who Gets Admitted ................................................ Page 3 Early Decision. Early Action. Rolling. What Does It All Mean? ..................................... Page 3 A (Honest) Note About Financial Aid ................................................................................. Page 4 Online Resources and Scholarship Information .................................................................. Page 5 PASFAA Website Resource Guide ................................................................................ Pages 6-7 Mount Union Area Alumni Association Scholarship .......................................................... Page 8 Mount Union Area Education Association Scholarship ...................................................... Page 9 Mount Union Area Education Trust .................................................................................... Page 9 The John S. Morrison Scholarship ..................................................................................... Page 10 The Soroptimist Foundation Scholarship ..........................................................................
    [Show full text]
  • Using Bankruptcy to Provide Relief from Tax Debt Explore All Options
    USING BANKRUPTCY TO PROVIDE RELIEF FROM TAX DEBT EXPLORE ALL OPTIONS - Collection Statute End Date--IRC § 6502 - Offer in Compromise--IRC § 7122 - Installment Agreement--IRC § 6159 - Currently uncollectible status THE BANKRUPTCY OPTION - Chapter 7--liquidation - Chapter 13--repayment plan - Chapter 12--family farmers and fishers - Chapter 11--repayment plan, larger cases The names come from the chapters where the rules are found in Title 11 of the United States Code. This presentation focuses on federal income taxes in Chapter 7. In Chapter 13, the debt relief rules for taxes are similar to the Chapter 7 rules. VOCABULARY - Secured debt--payment protected by rights in property, e.g., mortgage or statutory lien - Unsecured debt--payment protected only by debtor’s promise to pay - Priority--ranking of creditor’s claim for purposes of asset distribution - Discharge--debtor’s goal in bankruptcy, eliminate the debt SECURED DEBT - Bankruptcy does not eliminate, i.e., discharge, secured debt - IRS creates secured debt with a properly filed notice of federal tax lien (NFTL) - Valid NFTL must identify taxpayer, tax year, assessment, and release date--Treas. Reg. § 301.6323-1(d)(2) - Rules for proper place to file NFTL vary by state SECURED DEBT CONTINUED - Properly filed NFTL attaches to all property - All means all; NFTL defeats exemptions (exemptions are debtor’s rights to protect some property from creditors) - Never assume NFTL is valid - If NFTL is valid, effectiveness of bankruptcy is problematic; it will depend on the debtor’s assets SECURED
    [Show full text]
  • Boc-Boe Sovereign Default Database: What's New in 2021
    BoC–BoE Sovereign Default Database: What’s new in 2021? by David Beers1, 1 Elliot Jones2, Zacharie Quiviger and John Fraser Walsh3 The views expressed this report are solely those of the authors. No responsibility for them should be attributed to the Bank of Canada or the Bank of England. 1 [email protected], Center for Financial Stability, New York, NY 10036, USA 2 [email protected], Financial Markets Department, Reserve Bank of New Zealand, Auckland 1010, New Zealand 3 [email protected], [email protected] Financial and Enterprise Risk Department Bank of Canada, Ottawa, Ontario, Canada K1A 0G9 1 Acknowledgements We are grateful to Mark Joy, James McCormack, Carol Ann Northcott, Alexandre Ruest, Jean- François Tremblay and Tim Willems for their helpful comments and suggestions. We thank Banu Cartmell, Marie Cavanaugh, John Chambers, James Chapman, Stuart Culverhouse, Patrisha de Leon-Manlagnit, Archil Imnaishvili, Marc Joffe, Grahame Johnson, Jamshid Mavalwalla, Philippe Muller, Papa N’Diaye, Jean-Sébastien Nadeau, Carolyn A. Wilkins and Peter Youngman for their contributions to earlier research papers on the database, Christian Suter for sharing previously unpublished data he compiled with Volker Bornschier and Ulrich Pfister in 1986, Carole Hubbard for her excellent editorial assistance, and Michael Dalziel and Natalie Brule, and Sandra Newton, Sally Srinivasan and Rebecca Mari, respectively, for their help designing the Bank of Canada and Bank of England web pages and Miranda Wang for her efforts updating the database. Any remaining errors are the sole responsibility of the authors. 2 Introduction Since 2014, the Bank of Canada (BoC) has maintained a comprehensive database of sovereign defaults to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default.
    [Show full text]
  • Debt Relief Services & the Telemarketing Sales Rule
    DEBT RELIEF SERVICES & THE TELEMARKETING SALES RULE: A Guide for Business Federal Trade Commission | ftc.gov Many Americans struggle to pay their credit card bills. Some turn to businesses offering “debt relief services” – for-profit companies that say they can renegotiate what consumers owe or get their interest rates reduced. The Federal Trade Commission (FTC), the nation’s consumer protection agency, has amended the Telemarketing Sales Rule (TSR) to add specific provisions to curb deceptive and abusive practices associated with debt relief services. One key change is that many more businesses will now be subject to the TSR. Debt relief companies that use telemarketing to contact poten- tial customers or hire someone to call people on their behalf have always been covered by the TSR. The new Rule expands the scope to cover not only outbound calls – calls you place to potential customers – but in-bound calls as well – calls they place to you in response to advertisements and other solicita- tions. If your business is involved in debt relief services, here are three key principles of the new Rule: ● It’s illegal to charge upfront fees. You can’t collect any fees from a customer before you have settled or other- wise resolved the consumer’s debts. If you renegotiate a customer’s debts one after the other, you can collect a fee for each debt you’ve renegotiated, but you can’t front-load payments. You can require customers to set aside money in a dedicated account for your fees and for payments to creditors and debt collectors, but the new Rule places restrictions on those accounts to make sure customers are protected.
    [Show full text]
  • Sovereign Default: Which Shocks Matter?
    Sovereign default: which shocks matter? Bernardo Guimaraes∗ April 2010 Abstract This paper analyses a small open economy that wants to borrow from abroad, cannot commit to repay debt but faces costs if it decides to default. The model generates analytical expressions for theimpactofshocksontheincentivecompatiblelevel of debt. Debt reduction generated by severe output shocks is no more than a couple of percentage points. In contrast, shocks to world interest rates can substantially affect the incentive compatible level of debt. Keywords: sovereign debt; default; world interest rates; output shocks. Jel Classification: F34. 1Introduction What generates sovereign default? Which shocks are behind the episodes of debt crises we observe? The answer to the question is crucial to policy design. If we want to write contingent contracts,1 build and operate a sovereign debt restructuring mechanism,2 or an international lender of last resort,3 we need to know which economic variables are subject to shocks that significantly increase incentives for default or could take a country to “bankruptcy”. I investigate this question by studying a small open economy that wants to borrow from abroad, cannot commit to repay debt but faces costs if it decides to default. There is an incentive compatible level of sovereign debt – beyond which greater debt triggers default –anditfluctuates with economic conditions. The renegotiation process is costless and restores debt to its incentive compatible level. The model yields analytical expressions ∗London School of Economics, Department of Economics, and Escola de Economia de Sao Paulo, FGV-SP; [email protected]. I thank Giancarlo Corsetti, Nicola Gennaioli, Alberto Martin, Silvana Tenreyro, Alwyn Young and, especially, Francesco Caselli for helpful comments, several seminar participants for their inputs and ZsofiaBaranyand Nathan Foley-Fisher for excellent research assistance financed by STICERD.
    [Show full text]
  • Case 1:03-Cv-08884 Document 107 Filed 05/01/2006 Page 1 of 152
    Case 1:03-cv-08884 Document 107 Filed 05/01/2006 Page 1 of 152 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DAVID TAUBENFELD, Individually, and On Case No. 03 C 8884 Behalf of Himself and All Others Similarly Honorable Joan H. Lefkow Situated, CLASS ACTION Plaintiff, THIRD AMENDED CONSOLIDATED vs. COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS CAREER EDUCATION CORPORATION, JOHN M. LARSON and PATRICK K. PESCH, Demand For Jury Trial Defendants. ––––––––––––––––––––––––––––––––––––––––– Lead Plaintiff, Thomas Schroder (“Lead Plaintiff”), individually and on behalf of all other persons similarly situated, by his undersigned attorneys, alleges the following based upon personal knowledge as to himself, and information and belief as to all other matters based upon, inter alia, the investigation of Lead Plaintiff’s counsel, which included a review of United States Securities and Exchange Commission (“SEC”) filings by Career Education Corp. (“CEC” or the “Company”), as well as securities analysts’ reports concerning the Company, Department of Education audits of CEC schools, press releases, media reports, other public statements issued by the Company, documents and e-mails prepared by the Company, and interviews with dozens of confidential witnesses, including the 27 former employees of the Company cited herein. This Complaint directly addresses the matters raised in the Court’s Memorandum Opinion and Order dated March 28, 2006. Among other things, it (a) adds as a named representative an individual who purchased
    [Show full text]
  • Conditionality, Debt Relief, and the Developing Country Debt Crisis
    This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Developing Country Debt and Economic Performance, Volume 1: The International Financial System Volume Author/Editor: Jeffrey D. Sachs, editor Volume Publisher: University of Chicago Press Volume ISBN: 0-226-73332-7 Volume URL: http://www.nber.org/books/sach89-1 Conference Date: September 21-23, 1987 Publication Date: 1989 Chapter Title: Conditionality, Debt Relief, and the Developing Country Debt Crisis Chapter Author: Jeffrey D. Sachs Chapter URL: http://www.nber.org/chapters/c8992 Chapter pages in book: (p. 255 - 296) 6 Conditionality, Debt Relief, and the Developing Country Debt Crisis Jeffrey D. Sachs 6.1 Introduction This chapter examines the role of high-conditionality lending by the International Monetary Fund and the World Bank as a part of the overall management of the debt crisis. High-conditionality lending re- fers to the process in which the international institutions make loans based on the promise of the borrowing countries to pursue a specified set of policies. High-conditionality lending by both institutions has played a key role in the management of the crisis since 1982, though the results of such lending have rarely lived up to the advertised hopes. One major theme of this chapter is that the role for high-conditionality lending is more restricted than generally believed, since the efficacy of conditionality is inherently limited. A related theme is that many programs involving high-conditionality lending could be made more effective by including commercial bank debt relief as a component of such programs.
    [Show full text]
  • National Student Satisfaction and Priorities Report
    2009 NATIONAL RESEARCH REPORT National Student Satisfaction and Priorities Report Are college students satisfi ed with their educational experiences? Each year, the National Student Satisfaction and Priorities Report examines this subject, compiling data from hundreds of thousands of students attending four-year public campuses, four-year private institutions, two-year community colleges, and private two-year career schools. This report highlights some key areas, including how satisfaction levels differ by student demographic variables, how satisfaction varies by institutional choice, and whether today’s students— if they had to do it all over—would choose the campuses they currently attend. Table of contents... The 2009 study: Discovering national trends and opportunities for improvement .............................................................................. 3 Satisfaction and likelihood to re-enroll: The overall results ................. 4 Institutional choice: A key element in satisfaction ............................... 4 2008 fi rst-year students: College choice also impacts satisfaction ........ 5 Ethnicity reports: Lower satisfaction among African-American and Asian students ........................................................................... 7 GPA reports: Academic success breeds satisfaction ............................ 8 Class level reports: Declining likelihood of re-enrolling at private institutions ........................................................................... 9 Gender reports: Greater satisfaction
    [Show full text]
  • Student Loan Repayment Guide
    Can’t afford your student Maura Healey loans? Worried about your Attorney General credit score? If you’re struggling with student loan debt, it’s important to explore your federal student loan repayment options. Maura Healey You may find that you have surprisingly affordable options to Attorney General lower your monthly payment, avoid default, and preserve your credit score. Your repayment options depend Student Loan upon your loan type and repayment status. Repayment There are also very limited If you’re struggling with student circumstances in which your loan debt, you may have Guide debt can be cancelled. options. Managing student loan debt isn’t File a Student Loan easy. But you should never pay File a Student Loan Help companies for student loan help. Help Request with the Request on our website: Attorney General’s To get free help with your student www.mass.gov/ago/studentloans loans, file a Student Loan Help or call our Student Loan Helpline Student Loan Request on our website: for free help and information: Ombudsman WWW.MASS.GOV/AGO/STUDENTLOANS 1-888-830-6277 WWW.MASS.GOV/AGO/STUDENTLOANS or call our Student Loan Helpline at 1-888-830-6277. Call the Student Loan Helpline Student Loan Helpline: 1-888-830-6277 1-888-830-6277 WWW.MASS.GOV/AGO/STUDENTLOANS If you enroll in an IDR plan, you need to recertify income information each year. Failure to annually recertify will undo many of the benefits of enrolling. To learn more about federal loan repayment options, including IDR plans, visit the U.S.
    [Show full text]