Getting a college education doesn’t come cheap. For many students, the skyrocketing cost of tuition, fees, housing, food and books has left them little recourse but to seek federal loans.
But as the number of defaults on student loans earmarked for the poor reaches record levels, schools such as Yale, the University of Pennsylvania and George Washington University have resorted to suing their former students, Bloomberg reports. Moreover, the default levels are also affecting the prospects of current students facing extreme financial hardships who need the federal Perkins loans to cover the cost of their education.
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