Student debt levels are soaring — and so are defaults on educational loans. A New York Times investigation found that some creditors are taking extreme measures to get paid. In many cases, those measures are costing people the jobs they need to pay back the loans they took out to get those jobs in the first place.
Guests: Jessica Silver-Greenberg, a business reporter for The Times; Shannon Otto, who had her nursing license suspended after she fell behind on loan payments. For more information on today’s episode, visit nytimes.com/thedaily.
Duration
20m
Broadcast on
15 Dec 2017
Audio Format
other
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Student debt levels are soaring — and so are defaults on educational loans. A New York Times investigation found that some creditors are taking extreme measures to get paid. In many cases, those measures are costing people the jobs they need to pay back the loans they took out to get those jobs in the first place.
Guests: Jessica Silver-Greenberg, a business reporter for The Times; Shannon Otto, who had her nursing license suspended after she fell behind on loan payments. For more information on today’s episode, visit nytimes.com/thedaily.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
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Brought to you by the Capital One Saver Card. With Saver, you are an unlimited 3% cashback on dining, entertainment, and at grocery stores. That's unlimited cashback on ordering takeout from home. Or unlimited cashback on tickets to concerts and games. So grab a bite, grab a seat, and earn unlimited 3% cashback with the Saver Card. Capital One. What's in your wallet? Terms apply. See CapitalOne.com for details. From the New York Times, I'm Michael Barbong. This is The Daily. Today, student loan debts are sworn. And so are defaults on those loans. A Times investigation finds that creditors are taking extreme measures to get paid. Measures that are costing people the jobs they took out loans to get. And that they need to pay back their loans. It's Friday, December 15. So I've been reporting on the student debt crisis in America since the beginning of the year. And all of its causes and effects and the impact it's having on people just as they're graduating from school. Jessica Silver-Greenberg is a business reporter at The Times. And in the course of that reporting, I found this woman, Shannon Otto, who had this incredible story. But it was one that at first, I could only see through the government documents that I was looking at. I wasn't able to find her for a while. Then I eventually got in touch with her. This is Shannon. Her story starts. She's this young woman in Nashville. I was born at Nashville General Hospital and lived in Nashville all my life. So it's the 1990s in Tennessee, and when I was 15, I became pregnant. She gets pregnant unexpectedly. And I had a couple of choices that I could have made there. She's thinking about being a single mom. She's on her own. She's in a really tough situation with her family. I decided to keep my child and go on to be an adult immediately. So she decides to get emancipated, and that means she's going to become legally independent. And suddenly, even though she has legal freedom and legal independence, she needs to find financial independence for her and her child, the kid she's expecting. And so she decides that the best route for that is to become a nurse. Any person with age and wisdom would look at that situation and say, "No, she's not going to make it." And I said, "Yes, I am. Watch me." And then Shannon's life really just takes off. I immediately found where I could go and take my GED test because I was only in the tenth grade at the time.
Transcription truncated.
Student debt levels are soaring — and so are defaults on educational loans. A New York Times investigation found that some creditors are taking extreme measures to get paid. In many cases, those measures are costing people the jobs they need to pay back the loans they took out to get those jobs in the first place.
Guests: Jessica Silver-Greenberg, a business reporter for The Times; Shannon Otto, who had her nursing license suspended after she fell behind on loan payments. For more information on today’s episode, visit nytimes.com/thedaily.
