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Debt 411: Colleges Withholding Official Transcripts From Delinquent Borrowers

If you've gotten behind on your student loan payments, then your college might not release your official transcript to prospective employers. So, neener-neener.

job fails - In this economy, it's a good skill to have
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As if having Mom nag you to make your bed at age 25 isn't bad enough, now colleges are apparently honoring a request from the federal government to withhold the official transcripts of delinquent student loan borrowers to sort of, you know, light a fire underneath them to start making regular, monthly payments for the rest of their lives.

And there are a lot of regular, monthly payments that will need to be made over the next four or five decades, since U.S. college graduates now owe a record-breaking $1 trillion in student loan debt. That's more than we Americans owe on our collective credit cards, if you didn't know.

So start paying up, X Factor Generation, or no jobs for you. This goes for broke Gen Xers too, although we can still work for free.

But wait a minute: don't you need a job in order to start making regular, monthly payments? Which comes first, the chicken or the egg? Is this part of the reason why the Gen Y unemployment rate is so high? Whose (de)fault is this, anyway? What will our presidential candidates have to say about this? Well, it's something to think about while Dad makes you wash the car in the driveway.


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