JPMorgan Chairman and CEO Jamie Dimon weighed in on student loans, which he called 'a significant issue'
, which, among other proposals, calls for a simplified income-driven repayment program and earlier student loan forgiveness for undergraduate borrowers. Among the president's proposals, he supports ending the Public Service Loan Forgiveness program.
When borrowers receive the same interest rate, but have different credit and risk profiles, the default risk may be higher for the borrower with the weaker credit profile. This leaves the federal government potentially susceptible to student loan default, which is effectively borne by federal taxpayers.3. Direct government lending to students has grown almost 500% over the last 10 years – and it has not all been responsible lending.
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