Students defaulting on many loans at for-profit colleges

As college students head back to campus, a new report says almost two thirds of student loans at for-profit colleges are not being repaid. The statistic calls into question some for-profit programs’ ability to prepare graduates for finding jobs, and the Obama administration has proposed cutting off federal loans to the programs with the worst repayment rates. About two-thirds of students in the class of 2013 said that they were concerned about their ability to pay for college.

With default rates at such a high, we’re asking you: How have student loans affected your life in ways you didn’t expect?

Mark Kantrowitz, publisher of Fastweb.com and FinAid.org, explains why students everywhere are having trouble paying back their loans. Kevin Krease, a 25-year-old textbook salesman, describes how the pressure of paying back student loans affects his life.