We also checked whether the direction of the explanatory variables changed over quantiles and tried to interpret possible reasons for such variations across the borrower groups.
As quantile regression analysis estimates the total loan amount in various conditional quantiles, we can develop more detailed and accurate information from different borrower groups, depending on the loan amount.
For a department under siege by student advocates, borrower groups and lawmakers such as Sen. Elizabeth Warren (D-Mass)., Obama's recommendations may bolster calls for another federal agency to take charge of the federal student loan system.
"This settlement provides zero justice for the people who have been harmed by EDMC," said the Debt Collective, a pro-borrower group that has organized a nationwide "debt strike" against the Education Department.
Consultants witnessed an obvious level of group solidarity, since each member of the borrowers' group was aware of the nature of the other enterprises of the group members, and they consistently exchange expertise and discuss common problems encountering their enterprise.
Thursday's protest was the second this week organized by a borrower advocacy group and aimed at Countrywide.
The speakers included several borrowers, community group advocates, public officials, academics and representatives of the lending industry.
Delinquencies and foreclosures, though still low by historical standards, are rising fastest among these borrowers, a group that is commonly referred to as subprime because they have troubled credit records or otherwise have difficulty obtaining a mortgage.
That response from banks raised concerns among borrower advocacy groups and civil rights organizations that perhaps the Obama administration had gone too far in holding lenders accountable for their mistakes.
One of the borrowers the group helped was "Patricia," from Lakewood, Calif., who found a notice of sale in her flower garden on Sept. 2, despite her "diligent efforts" to obtain a modification.
