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Keyword: studentloans

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  • Student delinquencies up as U.S. household debt hits another record

    11/16/2018 9:47:48 AM PST · by Oldeconomybuyer · 38 replies
    Reuters ^ | November 16, 2018 | by Jonathan Spicer
    The total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the U.S. economic expansion is growing old. Flows of student debt into serious delinquency - of 90 or more days - rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, the Federal Reserve Bank of New York reported on Friday. That propelled the biggest jump in the overall U.S. delinquency rate in seven years. Total household debt, driven by a $9.1 trillion in...
  • The Democrats Retake the House; Now What for Higher Ed?

    11/14/2018 9:35:11 AM PST · by reaganaut1 · 6 replies
    James G. Martin Center for Academic Renewal ^ | November 14, 2018 | George Leef
    Back in the summer, it seemed that the Republican/conservative vision for higher education reform was building momentum. A House GOP bill called the PROSPER Act was on the verge of moving toward passage and education secretary Betsy DeVos was implementing regulatory changes meant to undo some Obama-era policies such as the “Gainful Employment” rule and aggressive Title IX mandates. Then, the landscape of higher education policy was dramatically changed in the 2018 midterm elections with the House of Representatives going to the Democrats. Politicians with a completely different approach to higher ed will now have a loud voice. The Republican/conservative...
  • These Americans fled the country to escape their giant student debt

    10/27/2018 4:44:26 PM PDT · by Simon Green · 128 replies
    CNBC ^ | 10/27/18 | Annie Nova
    Chad Haag considered living in a cave to escape his student debt. He had a friend doing it. But after some plotting, he settled on what he considered a less risky plan. This year, he relocated to a jungle in India. "I've put America behind me," Haag, 29, said. He now lives in a concrete house in the village of Uchakkada for $50 a month. His backyard is filled with coconut trees and chickens. "I saw four elephants just yesterday," he said, adding that he hopes to never set foot in a Walmart again. His debt is currently on its...
  • A Hidden Plan to Stick Taxpayers with Billions in Student-Loan ‘Forgiveness’

    10/23/2018 7:59:46 AM PDT · by SeekAndFind · 35 replies
    National Review ^ | 10/23/2018 | By JASON DELISLE & CODY CHRISTENSEN
    The Aim Higher Act would let borrowers out of loans they could afford to pay back. Should the Democrats regain control of the House of Representatives in November, their largely unnoticed plan to forgive billions of dollars in student loans at taxpayer expense will be on the agenda. Many borrowers with the means to repay would qualify. The plan was devised by the top Democrat on the education committee, Representative Bobby Scott (Va.), as part of the Aim Higher Act, a reauthorization of student-aid programs. And earlier this month a group of Senate Democrats led by Jeff Merkley (Ore.) introduced...
  • The Student Loan Forgiveness Mess: The Program Is The Problem

    10/11/2018 7:27:42 AM PDT · by SeekAndFind · 9 replies
    IBD ^ | 10/11/2018 | Howard Husock
    It's dispiriting, for anyone who cares about the sheer capacity of government to implement policy, to learn that the Department of Education has failed to process 99% of requests for student loan forgiveness submitted by some 1.2 million borrowers who believe they qualify for a discount program aimed at helping those engaged in public service jobs. The report from the Government Accountability Office, based on its review of the Obama-era program, does not do much to instill more trust in government. But that's not the most important problem with the Public Service Loan Forgiveness Program. The core idea — that...
  • Student loan forgiveness program for public servants rejected 99 percent of applicants

    09/28/2018 8:12:37 AM PDT · by yesthatjallen · 30 replies
    The Hill ^ | 09/28/18 | CHRIS MILLS RODRIGO
    A program allowing public servants to receive student loan forgiveness has rejected more than 99 percent of its applicants because of confusion about the program and a lack of coordination with the company running it, a government audit report showed. The rejection statistic, which had been included in a statement from the Department of Education on Sept. 19, was the subject of a government audit released Thursday. The audit report from the Government Accountability Office noted "the large number of denied borrowers suggests that many are still confused by the program requirements." It also criticized the DOE for not cooperating...
  • Time for Colleges to Get Some Skin in the Game

    09/17/2018 7:34:54 AM PDT · by reaganaut1 · 14 replies
    City Journal ^ | September 11, 2018 | James Piereson and Naomi Schaefer Riley
    When Education Secretary Betsy DeVos proposed revoking the “gainful-employment” rule last month, critics pounced, claiming that it would “pad the pockets of for-profit colleges,” in the words of Washington’s Senator Patty Murray. In fact, throwing out the rule—penalizing schools whose graduates have lots of debt relative to their earning power—will merely level the playing field. Why should for-profit colleges, the rule’s target, be held to a higher standard than nonprofits, when plenty of for-profit schools provide students with the skills necessary for employment, and plenty of nonprofit schools don’t? DeVos is on the right track. It’s time to stop using...
  • The Innovation Dilemma Facing Betsy DeVos

    09/14/2018 7:34:16 AM PDT · by reaganaut1 · 10 replies
    James G. Martin Center for Academic Renewal ^ | September 14, 2018 | Preston Cooper
    No one can accuse Education Secretary Betsy DeVos of inaction. Just within the past few weeks, her Department of Education announced the overhaul of two major Obama-era regulations. The next stage of DeVos’ agenda will review several of the rules governing which higher education institutions and programs are eligible for federal funding, with an eye toward giving colleges more flexibility. The changes DeVos will likely attempt highlight a dilemma all conservative higher-education reformers face: the tension between promoting innovation and protecting taxpayers. While still in development, DeVos’ agenda comes down firmly on the side of creating a more hospitable environment...
  • I'm 28, Have $100K In Student Loan Debt, & I Can't Find A Full-Time Job

    08/30/2018 9:12:49 AM PDT · by 11th_VA · 280 replies
    Yahoo Finance News ^ | August 29, 2018 | Ludmila Leiva
    For Alexandria Butler-McDow, 28, going to university didn’t provide the freedom and financial security she'd hoped for. After graduating with an associate’s degree from the California Culinary Academy (CCA) in San Francisco, CA, in 2008, Butler-McDow struggled to find a job that would allow her to support herself and her disabled mother while also paying off her enormous student loan bill. Hopeful that a more advanced degree would help her make more money and better manage her debt, Butler-McDow went on to pursue a bachelor’s degree in culinary nutrition, concentrating on clinical dietetics at Johnson and Wales University (JWU) in...
  • Nation’s top student loan official resigns [in protest of Trump]

    08/27/2018 10:37:21 AM PDT · by Red Badger · 48 replies
    AP ^ | 08/27/2018 | Staff
    NEW YORK (AP) — The government’s top official overseeing the $1.5 trillion student loan market resigned in protest on Monday, citing what he says is the White House’s open hostility toward protecting the nation’s millions of student loan borrowers. Seth Frotman will be stepping down as student loan ombudsman at the end of the week, according to his resignation letter, which was obtained by The Associated Press. He held that position since 2016, but has been with Consumer Financial Protection Bureau since its inception in 2011. Frotman is the latest high-level departure from the CFPB since Mick Mulvaney, President Donald...
  • Democrat and Republican voters agree that America faces a student-debt crisis

    08/12/2018 4:55:02 PM PDT · by SeekAndFind · 52 replies
    MarketWatch ^ | 08/11/2018 | Jillian Berman
    Whether the nation’s $1.5 trillion student-debt problem represents a crisis is a matter of debate among policy makers and experts. But ask regular voters what they think and the answer seems pretty clear. More than half of Republicans, 67% of Independents and 71% of Democrats agree that student debt is a crisis, according to a recent poll of 1,000 voters conducted by Lake Research Partners and Chesapeake Beach Consulting on behalf of Americans for Financial Reform and the Center for Responsible Lending, two consumer advocacy organizations. “It’s pretty clear that regardless of political orientation, people see it not just as...
  • Follow the Money: Why Do Universities Oppose the Higher Education Bill?

    06/24/2018 8:26:53 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | June 24, 2018 | Jane S. Shaw
    When 39 university associations send an open letter to Congress expressing “grave reservations” about proposed legislation, you can be sure that money is involved. No matter how they describe their concern about students, our colleges and universities have spent money at a pace well above inflation for decades, and they have raised tuition and fees in tandem. The federal student loan program has been their “enabler,” so they want to keep the money flowing.New buildings, new stadiums, fitness centers, luxury apartments, a “lazy river” at Louisiana State University, climbing walls at Notre Dame and Rutgers, and a $120 million refurbishing...
  • Disabled veterans invited to apply for tax-free student loan forgiveness

    05/11/2018 8:48:48 PM PDT · by 2ndDivisionVet · 13 replies
    Credible ^ | April 16, 2018 | Matt Carter
    Disabled veterans who may not have realized they can apply to have their student loans forgiven — or who were afraid of the tax implications of claiming the benefit — will soon be getting letters in the mail inviting them to apply for tax-free loan discharges. Until recently, the IRS treated student loan forgiveness granted to disabled borrowers as taxable income. The plight of retired Army 1st. Lt. Will Milzarski, an Afghan war vet who was received a $70,000 tax bill after having $223,000 in loans forgiven, helped inspire Congress to change the law. As part of the changes to...
  • He had $55,000 in student loans, now he owes $330,000 ... Here's how it happened

    05/06/2018 10:57:14 PM PDT · by Wally_Kalbacken · 46 replies
    MSN.COM/CNBC ^ | 5/6/2018 | Annie Nova
    Rick Tallini didn't worry much about the $55,000 in federal student loans he took out for law school in the 1990s. His future seemed bright. Yet in the decades since he graduated, he's struggled to find employment and pay the bills. His original student loan balance, meanwhile, has soared to well over $300,000. "They'll tack this thing to my coffin at this point," Tallini, 61, said.
  • The 10 states where student debt is a big problem

    05/01/2018 6:32:00 AM PDT · by GuavaCheesePuff · 33 replies
    CNBC ^ | April 6, 2018 | Annie Nova
    Student loan debt in America has been called a crisis. The loans many students take out to cover their education can impair them from owning houses and saving for retirement later in life. And many others can't even make their monthly payments. Some 40 percent of borrowers are expected to default on their loans by 2023. In some states, the situation is worse than others. That's the takeaway from a new project by The Urban Institute, a nonpartisan think tank, which has mapped student loan debt across the country. Here are 10 states hit hard by student loans.
  • Some Colleges Try to Burnish Student-Loan Default Rates

    04/27/2018 5:10:29 AM PDT · by reaganaut1 · 8 replies
    Wall Street Journal ^ | April 26, 2018 | Josh Mitchell and Michelle Hackman
    WASHINGTON—Some U.S. colleges and universities are inappropriately urging alumni to postpone payments on their student loans, causing their balances to rise while allowing the schools to skirt regulatory oversight, a government watchdog reported Thursday. The practice is one reason why some borrowers’ balances are rising and so few schools are sanctioned for leaving students in excessive debt, according to the Government Accountability Office report, released by Democrats on the House education committee. The report examines a decades-old law that assigns each college a “cohort default rate.” The law is designed to punish a college if a large share of its...
  • College Made Me a Conservative

    03/18/2018 8:08:50 AM PDT · by Oldpuppymax · 20 replies
    The Coach's Team ^ | 3/18/18 | Jay Stephens
    Have you ever heard the old saying that a conservative is just a liberal who got mugged? Well, I got mugged – to the tune of $60,000 a year. It’s called “tuition.” Like everyone who cons themselves into attending a liberal arts college, I was captivated by the idea of changing the world. I would immerse myself in a diverse pool of academic thought, theory, and action. Well…it didn’t quite work out that way. Over the course of four years, I was transformed from a plucky, free-thinking free spirit into a cranky, get-off-my-lawn conservative. The process started not long after...
  • In Colorado, 11.2 percent of borrowers default on student loans

    03/17/2018 8:16:50 AM PDT · by george76 · 15 replies
    Watchdog News ^ | Mar 15, 2018
    At Everest College in Everett, nearly 30 percent of borrowers who started repaying student loans in 2014 defaulted on those loans by the end of 2016, according to the latest disclosure from the U.S. Department of Education. The data includes students at schools receiving federal student aid who entered repayment on selected federal loans in 2014 and defaulted before the end of the second fiscal year. In Colorado, 82 institutions reported 100,449 students entered repayment on student loans. And 11,204 – or 11.2 percent – defaulted on those loans.
  • Banks Look to Break Government’s Hold on Student-Loan Market

    03/07/2018 5:44:58 AM PST · by reaganaut1 · 26 replies
    Wall Street Journal ^ | March 7, 2018 | Josh Mitchell and AnnaMaria Andriotis
    Private lenders are pushing to break up the government’s near monopoly in the $100 billion-a-year student-loan market. The banking industry’s main lobbying group, the Consumer Bankers Association, is pressing for the government to instate caps on how much individual graduate students and parents of undergraduates can borrow from the government to cover tuition. That would force many families to turn to private lenders to cover portions of their bills. While that could mean lower interest rates for some, it could constrain funding to households with blemished credit histories. A group of investors also is lobbying for legislation to provide a...
  • Anarchy Is Swallowing Up the Social Order

    03/03/2018 4:49:32 AM PST · by Kaslin · 52 replies
    American Thinker.com ^ | March 3, 2018 | E. Jeffrey Ludwig
    Government in the name of order, control, efficiency, organization, the greatest good for the greatest number, solidarity, social justice, and safety is instead ruling over a society that is increasingly disordered, crime-ridden, unjust, and disturbed to an extreme. A word that describes the direction of our acceleration through space and time is anarchy. The momentum toward anarchy began with the move toward federal government expansion. During Woodrow Wilson's presidency, we began to see the implementation of what is now called the administrative state. This was helped along by our participation in WWI, which created the need for more governmental controls....