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Keyword: studentloans

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  • Behind Closed Doors in Washington, Here’s What Colleges Fight For

    11/17/2019 4:59:54 AM PST · by karpov · 15 replies
    New York Times ^ | November 15, 2019 | Kevin Carey
    ... Student loans are a growing fact of American life, topping $1.6 trillion in outstanding balances this year. Loans can be valuable — if students are able to pay them back. But every year, one million people default on their student loans for the first time. Often, it’s because they didn’t graduate, and so lacked the diploma needed to get a well-paying job. Last year, 231 four-year colleges graduated less than 25 percent of their first-time-in-college, full-time students within eight years of enrollment. An additional 615 colleges reported rates below 50 percent. ... The proposed new version of the Higher...
  • Racial Disparities in Student Loan Outcomes

    11/13/2019 9:12:13 AM PST · by karpov · 21 replies
    Liberty Street Economics (New York Federal Reserve) ^ | November 13, 2019 | Andrew F. Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
    ... Borrowing rates are somewhat higher in areas with a majority of black residents, at 23 percent, compared with 17 percent in Hispanic-majority zip codes and 14 percent in white-majority zip codes. These differences are likely explained, in part, by income disparities, as lower-income students are more likely to need student loans to afford tuition, even with need-based aid covering some of the affordability gap. But in addition to higher borrowing rates, the balances are higher too. Below, we look at the average student loan balances, per borrower, with zip codes grouped by the race of the majority of residents....
  • Better Than a Loan

    10/23/2019 3:51:36 AM PDT · by Kaslin · 61 replies ^ | October 23, 2019 | John Stossel
    Student loan debt keeps growing. There is a better solution than the ones politicians offer, which stick the taxpayer or the loan lenders with the whole bill. It's called an "income share agreement." Investors give money to a college, and the college then gives a free or partially free education to some students. When those students graduate, they pay the college a certain percentage of their future income. It's a way "for the school to say to students, 'You're only going to pay us if we help you succeed'," explains Beth Akers, co-author of the book "Game of Loans." Andrew...
  • Who Borrows for College—and Who Repays? (not many)

    10/09/2019 5:12:25 AM PDT · by karpov · 51 replies
    Federal Reserve Bank of New York ^ | October 9, 2019 | Andrew F. Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
    ... Student loans neared $1.5 trillion in the second quarter of 2019, a more than fivefold increase since the beginning of 2003. The rapid growth was fueled by increases in both the number of borrowers—there are approximately 43 million borrowers in 2019, compared with only 19 million in 2003—as well as a near tripling of the average balance per borrower, a rise to $33,500 in 2019, up from $13,300 in 2003. Although these factors explain the rapid growth of aggregate student debt, there remains a large number of borrowers with smaller balances. The distribution of borrowers by balance reflects this;...
  • The Mess of Federal Funds Is Changing the University

    09/15/2019 6:13:21 AM PDT · by karpov · 18 replies
    James G. Martin Center for Academic Renewal ^ | September 15, 2019 | John Staddon
    The modern American university has changed almost beyond recognition from the form it had even 100 years ago. It is larger, more “diverse,” more of a business, and more industrialized with relatively fewer teachers and more bureaucrats than ever before. Those changes have led to new problems. Higher education, if not broken, is at least seriously injured. Some critics feel the damage is fatal and the whole system should essentially be abolished. I want to focus on just one cause and a few of its effects. The cause is the involvement of the federal government via the money which is...
  • Did the Obama administration commit 'the biggest accounting fraud in history' with student loans?

    09/05/2019 9:44:31 AM PDT · by grundle · 32 replies ^ | September 5, 2019 | Aarthi Swaminathan
    Full title: Did the Obama administration commit 'the biggest accounting fraud in history' with student loans? Experts weigh in The Wall Street Journal’s editorial board (WSJ) recently accused the Obama administration of pulling off “the biggest accounting fraud in history” with student loans when eliminating the role of private lenders in the federal student lending market. Experts who spoke with Yahoo Finance acknowledged the issue with the general policy in hindsight, though they disagreed on who exactly is to blame. In 2010, Democrats “nationalized the market to help pay for Obama Care,” WSJ asserted. “The Congressional Budget Office at the...
  • Disabled Veterans Can Say Adios To Student Loan Debt Thanks To Trump Executive Order

    08/22/2019 11:41:10 AM PDT · by Kaslin · 30 replies ^ | August 22 2019 | Beth Bauman
    President Donald Trump on Wednesday signed an executive order cancelling student loan debt for permanently disabled veterans. According to President Trump, 25,000 disabled veterans will benefit from this move.“The debt of these disabled veterans will be completely erased,” Trump said during a speech at the American Veterans National Convention in Louisville. “That’s hundreds of millions of dollars of student loans debt for our disabled veterans that will be completely erased.” It was my honor to sign a Presidential Memorandum facilitating the cancellation of student loan debt for 25K of our most severely disabled Veterans. With today’s order, we express the everlasting...
  • Trump to grant student loan forgiveness for disabled veterans

    08/21/2019 2:22:45 PM PDT · by 2ndDivisionVet · 57 replies
    CNBC ^ | August 21, 2019 | Annie Nova
    President Donald Trump signed a memorandum on Wednesday to cancel the student loan debt of disabled veterans. “Today I’m proud to announce that I am taking executive action to ensure that our wounded warriors are not saddled with mountains of student debt,” Trump said in a speech at the AMVETS National Convention in Kentucky. More than 25,000 disabled veterans will have their student debt forgiven, the president said.
  • Two Conservative Ideas for Fixing Student Loans

    07/23/2019 10:03:57 AM PDT · by SeekAndFind · 61 replies
    National Review ^ | 07/23/2019 | Robert Verbruggen
    The Democrats are in the middle of a presidential primary and the Republicans are not, so lefty ideas about how to fix student debt — i.e., throwing taxpayer money at borrowers — have gotten a lot of media coverage. Less noted have been numerous better ideas emanating from the right.As I argued at length in a print piece earlier this month, while the “crisis” here is overblown and massive new taxpayer handouts wholly unjustified, the system does need reform. Specifically, we need to do two things: (1) provide worthy students a way to fund their education without crippling their finances,...
  • More student loan borrowers carry six-figure balances

    07/15/2019 8:30:21 PM PDT · by dynachrome · 86 replies
    CNBC ^ | 7-12-19 | Annie nova
    Elisha Bokman has been out of school for eight years. Still, her student loan balance is half a million dollars. Today, for her doctorate degree in naturopathic medicine and master’s in acupuncture from Bastyr University, she owes $499,322.69. She and her husband struggled to buy a house because of her debt. Eventually, the financial stress led them to a divorce. “He felt like he couldn’t live his life or do the things he wanted to do,” Bokman, 38, said. She wanted to open her own medical practice, but she said her student debt prevents her from getting a business loan....
  • Canceling Student Loan Debt Doesn’t Make Problems Disappear

    07/08/2019 6:28:46 AM PDT · by reaganaut1 · 29 replies
    New York Times ^ | June 25, 2019 | Kevin Carey
    ... According to the Department of Education, only 45 percent of student loans are used to attend public colleges and universities, presumably because tuition at those schools is already lower than in the private sector. The department also reports that 40 percent of loans are taken out to attend graduate or professional school — for example, master’s and Ph.D. programs, law school, business school and medical school. This number is large because graduate school is expensive and, in contrast with loans for undergraduates, there is no hard cap on how much money students can borrow from the federal government for...
  • Why the Gap Between White Men and Black Women Paying Off Student Loans Is So Huge

    06/09/2019 4:06:40 PM PDT · by reaganaut1 · 86 replies
    Barron's ^ | June 9, 2019 | Jillian Berman
    The experience of repaying student loans is unpleasant for millions of graduates, but for some borrowers, paying off student debt is an almost insurmountable challenge. Twelve years after entering college, white men have paid off 44% of their student-loan balance on average, according to an analysis released Thursday by Demos, a left-leaning think tank. For white women, that share drops to 28%. For black borrowers, the picture is even bleaker. Black women see their loan balances actually grow 13% on average, 12 years after leaving school, while black men see their balances grow 11%. The age at which students enter...
  • The Long Road to the Student Debt Crisis

    06/08/2019 3:29:53 AM PDT · by reaganaut1 · 112 replies
    Wall Street Journal ^ | June 7, 2019 | Josh Mitchell
    The U.S. student loan system is broken. How broken? The numbers tell the story. Borrowers currently owe more than $1.5 trillion in student loans, an average of $34,000 per person. Over two million of them have defaulted on their loans in just the past six years, and the number grows by 1,400 a day. After years of projecting big profits from student lending, the federal government now acknowledges that taxpayers stand to lose $31.5 billion on the program over the next decade, and the losses are growing rapidly. Meanwhile, four in 10 recent college graduates are in jobs that don’t...
  • Forgiving Student Debt Isn’t the Solution to Anything

    05/15/2019 7:36:13 AM PDT · by reaganaut1 · 51 replies
    James G. Martin Center for Academic Renewal ^ | May 15, 2019 | Preston Cooper
    The time-honored American tradition of outlandish political promises continues apace. Now, the spotlight is on student debt. Democratic presidential candidate Elizabeth Warren added to the debate recently when she put forward a proposal to cancel $640 billion worth of federal and private student loans. Warren touts her plan as a way to boost the economy, redistribute wealth, and help struggling borrowers. But as justifications for canceling nearly half the outstanding $1.5 trillion balance of student debt, these arguments are woefully inadequate. To her credit, Warren has recognized and partially addressed one of the major problems with canceling all outstanding student...
  • What’s Scarier Than Student Loans? Welcome to the World of Subprime Children

    05/12/2019 3:30:12 AM PDT · by reaganaut1 · 33 replies
    New York Times ^ | May 11, 2019 | Malcolm Harris
    ... Purdue and a few other universities have come up with I.S.A. programs that could point the way forward. They assess different rates and repayment durations depending on the borrower’s major. If you’re a chemical engineering major at Purdue, you enjoy better terms than if you study English: Under its I.S.A. schedule, chemical engineers are expected to repay $33,000 at the rate of about 8.5 percent of their income for seven years and four months, while for English majors it’s almost 15 percent for nine years and eight months. But these university I.S.A.s are meant to supplement rather than replace...
  • Warren’s Free College Time Machine

    04/25/2019 6:34:20 AM PDT · by reaganaut1 · 39 replies
    Wall Street Journal ^ | April 24, 2019
    ... Ms. Warren proposed this week to erase a substantial portion of more than $1.5 trillion in student debt held by Americans. Her plan would cancel up to $50,000 of student debt for every person with household income under $100,000. The loan forgiveness amount phases out as income rises. No one who earns more than $250,000 would qualify, though the forgiveness would extend to plenty of upper middle-class earners who have the means to repay. She claims this will eliminate student debt for 75% of the 45 million Americans. “For most Americans,” she wrote in a post on Medium, “cancellation...
  • Give Warren a BS Degree in Vote-Buying

    04/24/2019 4:28:17 AM PDT · by Kaslin · 28 replies ^ | April 24, 2019 | Betsy McCaughey
    Presidential contender Elizabeth Warren's strategy is to win the Democratic nomination by promising the most free stuff. Monday, she upped the ante. She's offering a whopping $50,000 student loan forgiveness for nearly everyone who borrowed for college or graduate school. That's old-fashioned Tammany Hall-style bribery -- handing out dollars to buy votes. Warren's proposal is designed to buy a lot of them. One in 6 American adults are saddled with college debt. It's bigger than credit card debt or auto loans. Magically erasing student debt is Warren's ploy to win over college students, adults in their 20s and 30s struggling...
  • Warren calls for massive student debt relief and free public college tuition

    04/22/2019 8:34:55 AM PDT · by EagleUSA · 43 replies
    MSN ^ | 4/22/2019 | Laura Krantz
    Senator Elizabeth Warren unveiled a sweeping plan Monday to forgive massive amounts of student loan debt for middle-class Americans as she tries to appeal to the young voters expected to play a major role in the 2020 campaign. The Democratic presidential candidate from Massachusetts also called for free tuition at state colleges and universities as another way to relieve the higher education costs that have financially crippled many millennials.
  • Bankers had to remind Maxine Waters her hero OBAMA is responsible for massive student loan debt

    04/12/2019 6:51:27 AM PDT · by SleeperCatcher · 40 replies
    The National Sentinel ^ | 4/12/19 | Jon Dougherty
    For most Democrats, serving in Congress isn’t about leadership or solving the nation’s problems, it has become nothing more than a quest to ‘get’ political opponents — the president of the United States, all Republicans, or, in the case of “Crazy” Maxine Waters on Wednesday, “mega-bankers.” Waters hauled representatives from five of the country’s biggest banks before her House Financial Services Committee, which she chairs, to berate them over something that neither they nor the Trump administration had anything to do with: Building the country’s massive, $1 trillion-plus student loan debt. It quickly became apparent that Waters had no clue...
  • Oops: Maxine Waters grills banks on student loan crisis even though feds took over in 2010

    04/10/2019 1:33:25 PM PDT · by jazusamo · 82 replies
    The Washington Times ^ | April 10, 2019 | Valerie Richardson
    House Financial Services Committee chairwoman Maxine Waters was brought up short Wednesday after she targeted banking chiefs over the student loan crisis, even though the federal government took over student lending in 2010. At a hearing featuring a panel of seven bank CEOs, Ms. Waters ticked off figures on student loan debt and defaults, then asked, “What are you guys doing to help us with this student loan debt? Who would like to answer first? Mr. Monahan, big bank.” Bank of America chairman and CEO Brian Monahan replied, “We stopped making student loans in 2007 or so.” Ms. Waters replied,...