The president's plan calls for implementing a new complaint forum for student borrowers, a centralized website to track student loans, stricter laws for debt collectors, and possibly even bankruptcy for student loans.
Now Obama envisions directing $14.6 billion from the loan program toward Pell in the next 10 years. But money is needed to cover forgiven loans. If further expansion of the generous forgiveness clauses leads to another unanticipated shortfall, will this transfer of fund still be possible?
Whether you're a parent with a child currently in diapers or a student planning to graduate from high school fairly soon, it is worthwhile to study the Free Application for Federal Student Aid (FAFSA) -- a 130-question form that determines who qualifies for a piece of $150 billion in federal grants, loans and work-study funds -- well in advance.
If you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical. Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.
Ultimately, the student debt strike is not about "illegitimate" vs. "legitimate" debt, but the illegitimacy of student loan debt as such.
We need faculty to make the switch and drop their traditional textbook for an open textbook. It's not hard, but it's not easy, and institutions can make a huge impact by providing training and resources for interested faculty to make the switch.
Most families aren't able to cover the full cost of their children's college experience, which means financial aid will play at least a part of their college planning. If you're thinking about applying for financial aid for your college-aged student (or thinking ahead for a child who's got some time left to go), here are the fundamentals you need to know.
Colleges make it simple for students to borrow by packaging several different types of federal loans... Sometimes, schools even give students more loans than they need. The students have to accept the package and deal with the loans when they leave, whether they graduate or not.
Kevin Carey posits that the market dominance of federal student loans combined with income-driven repayment plans has solved student debt crisis. It's an intriguing and optimistic thesis.
Education has always been central to the American Dream: the promise that if you work hard, you can achieve anything. Unfortunately, the skyrocketing cost of student loan debt means that when millions of Americans should be building their careers, starting their families, and pursuing their dreams, they are instead being held back.
Steve Mason's tragic story may be an extreme case, but he is not alone. Millions of people are legally obligated to have a portion of their wages diverted to paying down student debt. Borrowers and their parents seemingly have nowhere to turn.
If you don't find yourself trading bonds on the regular or consider yourself financially illiterate, take these warnings as a gentle nudge on how to NOT pay off your debt.
I read a blog post on The Huffington Post this week titled "The Case for a Populist Challenger in the Democratic Primaries." While the piece well deli...
If your tax refund was intercepted by the Department of the Treasury then you must be significantly behind on your student loan payments.
When I do my college planning workshops, I always get asked which parent's assets to use when filling out the FAFSA form. Considering the many forms that today's modern family can take, it's easy to see how one can get confused.
Much attention has rightly been paid to reforming student loans, such as making sure borrowers can refinance high-interest loans and expanding income-based payment options. These programs, though they would help millions of struggling borrowers, aren't a tourniquet, but only a bandage on a $1.2 trillion student debt crisis.