Student Borrowing Soars 25% to Record Levels

Oversubscribed schools aim to accommodate unusual schedules

(NEWSER) - College students are famous for burning the midnight oil; now, professors are joining them. A "handful of colleges" throughout the US are offering late-night classes for their students—particularly those with kids or late shifts at work, USA Today reports. Leading the way are community colleges where enrollment is outpacing capacity. The odd hours allow classes to use campus space that’s filled throughout the day. More»

Payments would cap at 10% of income next year

(NEWSER) - President Obama's next plan for struggling Americans: student loan relief that could save borrowers hundreds of dollars a month, the White House says. Using his executive authority, Obama will speed up a measure that caps student loan payments at 10% of discretionary income, starting in 2012 instead of 2014. He will also order that debts be forgiven after 20 years instead of 25, the AP reports. More»

Says government's driving up college tuition, needs to get out of lending business

(AP) - Republican presidential contender Ron Paul said today he wants to end federal student loans, calling it a failed program that has put students $1 trillion in debt when there are no jobs and when the quality of education has deteriorated. Paul unveiled a plan last week to cut $1 trillion from the federal budget that would eliminate five Cabinet departments, including education. He also wants young workers to be able to opt out of Social Security. More»

College presidents predict big increase in education via the web

(NEWSER) - Online education will be booming over the next decade, according to a new Pew survey of college presidents. Some highlights, as noted by Today's Digital Life :

• Half of the presidents surveyed say most undergrads will take at least some classes online in 10 years, up from the current estimate of 15%.
• 62% say more than half of textbooks will be digital in 10 years.

Not the national kind, the personal kind

(NEWSER) - Republican freshmen in Congress say they're serious about tackling the US debt—but when it comes to their own personal debt, many have what the Washington Post amusingly calls “a more nuanced view.” At least 30 out of 87 had debts of $50,000 or more last year, according to financial documents released yesterday. Some of that included mortgages on investment properties (mortgages on non-rental properties weren't included) and student loans, but at least seven had credit card debt of more than $15,000. More»