NEWS ABOUT: student debt

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Students Default on Loans Over Obscure Provision

... even if they've been paying on time

(Newser) - Because the nation's student-debt situation wasn't enough of a mess: A new federal report warns that some students are going into default even when they've been paying back their loans on time, reports USA Today . It's because of an obscure provision covering private student loans—if... More »

Hey Colleges: Stop Asking Broke Grads for Money

Schools have a lot of nerve given recent grad unemployment, Alexander Aciman writes

(Newser) - At the end of senior year, Alexander Aciman made the mistake of donating $25 to his college's alumni fund. Now, he knows that's "a lot like inviting a vampire into one's home," he writes at the New Republic . He's now constantly bombarded by calls... More »

Obama, Make These 5 Tweaks to SOTU

Ian Bassin lists 5 'bold' moves president could make at State of the Union

(Newser) - President Obama will announce a number of executive actions at tonight's State of the Union Address—but though the writing and planning of the speech likely started months ago, there are probably a number of aides considering last-minute additions even now. Ian Bassin should know: He used to be... More »

Applying to Grad School? Do This Homework First

Columnist says spreadsheet on debt should be required reading

(Newser) - It's sound advice that anyone thinking about grad school should be "fully funded," writes Megan McArdle at Bloomberg . That is, your tuition should be covered by a research or teaching stipend. After all, if a Ph.D. program accepts you without such funding, what that really means... More »

Class of 2012 Owes Almost $30K Each

Tuition rising faster than family incomes

(Newser) - The class of 2012 entered a tough jobs market buckling under an average debt load of $29,400, according to the annual report from the Institute for College Access and Success. That's up from an average $26,600 in 2011, and the rise can be blamed on rising tuition... More »

Current Grads Will Retire 12 Years Late

Thanks to student debt, study predicts new median retirement age of 73

(Newser) - Your student loans won't just cost you money, they'll cost you years of labor. A new analysis from Nerd Wallet estimates that today's graduates won't be able to retire until they're 73, a full 12 years later than the current average retirement age of 61,... More »

Obama: Make Law School 2 Years, Not 3

President makes the case during town hall on college costs

(Newser) - As President Obama continued his swing through upstate New York yesterday to talk about college debt , he offered a concrete suggestion to the nation's law schools: Ditch the traditional third year. “This is probably controversial to say, but, what the heck, I’m in my second term, so... More »

Obama's College Plan Is Smart, but Maybe Doomed

Congress would have to go along with ranking system: Jordan Weissmann

(Newser) - President Obama's plan to ease the student debt problem is "simple, powerful, and long overdue," writes Jordan Weissmann at the Atlantic . It's also probably doomed. As he spelled out yesterday , Obama wants to help students figure out which schools give them the best value, factoring in... More »

House OKs Lower Student Loan Rates (for Now)

President Obama expected to sign measure into law

(Newser) - Congress has sent its student loan fix to President Obama for his expected signature, and it contains a mix of good news and bad news for college students. The good news is that freshmen this fall will pay an interest rate of 3.9%, down from the 6.8% that... More »

Art School Is a Tragic Ripoff

Noah Bradley: It's a crime to pay $246K for an art education

(Newser) - Move over, law school : There's a new worthless degree in town, at least according to Noah Bradley. The artist, writing on Medium.com , gets right to the point: "Art school is a waste of your money" (emphasis his). Though Bradley himself attended two prestigious art schools, he's... More »

Student Loans Are Set Up to Screw Students

We need to fix the system now, argue two op-ed writers

(Newser) - One fundamental reason the nation's student debt problem is so awful is that these loans "aren't loans, at least in the traditional sense," writes David Dayen at Salon . Thanks to misguided laws, they can't be refinanced and the debt can't be shed through bankruptcy.... More »

Christian School to Grads: We'll Help Pay Your Loans

Spring Arbor grads must work at least 30 hours per week to qualify

(Newser) - If you can't afford to repay your student loans, Yale will sue you . But Spring Arbor University, a small private school in central Michigan, has a kinder, gentler approach. If a grad cannot find a job that pays well enough, the Christian university promises to help pay off that... More »

Ivy League Schools Suing Students Over Loans

Yale, Penn among those seeing rise in defaults

(Newser) - Another sign that the student debt problem is off the rails: Borrowers defaulted on nearly $1 billion in federal loans designated for low-income students in 2011, a jump of 20% from five years earlier, reports Bloomberg . Because these particular loans, called Perkins loans, are administered by the schools themselves, it... More »

Occupy Activists Buy, 'Liberate' Bad Debt

The Rolling Jubilee project is seeking donations

(Newser) - Occupy Wall Street campaigners have a new target: distressed debt. A project called Rolling Jubillee is soliciting donations to buy up bad debts at bargain prices and cancel them, the Telegraph reports. So far they've only bought $14,000 in debt for $500, but they want to refill their... More »

More Colleges Join $50K Club

As tuition rises, 151 schools now above that threshold

(Newser) - Want more evidence that the price of college is exploding? Well this year, 151 schools will cost more than $50,000 a year, including tuition, fees, room and board, CNN reports, based on numbers from the College Board and Chronicle of Higher Education. That's up from 123 last year... More »

Debt Rises Again for New College Grads

It's up 5%, and that's not counting for-profit schools

(Newser) - It's the latest snapshot of the growing burden of student debt and it's another discouraging one: Two-thirds of the national college class of 2011 finished school with loan debt, and those who borrowed walked off the graduation stage owing on average $26,600—up about 5% from the... More »

Financial Aid Letters to Students Often Mislead

ProPublica reports on problems with the college letters

(Newser) - One more reason the student-loan problem is such a mess: The letters that college students receive spelling out financial aid often leaves them confused or flat-out misled about whether the money is coming from scholarships, grants, or loans, reports ProPublica . Schools also tend to push easy-to-get "Parent Plus" loans... More »

College Students Need Way Better Guidance on Loans

Schools aren't doing enough financial counseling: Laura McKenna

(Newser) - One part of the solution to the nation's student debt problem might not be all that hard to implement. At the Atlantic , Laura McKenna writes that college students often get remarkably little guidance about their loans and finances while in school. Sure, they talk to a faculty adviser to... More »

1 in 5 Homes Have Student Debt

Figure jumps from 15% in 2007

(Newser) - Some 19% of US households, or almost one in five, owed student debt or had deferred loans in 2010, a Pew study finds. That's a jump of four percentage points from 2007—and twice as many homes are feeling the burden compared to two decades ago, USA Today reports.... More »

Cities to Grads: Move Here—We'll Pay Your Debt

Officials try to lure young workers with student-loan incentive

(Newser) - A tip for recent graduates: Move to Kansas, and you could get $15,000 of your student loans paid off by local government. Hit by shrinking populations, a number of Kansas counties are offering the program to people with degrees who owe student debt—if they're willing to live... More »

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