student debt

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Students in Debt, It's Time to Strike

Essayist: Modest tweaks to the system aren't enough

(Newser) - More than a dozen students who say they got suckered into big student loans launched a debt strike last week and are refusing to make payments on their federal loans. It's a good move, writes Astra Taylor in the New York Times , but it's not nearly enough. These... More »

Student Debt Hurts Mental Health, Study Suggests

It's the first study to actually look at the link

(Newser) - People have been railing against student loans for a while now, but a new study gives you another reason to complain: Loans, it suggests, can also hurt students' mental health. The study looked at survey responses from nearly 5,000 Americans born between 1980 and 1984, and found that the... More »

We've Overlooked a Major Student-Debt Problem

We fret about undergrads, but grad students are deeply in debt

(Newser) - Undergrads, don't worry too much about the loans you'll be saddled with after college—there's a group that might need to worry even more. Even though the National Center for Education Statistics shows that grad students accounted for just 14% of university enrollees in 2012, the New... More »

Student Debt Driving Elderly Into Poverty

Number with benefits cut to repay loans soars

(Newser) - A soaring number of Americans are facing an old age of poverty because they are still saddled with student debt, according to a Government Accountability Office report released yesterday. The government has the power to slash Social Security or disability benefits to pay off federal student loans, and the number... More »

Many Parents Have to Pay Off Dead Kids' Student Loans

Families often have little legal recourse in these cases

(Newser) - Probably the last thing parents mourning a deceased child want to do is deal with late notices from creditors—especially when those notices are for a student loan taken out by their lost loved one. That's what happened to pastor Steve Mason, who found himself saddled with a $100,... More »

How a Simple Letter Cut Student Borrowing by $31M

'Know before you owe' policy works for Indiana University

(Newser) - With US student debt at a staggering $1.2 trillion—including an average $30K each for member of the class of 2012 —Indiana University has set an example a lot of places could learn from. The seven-campus system managed to slash student debt by far more than the national... More »

Obama Signs Order Capping Student Loan Payments

Payments limited to 10% of monthly income for more people

(Newser) - President Obama today signed an executive order that will cap student loan payments for as many as 5 million borrowers. Obama is extending an existing rule capping student loan payments at 10% of borrowers' monthly income to those who took out their loans prior to 2007, the AP explains. For... More »

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 , 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 »

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