student loans

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A Company Sent Him a Letter—55K Times

All that mail/bonfire fuel might've cost some $11K to send

(Newser) - Dan Cain was expecting a statement about his daughter's student loan. He was not expecting 55,000 copies. But when the Ohio man showed up to the Twinsburg Post Office, he was told his mail wouldn't fit through the front door, reports WOIO . Driving around back, he saw... More »

Judge Wipes Out a Student Loan Tab

$220K decision reflects the rethinking of standards for helping borrowers

(Newser) - Kevin J. Rosenberg borrowed about $116,500 between 1993 and 2004 to get him through the University of Arizona, where he earned a history degree, and Cardozo Law School. With interest, that debt grew to $221,400, the Wall Street Journal reports. In 2018, Rosenberg filed Chapter 7 bankruptcy, unable... More »

Is the Solution to the Student Debt Crisis Hiding in Kentucky?

Berea College has taken a novel approach for more than a century

(Newser) - Could the answer to our student-debt woes be hiding rural Kentucky? Maybe, writes Holly Honderich for the BBC . And if it is, it's an answer that was arrived at in 1892. That's the year Berea College, which was founded nearly four decades prior, ceased charging tuition. Honderich explains... More »

Judge Holds DeVos in Contempt Over Student Loans

Court finds Education Department disregarded order to stop collecting on loans of 16K

(Newser) - Education Secretary Betsy Devos was held in contempt of court and handed a $100,000 fine Thursday for violating a federal judge's order to stop collecting on certain student loans. The move came after the Education Department was told in May 2018 to stop collecting on the loans of... More »

Sanders to Propose 'Revolutionary' End to an 'Absurdity'

Presidential contender wants to wipe out all $1.6T of student loan debt in the US

(Newser) - The first debates for Democratic presidential contenders are taking place Wednesday and Thursday, but one candidate isn't keeping a major proposal under wraps until then. Per Vox , Sen. Bernie Sanders on Monday is set to unveil legislation in support of a "College for All" proposal that calls for... More »

Man Who Fled US After Graduation: 'College Ruined My Life'

Student loan debt made living in America unbearable for Chad Albright, and others

(Newser) - You just graduated college. What are you doing next? The answer was not "going to Disney" for these three grads profiled by CNBC —it was fleeing to Ukraine, Japan, and even a jungle in India, all to escape the crushing debt from their student loans back in the... More »

Billionaire Stuns Grads With Commencement Pledge

Robert F. Smith will pay off the loans of Morehouse College students

(Newser) - Billionaire investor Robert F. Smith received an honorary degree from Morehouse College during graduation ceremonies Sunday—and he told the rest of the Class of 2019 that they wouldn't have to worry about repaying student debt. "This is my class and I know my class will pay this... More »

The Reality of Living With a $100K Student Loan Debt

MH Miller is due to have it paid off in 2032

(Newser) - "I have come to think of my debt as like an alcoholic relative from whom I am estranged, but who shows up to ruin happy occasions." MH Miller's description of his roughly decade-old student loan debt might not be extreme enough. In a lengthy piece for the... More »

They Think Their Student Loans Will Vanish. There's a Problem

When the 20 years are up, there's a tax bill

(Newser) - For some 3.2 million Americans who work in the private sector, it has apparently seemed like a good deal: Lock in their monthly federal student-loan payments at 10% of their discretionary income. Make those payment for 20 years (25 if it's graduate school debt, notes Forbes ). Hit... More »

How One Man Racked Up $1M in Student Debt

Orthodontist and his wife lived frugally but the bills kept piling up

(Newser) - Mike Meru has a staggering student-loan problem: He owes lenders $1,060,945.42. He is making payments, but still, his debt grows $130 every day. And the 37-year-old orthodontist is not alone. There are currently 101 borrowers who owe more than $1 million in student loans, and there are... More »

Widely Quoted Expert on Student Loans Doesn't Exist

Chronicle of Higher Education unearths truth about 'Drew Cloud'

(Newser) - You'd think it wouldn't be too difficult to track down an expert on student loans who has been quoted in some of the nation's biggest media outlets. It actually proved impossible because, as the Chronicle for Higher Education explains, Drew Cloud doesn't exist. After more than... More »

Paperwork Errors Could Wipe Out $5B in Student Loans

Courts are throwing out National Collegiate's cases

(Newser) - One of the biggest holders of private student loans appears to have flunked Bookkeeping 101—and that could be very good news for a lot of borrowers. The National Collegiate Student Loan Trust, a group of 15 trusts holding 800,000 student loans worth around $12 billion, has been pursuing... More »

Trump Budget Calls for Big Changes to Student Aid

Document sets out plan to end subsidies

(Newser) - The Trump administration is proposing to eliminate subsidized student loans and end student debt forgiveness for those who enter public service, according to a budget document released late Monday. The proposals are likely to face criticism amid calls to make college more affordable and as millions are struggling to pay... More »

Obama Memos on Student Loans Revoked by Betsy DeVos

Consumer advocates worry it's bad news for borrowers

(Newser) - Consumer advocates are accusing the Education Department of caving to pressure from the student loan industry to the detriment of borrowers after Betsy DeVos rescinded two Obama administration memos Tuesday, USA Today reports. According to NBC News , the memos called for government contracts to be awarded to companies that had... More »

Big Student Loan Fees Back After Obama Memo Revoked

Loan guarantee agencies can again charge big fees on defaulters

(Newser) - Loan guarantee agencies are once again free to charge huge fees to Americans who've defaulted on their federal student loans after the Trump administration revoked Obama-era guidelines this week, the Washington Post reports. Agencies had been charging fees of up to 16% of principal and accrued interest when people... More »

US' Top Loan Servicer Hit With Suits Alleging Cheating

Complaints against Navient could reach damages in billions

(Newser) - Nearly 25% of those who've borrowed money for school deal with Navient, the nation's largest servicer of both private and federal loans, and now two lawsuits against the company claim those 12 million or so borrowers have been cheated, the New York Times reports. Damages sought by the... More »

Student Debt Forgiveness to Cost Taxpayers $108B: Report

Government Accountability Office says that's how much will be forgiven in coming years

(Newser) - A new report out of the Government Accountability Office reveals that the federal government will forgive at least $108 billion in student loan debt in the coming years, a higher amount than official estimates out of the federal government's Education Department, the Washington Post reports. The GAO report, which... More »

Our Student Loan Debt Problem Is Getting Worse

4% increase from 2014 to 2015 for those with bachelor's degrees from public, nonprofit private schools

(Newser) - How much students are borrowing for higher education is still creeping up—and the numbers that are coming in are probably conservative. The Institute for College Access and Success , a nonprofit, reported Tuesday that the average student loan debt for 2015 for those receiving a bachelor's degree was $30,... More »

College to Pay Loans for Grads Making Less Than $40K a Year

Keystone College announces new program

(Newser) - If you graduate from Keystone College and your post-grad job pays less than $40,000 a year, the Pennsylvania institution will pay some or all of your student loans, officials announced Tuesday. The Keystone Commitment Loan Repayment Assistance Program will first be available to first-time, full-time freshmen who start at... More »

Aetna Doing Something About Workers' Student Loans

Employees offered up to $10K in matching payments

(Newser) - Competition for talented university graduates appears to be heating up: Health care giant Aetna has become the latest big company trying to woo young workers by offering to help them pay off their mountains of student debt, USA Today reports. Full-time employees who have earned degrees within the last three... More »

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