News

Browse All News Topics

Blog Articles For Topic Loan Repayment

July 1 marks the official date that colleges, if they haven’t already, must transition to the recently approved Federal Direct Loans Program. Schools will no longer offer students the option of having private banks or credit unions handle their federal loans; federal loans will now be coming directly from the U.S. Department of Education. Advocates of the student loan bill have said this will make the process more seamless and fair, with the government taking responsibility for keeping interest rates manageable. And private loans will still be available via the traditional channels, although those loans are typically offered at higher interest rates. [...]

82 months ago 0 comments Read More
Even as much of the student loan agenda President Obama announced last year remains stalled in Congress, he is expected to propose a new plan to assist middle-class workers in repaying their student loans as part of his State of the Union address on Wednesday. On Monday, the White House announced some of the points Obama plans to address, and among the items is a plan to make student loan payments more affordable. [...]
86 months ago 0 comments Read More

What if those worried about whether they can handle the rigors of college had an option to ease their worries about whether they were making a good investment? Would "failure insurance" get more of these hesitant students onto college campuses? How would students pay into such a program if they're already struggling to come up with the funds to cover college costs? [...]

86 months ago 0 comments Read More

Dreading student loan payments? While it may seem counterintuitive, you might want to think about law school. Two law schools are now offering to pick up the tab on student loan repayment for their graduates who go into public service. The University of California at Berkeley School of Law and Georgetown University Law Center are both unveiling new student loan forgiveness programs to complement the federal public service loan forgiveness program. [...]

87 months ago 0 comments Read More

The much-lauded new Income-Based Repayment plan for federal student loans has been available to student borrowers since July, but those who could potentially benefit may have difficulty enrolling in it. The Department of Education's Direct Loans website allows borrowers to enroll online in several student loan repayment plans, including the Standard, Graduated, and Income-Contingent options using a convenient drop-down menu. However, after over three months Income-Based Repayment is still missing from this menu, making it more difficult for borrowers to enroll in this plan, and possibly preventing some students from even realizing it's an option. [...]

89 months ago 0 comments Read More

Colorado's CollegeInvest agency, an organization in charge of state loan forgiveness and scholarship programs, is facing criticism and increased scrutiny from the state's legislature after an audit revealed conflicts of interest and a surprisingly low number of scholarship awards being made by the board. The state legislature will now require the agency to report to them monthly to ensure proper oversight of the state's scholarship and student loan funds. [...]

90 months ago 0 comments Read More

According to newly released data, default rates on federal student loans continued to climb in 2008, reaching a nine-year high of 6.7 percent, most likely as a result of the recession. The annual cohort default rate, released by the Department of Education on Monday, covers federal student loans that went into repayment between October 2006 and September 2007 and had gone into default by September 2008. [...]

90 months ago 0 comments Read More

Student loans have received a lot of attention lately, especially in light of the ongoing recession. As average student debt increases and post-graduate job prospects become less certain, borrowers are struggling to make payments and avoid default on their loans. Meanwhile, lenders are tightening credit requirements or opting out of the student loan industry altogether. While Congress and President Obama are contemplating additional reforms to student lending on top of recent fixes that have provided some help to borrowers, relying on loans to pay for school is still a scary idea for many students. [...]

91 months ago 0 comments Read More

While it falls in the middle of summer on most academic calendars, July 1 marks an important date for financial aid each year.  On July 1, the Education Department switches from the 2008-2009 academic year to the 2009-2010 one, and new federal rules for financial aid go into effect. This means new loan consolidation and repayment options, lower interest rates on some federal student loans, among other changes for students receiving federal student financial aid. [...]

93 months ago 0 comments Read More

Last week, we blogged about states and loan companies making cuts to student loan forgiveness programs.  The New York Times initially ran a piece on these budget cuts and has followed up this week with a chart of state loan forgiveness programs and their current financial status.  If you're planning on using one of these programs to cancel some of your student debt after college, you can head over to their website to see if your program is among those facing potential budget cuts.  If you don't see it listed, The New York Times is encouraging people to contact state and local loan forgiveness programs and report back with details. [...]

93 months ago 0 comments Read More

Loan forgiveness programs have been helping encourage students to enter careers in fields like education and nursing for years.  Such programs are typically offered by state student loan agencies or non-profit organizations, and are often well-publicized to prospective college students.  In many cases, students have borrowed liberally, banking on having a substantial portion of their student loans forgiven after five or ten years of work in their field.  But budget cuts and stock market woes have been forcing agencies to make cuts to their loan forgiveness programs, in some cases almost entirely eliminating them. [...]

94 months ago 0 comments Read More

As college affordability continues to be a major issue for many Americans, more states and colleges are implementing policies to save students money.  Three recently unveiled programs tackle different aspects of the college cost dilemma confronting different groups of students, parents, and graduates. [...]

96 months ago 0 comments Read More
View -10 More Articles