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With the typical six-month grace period on student loans right around the corner, recent college graduates across the country will start making monthly payments whether they’re ready to or not . If you’re one of those students, or just starting your college career, here are a few suggestions from the Project on Student Debt, an initiative of the Institute for College Access & Success, a nonprofit independent research and policy organization, on how to manage your loans. [...]

75 months ago 0 comments Read More

Despite more cost-conscious students, demand for student loans has continued to increase over the last two years according to a new analysis by Reuters and the credit bureau Equifax. According to Equifax’s data, both the number and the balance of student loan accounts in the United States have risen markedly. [...]

85 months ago 0 comments Read More

After legislative changes in 2007 made lending less profitable and credit markets constricted sharply in 2008, major banks began to exit the student loan market in droves, leaving relatively few participants in the Federal Family Education Loan Program and even fewer options for private student loans. In addition to federal aid and alternative programs like peer-to-peer lending, another source of funding has been on the rise in the wake of the credit crunch: credit union student loans. [...]

85 months ago 0 comments Read More

Students who are interested in applying for private loans may soon see the process changing. The House of Representatives passed consumer protection legislation last week that would further regulate private student loans, ensuring that students interested in borrowing them are aware of rates, federal alternatives, and borrowing limits at their school. [...]

86 months ago 0 comments Read More

Federal student loans aren't the only form of student borrowing that may soon undergo a legislative makeover. As Congress debates the creation of a Consumer Financial Protection Agency, advocacy groups are continuing to push for inclusion of rules that would give the agency more oversight of student loans. [...]

86 months ago 0 comments Read More

As the Senate prepares to begin looking at similar measures recently passed by the House to stop or further regulate bank-based lending, student-loan companies have been looking for ways to lobby for their own cause, spending millions in the process, according to an analysis of federal records done by The Chronicle for Higher Education. [...]

89 months ago 0 comments Read More

Despite some Republication opposition, The House of Representatives voted 253-171 to approve a bill Thursday that would stop lending from the bank-based Federal Family Education Loan Program in favor of the Department of Education-run Federal Direct Loans Program by July 2010. The bill, known as the Student Aid and Fiscal Responsibility Act of 2009, would also increase the current maximum Federal Pell Grant from $5,350 to $5,550 and provide for annual increases to the grant in the years to follow through a $40 billion pool of funding over the next decade. [...]

89 months ago 0 comments Read More

Rising unemployment rates and other symptoms of the ongoing recession continue to drive more people to attend college and look for ways to pay their bills, causing an uptick in state and federal financial aid applications. However, states are also hurting for money to meet financial aid requests and other budget demands. According to the Associated Press, 12 states have made significant cuts to state grant programs so far this year, with additional cuts likely. At least anecdotally, these cuts are already leading to more reliance on student loans, especially among groups that, according to a brief published this week by the College Board, may already be finding themselves overburdened with debt. [...]

90 months ago 0 comments Read More

After New York Attorney General Andrew Cuomo brought to light questionable practices some college financial aid offices engaged in when creating preferred lender lists for private loans, the fallout was felt nationwide. While colleges and lenders have reformed their practices in the face of new regulations, lawsuits against colleges and lenders are still being addressed. [...]

91 months ago 0 comments Read More

We've previously blogged about the increase in student borrowing shown by the latest data from the National Center for Education Statistics. As more think tanks and other groups begin to analyze this information, additional reports are emerging to provide more details on who is borrowing the most. The latest report comes from Education Sector and bears the title, "Drowning in Debt: The Emerging Student Loan Crisis." While the report has been criticized by some as alarmist in tone, it does provide insight into students' growing reliance on student loans. [...]

91 months ago 0 comments Read More

Student loan default rates are rising for both federal and private loans as more recent grads struggle to find work.  The Wall Street Journal reports that the federal default rate is nearing 6.9 percent, the highest it's been since 1998.  Similarly, some private lenders are experiencing default rates that have already nearly doubled in just a year or two. [...]

94 months ago 0 comments Read More

Today we move on to the final part of our Understanding Your Financial Aid Award Letter series.  If you were lucky enough to have your entire tuition paid through free money for college, then you can stop reading now.  But the vast majority of students who apply for aid will be awarded at least one less ideal form of financial aid.  Sorting through the rest of your award letter is the tough part--this is where difficult choices may need to be made, including whether and how much to borrow. [...]

94 months ago 0 comments Read More

Student loans are becoming increasingly difficult for the average college student to obtain.  However, it appears at least one group is able to borrow private loans with relative ease: 80-something hospice patients in Florida.  A student loan scam recently uncovered in St. Petersburg, Florida involved two stolen identities and between $15,000 and $18,000 in loans. [...]

95 months ago 0 comments Read More
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