student loans

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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...

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...

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...

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,...

Lawsuits: Firms Scamming Folks WIth Student Loans

Illinois attorney general warns consumers about 'predatory' offers

(Newser) - Debt-settlement companies have long targeted people saddled with mortgages or credit card debt, promising more manageable monthly payments, settlements, or even complete loan forgiveness—but now these companies are targeting individuals bogged down with student loans, reports the New York Times . And these companies' tactics may not be on the...

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...

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...

College Grads Make 98% More Than Everyone Else

But does that mean that college is 'worth it'?

(Newser) - With college costs constantly rising , and graduates facing increasing economic challenges , more and more people are wondering if college is worth it. To which David Leonhardt at the New York Times offers a simple, straightforward answer: "Yes … and it's not even close." Leonhardt cites a new...

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...

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...

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,...

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...

Student Loan Band-Aid Clears Senate, Heads to House

Rates would drop to 3.86%, but start climbing after 2015

(Newser) - According to 81 senators, our nation's student loan woes are one step closer to being eased: They last night voted in favor of a bill that would ensure that undergraduates never face rates higher than 8.25% (grads and parents would be subject to slightly higher caps, at 9....

Senate's Student Loan Plan Cuts Rates—for Now

Undergrads would be able to borrow at 3.85% interest this fall

(Newser) - A Senate deal is set to lower interest rates on student loans for the next two academic years—but rates could climb after 2015, the AP reports after speaking to aides. Still, in the deal—set for a vote as soon as today—Democrats ensured that undergraduates would never face...

At 265 Colleges, Loan Default More Likely Than Graduation

Plus: Stafford loan interest rates double

(Newser) - Bad news if you're planning to attend Texas College in the fall: You've got a 38.2% chance of defaulting on your student loans ... and just a 12% chance of graduating. USA Today found 265 colleges and universities across 40 states where the loan default rate is higher...

Senate to Let Student Loan Rates Double

No deal looks likely before looming July 1 deadline

(Newser) - A compromise to keep student loan interest rates low proved unwinnable before Monday's deadline and interest rates on new loans are going to double — at least for a while — senators said today. Tom Harkin, the chairman of the Senate education panel, said none of the proposals being...

Feds Flag 126K in Student Loan Fraud Crackdown

$829M in Pell grants were 'improper payments' last year

(Newser) - Some $829 million in "improper payments," including those involving fraud and clerical errors, went out to Pell grant recipients over the fiscal year that ended in September. Though that's a smaller figure than in the previous two years, it's up 86% from 2007—and the US...

Student Loans Are Set Up to Screw Students
Student Loans Are Set Up
to Screw Students
OPINION
Jun 5, 2013 1:21 PM CDT

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....

Student Debtors Steering Clear of Auto, Home Loans

New Federal Reserve Bank of New York study shows declining borrowing rates

(Newser) - The well-documented and much-fretted over explosion in student loan debt could be doing serious damage to the housing market and auto industries, as graduates strive to avoid going deeper into debt, according to an analysis posted on the Federal Reserve Bank of New York's blog . For the first time...

Plight of the New MBA: Fewer Jobs, Lesser Pay

Having degree no longer gets you into 'exclusive club'

(Newser) - If you ditched your law school dreams and took the MBA route instead in the hope of actually finding a well-paying job upon graduation, the Wall Street Journal has some really depressing news for you. The paper today takes a look at the plight of recent MBAs, who are emerging...

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