Student Loans: 2013

Thursday, December 26, 2013

Protest On Student Loans

Protest Over Student Loans - Los Angeles Loyolan (subscription)
http://news.google.com Thu, 05 Dec 2013 09:00:14 GMT
Protest Over Student LoansLos Angeles Loyolan (subscription)Similarly, Lobel found it necessary to take the awareness beyond the assignment. Young people cannot buy homes and purchase cars on their own because they are working off their student loans. By forgiving student loans, we can get our economy back toﾠ...
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Other Stories on Student Loans:

Student loan forgiveness: What to know - - MSN Money
http://money.msn.com Wed, 09 Oct 2013 15:30:00 GMT
Worried about how much you'll owe Uncle Sam after graduation? Loan forgiveness programs may help. - MSN Money debt-management tips and articles.
Read more ...
https://plus.google.com 03/14/2012 7:19
While i support the idea of Student Loan Forgiveness this bill falls short in that it transfers bad Private Student Loan Debt to the Federal Government through refinancing rather than restoring Bankruptcy Protections. I feel the banks are at fault in this issue and it would be wrong to transfer the losses to the public sector in order to protect the banks and the record profits and bonuses that they created. This is just another example of corporate welfare in my book and I have an onerous amount of student loan debt. Educate yourself before just agreeing with the happy name of this bill it is not a good solution and the simple fix is to restore bankruptcy protection to these private unsecured loans and let the market work like it is supposed to. No support from me.
Read more ...

Student Loan Forgiveness: Obama's Debt Solutions
President unveils new plan to help college graduates crippled by debt. For more, click here: http://abcnews.go.com/Business/ways-scale-back-student-loan-paym...

Saturday, December 21, 2013

Should Federal Student Loans Be Tied to Creditworthiness?

https://plus.google.com 12/20/2013 21:18

Should Federal Student Loans Be Tied to Creditworthiness?

Taking creditworthiness into account when making decisions about the amount of educational loans students can borrow may a good idea after all. For more: http://blog.unibulmerchantservices.com/should-federal-student-loans-be-tied-to-creditworthiness.

Other Student Loan Stories:

Student Loan Fraud or Errors? Rip-off on interest rate and no regulation for Stafford loan processor ...

http://www.youtube.com ${date}

The loan processor for an 8% interest student loan I took out in graduate school sent me loan booklets and paperwork based on a 19.85% interest ...

http://youtu.be ${date}

Peter Schiff talks with a college graduate that has nearly $200,000 in student loan debt because of the government. This should be a blatantly ...

Friday, December 20, 2013

Durbin Calls For Student Loan 'Bill of Rights'

Durbin calls for student loan 'bill of rights' - Bloomington Pantagraph

http://news.google.com Fri, 20 Dec 2013 04:51:04 GMT

U.S. News & World ReportDurbin calls for student loan 'bill of rights'Bloomington PantagraphCalling student loan debt a serious challenge, U.S. Sen. Dick Durbin and two other senators said Thursday they are proposing a package of bills to prote ...

Other Student Loan News:

5 Ways To Pay Back Your Student Loans Quickly

http://www.paymystudentloans.com/how-to-pay-back-student-loans-quickly/ By paying back your student loans quickly you will be able to get out of debt much fa...

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Tick ... tick ... tick ... Are your student loans a ticking time bomb? Find out how to manage your student loans from Elliott H. Stone, managing attorney of the California Consumer Law Center. Want to learn what it takes to reduce your monthly studen ...

http://news.google.com Sun, 15 Dec 2013 12:14:07 GMT

ABC NewsPoliticians: Ignore the Millennial Student Loan Crisis at Your Own RiskABC NewsThey do generally agree on one thing: student loan debt is out of control. About 42 percent of millennials say they or someone in their household has student loan ...

Student loans in the United States

Student loans in the United States are a form of financial aid that must be repaid, in contrast to other forms of financial aid such as ...

Saturday, December 14, 2013

The Student Loan Debacle

Senator Elizabeth Warren, a Democrat of Massachusetts, spoke up for poor and middle-class Americans last week when she excoriated the federal government for making money on the student loan program. She also criticized Republicans for killing bills earlier this month that would have prevented interest rates on subsidized student loans from doubling. Rates on those loans have jumped from 3.4 percent to 6.8 percent, further burdening one-third of all college students who use them to pay for an education.

During the last decade, Congress sensibly replaced a system of variable-rate loans with fixed rates that allowed families to know what their loans would cost. It set the rate on both subsidized and unsubsidized loans at 6.8 percent, but later ordered the rate on subsidized loans — two-thirds of which go to families with incomes under $50,000 — to gradually decline by half. The refusal of Republicans in both houses to renew the lower rate means that students who start college this fall and finish in four years will be saddled, on average, with an extra $4,000 in debt.

This increase in costs comes at a time when college debt has already reached record levels, damaging the economy and hobbling young graduates. It also draws attention to the fact that the federal government is making quite a lot of money from the loan program. An analysis by the Congressional Budget Office estimated that the new, higher rate would earn the government about $184 billion over the next decade, after taking into account program costs, including potential defaults. Ms. Warren and other lawmakers describe this pile of money as “profit.” The Obama administration disputes this. But if it is not profit, what is it?......read more

ELI5: Why Fight to have Student Loans Forgiven?

I don't understand why a lot of people want student loans forgiven. Did the government trick students into taking out loans?
It doesn't make sense to me that someone would sign something saying they would borrow money and pay it back and then get upset they have to pay it back to the point where they frame the investor as a bad person.
edit: Wow, I really thought there would be a clear cut answer, but it seems a lot of people have different opinions.
Findings:

Everybody thinks that it really sucks that so many kids have so much debt and most agree that it isn't entirely the students' fault as a group that they are in such a mess (economy, social pressures, etcetera).
Some people think if you take out a loan, you should have known the risks.
Others respond that kids so young shouldn't be held accountable for a mistake they couldn't possibly comprehend at the time.
The counterpoint to that is that ultimately, nobody forced anybody to go to college or to get a degree that has low job prospects.
A response to that is that kids shouldn't have been fed the myth of a degree automatically putting you ahead in the job game.
A big majority of people who owe student loans think their loans should be forgiven.
People who don't owe student loans or have very little debt think loans shouldn't be forgiven or that there might be other solutions....read more

Friday, December 13, 2013

I Defaulted on My Student Loans. Here’s What I Did to Get Back on Track

When I began taking out student loans for university, I had a fool-proof five-year plan for paying them off. I was going to go to graduate school, become an elementary school teacher, work in a high-needs public school for five years, and have the rest of my federal debt forgiven. Simple. If I stuck with the plan, I didn’t need to worry about those loans at all.

Of course, life didn’t go as smoothly as I had envisioned as an 18-year-old. This became glaringly apparent 10 years later, when I received an email from the HR department at my company:

Attached is a copy of a Wage Garnishment Order filed by the U.S. Department of Education.

We are commanded to immediately remit 15% of your disposable pay to the U.S. Department of Education each pay period. Deductions will begin on your next paycheck. We cannot reduce, amend or discontinue the deduction without written authorization from the U.S. Department of Education.

Please contact our office should you have questions or require additional information.

Thank you.

I have a confession to make. I’ve defaulted on my student loans. I know I’m not alone in this. But here we are. We all have our reasons for being in this situation. It’s not a shameful or embarrassing position to be in. It just is. And, as I’ve recently...read more