Student Loan Debt
1.4K views | +0 today
Follow
Your new post is loading...
Your new post is loading...
Scooped by WEAC
Scoop.it!

Betsy DeVos And The High-Stakes Standoff Over Student Loan Forgiveness

Betsy DeVos And The High-Stakes Standoff Over Student Loan Forgiveness | Student Loan Debt | Scoop.it

The case is about borrowers like Alicia Davis, who in 2006, enrolled at Florida Metropolitan University, which was owned by Corinthian. "The lady pretty much sold me a lie," she recalls.

Davis says a school representative made several irresistible promises: "My credits would transfer if I wanted to get a master's degree at another college. They told me you're gonna get a job with a specific salary during this time. They provided me with an image of how their college is that didn't exist."

No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

23 senators call for investigation into troubled student loan forgiveness program

23 senators call for investigation into troubled student loan forgiveness program | Student Loan Debt | Scoop.it

"More than 20 Democratic senators called on the Consumer Financial Protection Bureau (CFPB) to investigate a loan servicer’s handling of a loan forgiveness program for public service workers."

No comment yet.
Scooped by WEAC
Scoop.it!

Educators Need the Loan Forgiveness Program Fixed ... Now

Educators Need the Loan Forgiveness Program Fixed ... Now | Student Loan Debt | Scoop.it
Only 661 of 54,000 applicants (roughly 1%) have received public-service loan forgiveness from Betsy DeVos' Education Department.
No comment yet.
Scooped by WEAC
Scoop.it!

Democrats Are Finally Having A Serious Debate On Student Debt

Democrats Are Finally Having A Serious Debate On Student Debt | Student Loan Debt | Scoop.it
What took so long?
No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

Billionaire Robert F. Smith pledges to pay off Morehouse College Class of 2019′s student loans

Billionaire Robert F. Smith pledges to pay off Morehouse College Class of 2019′s student loans | Student Loan Debt | Scoop.it

"The surprise announcement left the graduates crying and jumping for joy."

No comment yet.
Scooped by WEAC
Scoop.it!

Colleges need to have skin in the game to tackle student loan debt

Colleges need to have skin in the game to tackle student loan debt | Student Loan Debt | Scoop.it

"Republican Senator Lamar Alexander of Tennessee rightly wants to make colleges more accountable for the results of student loans. With these federal loans, the government lends with no credit underwriting, the students get in debt, but who gets all the money? The colleges. If the students fail to repay the loans, who takes the hit? The taxpayers. This is a perverse incentive structure. It leads to, as his committee report found, nearly half of all borrowers not making payments on their student loans.”

 

 

No comment yet.
Scooped by WEAC
Scoop.it!

Student debt is stopping U.S. millennials from becoming entrepreneurs

Student debt is stopping U.S. millennials from becoming entrepreneurs | Student Loan Debt | Scoop.it

"More than 44 million Americans collectively have over $1.5 trillion in student debt, $521 billion more than total credit card debt. Over time, the mounting pressure from this growing debt crisis coupled with slowing wage growth has likely instilled fear among younger generations. Simply put — they’re far more averse to the risk that comes with trying to create something new."

No comment yet.
Scooped by WEAC
Scoop.it!

Would refinancing student debt provide the most benefit to borrowers?

Would refinancing student debt provide the most benefit to borrowers? | Student Loan Debt | Scoop.it

"Gov. Tony Evers’ budget proposal includes setting aside $50,000 to study developing a state authority to refinance student loans. The suggestion to refinance student loan debt has been touted by progressives, but some critics say it wouldn’t provide the most benefit when addressing the costs of higher education."

No comment yet.
Scooped by WEAC
Scoop.it!

Trump Proposes To End Student Loan Forgiveness Program

Trump Proposes To End Student Loan Forgiveness Program | Student Loan Debt | Scoop.it
President Trump's new 2020 budget proposal has important implications for student loans.
No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

Governor Evers wants in-state tuition rates for all — regardless of immigration status

Governor Evers wants in-state tuition rates for all — regardless of immigration status | Student Loan Debt | Scoop.it

"According to Governor Evers, 21 other states and the District of Columbia have similar policies. Wisconsin was once among them.

In 2009, Democrats passed a law granting in-state tuition to undocumented residents who graduated from Wisconsin high schools. Republicans revoked it two years later."

No comment yet.
Scooped by WEAC
Scoop.it!

As student loan bills balloon, Madison-area companies offer debt relief as a perk

As student loan bills balloon, Madison-area companies offer debt relief as a perk | Student Loan Debt | Scoop.it
Student loan assistance is a benefit increasingly being offered in the private sector as companies recruit employees in a tight labor market with low unemployment.
No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

Guided by the Courts, DeVos Cancels $150 Million in Federal Student-Loan Debt

Guided by the Courts, DeVos Cancels $150 Million in Federal Student-Loan Debt | Student Loan Debt | Scoop.it

"Some 15,000 student-loan borrowers whose colleges either shut down or defrauded them are getting good news this holiday season, courtesy of the Obama administration.

 

"The Trump administration’s Education Department announced on Thursday that it would begin notifying the borrowers on Friday that it is canceling about $150 million in federal loan debt, with about $80 million of that sum owed by students who attended the now-defunct Corinthian Colleges Inc. The action sets in motion the Obama administration’s 'borrower defense' rule, released in 2016 to provide debt relief to students victimized by predatory colleges."

No comment yet.
Scooped by WEAC
Scoop.it!

WEA Academy offers Degrees Not Debt course

WEA Academy offers Degrees Not Debt course | Student Loan Debt | Scoop.it
Developed in partnership with WEA Member Benefits, the WEA Academy's new course Degrees Not Debt has been designed to help those with educational loans better understand them and to learn strategies to help manage or reduce their debt. Through short videos, readings, and access to online resources, participants will become familiar with loan details and federal forgiveness programs. This is a free, self-paced course and is meant for informational purposes only and is not intended to constitute legal, financial, or tax advice.
No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

Why this ex-Trump official says student debt needs to be cancelled

Why this ex-Trump official says student debt needs to be cancelled | Student Loan Debt | Scoop.it

"The fabric of America is being destroyed through this process." Here's why the former Trump administration official in charge of student debt is now calling for most of the debt to be cancelled.

No comment yet.
Scooped by WEAC
Scoop.it!

NYC teacher suing DeVos over student loan forgiveness program

NYC teacher suing DeVos over student loan forgiveness program | Student Loan Debt | Scoop.it

A New York City middle school art teacher testified before the House Committee on Education, Labor and Pensions about why she joined a lawsuit against Education Secretary Betsy DeVos over her handling of a student loan forgiveness program. 

 

"If the PSLF program wasn't meant for me — a teacher who loves her job, pays her bills and comes from a family where loans were her only option — who was it meant for," said New York City middle school art teacher Kelly Finlaw. "Teaching isn't a career that garners much respect from anyone outside the profession, but this promise was validation that the work we do every day is valuable."

No comment yet.
Scooped by WEAC
Scoop.it!

My Husband And I Thought Education Was A Way Out Of Poverty. Now We're $718,000 In Debt.

My Husband And I Thought Education Was A Way Out Of Poverty. Now We're $718,000 In Debt. | Student Loan Debt | Scoop.it

"We were trying to fit into a life that I don’t believe was designed for us."

No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

Two-thirds of American employees regret their college degrees

Two-thirds of American employees regret their college degrees | Student Loan Debt | Scoop.it

"Two-thirds of employees report regrets about their advanced degrees, as Americans question the high cost of higher education. ... Student loan debt has ballooned to nearly $1.6 trillion nationwide in 2019, topping the list of regrets for employees. ... Science, technology, engineering or math majors, who are more likely to enjoy higher salaries, were least likely to report regrets, while those in the humanities were most likely."

AJ Goldbloom's curator insight, June 28, 2019 5:45 PM
As the years go by, the costs of higher education institutions only increases. According to CBS News, student loan debt has skyrocketed to approx. $1.6 trillion and we are only halfway through 2019. Those who work in cybersecurity, science or math related jobs, or engineering, do not necessarily regret the prices they paid for higher education, as their salaries tend to be higher. However, many other American employees are beginning to question if the undergraduate and graduate education was truly worth the ridiculously high costs. Furthermore, a teacher, for example, may pay more in order to obtain a higher degree and become a competitive applicant in their field, but once working the job, may feel as though the price they paid for that higher education wasn't absolutely imperative. This article was especially interesting to me because, as a college student myself, I believe that depending on what a person wants to pursue, they should pay for as much education as they believe is sufficient for their job. This is clearly easier said than done, but I think that with education comes experience and without that, we lose a lot of communication skills and workforce etiquette. I know some professions require more schooling for safety reasons (like medicine, etc.) but I do think Americans should be discussing the high, unfair prices, so that all those who are truly passionate and intelligent can afford the schooling. 
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

Will educators get the student loan forgiveness they deserve?

Will educators get the student loan forgiveness they deserve? | Student Loan Debt | Scoop.it

"More than 38,000 teachers and other public-service workers have applied for Public Service Loan Forgiveness; less than 1 percent have been accepted."

No comment yet.
Scooped by WEAC
Scoop.it!

Seniors seeking a college education may be indebted forever

Seniors seeking a college education may be indebted forever | Student Loan Debt | Scoop.it

"Anyone over age 50 needs to answer some tough questions before going down the costly road to a degree."

No comment yet.
Scooped by WEAC
Scoop.it!

Elizabeth Warren unveils 'broad cancellation plan' for student debt

Elizabeth Warren unveils 'broad cancellation plan' for student debt | Student Loan Debt | Scoop.it

The Massachusetts senator’s plan involves forgiving up to $50,000 in student debt for 42 million Americans before reforming the higher education system “that created the crisis in the first place.”

No comment yet.
Scooped by WEAC
Scoop.it!

Student loan debt crushes ability to buy cars, homes

Student loan debt crushes ability to buy cars, homes | Student Loan Debt | Scoop.it

"Consumers under age 35 aren't optimistic about buying cars or homes, according to the University of Michigan Survey of Consumers."

No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

Wisconsin Democrats seek support to create student loan refinancing authority

Wisconsin Democrats seek support to create student loan refinancing authority | Student Loan Debt | Scoop.it

"Student loan borrowers in Wisconsin could one day refinance their loans through a state-run authority under a provision in Governor Tony Evers' 2019-21 budget proposal."

No comment yet.
Scooped by WEAC
Scoop.it!

What Do 2020 Democrats Think of Free College?

What Do 2020 Democrats Think of Free College? | Student Loan Debt | Scoop.it

"For Democratic candidates now, the question is not so much whether to support a plan to make college more affordable, but what the right approach is for doing so. The details—whether there is an income cap for eligibility; whether the government covers tuition costs up front before grants; whether there are merit or GPA requirements—will determine who will benefit the most, and who will pay for such a plan."

No comment yet.
Rescooped by WEAC from News From Around the Web: WEAC
Scoop.it!

U.S. Student Loan Debt Sets Record, Doubling Since Recession

U.S. Student Loan Debt Sets Record, Doubling Since Recession | Student Loan Debt | Scoop.it

"U.S. student loan debt outstanding reached a record $1.465 trillion last month and one particular set of borrowers is having a hard time paying back their loans, according to a Bloomberg analysis of student loan securitization data. This debt is raising fiscal risks."

Tori Nikki's curator insight, October 2, 2019 9:37 PM
The U.S. student loan debt is the highest it's ever been, more than double the amount it was at the end of the 2009 recession. 2012 graduates have had the hardest time trying to pay off loans due to the end of the recession and the loans defaulting at a faster rate than any other loan cohort since the financial crisis. The recession also made it hard for these students to find a career after graduating, which has also led to them not being able to pay their loans off as fast. The fact that student loan debt is the highest it's ever been is concerning for students and the economy as this debt is raising fiscal risks. 
Scooped by WEAC
Scoop.it!

Only 26 people approved for student loan forgiveness out of almost 34,000 who applied

Only 26 people approved for student loan forgiveness out of almost 34,000 who applied | Student Loan Debt | Scoop.it
Only 26 borrowers have been approved out of the roughly 34,000 people who have applied to a popular student loan forgiveness plan, 
No comment yet.