The Clock is Ticking
Seven days. That's all that remains until rates for new subsidized federal student loans will rise on July 1 from 3.4 percent to 6.8 percent (assuming Congress holds to form with a M-F work week). So what will it take for Congress to act? The Student Loan Affordability Act (S. 953), sponsored by U.S. Senator Jack Reed (D-RI), would have extended the 3.4% rate for an additional two years while Congress works on a long-term solution to slow the rapid accumulation of student loan debt. The Comprehensive Student Loan…
Senators Reintroduce Bill to Standardize Student-Aid Award Letter
U.S. Senators Tom Harkin (D-IOWA) and Al Franken (D-MN) reintroduced legislation Friday that would require all American colleges and universities to issue a standardized student finanacial-aid award letter to students and their parents applying for such aid. The Understanding the True Cost of College Act (S. 1156) would require institutions to use a standardized letter that would specify financial factors like the cost of attendance, grant aid, eligible amounts of federal student loans, expected monthly loan-repayment amounts, and disclosures…
Sen Warren Speaks Out on Student Loan Rates Increase
Paying for College - A Parent’s Guide
Helping to pay for a child's college degree is among the greatest gifts a parent can provide and also among the most costly. Start when they are still in diapers and you'll benefit from the Time Value of Money. Wait until they're in braces and middle school or junior high, and you'll still have a good start. Wait until they're trying on their cap and gown and you'd best pray for scholarships, grants, and unfortunately student loans. Geoff Williams, U.S. News & World Report, offers some practical…
Holy Student Loan Interest Rate Bills, Batman!
Without Congressional action, subsidized federal Stafford student loan rates will double to 6.8% on July 1. Last year, Congress extended the deadline that would have mandated federal interest rates to rise from 3.4% to 6.8%, effectively punting the issue down the road one year. Beginning in earnest with the release of President Obama's Fiscal Year 2014 Budget Request in early April, a number of competing proposals have been introduced in both houses of Congress as potential short or long-term solutions to the…
