Proposed Bill Aims to Bolster Accountability
U.S. Senators Chris Murphy (D-CT), Brian Schatz (D-HI), and Patty Murray (D-WA) have co-signed a bill that would establish benchmarks for college access, affordability and outcomes. Dubbed the “College Affordability and Innovation Act of 2014,” the bill also proposes the establishment of a competitive grant program to fund a series of pilot programs at a handful of institutions that wish to test innovative higher education programs. Among the bills key proposals: Establishes a 15-member commission on higher education accountability…
Congress Passes FY 2014 Budget; What You Need to Know
In stark contrast to last year's bitter budget standoff between House Republicans, Senate Democrats, and President Obama that shut down the federal government for 16 days in October, Congressional budget negotiators reached an agreement last week that specifies funding priorities and allocations for the federal government through Sept. 30, 2014. Striving to avoid another government shutdown and its harmful effects to the still-fragile U.S. economy, House and Senate budget negotiators have been wrangling over how to allocate money…
Fed’s Debt Collector Scrutinized for Overly Aggressive Tactics
As many of you know by now, Heather is not a big fan of private student loans, considering their lack of borrower protections and flexibility when it comes time for repayment. Borrowers of federal student loans enjoy many benefits including fixed interest rates and a number of income-based repayment plans to select from for repayment. Bottom line, federal student loans are almost always preferred to private ones. For a more complete comparison of federal versus private student loans, click here. But, as with everything…
Teachers Don’t Need Lip Service, They Need Cash Money!
Teachers need a whole lot more than a few narrowly targeted and not particularly generous student loan forgiveness programs. Here in North Carolina, teachers haven’t received a meaningful raise for the last seven years. During the 2013 legislative session, North Carolina lawmakers decided to keep teachers’ pay frozen, eliminate master’s degree supplemental pay, strip teachers of tenure and dramatically underfund instructional supplies and teacher assistants. Ugh. Student loan forgiveness programs for the benefit of…
New CFPB Report: Private Loan Processing Pitfalls to Avoid
Yesterday, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman, Rohit Chopra, issued a report analyzing complaints received by the bureau from private student loan borrowers. According to the report, private student loan borrowers face payment processing pitfalls that can lead to increased costs, prolonged repayments, and harm to their credit reports. To help borrowers take control of their private student loans, the CFPB also issued a consumer advisory yesterday to help certain borrowers communicate…
