Republican Plan to Increase Student Loan Debt Exasperates President Obama
When a student borrows a subsidized loan, the federal government pays the interest that adds up while the student is still in school. An end to the interest subsidy would mean that low income students would graduate with more debt. Yesterday at the White House, Republican majority leader Representative Cantor called for an end to the interest subsidy. The Daily Beast reports that when Representative Cantor called for students to be responsible for the interest that accrues on their student loans while still in college, President…
The Secret to Safer Student Loan Borrowing, MKay?
There is broad consensus that private student loans should be considered only as a last resort. It’s just not that complicated. “Private student loans are bad, mkay?” Substitute the phrase “private student loans” whenever Mr. Mackey says “drugs” and “alcohol” in this classic South Park bit, and you’ll catch my drift. Ike's Wee Wee Tags: SOUTH PARKmore... Many student and parent borrowers aren’t getting the message Students borrow billions in private loans…
Share Your Student Debt Story and You Could Win $5000
I come from a long line of uneducated intellectuals. My sister and I are first generation college graduates. My parents never had money; it was student loans or nothing for us. I borrowed $125,000 to pay for my legal education. Here's how that feels: I drive a Honda with 175,000 miles on it because I can afford it. I’ll be borrowing to help pay for my children’s educations long before my own student debt is retired. My monthly student loan payments are comparable to my monthly rent payment. I’ve been making…
Jonathan Glater Knows Higher Education Shouldn’t Just Be For Rich Kids
Jonathan Glater believes that lawmakers should help keep higher education within the financial reach of those students who seek it by reducing the need for private student loans. Yes! In his super-fantastic recent article, The Other Big Test: Why Congress Should Allow College Students to Borrow More through Federal Aid Programs, Glater analyzes the effects of increasing reliance on private student loans and argues that federal loan programs should be expanded to reduce the need for private borrowing. Mr. Glater’s proposal recognizes…
Friends Don’t Let Friends Borrow Private Student Loans
Heather isn't a big fan of private loans, since most have variable interest rates and less flexible repayment terms. Also private student loans are never eligible for Public Service Loan Forgiveness. Yuck. In this Federal vs. Private Student Loans Podcast, Amanda Loveday, host and producer for Law School Interactive, interviews our own Heather Jarvis and Glen Herrick, Senior Vice-President with Wells Fargo. The experts agree that students should look first to grants and scholarships, then federal student loans,…
