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StudentLoans
Crowd-Funded Student Loans: Vittana Brings Microfinance to Campuses Worldwide
By Samantha Michaels - Politics DailyCHICAGO – In the United States, when college students don't have enough money for school tuition, they complete financial aid applications and hope for government loans. In other parts of the world, the process works somewhat differently. "In most developing countries, student loans just don't exist," said Kushal Chakrabarti, the son of first-generation immigrants and a graduate of the University of California, Berkeley. "No matter what your grades are, if your family doesn't have the money, you just can't go to college." This reality is familiar to Nardith Torres Marcelo, a ...
Obama Signs Into Law Health Care Fixes, Student Loan Overhaul
By Patricia Murphy - Politics DailyWith the stroke of a pen, President Obama brought to an end the Democrats' three-decade quest to reform the health care delivery system in America, signing the final piece of his health care reform legislation into law at a northern Virginia community college. Also included in the bill signed Tuesday is an overhaul of the federal student loan industry. The president was introduced by Dr. Jill Biden, the wife of Vice President Joe Biden, who works as an instructor at the college that hosted the event. Unlike her husband, who made headlines last week when he called health care reform a big ...
Student Loan Overhaul Heading Toward Vote With Health Care Bill
By Tom Diemer - Politics DailyIt's been pushed to the background by the health care debate, but an impending overhaul of the student loan program is almost as important to the parents of college-age children. Legislation that would largely remove private banks from the loan process and increase Pell Grants for the economically disadvantaged from $5,350 annually to $5,975 could be voted on in the House as soon as Sunday, possibly in a package with health care legislation. The change is a high priority for the Obama administration. "With one move, Congress can make college more affordable, keep jobs in America, prepare ...
Special Provision for North Dakota Bank Removed From Health Bill
By Patricia Murphy - Politics DailyFacing a barrage of questions, Sen. Kent Conrad (D-N.D.) Thursday sought the removal of a special provision he had written into the package of fixes to the Senate health care bill that would have applied only to the Bank of North Dakota. The provision would have allowed the Bank of North Dakota to continue to originate and service student loans even though a pending overhaul says that all such loans will originate through the U.S. Department of Education, beginning July 1. The bill stipulated that only North Dakota residents attending North Dakota schools would be eligible for the ...
Huge Student Loan Overhaul Set to Be Tacked Onto Health Care Reform
By Patricia Murphy - Politics DailyMembers of the House are poised to vote this week to add a major overhaul of the student loan industry to the health care reform bill that the House will vote on this week. Before the House Budget Committee began its mark-up of the health care legislation, Chairman John Spratt (D-S.C.) explained that the 2010 Budget Resolution that passed the House last April instructed the House to pass a reconciliation bill with health care reform and education reforms in one package this year. "It will result,'' he said, "in landmark investments in higher education, making higher education more accessible ...
Debate: Fix the Student Loan System? We Agree
By not in system - AOL News(March 12) -- From the beginning of the debate on comprehensive student loan reform, Sallie Mae's position has been clear: We support it. We stand with the president in his effort to restructure the federal student loan program by leveraging low-cost U.S. Treasury funds to produce taxpayer savings and end the old system of subsidies to student loan companies. End lender subsidies? We agree. Leverage low-cost federal funding to generate savings? We agree. Increase financial aid to students? We agree. So we're perplexed by the recent misinformation campaign that accused us of standing in the ...
Arne Duncan Pushes to Cut Out the Middleman in Student Loans
By David Sessions - Politics DailyEducation Secretary Arne Duncan on Tuesday urged the Senate to overhaul student loan policies, arguing that executives at lending companies like Sallie Mae have enriched themselves while American college students shoulder loads of debt, the Washington Post reports. "Working Americans pay while bankers get rich," Duncan said. "Sallie Mae executives have paid themselves hundreds of millions of dollars in the last decade while teachers, nurses and scientists -- the backbone of the new economy -- face crushing debt because of runaway college tuition." Duncan's strong words were part of the Obama ...
Opinion: Making College Affordable Again
By not in system - AOL News(Dec. 24) – Over the next few weeks, high school seniors will start sending off their college applications, hoping in return to get fat envelopes offering admission. But for many, getting admitted to the college of their dreams might prove bittersweet. With states slashing their higher-education budgets and jacking up tuition, families are finding it increasingly difficult to pay for college, and a growing number of students now must take out massive amounts of debt in order to graduate. One study released this month finds that the average debt for the class of 2008 topped $23,200, up ...
College Tuition Soars, Congress Chafes
By Justin Paulette - Politics DailyThe student loan business is an $85 billion industry. And the College Board has announced that college tuition rates have increased at double the rate of inflation over the past year. Of course, this is a catch-22. The government wants to help youngsters pay for college - particularly those with financial needs - and so subsidizes and charters entities from which would-be students may borrow needed funds (e.g., Sallie Mae). Colleges, realizing that the government will lend money to cover students' tuition costs, respond by raising the cost of admission. The government thus coughs ...
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