THE NEW FORTY My light bulb is at 150 watts today...
I hear an awful lot about student loan debt from my students. I can commiserate as I have a healthy chunk myself from my many years as a student seeking one degree or another. As such, I am not shocke... Posted on 3/26/13 at 6:30 AM
IN THE BLACK The Price of Student Loans
In many cases, it may be necessary to take out student loans for your college education. However, it is important to keep track of how much you will need to pay back. Suze Orman has the guideline of... Posted on 3/3/13 at 10:53 AM
THE FLENSBURGER FILES Education should be encouraged, not denied
8:10 on a Wednesday morning in a lecture hall, waiting for the first class of the day to start. It is one of the introductory classes which provides students studying English with an insight to lite... Posted on 10/25/12 at 7:36 AM
REAL MONEY Facing Student Loans after Graduation
College graduation is approaching for many. It can be a very uncertain time financially so thinking of making loan payments when regular income is not established can be difficult. Unfortunately, many... Posted on 5/2/12 at 6:01 AM
When borrowers default on their loans, taxpayers foot the bill. But banks still reap billions in profits and pay their executives millions of dollars.
President Barack Obama is ready to put an end to that deal.
The Bank of North Dakota has been in the business of making federally guaranteed student loans since the program began more than 40 years ago. Today, officials at the state-owned bank wonder if that legacy could vanish.
More than one in five borrowers of federal student loans who attend for-profit colleges default within three years of repayment, new figures made available by the U.S. Department of Education on Monday show.
Under the new Income-Based Repayment program, federal loan payments are based upon monthly income and family size. Most borrowers who sign up for the plan will pay less than 10 percent of their income toward student loans, according to www.ibrinfo.org, a Web site run by the nonprofit Project on Student Debt.
The White House believes that if it cuts out the middlemen, and just lends money to the students directly, it can save $94 billion over 10 years.
Hell hath no fury like a middleman scorned. The lenders have been rallying the troops, waving the banner of choice.
What's especially frustrating for student borrowers is the wide disparity in interest rates. Because they're pegged to Treasury bill rates, interest rates on federal student loans dipped as low as 2.8 percent in 2004-05. Currently, rates on Stafford loans like McMenamin's are set at 6.8 percent (6 percent for those with documented financial need.)
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