Student Loans News

Student Debt for Medical Graduates Impacts Future of Healthcare

Apr, 16, 2013

The rising cost of a medical degree is a growing concern in the healthcare industry according to a report by the American Medical Association (AMA). The average student debt for all majors in 2011 was $26,500. But the amount of debt that burdens medical professionals can reach into the hundreds of thousands. According to the AMA, of those students who graduate with student loan debt, the average debt is $166,750. Furthermore, one-third of medical graduates have over $200,000 in debt.

President Proposes Linking Student Loans to Market Interest Rates

Apr, 12, 2013

In a proposed budget plan, interest rates for federal student loans will be linked to the government’s cost of borrowing. In President Obama’s new budget request, which spans a lengthy 244 pages, several large changes to the federal student loan program were announced. Other plans for the year’s budget include additional funding for community colleges, more federal work-study programs and increasing the maximum amount that Pell Grants deliver.

Federal Worker Loan Reduction Petition Most Popular in Maryland

Apr, 8, 2013

The majority of signatures on a recent petition to forgive a percentage of student loan debt for federal workers come from Maryland, home to 136,148 federal jobs. Created on April 2, the White House petition cites the recently renewed federal pay freeze as the main cause of the “fiscal uncertainty” faced by federal employees, and asks that their principle loan balances be reduced by 2.2 percent for each year the pay freeze has been in effect.

Million Dollar Student Aid Fraud Ring Busted

Apr, 2, 2013

Eleven people have been charged for their roles in four Michigan-based student loan fraud cases, announced the U.S. Attorney’s office in a press release. The four fraud rings, operating independently of one another between 2006 and 2010, amassed more than $1 million in fake financial aid.

Student Loan Fairness Act of 2013 Pushes Forward

Mar, 25, 2013

Congress will once again be discussing changes for student loan borrowers. Congresswoman Karen Bass has just pushed forward the Student Loan Fairness Act of 2013, which will offer up several benefits for both federal and private student loan borrowers.

Fewer Households Have Debt but More Have Student Loans

Mar, 25, 2013

The Census Bureau recently found that while fewer American households have debt, those that still carry some have seen their debt levels increase. According to the Bureau’s findings, the median amount of American household debt rose by nearly $20,000 between 2000 and 2011. The median debt loan for families in 2000 was $50,971 while in 2011 it was $70,000. The press release—and the report from which it is based upon—also revealed that age was a factor in how much debt increased.

Illinois State Bar Proposes to Eliminate Bar Exam

Mar, 20, 2013

A report from the Illinois State Bar Association’s Special Committee on the Impact of Law School Debt on the Delivery of Legal Services has found that drastic change is needed to help out law students. Law students, along with the millions of other students across the country, struggle with crippling levels of student loan debt. However, unlike most undergraduates, law students rack up massively high levels of debt, with an average of $100,000.

White House Military Tuition Assistance Petition Reaches Quota

Mar, 14, 2013

The Sequester’s budgetary cuts have affected more than just contractors and new purchases for the military. Now, the educational access once promised to millions of enlisted members has been slashed. Due to the budget cuts caused by the Sequester, the Army, Air Force, and Marines have all cut Tuition Assistance for service members. As a result, a petition on the White House’s website has rallied supporters to voice their opposition to these cuts.

A graduation cap and diploma on hundred dollar bills

Sallie Mae to Drop Student Loan Interest Rates in April

Mar, 7, 2013

Sallie Mae, one of the nation’s largest private student loan lenders, has announced that it will be offering lower interest rates for graduate borrowers. Effective April 1, 2013, borrowers of the Smart Option Student Loan will be able to obtain variable- or fixed-rate financing featuring these new low interest rates. The new variable interest rates will range from 2.25 to 7.5 percent and are tied to the Libor index. Fixed-rate financing will be set between 5.75 and 8.875 percent.

Assemblyman Plans to Stop Student Loan Wage Garnishments

Feb, 19, 2013

One state assemblyman in California has had enough of lenders plaguing private college loan borrowers. Unlike most everyone else that complains about college debt, he actually has the power to do something about it too.

Student Loans News

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