College debt crisis

So whether they are actively recruiting these low-income students for reasons of open-the-door altruism or keep-the-lights-on capitalism — or, more likely, some combination of the two — there has been a huge, largely hidden byproduct of this dramatic increase in access: These students are often being loaded up with staggering debt that is completely out of whack with the earnings boost they’ll likely get from a degree at a nonselective or less selective college. Already, average student loan debt is higher in Boston than any other metro area in the country, 44 percent above the national average, according to Credit Karma. But  more troubling, many of these low-income students — and, at some colleges, most of them — are not graduating. That means these non-completers are leaving campus saddled with lots of debt but none of the salary gains that traditionally come with a bachelor’s degree. RELATED STORY: Poor at an Ivy League school Dean College … [Read more...] about The college debt crisis is even worse than you think

Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. SUBSCRIBE March 30, 2019, 11:51 AM GMT  / Updated  March 30, 2019, 5:03 PM GMT By Dareh Gregorian The 2020 Democratic candidates are mostly on the same page — or at least the same bill — when it comes to tackling the student loan debt crisis. Sens. Elizabeth Warren, Cory Booker, Kamala Harris, Kirsten Gillibrand and Rep. Tulsi Gabbard all endorsed Sen. Bernie Sanders' College for All Act in 2017. The $47 billion plan would eliminate undergraduate tuition and fees at public colleges and universities. It would also lower interest rates on student loans, and allow those carrying existing debt to refinance their loans. Harris, Booker, Warren and Gillibrand have since signed on to Sen. Brian Schatz's Debt-Free College Act, which also addresses costs beyond tuition, such as books and living expenses. The Hawaiian Democrat's more … [Read more...] about Growing student debt crisis: Candidates say cancel it, free college, refinance

There’s no doubt that college is expensive. Tuition and fees for a four-year private college averaged $35,830 in 2018-19; at four-year in-state public colleges, it was $10,230, according to the College Board. And that doesn’t count room and board or other expenses. Few families have the cash to cover it, and that’s where borrowed money often comes in. On average, loans cover 24% of the tab when savings, financial aid and scholarships fall short, according to Sallie Mae’s 11th annual “How America Pays for College” report. As a result, student debt has reached record proportions, with $1.6 trillion in loans outstanding. And that burden is not just shared by students. Increasingly, parents are borrowing to make up the difference. While the annual limit on federal student loans is $5,500 to $7,500 depending on your year in school, parents can take out up to the maximum of the cost of attendance (minus federal student aid or loans offered directly to the … [Read more...] about The Latest Victims of the Student Debt Crisis — Parents

Sections SEARCH Skip to content Skip to site index Politics Log In Log In Today’s Paper Politics | Elizabeth Warren on Free College and Canceling Student Debt Advertisement Supported by Ms. Warren has proposed a $1.25 trillion plan that would wipe out most student debt. ByMatt Stevens Jul 30, 2019 Senator Elizabeth Warren of Massachusetts has structured her presidential campaign around a series of disruptive policy ideas. One of her biggest involves reshaping higher education by canceling most student loan debt and eliminating tuition at public colleges. The context Ms. Warren’s $1.25 trillion plan would eliminate up to $50,000 in student loan debt for every person with a household income of less than $100,000; borrowers who make between $100,000 and $250,000 would have a portion of their debt forgiven. Other planks of the plan would eliminate undergraduate tuition at public colleges and … [Read more...] about Elizabeth Warren on Free College and Canceling Student Debt

The student debt crisis, which could see this fall’s law school entrants hold an average of $150,000 in educational loans by graduation, is a symptom of large-scale social and economic turmoil across the U.S., one law school professor says.Paul Campos, professor of law at University of Colorado at Boulder School of Law, says that although law school applications have dropped 25 percent from last year, the fact that schools haven’t seen a larger drop— despite skyrocketing tuition and the deteriorating value of legal degrees—speaks volumes about the bleak career and economic outlooks for American youth.“We have a large class, a whole generation of highly educated young people who have nothing that they can do that really justifies either the cost or the effort they have put into in acquiring higher education,” Campos, author of the law blog Inside the Law School Scam and a contributor to Lawyers, Gun$ and Money said in a video interview with Bloomberg … [Read more...] about Law Grads ‘Indentured Servants’ to Loans, Law Prof Says; Law School Crisis a Symptom of Weak Economy