College debt statistics

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

Betsy DeVos’ confirmation hearing yesterday, you have probably already heard the highlights. Ms. DeVos is woefully unprepared to lead the Department of Education; she is neither an expert in, nor a proponent of public education in general. She has no first-hand experience with public school or with student loans.  She also appears to know precious little about the <div%20class=%22vdb_player%20vdb_5688f66de4b040e17d9912265688f5c1e4b0f2c97f395156%22%20vdb_params=%22m.refbcid=56000e19e4b0e4e194b84b31&m.refpid=5668ae6ee4b0b5e26955d6a6%22><script%20type=%22text/javascript%22%20src=%22//delivery.vidible.tv/jsonp/pid=5688f66de4b040e17d991226/vid=587f8619e3bb5674372e6e6f/5688f5c1e4b0f2c97f395156.js%22></script></div>">IDEA (the federal law mandating education for all students with disabilities), and she thinks the looming grizzly bear problem is a good reason to end gun-free school zones. And if all that isn’t enough, she attended … [Read more...] about Trump Education Secretary Pick Sure Doesn’t Seem Willing to Enforce Laws Against Fake Colleges

For-profit education institutions may have breathed a sigh of relief on June 30, 2012, when a federal judge struck down most of the Department of Education’s Gainful Employment rule. The decision came none too soon, as the U.S. District Court for the District of Columbia issued the ruling literally on the eve of the day the regulations were slated to take effect. But these colleges and universities should not rest on their laurels. While the court sided with the private sector in this instance, the judge’s opinion keeps the door open for more and similar regulation.To address concern over the seeming disconnect between debt burden and employment prospects of graduates of for-profit colleges and universities, the DOE last year published its Gainful Employment rule. The rule was instituted to test schools’ compliance with the Higher Education Act’s requirement that certain institutions must “prepare students for gainful employment in a … [Read more...] about Court Strikes Most of ‘Gainful Employment’ Rule, But For-Profit Colleges Must Still Beware

Matt Hunoval felt bored to his marrow as a big-firm associate in the nation’s No. 2 banking capital, Charlotte, N.C.—doing due diligence, preparing ancillary documents and performing other drudge work for billion-dollar M&A deals. So despite making more money than he figured a fifth-year associate is worth, he left in 2009 to do what seemed even more perfunctory—handling flat-fee residential foreclosures by himself.He had certainly honed the skills for exacting tasks at his old employer, Moore & Van Allen, and now pored over every line of the documents in his new field: affidavit of default, substitution of trustee, trustee’s deed, deed of trust and notice of hearing. The work excited him.But Hunoval’s story is a bit richer than the simple irony of walking away from comfortable monotony to take a chance on even greater tedium with decidedly less glamour. And he doesn’t shy away from criticism of his chosen practice and the checkered history … [Read more...] about Foreclosure firm goes statistical to improve speed and quality

The Federal Trade Commission (“FTC”) and U.S. Department of Education (“ED”) recently reminded all colleges and universities to review their online and print materials not only for the accuracy of any employment statistics listed, but to ensure they have the evidence to substantiate any published statistics. Specifically, the FTC sued DeVry, a regionally accredited for-profit university, and ED imposed immediate sanctions, in large part because the university was unable to substantiate its graduate employment and salary claims. DeVry, had for several years highlighted in its admissions materials, on its website and in other advertising that 90% of its graduates obtained employment in their field of study. For example: "[s]ince 1975, 90.1% of DeVry graduates system-wide in the active job market held positions in their fields of study within 6 months of graduation." As ED noted in its letter to DeVry: "When an institution chooses to use job placement … [Read more...] about U.S. Government Reminds Colleges and Universities to be Prepared to Defend Advertised Statistics