Paying off college debt

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

Janet Lorin, Bloomberg Published 8:40 am PDT, Friday, September 20, 2019 Billionaire Robert Smith's surprise pledge to pay off the student loans of Morehouse College's class of 2019 will cost $34 million and will now include educational debt amassed by parents. Students, parents and guardians received the details in an email Friday from the Atlanta school. Smith, the founder of private equity firm Vista Equity Partners, first disclosed the gift in May during their graduation ceremony. Smith's pledge made national headlines and focused further attention on the soaring cost of college and the debt burden faced by graduates. Student debt has emerged as a key issue among Democratic presidential candidates. Earlier this week, two other billionaires said they're leading a $160 million effort to curb debt for qualifying medical students at Weill Cornell Medicine in New York. "It is our hope that our graduates will use their newfound financial freedom to pursue their career … [Read more...] about Billionaire widens Morehouse college-debt pledge to add parents

Sections SEARCH Skip to content Skip to site index Politics Subscribe Log In Subscribe Log In Advertisement Supported by ByErica L. Green May 11, 2018 WASHINGTON — Colleges and universities are avoiding federal punishment for high student-loan default rates by hiring consultants who encourage borrowers to delay payments on their loans, even if that will cost them and taxpayers more in the long run, Congress’s nonpartisan watchdog found. In a two-year examination of how colleges and universities manage graduates at risk for defaulting on their loans, the Government Accountability Office found that institutions hired consultants that pressured student borrowers to effectively put their loans on ice — or “in forbearance” — an option that allows borrowers to avoid default. It also allows colleges and universities to avoid losing federal funding because of excessive defaults. The findings by the independent … [Read more...] about Colleges Hire Consultants to Help Manipulate Student Loan Default Rates

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January 2014• Road to retirement: Ways to make retirement anything but resignation• How lawyers can dig themselves out of debt and plan for a future (podcast with transcript) February 2014• A comfortable retirement requires savvy financial housekeepingMarch 2014• Don’t panic, plan: Regular saving and asset allocation help build a retirementApril 2014• Retirement planning includes caring for your healthWEBINARDownload a webinar on retirement issues for lawyers, recorded on March 26, 2014. (Windows Media file)Podcast TranscriptStephanie Francis Ward: Think you might never be out of debt–let alone be able to plan for retirement–what with law school loans, credit card debt and living expenses? I’m Stephanie Francis Ward, and when we return, some financial experts will tell us how getting to a better financial place may be difficult, but it’s not impossible. Advertiser: This ABA Journal Podcast is brought to you by Westlaw Next. … [Read more...] about How lawyers can dig themselves out of debt and plan for a future (podcast with transcript)