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Illinois Attorney General Pushes Student-Loan Transparency Bill

6/27/2018

By: Dorothy Tucker - CBS Chicago

That math is not good: Breia Harris takes in $1,400 a month, and pays about $800 of that toward her students loans of $65,000.

She graduated from Ferris State University with a degree in communications and eventually got a job in event planning.

“It’s very stressful. Some nights I’ve cried just looking at my budgeting, trying to figure out what needs to be done, what needs to be paid,” she says.

Like millions of others, Harris says she called her loan servicer for help on how to tackle the bills.

“It was not helpful at all,” she says.

Harris’ concerns echo those of the nearly 1,600 who filed complaints in the last year against the private companies in Illinois that are supposed to offer consumers the best options to repay their loans. Officials say they are not.

Yes, You Can Discharge Student Debt in Bankruptcy (but it’s REALLY Tough)

6/27/2018

By: Kelly Gurnett - The Penny Hoarder

If you pass what’s known as “the Brunner test,” you may have a shot at discharging your student loans in bankruptcy. Named for a case involving debtor Marie Brunner in 1987, the Brunner test sets forth the standard by which a bankruptcy court could consider your student loan debt an “undue hardship” you can’t reasonably repay.

To meet this standard, your must fit all three of these criteria: ...

Drowning in debt: A student loan crisis

6/27/2018

By: Kristin Smith - wric.com

Whether your kids have already graduated or your little ones are still in preschool, many Americans recognize the cost of going to college is steep.

Ninety percent of parents want their kids to get a higher education, but only about 40-percent save for it, says David Lesesne, Dean of Admission at Randolph-Macon College.

In Virginia, the average college student graduates about $26,000 in debt. Paying for higher education is now so expensive, it is considered a crisis.

Do Indiana Taxpayers Want To Buy This For-Profit College?

6/27/2018

By: David Halperin - Huffington Post

Graham Holdings Co. announced this morning in a filing with the SEC that it plans to sell its for-profit Kaplan University to a new non-profit public-benefit corporation called New University that is affiliated with Indiana’s Purdue University, a state institution. Purdue confirmed the deal in a press release quoting its president, Mitch Daniels, the former governor of Indiana.

The press release describes the assets that Purdue will acquire as including Kaplan’s “15 campuses and learning centers, 32,000 students, 3,000 employees, and decades of experience in distance education.” But the release adds that the new entity “will operate almost exclusively online.”

Under the agreement, Graham Holdings says, ...

Purdue's Bold Move

6/27/2018

By: Paul Fain & Rick Seltzer - Inside Higher Ed

Purdue University’s acquisition of Kaplan University is an unexpected tectonic shift in American higher education, revealing both the changing roles of public universities and the dwindling fortunes of for-profit colleges.

The deal announced Thursday has the Indiana-based public research university acquiring nearly all of the credential-issuing side of Kaplan’s higher education business -- seven schools and colleges that make up Kaplan University, but not its School of Professional and Continuing Education.

Roughly 32,000 Kaplan students, 15 campus locations and 3,000 employees are slated to join Purdue under a newly created nonprofit university that will carry some version of Purdue’s name. About 85 percent of Kaplan’s current students are enrolled in fully online programs, with the rest in hybrid ones.

This Government Outage Is Putting Millions Of Student Loan Borrowers At Risk

6/27/2018

By: Jillian Berman - Market Watch

Imagine you had to do your taxes every year by paper. Spare a thought for millions of borrowers who now have to do just that when it comes to their college loans.

Some of the nation’s most vulnerable student loan borrowers could have more trouble managing their debts thanks to the recent outage of a government tool that’s expected to last six months, the federal consumer watchdog and borrower advocates are warning. The warning comes as lawmakers are set to review the decision to take down the tool, known as the IRS data retrieval tool, as part of a hearing hosted Wednesday by the House of Representatives committee on oversight and government reform. Much of the attention and outrage surrounding the tool’s outage has focused on students applying for college, who use it streamline the process of applying for financial aid.

Student-Loan Defaults Rose By 1.1 Million In 2016

4/5/2017

By: Josh Mitchell - The Wall Street Journal

More than 3,000 people a day defaulted on their federal student loans in 2016, new government data show, underscoring persistent problems in the way the government and families finance higher education in the U.S.

The number of Americans who fell at least nine months behind on a payment on federal student loans increased by 1.1 million in 2016, according to Education Department data released this week. As of Dec. 31, roughly 8 million people owing $137 billion were in default.

Being Unable To Pay Back Student Loans Has Become The New Normal

4/5/2017

By: Veronica De La Cruz - CBS SF Bay Area

The number of students who are unable to pay back their college loans is skyrocketing.
According to the U.S. Department of Education, at least half of the students at 1,000 colleges and trade schools have defaulted or failed to pay down even $1 of their principal loan within seven years.

Suzanne Martindale of Consumers Union said, “It wasn’t surprising because we hear all too often from students and families that they are struggling.”

Even so, the numbers are unprecedented.

SoFi's Loan Losses Pile Up As Even Wealthy Borrowers Default

4/5/2017

By Matt Scully - Bloomburg

Social Finance Inc.’s online borrowers are defaulting at higher rates than underwriters for one of its bond deals had expected, the latest sign that an industry that hoped to upend banking is now getting tripped up by bad loans.

Losses on the company’s personal loans were high enough to breach key levels known as “triggers” last month on a bond deal issued in 2015 and backed by the loans, according to analysts at Morgan Stanley. If defaults keep rising, investors in bonds could end up missing out on expected interest payments.

Two For-Profits Must Pay Restitution To Students

2/8/2017

By Paul Fain - Inside Higher Ed

A Minnesota judge this week ruled that Globe University and the Minnesota School of Business, two embattled for-profits, must pay restitution to more than 1,200 defrauded students, reported the Star-Tribune.

The state's attorney general, Lori Swanson, had sued the for-profits, alleging they had misrepresented job opportunities for graduates of their criminal justice programs. A court agreed last September, finding the two institutions had engaged in consumer fraud and deceptive trade practices.

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