President Obama’s expansion of the Pay As You Earn program for student loan payment while earning support still fails to fix the root of the student debt problem. The expansion allows for more people to become eligible for their student loan payments to be capped at 10 percent of their monthly income, which is based … Continue reading
As a recent college graduate it is hard to ignore the constant increasing cost of higher education. Sure, I may not have to worry about those rising costs now but I have been left with the burden of student loans that I have to repay as I enter into this competitive job market. The question … Continue reading
The last thing anyone expects the government to do is make money. Every day congressional lawmakers lament budget deficits, and the inability of the federal government to cover its spending with tax revenue is a perennial issue. But while Washington continues to struggle with the debt, there are a few government-affiliated organizations that are actually … Continue reading
Last week, Senator Elizabeth Warren (D-Mass) unveiled her first piece of legislation on the Senate floor — a proposal to allow students to borrow at the same rates as banks. While this move galvanizes the populist movement, the economics behind it does not quite add up. The interest rate on direct subsidized loans for undergrads … Continue reading
In a recent report published by the New York Federal Reserve Bank, student debt in America now totals $956 billion in outstanding loans. Consequently, the delinquency rate on student loans in 2012 was higher than any other type of consumer loan, which includes credit cards or auto loans. In the same year, the average student … Continue reading
On July 6, President Obama signed a bill that will hold student loan interest rates at 3.4% for the next year. Students all over the country greeted the bill with relief. With college tuition rates increasing faster than the inflation rate, students are relying more and more on loans to pay for their education. Tuition … Continue reading
Students increasingly take on massive amounts of debt to pay their high college tuitions. And they face diminished job opportunities upon competition of their degree. Just ask Danielle Jokela. Jokela, a resident of Chicago, spoke before a Senate judiciary subcommittee on her personal level of indebtedness (about $98,000 in outstanding student loan debt) and her … Continue reading
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