Overhaul of college aid OK'd by House
Government would take charge of student loans
WASHINGTON - The House voted yesterday in favor of the biggest overhaul of college aid programs since their creation in the 1960s - a bill to greatly reduce the role of private lenders in the student loan business and put the government in charge. Ref. Source 4
I believe that our government is getting itself too much into everything. From Businesses and now to education. We will be in a dictatorship yet.
Student Loans are the New Indentured Servitude
By Mike Konczal
The prevalence of this debt, especially among the young and the poor/working classes, the transformation from a rounding error amount to a significant burden amount over the past 30 years, the length of term, the idea of mobility and "transport" to a job, debt secured not by property but by personhood, and limited legal recourse. Ref. Source 9
Unpaid student loans top $1 trillion:
Giving validation to Occupy Wall Street protests over the increasing burdens of student debt, a new report indicates that the total amount of outstanding student loans this year will exceed $1 trillion for the first time. Ref. Source 5
Obama Unveils New Student Loan Rules
The Obama administration is revising some rules on federally guaranteed student loans. The administration says the changes will make it easier for graduates to repay them. It's making it easier for students to consolidate loans into a single payment and expanding a program that bases payments on a graduate's income. The new rules will affect 7 million of the 36 million student loan borrowers.
House GOP to Obama: Scrap Vegas let's work on student loans
The top Republican House leaders, Speaker John Boehner and Majority Leader Eric Cantor, urged President Barack Obama on Wednesday to cancel a planned speech on education in Las Vegas in favor of working with them to keep rates on a popular kind of student loans from doubling come July 1. "With all of the great [...]
Source: Yahoo! News - Latest News & Headlines
Debt Collectors Cashing In on Student Loan Roundup:
In all, nearly one in every six borrowers with a loan balance is in default. The amount of defaulted loans - $76 billion - is greater than the yearly tuition bill for all students at public two- and four-year colleges and universities, according to a survey of state education officials. Ref. Source 4