Here are the best articles from around the web this week talking about student loans…
For the week ending Friday December 20, 2013
Student Loan News:
1. Student Loan Bill of Rights:
In the aftermath of a recent report that found the lack of student loan servicing standards and information on monies owed, two U.S. Senators will work as a team to create a Student Loan Borrower Bill of Rights.
Sponsored by Illinois Senator Richard Durban and co-sponsored by Senator Elizabeth Warren of Massachusetts, the measure is intended to ensure that all student loan borrowers fully understand the range of repayment options and resources available to them. For service members and veterans, the measure would require loan servicers to provide each borrower with a liaison specifically trained in the benefits available to military borrowers. Thirdly, the bill calls for fair treatment of borrowers by the financial institutions servicing their loans. Go to the website: http://atlantadailyworld.com/2013/12/18/student-loan-bill-of-rights/
2. 10 Colleges Where Grads Have the Most Student Loan Debt:
The U.S. News Short List, separate from our overall rankings, is a regular series that magnifies individual data points in hopes of providing students and parents a way to find which undergraduate or graduate programs excel or have room to grow in specific areas. Be sure to explore The Short List: College and The Short List: Grad School to find data that matters to you in your college or grad school search.
Student loan debt has been dubbed by some experts as the next potential financial crisis.
Outstanding student debt from federal and private loans totals close to $1.2 trillion, and more than 7 million borrowers are in default on their loans, according to the Consumer Financial Protection Bureau. Read this post here: http://www.usnews.com/education/best-colleges/the-short-list-college/articles/2013/12/17/10-colleges-where-grads-have-the-most-student-loan-debt
3. Private Student Loan Delinquencies, Chargeoffs Fall:
The government-backed student loan market may be nearing a crisis, but private student loans continue to be a very good bet for lenders, according to a study released Thursday.
The amount of private student loan debt outstanding has stayed relatively flat over the past five years, while the delinquency rate has declined, according to a report from the San Francisco-based MeasureOne, which provides data and analysis on student loans. In contrast, federal student loan debt has grown from $577 billion in 2008 to more than $1 trillion today, a trend that recently prompted a top official at the Consumer Financial Protection Bureau to warn of the possibility of a housing crisis-style bust. Original source: http://www.americanbanker.com/issues/178_242/private-student-loan-delinquencies-chargeoffs-fall-1064425-1.html
Student Loan Blog Posts:
1. Feds to Regulate More Student Loans:
Students owe lenders about $1.2 trillion for student loans. Only the amount owed on mortgages is greater.
The federal agency in charge is the Consumer Financial Protection Bureau (CFPB). The CFPB was created by the Dodd-Frank law in response to the financial meltdown of 2008.
The targets of the CFPB are the firms that service the loans. They do not make the loans. They are gatekeepers for banks and other companies that make student loans. The seven largest loan servicers handle more than 49 million accounts. Full post: http://www.thetimesinplainenglish.com/wp/feds-to-regulate-more-student-loans/
2. How To Go About Repaying Student Loans:
This whole idea of paying back loans never seems as nerve-racking as it really is, until you graduate or end your career as a student. The overwhelming, heavy feeling weighs on you like a ton of bricks haunting you as you look for an entry-level job, medical career, management position, work-for-hire, or simply the real world. It’s like you’re racing the clock to obtain a source of income, whilst holding on the little money you actually do have to live, function, and have fun. The student loan process is godsend when you are trying to pay for school, but transforms into Satan when you have to keep paying the devil –also known as Sallie Mae – for however many years until the repayment process is all said and done. More tips here: http://www.blackgirlnerds.com/2013/12/how-to-go-about-repaying-student-loans.html
3. Boxer, Durbin, Warren, Reed Introduce Student Loan Borrower Bill of Rights:
Washington, DC – U.S. Senator Barbara Boxer (D-CA) joined Senators Dick Durbin (D-IL), Elizabeth Warren (D-MA) and Jack Reed (D-RI) today in introducing legislation to ensure struggling student loan borrowers are treated fairly and understand the full range of repayment options and resources available to them.
“Student borrowers must be treated fairly,” said Senator Boxer. “The Student Loan Borrower Bill of Rights would ensure that students are provided clear and honest information about how much they owe and what their repayment options are.” Check this out: http://studentloanslegalhelp.com/boxer-durbin-warren-reed-introduce-student-loan-borrower-bill-of-rights/