Blog

02/2014

The Federal Government is Profiting off of Your Student Debt

The U.S. Government Accountability Office (GAO) recently released a report revealing that the federal government stands to make $66 billion in profits from student loans that originated between 2007 and 2012.

Soon following, a group of nine Senators strongly responded to the report, advocating for policies that address student loan debt, loan refinancing, and lower interest rates. Sen. Elizabeth Warren (D-MA), states, "This is obscene. The government should not be making $66 billion in profits off the backs of our students. The report issued today reinforces what we already knew - instead of investing in our children and their futures, the government is squeezing profits out of our young people and adding to the mountain of debt they will spend their lives struggling to repay."

In-State Tuition for Vets May be Closer Than You Think

Earlier this month, the U.S. House of Representatives overwhelmingly passed legislation that would induce public universities around the country to give veterans in-state tuition rates. With an astounding 390 House members on both sides of the aisle voting in favor of the bill (if only all agreements in Congress were that easy), the GI Tuition Fairness Act (H.R. 357) will help to ensure that our service members are able to pursue a fairly priced college education when they return home.

The Students Who Will (and Won’t) Get to DREAM In-State

Originally posted on The Equity Line

Every year, 65,000 undocumented students who have lived in the United States for at least five years graduate from high school. Only 5-10 percent of them, though, go on to college; the majority of these students either give up on their dreams or put them on hold because they are denied the opportunities for an affordable higher education.

This week, a bipartisan organization launched TheDream.US, a $25 billion scholarship fund that will provide full tuition for 1,000 undocumented students nationwide. Currently, because of their status, they are ineligible for federal financial aid (meaning no Pell Grants or low-interest loans), so this will help draw the bridge to college for many.

Senator Warren to Introduce Bill to Allow Student Borrowers to Refinance Loans

Do you have a mortgage or car loan and wish to refinance to a lower interest rate? Congratulations, you have that consumer protection. But do you know who doesn’t? Student loan borrowers. Luckily, new legislation soon to be introduced in the U.S. Senate may change this.

U.S. Senator Elizabeth Warren (D-MA) recently announced her plans to introduce a bill that will allow students to refinance their federal student loans to the lower interest rates under the Bipartisan Student Loan Certainty Act of 2013. A measure that has the potential to save student loan borrowers thousands of dollars over the course of a loan’s life.

University of Virginia (UVa) Boosts ACCESSUVA Financial Aid Program

Press release from the student led campaign that protested against the cuts to the University of Virginia's financial aid program. Originally posted on RestoreAccessUVa.com.

CHARLOTTESVILLE (February 6, 2014) — On behalf of the Restore AccessUVA Campaign, we would like to express our immense gratitude to the University of Virginia (U.Va.) board member and alumnus John Griffin for his generous $4 million dollar challenge donation toward AccessUVa. The donation kicks off an $8 million challenge grant effort to benefit incoming undergraduate students who show “exceptional promise and significant financial need.”  We would also like to commend and thank President Sullivan and other U.Va. administrators for renewing the University’s commitment to making need-based financial aid for low-income students a top institutional priority.

Wisconsin State Legislation to Tackle Student Loan Debt

There is exciting news in the Badger State. Wisconsin policymakers are attempting to lower student loan debt.

As reported by One Wisconsin Now, the Higher Ed, Lower Debt Act (SB 375) introduced by state senators Dave Hansen and Cory Mason would:

Bill Will Create Loan Free College for Low-Income Virginia Residence

With the recent good news that the University of Virginia (U.Va) has once again prioritized financial aid for its lowest-income students, a promising bill in Virginia has emerged that will make a larger, statewide commitment to college affordability.  

Introduced by Virginia Delegate Rob Krupicka, Virginia College for All (formerly, the Virginia Guaranteed Assistance Program) would offer no-loan guarantees to low-income students and interest free loans to students of middle-income families who graduate within 150 percent of the time to standard completion (6 years for a traditional four year college and 3 years for a two year college).