February 03, 2016 by I Am Not A Loan
In partnership with various organizations working to curtail the student debt crisis, members of the United States Senate have recently put together a campaign to set the student debt crisis talks front and center. Dubbed “#InTheRed,” the campaign is part of a larger effort by Senate Democrats to make student debt a priority in 2016. One of these Senators, Chuck Schumer (D – NY) said, “I am launching this campaign today to encourage students and parents and student loan debt holders to share their stories so we can finally force Congress to comprehensively address the issue of college affordability, which is key to the ongoing success of our economy.”
December 08, 2015 by Gail Zuagar
Today, we released a new analysis, looking at a decade of graduation rates at four-year, public institutions. The report — titled Rising Tide: Do College Grad Rate Gains Benefit All Students? — shows that the majority of institutions have made improvements in these last 10 years, but those improvements don’t always translate into gains for everyone. I spoke with Kimberlee Eberle-Sudré, one of the authors of the report, to learn more.
November 23, 2015 by I Am Not A Loan
Now that the University of Missouri’s president has resigned and the chancellor has announced that he’ll step down at the end of the year, hopefully students’ concerns will be addressed. Of all Concerned Student 1950’s list of demands, there is one that particularly impressed me because of its urgency in requiring a plan of action:
November 10, 2015 by I Am Not A Loan
Form and Formula: How the Federal Government Distributes Aid to Students explains the history of need analysis—the method used to determine the amount of federal aid a student receives—and the method of collecting financial data from students and families.
November 09, 2015 by Gail Zuagar
Like many students, my college decision was based largely on the price I would have to pay — tuition, financial aid, and in-state vs. out-of-state costs all had an influence. However, there was one other factor I should have paid close attention to — one that would have solidified for me and my mother whether my investment was a sound decision — and that is graduation rates for Pell Grant recipients.
October 28, 2015 by I Am Not A Loan
Federal consumer regulators on Wednesday won a major court battle against Corinthian Colleges Inc., the former national for-profit chain that entered bankruptcy this year amid claims of defrauding students.
A federal judge in Illinois ruled that Corinthian “engaged in deceptive practices” by misleading students about their career prospects, according to documents obtained by The Wall Street Journal.
October 08, 2015 by I Am Not A Loan
The Pell Partnership, our latest report, has been noted for “debunk[ing] the notion that Pell grants are somehow being wasted.” And it’s true. Quite a few colleges and universities across the country are serving low-income students well — that is, they are graduating them at the same rates as (or in some cases, even better than) their peers from high-income families.
We spoke with nearly a dozen of these schools to learn more about how they recruit, support (academically and financially), and otherwise ensure low-income students a fair chance at a postsecondary degree.
September 26, 2015 by I Am Not A Loan
Several recent reports have estimated a significant gap in the college completion rates of the low-income students who receive federal Pell Grants and other college students, leading some to question the effectiveness of this investment of taxpayer dollars. But, according to a new report and online data tool we’re releasing today, the average graduation gap between Pell and non-Pell students at the institutional level is much smaller: only 5.7 percentage points.
September 24, 2015 by I Am Not A Loan
When colleges shutter their campuses, who’s harmed the most? Students are, especially low-income students. They are the ones with the least protection. That’s why it was so refreshing to see Rep. Bobby Scott (D-Va.) and Sen. Barbara Boxer (D-Calif.) stand up for them by introducing the “Pell Restoration Act of 2015,” which will allow Pell Grant recipients the ability to continue their education at another institution.
August 31, 2015 by I Am Not A Loan
Since Hechinger Report released its analysis on the graduation rates of Pell Grant recipients, some people have called the effectiveness of the Pell Grant program into question. Lost in those arguments, though, are three crucial points about the program:
August 27, 2015 by I Am Not A Loan
Did you see Young Invincibles’ #MillennialMon Twitter chat on Solving the Student Debt Issue?
August 27, 2015 by I Am Not A Loan
If you’ve seen or heard ads around federal student loans that seem to good to be true, they probably are. Many of these debt relief companies are charging exorbitant fees for these services.
August 24, 2015 by I Am Not A Loan
The Hechinger Report just published an article on the graduation rates of Pell Grant recipients at 82 of the largest public and private institutions in the nation. Considering nearly 9 million low-income students receive Pell Grants annually, it’s a topic that we care deeply about. In fact, we’ve spent the last year collecting and analyzing the graduation rates of these very students. And, in a few weeks, we’ll share what we found.
August 04, 2015 by Gail Zuagar
Recently we shared two of the films in a series produced by the Lumina Foundation and the Institute for Higher Education Policy. The series — Looking Back to Move Forward: A History of Federal Student Aid — provides insight into the evolution of financial aid through first-hand experiences with the policymaking process.
July 20, 2015 by Gail Zuagar
Just the name alone makes it sound like the most magical school on earth, doesn’t it? It conjures up visions of a campus filled with opportunity, graduates walking away with their caps and gowns and dream jobs making more money than anyone could imagine.
July 13, 2015 by I Am Not A Loan
Over 40 million Americans are working to repay more than $1.2 trillion in outstanding student loan debt.
Some borrowers have already shared with us their experiences with their student loan servicer (the company that sends a bill each month). We’ve released the first batch of your stories and we encourage you to take a look at what we’re hearing from the public at regulations.gov.
June 30, 2015 by Lynn Jennings
Corinthian Colleges has become the poster child for what’s wrong with the for-profit college industry. It misrepresented its job placement — the eligibility criteria for it to receive federal funds — and abruptly closed its doors when the federal government demanded some accountability.
The immediate victims of this business’ collapse are the thousands of students left with debt, worthless degrees, or both. The secondary victims are taxpayers.
June 23, 2015 by I Am Not A Loan
Dear College Dropout Factories,
As part of our quest to increase the public demand for greater accountability in higher education, The Education Trust has continued our commitment to identifying four-year colleges and universities that fail to graduate the vast majority of their students in a timely fashion. Roughly 95 percent of all other four-year institutions have higher graduation rates than you do. This year, 113 institutions made the list of college dropout factories, 65 of which were on this same list last year...
June 19, 2015 by Gail Zuagar
If you’ve been following #highered on social media lately, you may have noticed that college affordability and student loan debt are attracting attention of the 2016 presidential contenders. Many candidates harp on colleges to lower costs and on states to increase their funding, but any solution to making college more affordable needs to do more...
June 08, 2015 by I Am Not A Loan
Earlier today, the U.S. Department of Education announced new steps to protect students from abusive for-profit colleges, as well as a new debt relief process for students at Corinthian Colleges – which operated schools under the names Everest, Heald, and Wyotech.
Information for borrowers is available at the Federal Student Aid (FSA) website...
June 02, 2015 by Gail Zuagar
When I was a high school senior (many moons ago), I thought I was well-equipped to make the best college choice for me. I had read the brochures (Google wasn’t a thing back then); talked with my school counselor as well as friends and family; and visited campuses to check things out in person. After doing all of that and receiving acceptance letters and financial aid packages, I made a decision...
June 01, 2015 by Meredith Welch
College Results Online has been updated with the most recent data from the federal government (2012-13), giving you even more information to compare in this one-stop shop tool. At CollegeResults.org — now in its 10th year of compiling and sharing critical information on colleges across the country — you can select nearly any four-year college or university and compare its graduation rate with that of similar institutions serving similar students.
May 13, 2015 by Gail Zuagar
The last time we checked in, we shared Part 3 of the Lumina Foundation and Institute for Higher Education Policy’s Looking Back to Move Forward: A History of Federal Student Aid. It’s a great documentary series on the evolution of federal student aid.
May 11, 2015 by Gail Zuagar
If you live in Milwaukee or plan to be there this week, consider joining the Consumer Financial Protection Bureau for a public hearing on student debt this Thursday.
May 07, 2015 by I Am Not A Loan
When you’re told that your college will be shutting down, there can be a lot of uncertainty about what comes next. In light of recent closures of certain for-profit colleges, we wanted to share some helpful advice to help you navigate the situation.
May 05, 2015 by Gail Zuagar
Imagine this: You’re 24, have your high school diploma, and have been working in a low-wage job for six years when you see an advertisement for a new career training program at a local, for-profit university. The ad promises to teach the latest, cutting-edge skills that will guarantee you a high-paying career...
April 23, 2015 by Gail Zuagar
Have you seen The Lumina Foundation and the Institute for Higher Education Policy’s film series, Looking Back to Move Forward: A History of Federal Student Aid? The four-part series provides insight into the evolution of federal student aid over the last 60 years.
Pell Grants have helped millions of students from low-income families attend college. But you’ll be surprised to see the struggle that the program had to go through to become what it is today.
April 09, 2015 by I Am Not A Loan
January 29, 2015 by Meredith Welch
Ten years ago, we created College Results Online to challenge the conventional wisdom that colleges’ graduation rates were simply a function of the students they served. Since then, this online tool has shown us that colleges serving similar students often get very different results.
November 10, 2014 by
If you work hard and follow the rules, you too can “move on up” from a working class neighborhood in Queens to a deluxe apartment in the skyline of Manhattan’s Eastside, just like The Jeffersons.
At least that’s how the story goes.
November 04, 2014 by Latasha Myers
It is a well-known fact that many for-profit colleges fail to live up to their end of the deal with students. These for-profits lure students into enrolling with the promise of landing a high-paying job after they graduate. But come graduation — or for the many who leave without finishing — all a lot of students are left with is a mountain of debt. Oftentimes for-profits’ primary interest is to bring in the federal financial aid dollars students receive — like those from Pell Grants, federal student loan dollars, and veterans benefits — while educating students becomes secondary or worse. This is particularly worrisome for African American and Latino students who make up 21 percent of total postsecondary enrollment, yet they represent 41 percent of students at for-profit institutions.
October 22, 2014 by Latasha Myers
If you watch daytime or late-night TV, you’ve seen the slick, 30-second commercials that promise down-on-their-luck viewers a fairy godmother-like solution – a quick, affordable, college-level education that provides hands-on experience and positions students to land their dream job. If you want proof of the quality of these career education programs, the commercials continue, look no further than the myriad of success stories of their graduates.
Yesterday’s Boston Globe article, “For-profit colleges get harsh grades by former students: Graduates complain of onerous debt, unmet promises about careers,” paints a more realistic story of what actually happens to former students of these schools, such as:
July 29, 2014 by
High-achieving students from low-income backgrounds aren’t fictitious characters from the Game of Thrones HBO series; they exist — and in much larger numbers than many elite institutions would have you believe. Too many of these institutions rely on their selective admissions requirements to explain why so few low-income students enroll in their college.
In fact, at a symposium we co-hosted this month in Charlottesville, Va., a senior administrator at the University of Virginia used this excuse while attempting to explain why Pell Grant recipients make up only 12 percent of undergraduates, even though about 42 percent of 18- to 24-year-olds without a college degree in the Commonwealth are from low-income or working-class family backgrounds.
July 08, 2014 by Latasha Myers
With the public comment period for the proposed “gainful employment” regulations long closed, we have time to look back at what we’ve accomplished and see what work is still to be done.
With the help of borrowers, students, parents, and advocates from around the country, tens of thousands of comments were submitted to the U.S. Department of Education urging them to issue a stronger final “gainful employment” rule.
July 07, 2014 by
The U.S. Department of Education plans to release its final "gainful employment" rule in October 2014. The draft rule, circulated by the department earlier this year, proposed cutting off access to federal financial aid for career-education programs (many of which are at for-profit colleges) whose graduates have high student loan default rates or high levels of student loan debt relative to their incomes. It is essential that the department adopt a final rule with strong protections for students.
During the month of May we asked students to submit their stories as public comments on the department’s draft “gainful employment” rule. Many of the student victims who have been exploited and defrauded by career-education programs offered compelling evidence of the need for stronger protections. Here’s what some of them had to say:
July 02, 2014 by Latasha Myers
Each year millions of Americans depend on Pell Grants to help make college affordable. Research has shown that need-based grant aid, like Pell Grants, increases college enrollment among low- and moderate-income students. But with college costs skyrocketing over the last three decades, Pell Grants have lost much of their purchasing power. In the 1980s, Pell Grants covered 77 percent of the cost of college at a four-year public college for low-income students. Today that share has dropped significantly to only 31 percent of the cost.
May 27, 2014 by
What’s more disturbing — that nine public college executives earned more than $1 million last year or that there appears to be little connection between president pay and college performance in serving students?
Of those nine executives, two lead institutions where the six-year graduation rate is far below the national average of 59 percent.
At the University of Houston, where President Renu Khator made $1.2 million last year, only 46.2 percent of students graduate in six years. While the University of Houston’s graduation rate ticked up by only one-tenth of 1 percentage point between 2011 and 2012, Khator’s total compensation increased by 75.3 percent.
May 21, 2014 by Latasha Myers
If you have ever lost a parent, grandparent or sibling, you’ll know that on top of the pain of loss and grief, there are a thousand details that need to be addressed. But one of those details shouldn’t be your student loans.
The last thing that a borrower needs to have on their mind when someone close to them has passed away is how it will affect their student loans. Sadly though, many private student loan lenders do just that, adding headache on top of heartache.
In a report released last month, the Consumer Financial Protection Bureau revealed that many private student loan contracts have clauses that automatically accelerate loans into default upon the death of the cosigner or if the consigner files for bankruptcy. This is the case even if the borrower has been making on-time payments. In some cases, lenders have gone as far as to ask for the full, early repayment of the loan. Often times cosigners are parents, grandparents, or someone else who is close to the borrower. As of 2011, about 90 percent of private student loans had cosigners. Continue reading...
April 23, 2014 by Latasha Myers
According to Congressional Budget Office estimates for the 2015-16 school year, the average undergraduate borrower will pay 5.72 percent to borrow from the federal government; for graduate borrowers the rate is forecasted at 7.27 percent, and for Parent Plus loans, 8.27 percent. All rates are higher than what students paid to take out loans this year.
What may be even more troubling than the rising interest rates is that the CBO has projected that the federal government will generate $127 billion in profits from loan payments over the next decade.
April 04, 2014 by
35 years ago the maximum Pell Grant paid for 77 percent of the cost of tuition at an in-state, four-year college, today, that same Pell Grant pays for less than one-third of a student’s education. Furthermore, students who want to attend school year round to finish their degree in less time are not allowed to receive year-round Pell funding.
With nearly nine million American students depending on Pell Grants to attend and complete college, this program must remain a priority in Washington.
Luckily, there is some good news.
March 31, 2014 by Latasha Myers
The Florida House recently passed a bill that would offer in-state tuition rates to undocumented students in the state.
March 28, 2014 by Latasha Myers
Google Hangout With CFPB hosted by Higher Education Advocates Provides Tips on Managing Student Debt
On Tuesday, Young Invincibles and StudentDebtCrisis.org hosted a Google Hangout on the “Top 5 Tips for Tackling Your Student Debt.” Rohit Chopra, of the Consumer Financial Protection Bureau, offered some of his best tips for managing student loan debt. In case you missed the great conversation, here’s a brief recap of some of the advice offered:
March 13, 2014 by Latasha Myers
New state report cards reveal that some states are failing their students (or barely passing) when it comes to their commitment to higher education. As states are the No. 1 driver of rising college tuition, it’s about time we get to see just how well they are performing.
Today, Young Invincibles, a national organization committed to expanding economic opportunities for young adults, released report cards grading all 50 states on their investment in higher education. The report cards give each state an A-F letter grade based on five categories: tuition, spending per student, burden on families, state aid to students, and prioritizing education in the budget.
March 10, 2014 by Latasha Myers
President Obama released his proposed $3.9 trillion budget for fiscal year 2015 on Tuesday. Although the budget plan serves chiefly to highlight the president’s priorities, the attention his plan gives to measures that will help improve college affordability should not be overlooked.
For starters, the maximum Pell Grant would increase by $100, allowing students who demonstrate financial need to obtain up to $5,830. Additionally, the Washington Post reports:
“Obama is seeking $7 billion over 10 years to reward colleges that enroll Pell Grant recipients and help them graduate on time. And the president wants $4 billion over 10 years for a fund to encourage states to fund colleges and universities based on outcomes such as on-time graduation rates.”
February 19, 2014 by Latasha Myers
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."
February 19, 2014 by Latasha Myers
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.
February 10, 2014 by Clarise McCants
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.
February 10, 2014 by Latasha Myers
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.
February 04, 2014 by Latasha Myers
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:
February 02, 2014 by Latasha Myers
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).
January 27, 2014 by Latasha Myers
In November, we reported on First Lady Michelle Obama’s announcement that she will take on a policy-driven initiative to increase college going rates. While speaking at a White House college summit, Mrs. Obama said that she will spend the rest of President Obama’s term in office taking on a bigger role to achieve this mission. She plans to talk directly to young people, particularly low-income students and their families, about the importance of pursuing a college degree.
January 10, 2014 by Latasha Myers
At last, good advice to help pay for college and reduce those ever accumulating costs!
Christina Couch, a freelance writer and author of "Virginia Colleges 101", gives some useful tips for current college students, prospective students, and recent graduates. Couch offers information that includes everything from keeping an eye on federal policy, to keeping grades up while in school, and taking advantage of income-based loan repayment plans.
Read the full list of 10 tips at bankrate.com, but click on the heading for the list, sans explanation.
January 03, 2014 by Latasha Myers
A report shows that student loan debt has increased 10.5 percent in just one year. According to The Project on Student Debt at The Institute for College Access and Success (TICAS), from 2011 to 2012, average student loan debt rose from $26,600 to 29,400.
December 18, 2013 by Latasha Myers
The Consumer Financial Protection Bureau (CFPB) issued a new rule that puts the seven largest non-bank student loan servicers under its supervisory jurisdiction. Student loan servicers are third-party companies such as Sallie Mae, Great Lakes Educational Loan Services, Nelnet Servicing and the Pennsylvania Higher Education Assistance Agency that manage borrowers account and process their monthly payments. Under this new rule, they will join banks that service student loans in being regulated by the CFPB.
December 03, 2013 by Latasha Myers
Student loan debt is rapidly approaching $1.2 trillion. What’s worse is that, with little reliable data available about the impact of student loan debt, we can't assess the real effect it's having on the economy. Regardless, we do know that student debt isn't good for sustaining a growing nation.
Freshly-minted, young graduates should be leaving college ready for the workforce and to help feed our thriving economy. Instead, burdened with high amounts of student debt, they usually don't have the extra cash to thrust back into the economy.
December 02, 2013 by Abbie Lieberman
George Mason University recently hosted the U.S. Department of Education’s second of four college affordability forums to discuss the Obama administration’s proposed college ratings system. At the event, students expressed the same concerns to the department that thousands of current and prospective college students, like me, have across the nation: Students want more data to assess our financial future before enrolling in college and taking on massive amounts of student loan debt. To start, these data need to include information about the net price of college, the average incomes of graduates in different fields, and data on internship placement rates.
November 14, 2013 by Latasha Myers
First lady Michelle Obama announced on Tuesday that she will take on a policy driven initiative to promote all students to continue their education beyond high school. The New York Times writes:
“In her new project, Mrs. Obama will work with the Education Department to help further President Obama’s initiative to vault the United States from 12th to first in the world in the percentage of college graduates by 2020.”
All students deserve affordable access to higher education and we applaud Mrs. Obama for coming to the front lines of this critical issue. Currently, our college-educated generation is crippled with student debt, which has a crippling effect our economy. Mrs. Obama said in her speech:
November 11, 2013 by Latasha Myers
While we celebrate service members’ valor today on Veterans’ Day, we must also ensure that the men and women who protect our nation are able to pursue a valuable degree and worthwhile education at home. Yet, many for-profit colleges have preyed on military personnel— to acquire access to their federal educational benefits — and are luring them into enrolling at colleges that may not offer them the best education.
Fortunately, some members of Congress are pushing legislation to curtail further abuses.
October 28, 2013 by Latasha Myers
As college tuition and fees continue to rise, more students are finding that they have to turn to private loans - which are usually tagged with higher interest rates and less consumer protections than federal loans - in order to finance their degree. As of July 2012, about 850,000 private loans were in default.
This new report from the Consumer Financial Protection Bureau (CFPB), summarizes roughly 3,800 complaints on private student loans received from October 1st, 2012 to September 30th, 2013. The most common complaints reported by students were having difficulties making advanced payments on their loans
October 22, 2013 by Latasha Myers
Participant Media has helped produce “99 Percent: The Occupy Wall Street Collaboration Film”, which details the gripping accounts of the Occupy Wall Street movement. Student debt-- something 1.2 trillion of the 99% are facing-- is a main focus of the documentary. It’s a must-see film telling the story of how disenfranchised youth, many of whom have debts they can’t pay, created a powerful voice for the 99 percent.
September 30, 2013 by Latasha Myers
In the event that there’s an extended government shutdown, The Washington Post reports that most of the U.S. Education Department’s employees won’t be reporting to work. While this doesn’t have a major impact on federal student aid – as it has already been dispersed for this semester – many of you in college may still feel the effects.
September 17, 2013 by Latasha Myers
UVa’s Vice Rector is Out of Touch With Reality: Low-Income Students Should Not be Crippled with Debt
As many of you may know, early in August, the University of Virginia’s (UVa) Board of Visitor (BOV) – the governing board for the institution - voted to slash overall funding for AccessUVa, the school’s financial aid program, and completely eradicate the no-loan policy for low-income students in the program. Vice Rector of the Board, William Goodwin, justified the cuts by proclaiming that low income students shouldn’t get an advantage wealthier students don’t have, “they all graduate with the same degree”, as reported in this Daily Progress article.
August 27, 2013 by Blair Mann
Reviews for President Obama’s agenda has been mixed, but we’ll take a look on the bright side: by creating a new rating system for colleges based on affordability and student performance, the President’s new plan intends to provide the financial help that many of our students deserve, while also providing the kick that many colleges may need to shape up.
August 15, 2013 by Clarise McCants
Last week, President Obama signed the Bipartisan Student Loan Certainty Act into law, effectively guaranteeing potentially sky-high interest rates for future students. However, even though Congress made the wrong deal for students, student loan interest rates are really the symptom of a much larger disease. College costs too damn much! And, that’s the real issue affecting millions of Americans.
August 12, 2013 by Blair Mann
Last week, the University of Virginia’s Board of Visitors – a Governor-appointed board responsible for long-term planning for the University – voted to end Access UVA, and will force low-income program participants to take out nearly $30,000 in student loans to attend UVA.