college affordability

The effects of the recession have been far reaching –that is no secret of course –but the picture for students in this downturn is only beginning to be painted more clearly. According to the Higher Education Research Institute’s annual survey of college freshman, students are really feeling the financial squeeze unlike ever before.

more »

More »»

Earlier this week the House held a hearing on private student loans and bankruptcy, shedding light for the first time on a rather unknown yet devastating aspect of student debt. more »

More »»

The Student Aid and Fiscal Responsibility Act (SAFRA) is expected to be introduced in the House today. A historic bill, it will invest billions in student aid and higher education, while ending subsidies to banks (See Bob Brandon’s post outlining the bill here). more »

More »»

Debt saddled students may finally get the help they need to pay for college. The Student Aid and Fiscal Responsibility Act – if passed by Congress – provides the largest post-secondary reinvestment in decades. Following the commitment outlined by Obama earlier this year, Congress is now taking the lead, showing that quality, affordable college education is critical to move the country forward.

Below is the boost to student aid outlined by the legislation:

• Investing $40 billion to increase the maximum annual Pell Grant scholarship to $5,550 in 2010 and to $6,900 by 2019. Starting in 2010, the scholarship will be linked to match rising costs-of-living by indexing it to the Consumer Price Index plus 1 percent;

• Investing $3 billion to bolster college access and completion support programs for students;

• Strengthening the Perkins Loan program, a campus-based program that provides low-cost federal loans to students;

• Keeping interest rates low on need-based – or subsidized – federal student loans by making the interest rates on these loans variable beginning in 2012. These interest rates are currently set to jump from 3.4 percent to 6.8 percent in 2012;

More »»

Attending the “Degrees of College Debt” panel at the America’s Future Now! conference last week, it was astonishing to hear dozens of graduates describe the mountains of debt they are climbing; $10,000! $50,000! $120,000 of debt! attendees shouted, when asked by the panel how much debt they had. more »

More »»

New data released today by the Department of Education shows that college costs increased substantially for the 2007-2008 school year. Although colleges continue to welcome large numbers of students, the price tag for higher education climbs upward. Students are struggling and America is falling behind. more »

More »»