As college students celebrate graduation this May, their joy is combined with the harsh reality they face post-graduation--many of these students will graduate with unmanageable levels of loan debt that they can not afford basic necessities. more »
marketplace.publicradio.org — A growing chunk of college costs is the price of textbooks, on which the typical undergraduate spends $900 a year. So a group of college professors is calling for low-priced and free texts online. Congress is getting involved, too.
nytimes.com — Parents will have to navigate unfamiliar and difficult terrain when it comes time to pay for college this year, with student loan companies in turmoil and banks tightening their standards and raising rates on other types of borrowing.
boston.com — Students may increase their borrowing for college by $2,000 a year and private lenders could sell the debt to the government for a profit under legislation approved by a House panel yesterday. The measure, passed by the House Education and Labor Committee on a voice vote, is intended to ensure that turmoil in the credit markets doesn't prevent students from financing their educations, sponsors said.
reuters.com — The $85 billion student loan business is in turmoil and with millions of U.S. students locking in funding for the coming school year, Congress is scrambling to make sure enough money is available.
reuters.com — The Education Resources Institute Inc, which calls itself the largest not-for-profit guarantor of U.S. private education loans, has filed for Chapter 11 bankruptcy protection, saying rising defaults and credit market problems have damaged liquidity.
chronicle.com — Two student loan borrowers have filed a lawsuit against Sallie Mae, accusing the lender of charging higher interest rates and fees to minority students. Sallie Mae has acknowledged that that it takes colleges’ default rates into account when setting interest rates. Institutions that serve large numbers of minority students often have higher default rates than other colleges do.
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