-
NCLC's Deanne Loonin Discusses Student Debt
Tweet Share on Facebook July 27, 2011 Comment (4)This week, we are honored to interview Deanne Loonin, an attorney with the National Consumer Law Center (NCLC) and director of NCLC's Student Loan Borrower Assistance Project. Loonin provides limited direct legal representation to low-income consumers in Massachusetts and consults with other attorneys across the country working with these clients. She is the author of NCLC's Student Loan Law and Guide to Surviving Debt publications and numerous reports on the student loan industry and borrower issues.
-
Read the Fine Print for Merit Aid
Tweet Share on Facebook July 20, 2011 CommentAs we have documented in previous blog posts, candidates for bachelor's degrees are leaving college with an average of $24,000 in educational debt and increasing numbers of college students struggle to repay their student loans.
For those who pursue advanced and professional degrees, the situation is also dire. For example, the American Bar Association's Legal Education Statistics for the 2008-2009 academic year indicate that the average amount borrowed by law school graduates attending public school was $66,045. Private law school graduates had borrowed $100,003.
-
Financial Aid Policies Fail to Assist Low-Income Students
Tweet Share on Facebook July 13, 2011 Comment (3)President Obama's administration has set the goal of seeing 8 million new college graduates by 2020. Ironically, a recent report by the Education Trust finds that many financial aid policies at schools actually hinder increased enrollment. According to the report, despite the availability of federal programs like Income-Based Repayment and Public Service Loan Forgiveness, which make it possible to obtain some relief on federal student loans, low-income students continue to face financially prohibitive barriers to earning a college degree.
-
Consider Benefits of Federal Student Loans
Tweet Share on Facebook July 6, 2011 Comment (6)There are many reasons to consider federal student loans over private or alternative commercial loans. (Here's a quick look at your federal loan options.)
First, federal student loans include a choice of repayment plans. The standard 10-year repayment plan has the highest monthly rate but you accumulate the least amount of interest. You can also choose an extended repayment plan (lower monthly rates but greater interest) or a graduated plan in which the monthly payments begin at a lower amount and increase over time. Finally, you can also choose Income-Based Repayment, which takes your income and family size into account in assessing your ability to pay.
