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Private Loan Borrowers Need Increased Protections
Tweet Share on Facebook December 28, 2011 Comment (7)In last week's blog post we mentioned (not for the last time) how important it is to max out federal loans before taking out private loans. We also promised to follow up on the Department of Education's recent report, "The Expansion of Private Loans in Postsecondary Education," which shows students are, unfortunately, not taking our advice. Because the Student Loan Ranger never forgets (okay, sometimes we forget, but not this time), we're doing just that.
The report contains a number of interesting findings, but we are going to focus on the disturbing rise in private loan borrowing among undergraduates from 2003-04 to 2007-08. From 2003–04 to 2007–08, the percentage of undergraduates obtaining private loans rose 9 percentage points (from 5 percent to 14 percent) while borrowing from all loan sources rose only 5 percentage points (from 34 percent to 39 percent).
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Think Twice Before Using Credit Cards to Repay Student Loans
Tweet Share on Facebook December 21, 2011 Comment (11)At the Student Loan Ranger, we think it's great when major players in the private student loan market like Sallie Mae offer advice on how to avoid spiraling debt from credit cards. But we also feel that Sallie Mae is sending a mixed message when it encourages borrowers to use credit cards by linking them to repaying student loan debt.
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Consider College Net Price When Looking at Affordability
Tweet Share on Facebook December 14, 2011 Comment (2)Welcome to another action-packed edition of the Student Loan Ranger. We ride across your screen encouraging you to plan before you borrow and to earn your degree without drowning in debt. We also, of course, teach you how to manage the debt you do accrue. Check out our free student debt relief webinar, Drowning in Debt, on Friday, December 16, to learn about Income-Based Repayment, Public Service Loan Forgiveness, and loan repayment assistance.
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Lobby Congress, Learn More About Student Loan Consolidation
Tweet Share on Facebook December 7, 2011 Comment (5)Educational debt has received a lot of national attention lately. It is heartening to see that increasing public awareness can be an impetus for further reform.
Mass movements such as the Occupy Student Debt Campaign and ForgiveStudentLoanDebt.com have highlighted the tremendous scope of those affected and, perhaps because of that pressure, the Obama administration has also been cautiously weighing in.
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