-
ABA Addresses Law Graduates' Job, Debt Woes
Tweet Share on Facebook August 24, 2011 Comment (9)I love being a lawyer, but I took on too much debt. It changes how many children I'll have. It's impacted the kind of law I've practiced."
—Keri-Ann Baker
Member, American Bar Association's young lawyers divisionThe American Bar Association's Young Lawyers Division, "the home for young lawyers," proposed Resolutions 111A and 111B at the ABA's recent 2011 annual meeting in Toronto to address problems facing recent graduates of law school and potential law students: debilitating amounts of educational debt and the lack of accurate information on job prospects.
-
Experts Consider Impact of Changes to Federal Loans on Student Debt
Tweet Share on Facebook August 17, 2011 Comment (10)With an increasing number of graduates unable to repay their educational loans and total educational debt expected to top $1 trillion this year, commentary is being proffered from all sides on how to address this growing national problem.
Some (such as this commentator) are calling for a reduction in the federal student loan program to decrease the nation's educational debt. The reasoning: with fewer low-interest loans available from the federal government, students would have to choose lower-cost alternatives and would be in a better position in the long term. And, they argue, this reduction in available federal loans may also cause colleges to reduce their costs of attendance.
-
Make Sense of the Debt Ceiling Jabberwocky
Tweet Share on Facebook August 10, 2011 Comment (4)Democrats and Republicans, doubtless tired of gyring and gimbling in the wabe (to borrow language from the Lewis Carroll poem "Jabberwocky"), have reached an agreement to raise the debt ceiling. At the same time, state budgets across the nation remain in dire shape and the increased federal aid of the last two years has almost completely evaporated. What does this debt ceiling jabberwocky mean for higher education? The Student Loan Ranger will do its best to sum it all up.
First: Pell grants. As our friends at Higher Ed Watch reported, Pell grants are enjoying a temporary and tenuous reprieve. The Budget Control Act of 2011 (be sure to bring your vorpal sword because it's heavy going among those legislative borogoves) adds $17 billion for Pell grants that is spread between fiscal years 2012 and 2013. These funds will help replace funding sources (such as the American Recovery and Reinvestment Act of 2009 and 2010s student loan reform bill) that will run out at the end of fiscal year 2011.
-
The Student Loan Ranger's Mailbag Express: PSLF
Tweet Share on Facebook August 3, 2011 Comment (5)The dog days of summer have hit hard. Hopefully you have a place to cool off.
In this month's Mailbag Express, we have many questions about Public Service Loan Forgiveness (PSLF). As always, our responses are not meant to provide specific legal or financial advice. Your situation is unique, and we encourage you to reflect carefully on your options and to consult a financial adviser.
-
NCLC's Deanne Loonin Discusses Student Debt
Tweet Share on Facebook July 27, 2011 Comment (6)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 Comment (1)As 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 (4)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 (8)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.
-
The Student Loan Ranger's Mailbag Express: Consolidation and Repayment
Tweet Share on Facebook June 29, 2011 Comment (4)Another month, another payment closer to loan forgiveness for the Student Loan Ranger. That's right: We don't just talk the talk; we walk the walk and we pay the debt.
Onto the Mailbag Express: As always, our responses are not meant to provide specific legal or financial advice. Your situation is unique, and we encourage you to reflect carefully on your options and to consult a financial adviser.
-
Congress Proposes Relief for Student Loan Borrowers
Tweet Share on Facebook June 22, 2011 Comment (83)As college costs continue to rise, and in an economic climate where family incomes are suffering, more and more students must borrow in order to gain access to higher education. The result is that an increasing number of graduates find themselves saddled with high educational debt. As we previously reported, the Project on Student Debt estimates the average debt for 2009 bachelor’s degree recipients at $24,000. Students with advanced degrees may carry an even heavier burden.
advertisement
Knowledge Centers
Follow U.S. News Education
Like Us On Facebook
advertisement
