When we released our “Finding a Way Out” report five years ago, we were extremely concerned about the lack of reliable and affordable resources for financially distressed student loan borrowers. Unfortunately, the situation has not improved despite the increased numbers o
Despite all of the government money spent on financial aid, the difference in college graduation rates between our nation’s top and bottom income groups has widened by nearly 50% over two decades. We need to reset our nation’s policy priorities so that student borrowers are given the
A recent New York Times article focuses on the low college entry and completion rates for lower-income students. Greg Duncan, an economist at the University of California, Irvine summarizes these troubling trends in the article: “Everyone wants to think of education as an equalizer-
For a number of years, we have been writing about the problems facing borrowers trying to consolidate their loans out of default and into Income Based Repayment (IBR). The Department of Education was placing borrowers in ICR even if they selected IBR as their preferred payment plan.
2012 is almost over and it’s time for our annual “look back” at the year that was. Student loan issues were a hot topic this year. Much of the attention centered on legislation this summer that temporarily prevented student loan interest rates from doubling. The l
We have long argued that the Department of Education should tie its standards for student loan disability discharges to Social Security standards. At last, we are starting to see some progress in this area. Some changes are already in effect, but most will not kick in until next year
Now that the election is over, we hope that policymakers and the Administration will focus on fixing the student aid system. In order to do this, it is critical to agree on the goals of federal student aid policies. As Professor Sara Goldrick-Rab explained in an article this summer,
We wrote a few weeks ago about the September 8 New York Times article, “Debt Collectors Cashing in on Student Loans.” The article explains how student loan servicers and collectors lack incentives to prevent student loan defaults. Among other reasons, companies are not p
The Department of Education released new student loan default rate information in September and it’s not pretty! The overall two year cohort default rate increased to 9.1% (FY 2012 data). This official two year rate requires the Department to track borrowers for a very short two yea
Please understand that we do not provide legal advice about individual cases. This web site includes links to other resources for those who seek individualized legal advice or other help not offered here. This site is for people who already have student loans and want to know more about their options and rights.