Author: Drew Cloud

UK University Group Calls for Government to Reevaluate Student Loan Interest Rate

A group of English students walking to class. A report by The Russell Group aimed to help student debtors by pushing for a lower interest rate on loans. The Russell Group, who represents 24 of the United Kingdom’s most prestigious universities, published a blog that urged the government to reevaluate the upcoming 6.1 percent interest rate on student loans, among other issues.The blog was published on July 17, 2017 by Dr. Tim Bradshaw, the Acting Director of the Russell Group. In the piece, Bradshaw described the 6.1 percent interest rate on student loans as “very high” and “out of touch.”...

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LoanGifting Announces New Executive

Pictured above are unrelated employees. Todd Geller was recently appointed as President of LoanGifting.LoanGifting, a crowdfunding site aimed at lowering student debt totals, announced the executive appointment of Todd Geller as the company’s new president, in a press release published yesterday, June 11."Along with Founder and CEO Ravi Sawhney, who brings depth of operating experience from RKS Design, we are elated to bring a tenured and proven leadership team member to our thriving FinTech platform," said Kelly Kimball, LoanGifting investor and board member.Acting as LoanGifting’s new President, Geller has held senior executive roles in an advertising capacity for over...

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Maryland Becomes First State to Ban Scholarship Displacement by Public Colleges

The University of Maryland, College Park, will be one of the public colleges in the state impacted by the new state law regarding scholarship displacement.In a new law effective July 1, 2017, Maryland has become the first state in the United States to outlaw scholarship displacement by public colleges.The new law bans state public colleges from cutting financial aid for students who have earned private scholarships. This practice conducted by higher education institutions involves reducing financial aid, usually by the amount of the student’s scholarship, so that the financial aid funds can be redistributed amongst other needy students.The new...

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Massachusetts Attorney General Threatens to Sue Student Loan Agency PHEAA

Massachusetts Attorney General Maura Healey, seen here speaking at the City Year Boston summit in 2016.The office of the Massachusetts Attorney General is reportedly threatening to the Pennsylvania Higher Education Assistance Agency (PHEAA), a student loan agency, over the handling of federal student loans.According to The Morning Call, Massachusetts AG Maura Healey sent the PHEAA a letter to inform officials that the student loan agency is at the center of an investigation and possible lawsuit. State Representative Mike Peifer (R-Pike), the chairman of the PHEAA board, confirmed the existence of the letter and said it dealt with consumer protection...

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New Legislation Aims to Expand Public Service Loan Forgiveness

Congresswoman Nydia M. Velazquez (D-NY), seen here giving a speech, introduced the American Arts Revival Act.On June 21, Congresswoman Nydia M. Velazquez (D-NY) introduced legislation in the House of Representatives that would forgive student loans for art professionals.If passed, the American Arts Revival Act would expand the student loan forgiveness program by granting public service loan forgiveness (PSLF) eligibility to cultural workers, museum professionals, artistic professionals, and certain arts and humanities professors.During the introduction, Velazquez mentioned the “invaluable contributions” these professions make towards New York and the United States. She went on to assert that “these professions enrich our culture,”...

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