Author: Jamie Johnson

Massachusetts May Face Legal Battle Over Student Loan Bill of Rights

The Massachusetts Student Loan Bill of Rights is intended to protect student loan borrowers from being cheated.In April, the Massachusetts state Senate approved a “Student Loan Bill of Rights.” The bill is aimed at protecting borrowers from being taken advantage of by student loan servicers. But if the bill is signed into law, Massachusetts officials might have a legal battle on their hands.That’s because the federal government doesn’t want states attempting to regulate student loan servicers. According to Secretary of Education Betsy DeVos, this undermines the federal government’s authority as well as their ability to create a streamlined federal...

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Fewer Students Enrolling at For-Profit Schools

The Chicago Tribune reported that enrollment at for-profit colleges has been steadily decreasing. For-profit colleges have faced intense scrutiny over the past few years. Multiple highly publicized school closings left countless students with mountains of debt and no (or a worthless) degree to show for it. Interestingly enough, enrollment at for-profit colleges has been on a downward slope for years, the Chicago Tribune reported.Enrollment at for-profit colleges has been steadily declining since 2010. In 2017, enrollment at for-profit colleges fell to 901,000, which is a drop of 69,000 from the previous year.Timothy Lutts, president of an investment advisory company, told...

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How the New Student Loan Repayment System May Affect Federal Borrowers

The Next Gen federal student loan servicing system will bring changes to how federal student loan borrowers make payments.The Department of Education’s Office of Federal Student Aid (FSA) is working on making some big changes to the current federal student loan servicing system. This new system is called the Next Generation Financial Services Environment (Next Gen).The Department of Education started making plans for an updated student loan servicing system in 2014. Next Gen aims to simplify student loan repayment for borrowers, with a plan to be fully implemented in 2019.The plan is to have a single website that borrowers...

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‘Free College’ Programs Might Not Help Enough, Report Says

According to researchers, College Promise programs that offer free higher education may encounter some issues down the road. In the past several years, College Promise programs have been growing and getting more attention. These programs promise to provide free college to qualifying students.Currently, 16 states in the U.S. actively offer some type of free college plan to residents, and other state promise plans are in the works. These plans are often modeled off of Tennessee’s free college scholarship program, Tennessee Promise. These state-funded scholarship programs typically cover tuition and fees for two years of college or the equivalent of an...

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Another Iowa University Program Cuts Student Loan Debt

Grand View University, located in Des Moines, Iowa, is taking steps to help students manage their student loan debt. Grand View University in Iowa is taking smart steps to help their students manage student loan debt. Kent Henning, the university president, decided to take action after watching students progressively take on more debt, the Des Moines Register reported.Henning said that after seeing student debt levels rise to alarming rates during the recession, school officials knew they needed to take action. Nationally, student loan debt has increased by nearly 70 percent over the past 10 years. And in Iowa alone, average...

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