71% Of Recent College Grads Owe Average Of $29K In Student Loans, Are Scared Pantsless About Paying It Off

71% Of Recent College Grads Owe Average Of $29K In Student Loans, Are Scared Pantsless About Paying It Off

The total of student loan debt in the U.S. has long since passed the $1 trillion mark, and a new report shows that this mountain of owed money is just going to keep getting bigger, while a recently released survey indicates just how terrified young adults are of folks’ ability to repay that debt. [More]

(<a href="jking89">jking89)

4 Things You Don’t Really Need To Pay For

We all have things that we refuse to pay for when there are free or super cheap alternatives. But while everyone knows that you can get canning jars and scratched furniture on Freecycle, did you know that there are ways to expand your knowledge, see brand-new movies, watch premium streaming video, and listen to audiobooks, all for free? And legally. The “legally” part is key. [More]

Busting The Myth That Fine-Arts Degrees Lead To The Poorhouse

Busting The Myth That Fine-Arts Degrees Lead To The Poorhouse

There’s a widely held conception that people who earn degrees in the fine arts — painting, sculpture, dance, music, theater, among others — are throwing money away on a degree that can reap no long-term benefits. But the fact is that a fine-arts degree is no real hindrance to making a decent living in the real world. [More]

College Board & ACT Sued For Selling Personal Info Of Test-Takers

College Board & ACT Sued For Selling Personal Info Of Test-Takers

As anyone who took the ACT or SAT tests remembers, shortly after you get your scores, your mailbox is flooded with brochures, pamphlets, and catalogs from schools that want your tuition money. This isn’t a coincidence, as The College Board and ACT, Inc. — the companies behind these tests — sells test-takers’ information to colleges. But a new lawsuit alleges that this practice is a breach of contract as it’s done without the test-takers’ consent. [More]

Heald College, along with Everest College and WyoTech, are all operated by CCI.

California Sues For-Profit College Operator For Lying To Students & Investors

California Attorney General Kamala Harris filed suit yesterday against a company that operates three for-profit colleges, alleging that it lied both to students about the prospects of job-placement, but also to investors about the success rate of its graduates. The complaint also accuses the colleges of illegally using military seals in its ads to lure in members of the armed services. [More]

How To Not Suck… At First Year College Budgets

How To Not Suck… At First Year College Budgets

Welcome to “How To Not Suck,” a new, weekly series in which personal finance writer and consumer advocate Karin Price Mueller gives you the essential information to avoid being foolish with your finances. [More]

(boldsheep)

New Rules Could Hold Career Education Programs Accountable For Graduates’ Success

While college tuitions and student loan debt has skyrocketed, a number of institutions — especially for-profit schools — have been criticized for failing to provide sufficient education and guidance to students who are then stuck without jobs and without the ability to pay back student loans. Starting Monday morning, the Dept. of Education will begin hearing feedback on a recently drafted regulation that would hold schools accountable for the performance of their students in the real world. [More]

(bluwmongoose)

6 Costs College Students Can Probably Skip Before Heading To School

If they haven’t already, college-age kids are probably bombarding their parents with requests for all the dingles, dangles and doodads that seem to go along with heading off to school. But there are plenty of ways to cut costs and winnow out unnecessary add-ons because let’s face it, you’re just going to end up sending extra “grocery” (read: beer) money later anyway. Snip expenses while you can or it’ll be a long four years.* [More]

Fewer Than Half Of Federal Student Loans Currently Being Repaid

Fewer Than Half Of Federal Student Loans Currently Being Repaid

It’s scary enough to think that the federal government has around $1 trillion in student loan money out there waiting to be repaid. More frightening is the fact that not even half that amount is currently being paid back. [More]

(phildesignart)

Sen. Elizabeth Warren: It’s Obscene That The Govt. Profits Off Student Loans

There were several sticking points that bogged down the U.S. Senate from quickly passing legislation that would provide a long-term solution to the problem of interest rates on federal Stafford student loans. Among these was whether the government should be able to charge a rate that would allow it to make a profit. [More]

(Stuartpilbrow)

Senate Reaches Tentative Deal On Student Loan Interest Rates

One day after failing to move forward on a one-year extension of low interest rates on federal Stafford student loans, the U.S. Senate has reportedly reached a tentative agreement that tie interest rates to the 10-year Treasury bond, thus resulting in a moderate increase in interest rates for students taking out their first loan this fall. [More]

(larryt135)

Senate Fails To Figure Out Solution To Keep Student Loan Rates In Check

As we mentioned before the holiday, the U.S. Senate had gone off to make sandcastles and enjoy fireworks without figuring out a way to keep interest rates on federal Stafford student loans from doubling. Now the first attempt to retroactively fix that problem has failed, with the Senate unable to move forward with a one-year extension on the lower rate. [More]

(Source: The Urban Institute)

More Than Half Of People With Student Loans Are Worried They Can’t Repay

Only 1-in-5 American adults is carrying some sort of student loan debt, and yet that relatively small group of consumers accounts for more than $1 trillion owed to lenders, more than either auto loans or credit card debt. And a new survey finds that nearly 60% of these borrowers are worried that they won’t be able to pay off their student loans. [More]

(afagen)

Feds And Colleges Now Blacklisting Student-Aid Scammers

More than 12 million U.S. college students applied for federal aid for the school year starting this fall, but around 126,000 of these applicants have been flagged by schools and the government as potential scammers looking to cash aid checks without ever intending to get an education. [More]

(steakpinball)

Jury Awards Former Student $13 Million In Lawsuit Against For-Profit College

One of the more common complaints against for-profit colleges is that the institutions make promises to prospective students about job placement and salary that the schools don’t make good on. A woman in Missouri recently sued one such for-profit school, saying it misled her about its medical assistant program. She had been seeking somewhere between $2-4 million in damages, but the jury went ahead and awarded her $13 million. [More]

(afagen)

Theme-Park Engineering And 3 Other Non-Traditional College Degrees That Can Pay Off

Most people know that degrees in things like economics, business, mathematics, and medicine can lead to high-paying real-world jobs, while a degree in Tuvan throat-singing, while fascinating and important, won’t necessarily help you make a down-payment on a house. But there are some non-traditional college degrees that could result in a nice paycheck. [More]

Given that fewer than 60% of college students obtain a degree in six years, some people may be throwing money away -- and piling on student loan debt.

Why College Isn’t Always A Good Financial Investment

There’s no doubt that the average college graduate earns more than the average worker with only a high school diploma, but a new report shows that it may not always make financial sense to invest in a degree. [More]

(Chris Rief)

The CFPB Answers Your Student Loan Questions, Part 3: Defaulting And Loan Forgiveness

In the second set of questions and answers about student loans, the Consumer Financial Protection Bureau’s Student Loan Ombudsman Rohit Chopra made a few mentions of the various service-specific loan forgiveness programs out there. Here, he gets into more detail and responds to questions about the one topic no one ever hopes to face: default. [More]