The Kept-Up Academic Librarian

Higher Ed Budget Cutting In Florida Will Add To Students' Debt Crisis

Vice President Joe Biden, when he addresses a happy throng of graduates from Cypress Bay High School in that fancy new baseball stadium on June 4, will be looking out at the unwitting perpetrators of the next great debt crisis. Biden, nice guy that he is, probably won’t open with, “Hello, you likely deadbeats.” Maybe he should.  If grads from Cypress Bay High attend one of Florida’s universities this fall, their freshman year will coincide with a $300 million cut in state funding. Along with a 15 percent pop in tuition and diminished help from Bright Futures scholarships. They’ll be attending schools with fewer courses and larger classes, taught by professors disheartened by stagnant wages and benefit cuts, on campuses suffering from drastic cutbacks in maintenance budgets.At the bottom of the education food chain, the students respond by borrowing more money. Read more at:
http://www.miamiherald.com/2012/05/26/2818547/college-loans-are-next-debt-crisis.html 

Read more here: http://www.miamiherald.com/2012/05/26/2818547/college-loans-are-next-debt-crisis.html#storylink=cpy

 

Read more here: http://www.miamiherald.com/2012/05/26/2818547/college-loans-are-next-debt-crisis.html#storylink=cpy

 

Read more here: http://www.miamiherald.com/2012/05/26/2818547/college-loans-are-next-debt-crisis.html#storylink=cpy

 

Colleges Should Provide Full Loan Disclosure And Counseling To Students

Federal law requires schools to provide students minimal “entry” and “exit” loan counseling. Many schools market themselves to students without explaining the real costs of attendance. Letters informing them about financial aid awards often blur the distinction between loans and grants to make the school look like a better deal than it is. And once students enroll, they are generally left on their own as they borrow year after year. Congress should also require schools to provide in-depth, annual loan counseling to students and set criteria for the information that must be provided. All schools should be required to disclose annually the average debt load of their graduates. Read more at:
http://www.nytimes.com/2012/05/23/opinion/full-disclosure-for-student-borrowers.html?src=recg

State Grants And Scholarships Often Go To Those Who Don't Need It

State grant and scholarship programs for college students increasingly favor students who aren’t needy, according to a new report.  It recommends that states eliminate the distinction between need-based aid and merit aid and instead award all grant aid by a simple formula that considers both. ut what the report really advocates is that all states base their grant programs primarily on need. Read more at:
http://www.washingtonpost.com/blogs/college-inc/post/state-grant-aid-goes-increasingly-to-the-wealthy/2012/05/15/gIQARIvHRU_blog.html?wprss=rss_college-inc

Room For Debate: What Can Be Done About The Student Loan Debt Crisis

Nearly every student is taking out loans to go to college, and as prices soar, many are borrowing beyond their means. More than $1 trillion in student loans are outstanding.The average debt per borrower is $23,300. Meanwhile, many have no prospect of a well-paying job to help them pay off their debt. What can be done to control the level of debt and protect young people from taking on an onerous financial burden? Read the debate at:
http://www.nytimes.com/roomfordebate/2012/05/12/easing-the-pain-of-student-loans/?nl=todaysheadlines&emc=edit_th_20120514

Graduating Into Debt: The Video

This video offers a preview of a coming New York Times series that examines the implications of soaring college costs and the indebtedness of students and their families. The big question for these graduates with big loans to pay off and low-paying jobs: Was college worth it?  See the video at:
http://video.nytimes.com/video/2012/05/11/business/100000001500508/graduating-into-debt.html?ref=business

College Still A Good Investment As Long As You Don't Mind The Crippling Debt

With more than $1 trillion in student loans outstanding in this country, crippling debt is no longer confined to dropouts from for-profit colleges or graduate students who owe on many years of education, some of the overextended debtors in years past. Now nearly everyone pursuing a bachelor’s degree is borrowing. As prices soar, a college degree statistically remains a good lifetime investment, but it often comes with an unprecedented financial burden. the extraordinary growth in student loans has caught many by surprise. But its roots are in fact deep, and the cast of contributing characters — including college marketing officers, state lawmakers wielding a budget ax and wide-eyed students and families — has been enabled by a basic economic dynamic: an insatiable demand for a college education, at almost any price, and plenty of easy-to-secure loans, primarily from the federal government. Read more at:
http://www.nytimes.com/2012/05/13/business/student-loans-weighing-down-a-generation-with-heavy-debt.html?pagewanted=2&_r=1&hp

Student Transcripts Being Used As Leverage To Collect Debts

Students traditionally have a soft spot for their alma maters. But as growing numbers of students run up debt in the high five and even six figures to pay for college, that may change. Especially when they discover their old school is actively blocking them from getting a job or going on to a higher degree. That's what increasing numbers of students are finding when they try to obtain an official transcript to send to potential employers or graduate admissions offices. It turns out many colleges and universities refuse to issue these critical documents if students are in default on student loans, or in many cases, even if they just fall one or two months behind. Read more at:
http://www.latimes.com/news/opinion/commentary/la-oe-lindorff-student-loan-default-20120502,0,1718690.story

College Grad's Student Loan Debt Puts Dream Of Becoming A Nun On Hold

Nicole Ferko’s $60,000 in student loans made her put off her dream of becoming a nun for a decade. Ferko, who lives in Grand Prairie, Texas, graduated from a private Ohio Catholic university in 2002 and walked away with a huge loan burden. But she discovered that individuals looking to become priests or nuns need to be debt free. With the loans and credit cards paid off, Ferke, 32, is now on track to become a sister with The Sisters of the Holy Family of Nazareth, but she won’t reach her ultimate goal of donning a nun's habit until she’s 39 because the process takes that long. Read more at:
http://lifeinc.today.msnbc.msn.com/_news/2012/05/02/11488298-student-loan-debt-delays-dream-of-becoming-nun?lite

To Fight Pell Grant Fraud Colleges Assign More Coursework

Amid rising concern that fraud rings are making off with millions of dollars of federal financial aid, some of the colleges most at risk have come up with one deterrent that is notable for its simplicity: They're assigning more coursework. Sometimes called "Pell runners" because they often exploit the Pell Grant program for low-income students, the scammers typically target schools with low tuition and minimal academic requirements. They apply for aid, sometimes using identities of multiple witting or unwitting participants. A portion of the money goes to the college for tuition and fees; the rest is "refunded" to students. They're expected to spend it on books, transportation and other expenses, but scammers skedaddle as soon as they pocket the aid. Read more at:
http://www.usatoday.com/news/education/story/2012-04-27/colleges-fraud/54648668/1?csp=34news&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+usatoday-NewsTopStories+%28News+-+Top+Stories%29

Student Loan Activists Protest Across America

Student loan activists in New York and some 20 other cities are gathering Wednesday, when student debt is expected to cross the trillion-dollar threshold. Among their student loan proposals: The federal government should cover all higher-education costs. Read more at:
http://www.csmonitor.com/USA/Education/2012/0425/Student-loans-As-debts-hit-1-trillion-mark-protesters-plan-Occupy-type-events