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Entries in student loans (4)

Thursday
Apr222010

New Bill Could Give Bankrupt College Grads A Break

By Laurel Brishel Prichard -University of New Mexico/ Talk Radio News Service

Some in the Senate are looking to give Americans struggling with bankruptcy a break on their student loans.

Under the current law students are not able to discharge their debt accumulated from private student loans during bankruptcy proceedings. New legislation, the Private Student Loan Bankruptcy Fairness Act of 2010, would take away the favored status of private loan companies and allow for the past due amounts to be forgiven, just like debt from credit cards.

Members of the Senate Judiciary Committee, who are looking into the issue, heard testimony Thursday from Valisha Cooks, a Los Angeles resident burdened by student loan payments.

“I don’t really have very many options,” said Cooks, who filed bankruptcy, due in part, she explained, to her large loan payments. “I continue to pay my loan, even though they are in default. I just can’t afford to pay what they are asking me to pay.”

The Fairness Act would make all loans, government or private, dischargeable during bankruptcy.




Wednesday
Apr082009

Website helps youth say "NO" to debt

by Christina Lovato, University of New Mexico-Talk Radio News Service

A new health and financial site focused towards young adults from ages 18-34, gives resources and information that they won’t learn in school.

Anna Greenburg, the Senior Vice President of Greenberg Quinlan Rosner Research, said that younger people are suffering worse from the economic situation than older people except in regard to retirement and investment income because they don’t have any.

“Even though this recession is affecting everybody the way it affects young people has the potential impact to affect what their financial lives look like 20, 30 and 40 years from now.”

Greenburg also said that younger people are facing the highest unemployment rate out of every group.

“You got sort of a double whammy with younger people. Their both more likely to be unemployed, more likely to work part time and if you work part time, more likely to have your hours cut back and your wages cut.”

In the study “Young People: Trying to Weather a Recession” conducted by Greenburg Quinlan Rosner Research and Qvisory.org, 19% of young adults say they are unemployed or looking for work compared to only 7% of adults ages 30 and over.

The study also found that in 2008, 37% of young people reported having more than $5,000 in debt, excluding amounts from mortgages and student loans.

A new website called Qvisory.org, that was launched in October 2008, is hoping to provide resources and information for young adults that they are not learning in the classrooms.

Gina Glantz, the Qvisory Treasurer said that America’s younger generation is in jeopardy.

“They don’t feel well represented in the halls of power and they like most Americans have grown to distrust their financial institution.”

Glantz said that now more than ever young adults need guidance because they are suffering the most.

“They need trusted resources and a navigation system to help them secure their health and financial well being and have a chance at the American dream.”

Qvisory is a non-profit organization that has a $36 per year membership fee that includes services like the distribution of pre-paid cards, a COBRA (Consolidated Omnibus Budget Reconciliation Act) information center, a low-cost dental insurance program, a combination of employee assistance programs, and free telephone and online services.

“There is a no more important time for young people to find the resources and information they need to survive the situation they find themselves in,” concluded Glantz.
Thursday
Jun262008

More cash books: Cheaper student loan interest by July 1st

On a conference call, Rep. George Miller (D-Calif.), Sen. Sherrod Brown (D-Ohio), Luke Swarthout, a higher education advocate from the U.S. Public Interest Group, and Quin Gonell, president of the Student Government Association at Salem State College, discussed the many benefits of the upcoming College Cost Reduction and Access Act for students who are struggling to pay off debts.

Acccording to Rep. Miller, by July 1st, the act will decrease student loans from 6.8 percent to 6.0 percent. Over the next few years, these rates will continue to decrease until they reach 3.4 percent.

In Ohio, 66 percent of students graduating from 4-year institutions had loan debt, and the average debt was $20,000, Sen. Brown said. According to Sen. Brown, the problem is that states are spending more on college, but federal help is not increasing.

Programs like Stafford loans and the Loan Forgiveness program will help students pay off debts through public service, Sen. Brown said. About 5.5 million students use Stafford loans each year, and of these students, 3.3 million attend 4-year public or private institutions, Luke Swarthout said. 75 percent of these students come from low to medium income families. Stafford loans can save the average freshman about $2,600 during the life of their loan, Swarthout said.
Friday
Jun132008

Ailing economy makes every day a struggle

Senators Harry Reid (D-Nev.) and Byron Dorgan (D-ND) held a press conference today on “Making the American Dream More Affordable.” Reid said that Republicans are preventing progress on making higher education more affordable and improving social security and Medicaid. Dorgan said that the economy is “sick” and that the minority in the Senate keeps saying no to the necessary changes Democrats wants to make.

Treena Walker, an office cleaner and single mother, said that she struggles to provide for her children, unable to pay for all of the food, gas, and healthcare her family requires. Sadie Coleman, a senior member of the Alliance for Retired Americans, said that she struggles to pay for her medications and that she has seen friends cut pills in half to make medications last longer. Sheila Isong, a recent graduate of the University of Pittsburgh, said that she has overwhelming student loan debt and hopes that the Democrats can make real changes to make high education more affordable.

Senator Amy Klobuchar (D-Minn.), said that the Senate is mere votes away from passing legislation to ease economic woes, but that the minority is preventing progress