Student Loan Reform PDF Download

Author: United States. Congress. Senate. Committee on Labor and Human Resources
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 184

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Author:
Publisher:
ISBN:
Category : African Americans
Languages : en
Pages : 0

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"The student debt crisis has left millions of borrowers across the country struggling to pay off their loans. This crisis has been intensified by the current COVID-19 pandemic, which has exposed the cracks of structural racism in our society's foundation. Those cracks are causing earthquakes in Black and other communities of color. Even before the COVID-19 pandemic and its economic fallout, Black students were more likely to take on student loans, borrow in larger amounts, and default on their loans than their white peers. While student loans once served as a resource to help students achieve economic mobility, they have, even more in this moment, become an immense financial weight that entraps Black students and other students of color in a cycle of insurmountable debt. In the current public health crisis, it is imperative that New Jersey does not further shift the burden of student loan debt to already cash-strapped students. New Jersey has among the highest student debt levels in the nation, leading to especially arduous debt loads for students in one of the most expensive states in the nation. The state has the third highest cost of attendance in the nation for in-state, full-time students at $26,070 per year. And, New Jersey is one of the top five states for student loan debt levels, with the average graduate leaving school with $34,387 in loans. Freed from Debt: A Racial Justice Approach to Student Loan Reform in New Jersey, a report by the New Jersey Institute for Social Justice, aims to chart the path forward for students in the Garden State, with a particular eye toward supporting Black and other students of color who were already bearing the disproportionate brunt of student loans before the pandemic began. • First, it examines the national student loan crisis, both generally and for Black students in particular. • Second, it brings this analysis to the state level, highlighting the impact of student loan debt on New Jersey borrowers with a focus on the disproportionate harm of the system on borrowers of color. • Last, the report introduces four policy proposals aimed at finally freeing New Jersey students from the burden of student loans, with a pronounced emphasis on doing so for its Black and other students of color. To ensure that current borrowers and future students in New Jersey are truly freed from debt and that our higher education system is an engine of mobility and prosperity, particularly for Black students and other students of color, as we recover from the economic impacts of the pandemic, New Jersey should take the following steps: 1. Forgive student loan debt for borrowers with NJCLASS loans, the loan program administered by the state 2. Make public higher education tuition-free for all its students and provide support for non-tuition costs 3. Establish a New Jersey Baby Bond program 4. Expand collection of data on student loan debt by race and ethnicity Freed from Debt: A Racial Justice Approach to Student Loan Reform in New Jersey sets forth a new trajectory in which students - particularly Black students and other students of color who have been disproportionately harmed by student loans - can reach for their dreams without signing up for a decades-long debt burden"--

Author:
Publisher:
ISBN: 9781331331070
Category : Reference
Languages : en
Pages : 186

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Excerpt from Student Loan Reform: Hearing of the Committee on Labor and Human Resources United States Senate One Hundred Third Congress, First Session, on S. 920; To Amend the Higher Education Act of 1965 to Simplify the Delivery of Student Loans to Borrowers and Eliminate Borrower Confus The committee met, pursuant to notice, at 10:00 a.m., in room SD - 130, Dirksen Senate Office Building, Senator Edward M.Kennedy (chairman of the committee) presiding. Present: Senators Kennedy, Pell, Metzenbaum, Dodd, Simon, Wellstone, Kassebaum, Jeffords, Coats, Gregg, Hatch, and Durenberger. Opening Statement of Senator Kennedy The Chairman. Well come to order. In today's hearing, we will consider a long overdue improvement in college aid: moving from the current system of guaranteed student loans to direct loans. We made many improvements to the current loan program in last years Higher Education Act. Now, under the leadership of President Clinton, we have the opportunity to take even bolder steps to reform the program and make it serve students more effectively. Under the current system, college students borrow for their education by obtaining bank loans from the private sector. These loans are guaranteed, and heavily subsidized by, the Federal Government. Under a system of direct loans, students will borrow directly from the Federal Government by applying through their colleges. Direct lending is an all-around winner. It is a win for students and their families, a win for colleges, a win for taxpayers, and a win for the public interest against special interests. Direct lending is the only education proposal currently under consideration by Congress that allows us to achieve major budget savings and make the program better for students. President Clinton has made it clear that the administration strongly supports the move to direct lending, and many of us in Congress support it as well. Congress is already solidly on record in support of this principle. In the Higher Education Act last year, we took the first major step toward this reform by approving a large pilot program, with the goal of moving as rapidly as possible to a system of direct loans, have supported this idea for many years. Working with President John Silber of Boston University, I introduced legislation in 1978 to combine direct Federal lending and income-contingent repayment. We had impressive bipartisan support for that proposal. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author: United States. Congress. House. Committee on Education and Labor
Publisher:
ISBN:
Category : Education
Languages : en
Pages : 128

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Author: United States Congress Senate Committ
Publisher: Palala Press
ISBN: 9781341887390
Category :
Languages : en
Pages : 182

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This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Author: Justin R. La Mort
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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President Obama was able to pay off his student loans only after authoring two bestselling books and becoming a prominent figure on the national political scene. This is not a strategy that can be easily replicated by the rest of us. As our tax dollars are being spent to bailout AIG and GM we have ignored helping those who are drowning in student debt. We can either rearrange the deck chairs as the band plays on or we can seize this unique opportunity in time to provide a life preserver to some of our country's best and brightest. The American dream is predicated that through education and hard work one can accomplish anything. Sadly, my generation will be less educated and in greater debt than the generation of my parents. Never before has having a college degree meant so much in competing in the global marketplace yet never before has the financial barriers been so great to earning that degree. This paradox must be resolved if our students and our country are to reach their full potential. The present system restricts innovation among the entrepreneurs, inventors, and artists who can no longer risk taking a chance when facing five to six figures of debt. Our society loses the talent of those unable to afford a career in public service. These effects are especially true for the middle and working class who we most want to break from the cycle of poverty but whose best route is by entering modern day indentured servitude. We must change the way we pay for higher education if the United States is to uphold its promise. This article will detail the pervasive effects of the student loan problem in America and will examine pragmatic solutions such as ending the Federal Family Education Loans (FFEL) program, removing unwarranted bankruptcy protection of student loans, and enacting loan forgiveness programs to reverse the receding economic tides. The effects of these policies would stimulate the economy, create an environment conducive to innovation, and move our society closer to its meritocratic ideals.

Author: John F. Jennings
Publisher: Phi Delta Kappa Educational Foundation
ISBN:
Category : Education
Languages : en
Pages : 216

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This book contains 11 essays that follow the community service and student loan legislation as it proceeded through Congress. The essays illuminate the policymaking process by explaining the evolution of new national policies and by tracing the history of these two pieces of legislation. The book is organized in three parts. The first two parts each begin with a Clinton administration official describing the policy as proposed by the administration; they include commentary both pro and con by members of Congress and an overview by a nongovernment representative. The following essays on community service are contained in Part I: "Toward the Reality of National Service" (Eli Segal); "Enacting the National and Community Service Trust Act of 1993" (Edward M. Kennedy); "National Service: A Watchful Concern" (Nancy Landon Kassebaum); "An Independent Sector Perspective on National and Community Service" (Roger Landrum); and "National Service: Utopias Revisited" (Doug Bandow). The following essays on student loans make up Part II: "Student Loan Reform Act of 1993" (Madeleine M. Kunin); "The Direct Student Loan Program: Acknowledging the Future" (William D. Ford); "Direct Student Loans: A Questionable Public Policy Decision" (Bill Goodling); "Direct Loans: A New Paradigm" (Thomas A. Butts); "Enactment of the Federal Direct Student Loan Program as a Reflection of the Education Policymaking Process" (John E. Dean). Part III contains a commentary on both of the earlier parts: "Two Tough Battles, Two New Laws: What Can We Learn from All of This?" (John F. Jennings). (KC)

Author: Alan Collinge
Publisher: Beacon Press
ISBN: 0807096725
Category : Education
Languages : en
Pages : 188

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The Student Loan Scam is an exposé of the predatory nature of the $85-billion student loan industry. In this in-depth exploration, Collinge argues that student loans have become the most profitable, uncompetitive, and oppressive type of debt in American history. This has occurred in large part due to federal legislation passed since the mid-1990s that removed standard consumer protections from student loans-and allowed for massive penalties and draconian wealth-extraction mechanisms to collect this inflated debt. High school graduates can no longer put themselves through college for a few thousand dollars in loan debt. Today, the average undergraduate borrower leaves school with more than $20,000 in student loans, and for graduate students the average is a whopping $42,000. For the past twenty years, college tuition has increased at more than double the rate of inflation, with the cost largely shifting to student debt. Collinge covers the history of student loans, the rise of Sallie Mae, and how universities have profited at the expense of students. The book includes candid and compelling stories from people across the country about how both nonprofit and for-profit student loan companies, aided by poor legislation, have shattered their lives-and livelihoods. With nearly 5 million defaulted loans, this crisis is growing to epic proportions. The Student Loan Scam takes an unflinching look at this unprecedented and pressing problem, while exposing the powerful organizations and individuals who caused it to happen. Ultimately, Collinge argues for the return of standard consumer protections for student loans, among other pragmatic solutions, in this clarion call for social action.

Author: Lawrence E. Gladieux
Publisher: College Board
ISBN: 9780874473292
Category : College costs
Languages : en
Pages : 0

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The federal student loan program is examined with focus on how well it will serve the country's needs in the 1990s and beyond. A series of papers are presented in two parts. Part one, Student Loan Policy and Proposals for Change, includes the following papers: "Appearance and Reality in the Guaranteed Student Loan Program" (M. McPherson); "Neither Grant nor Loan: New Ground for Federal Student Aid Policy" (W. Byron); "HELP: A Student Loan Program for the Twenty-First Century" (R. Reischauer); "Improving the Guaranteed Student Loan Program" (J. Cronin); and "The National Student Loan Bank: Adapting an Old Idea for Future Needs" (A. Hauptman); Part two, Radical Reform or Incremental Change, a seminar on student loan policy alternatives, is as follows: opening remarks by L. Gladieux, "A Conceptual Framework for the Issues" (M. McPherson); "Establish a Federal Revolving Fund with Income-Contingent Repayment" (W. Byron); "Apply the Social Insurance Concept to Student Loans" (R. Reischauer); "Comments" (R. Atwell, E. Fox, R. Hartman); "Maintain and Improve the Guaranteed Student Loan Program" (J. Cronin); "Incorporate a National Student Loan Bank into the Current System" (A. Hauptman); "Comments" (B. Bosworth, T. Hartle, D. Longanecker); "Student Loans in the Framework of Higher Education Finance" (B. Johnstone); "The Outlook for Change" (D. Breneman); and "Summary of the Issues" (M. McPherson). (SM)

Author: Anya Kamenetz
Publisher: National Geographic Books
ISBN: 1594482349
Category : Business & Economics
Languages : en
Pages : 0

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Generation Debt offers a truly gripping account of how young Americans are being ground down by low wages, high taxes, huge student loans, sky-high housing prices, not to mention the impending retirement of their baby boomer parents. Twenty-four-year-old Anya Kamenetz examines this issue from every angle and provides a riveting, rousing manifesto that will inspire everyone to take care of their financial future.