April 11, 2006 |
LATE LAST month, Penn president Amy Gutmann and the the university board sent a clear and powerful message to high school graduates from lower-income families: You can afford to go to college. If you're admitted to Penn, you can graduate without the burden of unmanageable student loan debt. By promising to replace loans with grants, which do not need to be repaid, for students from families with incomes below $50,000, Penn is taking the lead with other elite universities to address growing concern about student debt and ensure their doors are open to all qualified students.
July 19, 2013 |
IN ADDITION to the education crisis that many students and parents are facing throughout Philadelphia, our nation faces a rising problem that will have a drastic impact upon our entire economy. In the past few months I have had the opportunity to meet with people across southeastern Pennsylvania and hear their concerns. Among them is the ticking time bomb of student-loan debt. Whether the person I was speaking to was a parent, a current student, a recent graduate or someone who graduated decades ago, their fears are all the same - fear that they may not be able to cope with the cost of achievement and advancement through the pursuit of a college education.
July 9, 2009 |
Kelly Ohlert has a job at a Center City law firm, but she can't afford to buy a home to accommodate her growing family. The reason: She racked up around $150,000 in student loans while earning a master's degree at the University of Pennsylvania and a law degree at Temple University. Ohlert, 29, might be on the high side, but she is hardly alone. Pennsylvania residents' student debt averages ranged from $27,877 to $30,389 in the 2007-2008 academic year, according to estimates by FinAid, a financial-aid Web site.
October 29, 2014 |
SOMEONE SAID to me that I make too big a deal of student-loan debt. Really? I heard similar comments before the housing crisis. We now know how that turned out. Next month, thousands of college graduates will see an end to their six-month loan grace period and will have to start making payments. Many will easily handle the payments. Others will struggle. When you look at the average debt that graduates have - just shy of $30,000 - the amount doesn't seem so daunting. But the average figure doesn't reflect the many people who are carrying much more than that.
March 9, 2016
ISSUE | STUDENT DEBT Plan for Pa. tax credit When the Pennsylvania State System of Higher Education was formed in 1983, universities were funded by about 75 percent state money and 25 percent student tuition and fees. Now, it's the exact opposite. This disinvestment in higher education on the state level has driven student debt to an all-time high. Student loans are the second-largest form of consumer debt in the country, trailing only mortgages. I have introduced legislation in the Pennsylvania House that would provide a tax credit of up to $2,500 a year for interest paid on student loans.
December 22, 2015 |
Last month, almost every major media outlet covered the new report from the Institute for College Access and Success showing that, nationwide, average undergraduate debt increased by two percent from 2013 to 2014. The coverage was accurate, but incomplete. The reality is that some colleges have made it an educational, strategic, and financial priority to buck the student debt trend. Families should hear that story, too. Case in point: Franklin & Marshall College has decreased the average debt for students at graduation from $33,200 in 2012 to $26,200 in 2015, a 21 percent improvement.
May 20, 2014 |
The college class of 2014 numbers 1.6 million. And as these students graduate this month and next, many will be carrying tens of thousands of dollars in debt, contributing to the $1 trillion in total outstanding U.S. student loan debt. "It's almost unethical," said Thomas P. Nerney, 59, chairman, president, and chief executive officer of U.S. Liability Insurance Group in Wayne. "We have all but mandated a college degree for the majority of entry-level positions," Nerney wrote in a recent opinion piece.
December 29, 2014 |
What's another name for student debt consolidator? A new low in scam artists . So here's how not to become a target of "debt relief" companies. Many 2014 college graduates are receiving their first loan bills. Student loans total $1.2 trillion nationally, and about seven million students have defaulted. You don't need to pay anyone to get help with, or to restructure, your federal student loans - period. (Private loans are another matter entirely). Do it yourself for free.
August 26, 2013 |
President Obama complained last week about the rising cost of a college education and student debt. Isn't that kind of like the chief pirate complaining merchant ships are getting scarce? The price of anything that's privately built but heavily U.S. taxpayer-funded - weapons, medicine, colleges - tends to rise faster than stuff that trades more or less competitively, like tomatoes or scrap metal. Obama's response: By 2015, he wants U.S. taxpayers to subsidize schools, based not just on how much they charge, or whom they let in (the poorer the better)
December 25, 2012 |
The biggest investment you, your kids, or your parents may ever make is paying for a college education. And that investment isn't offering a great return for any of us right now. One out of every nine students with college loans is now in default, according to new federal data. Could this mean student loans are going to be the next bubble, like the subprime mortgage and housing crisis? The Department of Education in September issued updated default rates, which stand at a stunning 9.1 percent of federal student loans, or roughly $90 billion worth.