Teachers May See Student Loans Forgiven Under New Ed. Dept. Changes
The troubled student loan relief program for public service workers, including teachers, will undergo a significant overhaul by the U.S. Department of Education. Under the changes announced Oct. 6 , tens of thousands of people will likely see their debts forgiven.
The Public Service Loan Forgiveness program, which was established in 2007, has long been criticized for its confusing, complicated, and poorly communicated application process that has left the majority of qualified borrowers unable to pursue loan forgiveness. Read more
Jaswanth, a 26-year-old student from Hyderabad, who got admission for an MBA course at the IESE Business School in Spain, says «the real problem arises when you start looking for an education loan, especially if you do not have collateral with a value equal to your loan requirement
Indian students planning to study abroad this year have to pay higher fees, fund their quarantine stay and also compete for on campus work opportunities.
In Part 2 of our Study Abroad series, students tell Divya Nair/Rediff how they are dealing with the additional costs.
With restricted intake and stricter norms, most students agree that the cost of international education has significantly increased during the pandemic.
Tanya Mishra, who plans to study global history and international relations at The Vrije Universiteit Amsterdam, will be paying almost double the fee for her master’s degree.
Private lenders do process the loan quicker than public-sector banks, but the interest rates are considerably high in comparison
«In 2020, the fee was approximately 12,000 euros; this year I am paying 20,000 euros, which is quite a lot,» says the 26 year old.
«The international intake is four per cent. Also, this year the university had announced that there will be fewer students compared to last year. If things get better and the city opens up, we are hoping they can move to regular classroom-based teaching,» Tanya adds.
According to Kevin, his college didn’t provide information on the hike in fees; it «simply stated — safety reasons,» he points out. Read more
She’s completing her coursework in May and figures that she’ll still owe $17,000 on her student loans
Total student debt load is at an all-time high, having doubled in size over the past eight years and growing at an average of 11 percent annually, according to a 2014 report from The Vanguard Group.
Delinquency and default rates have skyrocketed over the last 10 years. The number of borrowers who default each year those with payments overdue by nine months increased from about 500,000 a .
Even adjusted for the increase in borrowers, the annual default rate on all student debt increased from 2.4 percent in 2004 to 3.6 percent in 2012, the FRBNY found.
The annual default rate has since declined to 3.06 percent, although those who borrowed during the recession are still registering double-digit default rates.
The recession also convinced greater numbers of high school seniors to seek a college degree in the hopes a higher education would give them a leg up in the dwindling job ilies increasingly feeling the pinch, record numbers of students turned to federal and private loans to finance their education
