President-elect Biden promises to extend pause on student loan payments
INSIDE HIGHER ED — As expected, President-elect Joe Biden will, upon taking office Jan. 20, instruct the Education Department to continue the pause excusing student loan borrowers from making payments, a top economic adviser in the incoming administration said.
Read More about President-elect Biden promises to extend pause on student loan paymentsCongress considers bill to include student loan debt in bankruptcy reform
CBS NEWS — Student loan borrowers crushed by five- and six-figure balances could have their payments forgiven under a bill introduced by federal lawmakers this week that would expand the nation’s bankruptcy laws. If passed, the Consumer Bankruptcy Reform Act of 2020 would create a new Chapter 10 provision in the U.S. bankruptcy code.
Read More about Congress considers bill to include student loan debt in bankruptcy reformLaw School Survey of Student Engagement report looks at changes in legal education over the last 15 years
INSIDE HIGHER ED — The Law School Survey of Student Engagement, released Tuesday, chronicles changes in law education in the United States from 2004 to 2019. While law education has become more diverse in terms of race and ethnicity, those gains have been unequal. The report also details ballooning debt burdens for law students.
Read More about Law School Survey of Student Engagement report looks at changes in legal education over the last 15 yearsDepartment of Education cuts result in staff reductions in student loan servicing
INSIDE HIGHER ED — The Education Department said that “with payments now suspended for millions of borrowers, we understand that servicers have reduced their staffing numbers. However, when repayment begins and servicers must resume their normal servicing activities, we are confident that they will return to pre-COVID staffing levels.”
Read More about Department of Education cuts result in staff reductions in student loan servicingSurvey: Rising student debt delays careers and plans for recent law school graduates
ABA JOURNAL — According to the YLD survey of 1,084 attorneys, whose median age was 32, the costs of legal education are skyrocketing. Participating attorneys reported carrying a median cumulative student debt of $160,000, with roughly 40% stating that their debt load is higher now than when they graduated from law school.
Read More about Survey: Rising student debt delays careers and plans for recent law school graduatesColleges seek extension of federal student loan payment break for students
INSIDE HIGHER ED — With federal student loan borrowers facing having to resume paying back their debt again, associations representing the nation’s colleges and universities and financial aid administrators are asking Education Secretary Betsy DeVos to extend the break from making repayments another year.
Read More about Colleges seek extension of federal student loan payment break for studentsUS Department of Education college scorecard to include data on median graduate income by area of study
INSIDE HIGHER ED — In a move they said will help students get a better idea of how much they can borrow and afford to pay back, Education Department officials are expanding the College Scorecard to show how much graduates at institutions make based on their areas of study. The scorecard now provides new median income data.
Read More about US Department of Education college scorecard to include data on median graduate income by area of studySurvey: Young lawyers report increased stress and financial worries due to student loan debt
ABA JOURNAL — Young lawyers are so impacted by student debt that they are making life-changing decisions, such as delaying children and, in some cases, choosing a job because of its higher pay, according to a survey posted online Monday. More than 75% of those surveyed had at least $100,000 in student loans at graduation.
Read More about Survey: Young lawyers report increased stress and financial worries due to student loan debtStudy: Black borrowers twice as likely to never be able to pay off student loan debt
INSIDE HIGHER ED — Black student loan borrowers are twice as likely as white borrowers to be projected to never be able to pay off their student loan debt, a result of systemic inequities in society, finds a study by the JPMorgan Chase Institute. About 13 percent of Black borrowers are projected to never be able to pay off debt.
Read More about Study: Black borrowers twice as likely to never be able to pay off student loan debtParents of Black college students take on large student loan debts
THE HECHINGER REPORT — When I graduated with a bachelor’s degree from William & Mary in 2003, I desperately needed a job. I was the mother of a 4-year-old daughter, and I was consumed by worries about child care, the car note for my used Honda Civic and saving for my own apartment. In addition,…
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