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☆ 'This is make or break' — students are still waiting on financial aid days ahead of National College Decision Day
▼ + stars: | 2024-04-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Few college admission cycles have been as hard on students as this one. National College Decision Day — the deadline most schools set to decide on a college — is just two weeks away. But many college hopefuls are still unsure of where they stand financially, as problems persist with the new Free Application for Federal Student Aid. "This is make or break for students," said Ellie Bruecker, interim director of research at the Institute for College Access and Success. For most students and their families, the college they choose hinges on the amount of financial aid offered and the breakdown between grants, scholarships, work-study opportunities and student loans.

Persons: Ellie Bruecker, FAFSA Organizations: National College, Federal Student Aid, Institute for College, Finance, Harvard, U.S . Department of Education

Black students are far less likely to have access to high school personal finance classes. But high schools with a majority of Black students are less likely to have a guaranteed personal finance course in their high schools. The student debt gapBlack borrowers are disproportionately burdened by student loan debt. Student debt can be daunting, but there are scholarships out there for Black students. 4. Credit discriminationRedlining is a well-known form of credit discrimination , but the issue goes beyond mortgages.

Persons: —, Tiffany Aliche, Pell, Biden, There's, Homeownership, doesn't, Aliche Organizations: Service, Finance, The Institute, College, NPR, National Bureau of Economic Research, Housing, Federal Reserve, Civil, Equal, The Association of African American Financial Locations: Brookings, Zillow

☆ ‘I’ve had this black cloud looming over me’: How private lenders have left millions of college students with no hope for the future
▼ + stars: | 2023-08-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +15 min

We both do DoorDash, and probably when those federal student loans start up, it'll be more of a necessity to do that." While private debt makes up just about 10% of the $1.7 trillion student-debt mountain in the US — about $136 billion — the industry has exploded over the past decade: the amount of outstanding private debt has jumped an estimated 47% since 2014. "Regardless, the student loan debt that was supposed to be an investment in their futures is dragging them down." To be sure, some private servicers do disclose benefits private borrowers could lose should they choose to refinance. Moran said he didn't regret taking out private student loans because it allowed him to pursue his desired nursing career.

Persons: Brianne Jones, Jones, she's, We're, it'll, Michele Shepard, they've, it's, Shepard, Suzanne Martindale, —, Anna Anderson, you've, It's, Navient, Martindale, Ryan Moran, Moran, Moran isn't, Joe Biden, I've, Anderson, forbearance, Steve Cohen, didn't Organizations: Eastern Michigan University, West, Federal Direct Loan Program, Institute for College, California's Department of Financial Protection, National Consumer Law Center, Consumer Financial, Bureau, Consumer Financial Protection Bureau, — Maryland Locations: Florida, —, California

☆ Supreme Court block of Biden’s student loan forgiveness could cause college enrollment to fall, experts say
▼ + stars: | 2023-06-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

At four-year private colleges, it now costs $39,400, according to the College Board, which tracks trends in college pricing and student aid. Many students borrow to cover the tab, which has already propelled collective student loan debt in the U.S. past $1.7 trillion. The share of parents taking out federal parent PLUS loans to help cover the costs of their children's college education has also grown, NerdWallet found. High schoolers are also putting more emphasis on career training and post-college employment, a recent report by ECMC Group found. How to avoid taking on too much student debt

Persons: Sarah Foster, NerdWallet, Parker O'Neill Organizations: College Board, Bankrate.com, The Institute, College, National Center for Education Statistics, Century College, ECMC Group Locations: U.S, White Bear Lake , Minnesota

☆ Elizabeth Warren and Bernie Sanders want 'immediate action' to implement a rule that would keep student-loan borrowers' debt from piling up after they graduate
▼ + stars: | 2023-02-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Warren and Sanders joined 6 of their colleagues in calling for a strengthened gainful employment rule. The rule would cut off federal aid to schools that offer programs that leave students with more debt than their degree can pay off. Trump repealed the rule, and Biden has since delayed its timeline to reinstate it. Advocates have also pushed for the reinstatement of the rule, along with other measures to prevent schools from offering degrees that won't pay off post-grad. A department spokesperson told Insider last year that the "administration is committed to preventing a future student debt crisis by holding colleges and universities accountable if they leave students with mountains of debt or without good jobs."

☆ Families can get Pell Grants of up to $6,895 to help with college costs. Here's what you need to know
▼ + stars: | 2022-11-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

And it goes further for those who received a Pell Grant in college, a type of aid available to low-income families, by clearing as much as $20,000 from their student debt balance. The federal Pell Grant program, signed into law in 1965, is one of the largest sources of financial aid available to college students. Here's what families need to know about Pell Grants. There's a limit to how many Pell Grants you can getCollege students typically can receive the grant for up to six years. "The student can then use the money to pay for other college costs, such as textbooks," he said.

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