Student Loan Programs
December 21, 2012
The U.S. Department of Education announced today that many borrowers are now able to take advantage of a new repayment plan that could lower their monthly federal student loan bills. The plan, known as Pay As You Earn, caps monthly payments for many recent graduates at an amount that is affordable based on their income.
September 28, 2012
The U.S. Department of Education today released official FY 2010 two-year and official FY 2009 three-year federal student loan cohort default rates. This is the first time the Department has issued an official three-year rate, which was 13.4 percent nationally for the FY 2009 cohort, a slight decrease from the trial three-year rate of 13.8 percent for the FY 2008 cohort.
July 20, 2012Education Department Launches New Website and Social Media Tools to Help Students Navigate Financial Aid Process
Today, the U.S. Department of Education announced a new streamlined website and several social media tools that will make it easier for students and families to navigate the financial aid process and make informed decisions about paying for college. The launch of the new website, StudentAid.gov, follows a report from the U.S.
July 11, 2012
Today, the U.S. Department of Education released a new interactive loan counseling tool to provide students with financial management basics, like information about their current loan debt and estimates for student loan debt levels after graduation.
March 5, 2012
Washington, D.C. The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from borrowers having difficulties with their private student loans.
June 1, 2011Obama Administration Announces New Steps to Protect Students from Ineffective Career College Programs
Today, the Obama Administration released final regulations requiring career college programs to better prepare students for "gainful employment" or risk losing access to Federal student aid.
May 31, 2011
The U.S. Department of Education is continuing its commitment to helping students and protecting taxpayer dollars with an announcement today that it is accepting proposals from guaranty agencies that participate in the Federal Family Education Loan (FFEL) program to enter into Voluntary Flexible Agreements (VFAs) with the Secretary.
September 13, 2010
U.S. Secretary of Education Arne Duncan today announced that the FY 2008 national cohort default rate is 7.0 percent, up from the FY 2007 rate of 6.7 percent. The default rates increased from 5.9 to 6 percent for public institutions, from 3.7 to 4 percent for private institutions, and from 11 to 11.6 percent for for-profit schools.
July 1, 2009
Starting July 1, a new repayment option is available that makes monthly payments more affordable for Americans with heavy federal student loan burdens. The new Income-Based Repayment (IBR) plan protects borrowers by linking payments to income and family size. A related new program offers additional benefits to those working in public service jobs.