It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
The Biden administration has released the proposed rules for its revised student loan forgiveness plan. It could reduce or eliminate debt for certain borrowers, including those eligible for existing cancellation programs, in long-term repayment, at questionable schools, or in financial hardship. Borrowers may also get up to $20,000 of unpaid interest forgiven. The plan is still subject to public comment and will likely be finalized and implemented in the fall.
For the second year in a row, fewer students earned college degrees, a trend fueled by rising costs and student debt. Despite this decline, more students than ever earned certificates. This suggests a shift towards shorter-term and vocational programs, as students prioritize job training over traditional four-year degrees. The decline in degrees is also attributed to the ongoing pandemic, a problematic FAFSA process, and state funding cuts for higher education.
President Biden announced a revised plan to forgive student loans, which will benefit tens of millions of Americans. This plan is narrower than his original effort, but it targets specific borrowers with financial hardship or those who have been in repayment for a long time. The revised plan aims to forgive up to $20,000 of unpaid interest for borrowers and could erase or reduce balances for many. Biden hopes this effort will survive legal challenges and help address the burden of student debt in the country.
Due to technical issues, financial aid awards for college students are delayed, causing uncertainty about next year's decisions. Students may consider applying for private scholarships to reduce college expenses. This delay provides an opportunity to carefully consider college options beyond financial aid. Exploring major choices and potential earnings can help make informed decisions. Utilizing resources like the college scorecard and net price calculators can aid in assessing affordability. By researching and applying for scholarships, students can potentially cover a significant portion of college costs.
Ivy Day, when Ivy League schools announce admissions decisions, is approaching. However, some students are becoming more skeptical about these elite institutions due to confusing application processes, recent scandals, and rising costs. Despite this, the allure of Ivy League degrees remains strong, with studies showing increased earning potential and access to elite graduate schools and prestigious firms. However, concerns remain about the perpetuation of privilege due to the higher admission rates of students from high-income families.
A faulty new application for financial aid, FAFSA, is discouraging students from applying, causing a drop in the number of submissions. As FAFSA is crucial for college access, it could lead to a decline in fall enrollment. The issues have affected those who rely on financial assistance, with many facing frustration and giving up. Despite attempts to simplify the application, the problems have resulted in fewer applications, potentially limiting opportunities for low-income students.
The Biden administration aims to reduce student loan costs by eliminating origination fees, unnecessary charges that can add thousands of dollars to student debt. The government considers these fees unfair and burdensome, particularly for students from low-income backgrounds and minority-serving institutions. The administration is also working to curb excessive fees charged by banks on student bank accounts and end automatic billing for textbooks on tuition, giving students more choice and financial relief.
FAFSA application rates have plummeted (15%) due to form issues, jeopardizing aid for two million students. Experts fear eligible individuals, particularly low-income Pell Grant recipients, may miss out. Despite simplification efforts, states explore mandating FAFSA for seniors, as it correlates with college enrollment. Families often misperceive ineligibility, deterring applications. The Education Department must address FAFSA problems and provide students with essential financial support for higher education.
