The Federal Reserve of New York released some numbers last week that show — surprise! — student loan debt is higher than ever. Sam Frizell at Time talks about how student loans aren’t just bad for our own personal economies, they’re bad for THE economy.
Two states Oregon and Tennessee consider two new ways to fund college tuition: Tennessee is considering the “Tennessee Promise,” which proposes free tuition for two years of community college or technical school and would be funded through sales of lottery tickets. Oregon is considering “The Pay It Forward” program, which I’ve previously discussed here, in which students would pay no tuition upfront—rather they’d pay a small percentage of their income for a set number of years after graduating from college.
In 1984, it cost $10,000 a year to go to Duke University. Today, it’s $60,000 a year. “It’s staggering,” says Duke freshman Max Duncan, “especially considering that for four years.”
But according to Jim Roberts, executive vice provost at Duke, that’s actually a discount. “We’re investing on average about $90,000 in the education of each student,” he says. Roberts is not alone in making the claim. In fact, it’s one most elite research institutions point to when asked about rising tuition.
Autostraddle has a great interview with Emily Gould, which is mostly about Emily Books and you should read it. But this is the part that is relevant to us:
Generation Progress (formerly Campus Progress) is putting together state-by-state factsheets about the student debt crisis. They’ve done six states so far, including California, where I went as an undergrad. State and local funding dropped by 25.4 percent in the U.C. system in the last decade, and in-state tuition has now skyrocketed by 114 percent, according to data from the College Board.
It seems like the best thing to do would be to try to apply any extra payments towards the principal of the 9% interest rate loan before moving on to the other two lower interest loans. So, is this possible and if so, how do I do this? — J.
The Academe Blog has a servicey post about how to use the Public Service Loan Forgiveness Act, which forgives federal direct loans for those who work full-time (at least 30 hours a week) in federal, state, or local government agencies or tax-exempt non-profit organizations after making 120 monthly on-time payments on your loans. You can read more generally about it at the Federal Student Aid site.
Like many universities, George Washington University in Washington D.C., has long-claimed to have “need blind” admissions, that is, the admissions process doesn’t take a student’s socioeconomic status into account when reviewing their applications. Per an article in their student newspaper yesterday, this turns out not to be the case at all!
“The University admitted publicly for the first time Friday that it puts hundreds of undergraduate applicants on its waitlist each year because they cannot pay GW’s tuition.”
At Jacobin, two members of Strike Debt, Ann Larson and Michael Checque, argue that “Pay It Forward, Pay It Back” is a the “neoliberal solution” with lots of problems to figure out, and what we should really be fighting for is free education for all with no strings attached.