student loans

Education
12:29 pm
Wed June 11, 2014

Bill To Allow Refinancing Of Student Loans Dies In Senate

"Who does Washington work for?" asked Sen. Elizabeth Warren, D-Mass., after her bill that would let people refinance student debt was shot down Wednesday.
J. Scott Applewhite AP

Originally published on Wed June 11, 2014 1:42 pm

A bill that would have let millions of people refinance their student loans at a lower interest rate has failed in the Senate, after Republicans objected that it included a tax on the wealthy to pay for it. The measure would have allowed people with older loans to benefit from today's low interest rates.

The bill from Sen. Elizabeth Warren, D-Mass., didn't get past a procedural vote, falling by a 56-38 vote. Called the Bank on Students Emergency Loan Refinancing Act, it was shot down days after President Obama urged Congress to help ease the burden of student debt.

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Education
1:13 pm
Mon June 9, 2014

Obama Signs Order Easing Student Loan Payments

President Obama is introduced by Andy MacCracken, before signing a Presidential Memorandum on reducing the burden of student loan debt on Monday in East Room of the White House.
Pablo Martinez Monsivais AP

Originally published on Mon June 9, 2014 3:27 pm

(This post was updated at 3:24 p.m. ET.)

President Obama signed an order on Monday that expands the number of Americans whose student loan payments will be capped at 10 percent of their monthly incomes.

CNN reports the new order would allow an additional 5 million borrowers to take advantage of the cap beginning in December 2015.

Bloomberg adds:

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Education
11:45 am
Thu August 22, 2013

President Unveils Plan To Boost College Affordability

President Obama speaks on education at University at Buffalo, State University of New York, on Thursday.
Jewel Samad AFP/Getty Images

Originally published on Thu August 22, 2013 6:25 pm

Saying a college education is the "surest path to the middle class," President Obama announced a plan Thursday to allocate federal aid to colleges and universities based in part on their affordability.

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Education
4:43 pm
Wed July 10, 2013

Student Loan Reprieve Fails Again; Interest Rate Remains Doubled

Bad news for grads: The government had gradually lowered student interest rates, but they doubled as of last week.
flickr.com/hmocopymonkey

U.S. Senators failed Wednesday to pass legislation to extend lower interest rates on federally-backed student loans. Republicans banded together to block the bill. But they have their own plan.

Interest rates of federally subsidized student loans have doubled to 6.8 percent. But there’s time for the rates to be reduced before students begin receiving their loans in late August.

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Education
4:23 pm
Mon July 1, 2013

UT System Disappointed By Student Loan Interest Rate Jump

Starting July 1, student loan interest rates will double to 6.8% for new borrowers.
courtesy flickr.com/thisisbossi

Students planning to borrow money from the federal government to pay for college will now pay 6.8 percent interest on their Stafford student loans.

Today, UT System Chancellor Francisco G. Cigarroa expressed his disappointment with the increase, which effectively doubled the percentage of interest rates on student loans. 

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Education
7:45 pm
Mon June 3, 2013

Higher Loan Rates Could Make More Students Part-Time

KUT News

There could be test votes this week in the U.S. Senate in the latest showdown over student loan rates. Interest rates on federally-backed student loans are set to double on July 1.

It’s the same situation as a year ago when the scheduled rate increase was delayed for a year.

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