Betsy DeVos Picked A Student Loan CEO To Run The Student Loan System

Betsy DeVos Picked A Student Loan CEO To Run The Student Loan System

When the Trump administration announced its pick to run the $1.3 trillion federal student loan system on Tuesday, there was one notable thing about the candidate that wasn’t mentioned in the press release: He’s the CEO of a private student loan company. The Education Department’s statement described A. Wayne Johnson as the “Founder, Chairman and former CEO” of a payments technology company called First Performance Corporation. It noted his PhD in education leadership, and Education Secretary Betsy DeVos, citing his dissertation, said he “actually wrote the book on student loan…

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Why Betsy DeVos Will Rewrite These Student Loan Forgiveness Rules

Why Betsy DeVos Will Rewrite These Student Loan Forgiveness Rules

The Trump administration announced Wednesday that it will rewrite two Obama-era rules intended to protect student loan borrowers. The U.S. Department of Education said new committees will be formed to rewrite rules for Borrower Defense To Repaying and Gainful Employment. Here’s what you need to know. What Is Borrower Defense To Repaying? Borrower Defense To Repaying allows students to have their federal student loans forgiven if a school employed illegal or deceptive practices to encourage the students to borrow debt to attend the school. This rule was scheduled to become…

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Private Scholarships Could Lead to More Student Debt

Private Scholarships Could Lead to More Student Debt

Private scholarships are awarded on the basis of merit and need. For example, students might be eligible if they have a particular skill, live in a certain area or are working toward a specific major. Private scholarship awards can range from as little as a few hundred to thousands of dollars. For many students, they’re an important piece of the equation to cover the total cost of college, from tuition and fees to room and board, books, transportation and miscellaneous items. A downside of private scholarships, though, is that at…

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Trump Administration Considers Moving Student Loans from Education Department to Treasury

Trump Administration Considers Moving Student Loans from Education Department to Treasury

The Trump administration is considering moving responsibility for overseeing more than $1 trillion in student debt from the Education Department to the Treasury Department, a switch that would radically change the system that helps 43 million students finance higher education. The potential change surfaced in a scathing resignation memo sent late Tuesday night by James Runcie, the head of the Education Department’s federal student aid program. Mr. Runcie, an Obama-era holdover, was appointed in 2011 and reappointed in 2015. He cut short his term, which was slated to run until…

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Richard Sherman Gives College Scholarship to HS Student After Improved Grades

Richard Sherman Gives College Scholarship to HS Student After Improved Grades

Marcio Jose Sanchez/Associated Press Seattle Seahawks star Richard Sherman believes good grades are important, and he put his money where his mouth is for one student. According to Wes McElroy of the Richmond Times-Dispatch, the All-Pro cornerback promised to personally fund a scholarship for Hershai James of Varina High School in Virginia on the condition she became an honor roll student as a senior. When James held up her end of the bargain, so did Sherman. “It goes back to knowledge is power and if you have knowledge you’re going…

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Trump’s budget seeks to eliminate one major benefit of federal student loans that costs billions

Trump’s budget seeks to eliminate one major benefit of federal student loans that costs billions

The Trump administration’s first budget proposes ending a program to encourage student-loan borrowers to go into public service by forgiving their debt to save an estimated $27 billion over the next decade. Here’s how the program works: If you take out a federal student loan, you have your loans forgiven after making 10 years of on-time payments and working for an employer the Department of Education deems to be serving the public good. Qualified employers include local, state and federal government agencies and nonprofit organizations. (Private lenders don’t offer this…

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Department of Education Seeking Single Servicer for Student Loans

Department of Education Seeking Single Servicer for Student Loans

The Department of Education announced Friday that it would offer a contract to a single servicer to administer federal student loans. Currently, ED contracts with four different servicers to manage its $1.2 trillion student loan portfolio. Education Secretary Betsy DeVos ED released an amended contract solicitation for that future provider on Friday afternoon. “The amendment ensures high quality customer service, maintains all meaningful borrower protections, increases oversight and provides significant savings to tax payers,” James Manning, acting under secretary of education, said in a call with the press on Friday….

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Goodbye to low interest rates on student loans

Goodbye to low interest rates on student loans

Families have been benefiting from historic lows on student loan interest rates. But that will change this fall. As the result of the Treasury Department’s auction of 10-year notes on Wednesday, interest rates on federal student loans will rise by seven-tenths of a percentage point. The new rates will take effect July 1 and are only good for loans taken out to pay for the 2017-2018 academic year. Undergraduate students can expect to pay 4.45 percent in interest on new Stafford loans, instead of the current 3.76 percent. At that…

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Nicki Minaj pays off thousands in fans’ student loans, tuition

Nicki Minaj pays off thousands in fans’ student loans, tuition

Students saddled with college expenses are in for a real treat now that Nicki Minaj has stepped up her efforts to help college kids with their tuition. Over the weekend, the rapper shared an Instagram post that lists the names with payments doled out since shes called on students last week in a tweet to show her their straight A report cards in exchange for tuition money. Minaj also announced that she will be starting a charity to further help students financially “very soon.” Devonte Portis, a sophomore majoring in…

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Srinagar Student Protests 2 Schools To Suspend Teaching Tomorrow

Srinagar Student Protests 2 Schools To Suspend Teaching Tomorrow

A day after the students took part in a violent protest here, the district authorities today directed the city’s two senior secondary schools to suspend the teaching work tomorrow as a precautionary measure. The district authorities here today decided to suspend teaching work in two higher secondary schools in the heart of the city tomorrow as a precautionary measure following yesterday’s violent protests by the students, a senior official said. All teaching activities will remain suspended at S P Higher Secondary School and Kothi Bagh Higher Secondary School here tomorrow,…

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