"A federal judge has ruled that a lawsuit can proceed against a large for-profit education company accused of using improper sales tactics to lure unqualified students and the billions of dollars in financial aid they bring," CBS News reports. "Judge Terrence McVerry said in a ruling Friday that the whole case against Education Management Corp. shouldn't be dismissed."
May 16, 2012 - U.S. News and World Report interviews NASFAA Policy Director Megan McClean about the ongoing political debate over how Congress will offset the cost of maintaining the 3.4 percent interest rate on subsidized Stafford loans. "Both Republicans and Democrats have indicated--and publicly--that they do want to see at least a year extension to keep it at 3.4 percent, but the debate now is really how they're going to pay for it," McClean said.
"Colleges and universities are due for a meltdown as students are increasingly saddled with debt they can’t repay, according to Mark Cuban, the billionaire owner of the HDNet cable-television channel," Bloomberg reports. "Borrowing to pay for higher education is 'the collegiate equivalent of flipping houses,' Cuban wrote two days ago on his blog."
May 16, 2012 - The Wall Street Journal interviews NASFAA Communications Director Haley Chitty in an article about banks expanding to place a stake in student lending. "To be sure, private student loans should be taken only as a funding source of last resort, the National Association of Student Financial Aid Administrators argues."
"The New York Times is currently running a series on student loans, a topic that has been at the forefront of both the media and the general public for some time now," Michigan State University College of Education Dean Donald Heller writes for the school's blog. "The first installment of the Times series ran in a most visible location: above the fold in the Sunday paper (the headline and image above is from the web version of the article). Here’s the article’s lede, which seemingly establishes the case for the headline: 'Kelsey Griffith graduates on Sunday from Ohio Northern University. To start paying off her $120,000 in student debt, she is already working two restaurant jobs and will soon give up her apartment here to live with her parents.'"
"For one thing, that more people are going to college—and graduate school," the Chronicle of Higher Education reports. "The sum is an estimate of all outstanding education debt: private and federal student loans for undergraduates, parents, and graduate and professional-school students."
"Last month, the Bryski family of Marlton won an enormous victory against Key Bank," the Star-Ledger reports. "Christopher Bryski, a Rutgers college student, died in 2006, but his college loans lived on."
"David Coleman, an architect of the common core curriculum standards that are being adopted in nearly all 50 states, will become the president of the College Board, starting in October," the New York Times reports. "The College Board, a membership organization of high schools and colleges that administers the SAT, the Advanced Placement program and other standardized tests, helped design the standards -- an outline of what students should learn in English and math from kindergarten through high school -- meant to ensure that all high school graduates are prepared for college."
"In the United States we have always cherished our ability to improve ourselves and move up the socio-economic ladder based on our efforts," Florida International University President Mark B. Rosenberg writes to the Miami Herald in a Letter to the Editor. "In fact, we have been called the land of opportunity — and for good reason."
"What should worry us more than the national student debt load — which is still not well understood because the data are so murky — is the likelihood that particular categories of students are getting a bad deal," Andrew Rotherham, co-founder and partner at the nonprofit Bellwether Education, writes for TIME Magazine's School of Thought blog. "Students at for-profit schools, for instance, are incurring more debt and in many cases getting little or no value for their money."
Rep. Bruce Braley (D-IA) convened the House Subcommittee on Economic Opportunity Wednesday to examine the potential costs and benefits of President Obama’s executive order (EO) that ties military and veteran education benefits to marketing and recruitment practices at postsecondary institutions. The executive order calls for the establishment of new outcome measurements, financial disclosure requirements and enhanced enforcement and compliance mechanisms.
"Each year, millions of students face the challenge of choosing a college -- and how to afford it is increasingly daunting for families," press aide Sara Gast writes for the Department of Education's Homeroom blog. "For many, the high price tag of a college education may discourage them from pursuing a degree, and that’s why the Department has undertaken an effort to help families access better consumer data that can help students determine how to best invest in a high-quality education at an affordable price."
The Department of Education (ED) has provided important information regarding the upcoming release of the Gainful Employment (GE) Informational Rates and how to sign-up for the GE notification package. ED is extending the deadline to sign-up to receive this information. To receive the GE notification package via the Student Aid Internet Gateway (SAIG), institutions must sign-up on the SAIG Enrollment website by May 25, 2012.
"Higher education officials Tuesday lost a possible funding source to make up for some of the budget cuts hitting campuses, leaving them speculating on the effect on their operations," the Shreveport Times reports. "House Education Committee members' questions led Rep. Chris Broadwater, R-Hammond, to drop his bill seeking to authorize colleges and universities to impose a fee of up to $25 per credit hour on students enrolled in college-level courses."
This Loan Verification Certificate (LVC) will serve as the means by which the Department of Education collects certain information from commercial holders of Federal Family Education Loan (FFEL) Program loans that a borrower wishes to consolidate into the Federal Direct Loan Program under a special initiative announced by the White House in an Oct. 25, 2011 fact sheet titled "Help Americans Manage Student Loan Debt."
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