2012年7月17日 星期二

Student Loans -The Devastating Impact of Student Loans and Debt Collection


Student Loans
Add into the mix the increasing cost of college and the plummeting funding provided by states for public higher education, and the result is akin to the housing bubble. Graduates are increasingly "underwater," owing more in monthly student loan payments than they can reasonably hope to repay. 
For those who are facing the prospect of comparing costs and financial aid packages, the process is confusing at best and misleading at worst. Colleges and universities often present "financial aid packages" that include an assumption that the prospective student will take on tens of thousands of dollars of student loans. While it may appear as though the student is getting a free or low-cost education, he or she could take on enormous debt. This is particularly true if it takes the student more than four years to graduate - a phenomenon that's on the upswing as universities are slashing staff and class sections, meaning that students are unable to register for classes required for their majors.
The Consumer Financial Protection Bureau, created by the Dodd-Frank Act, is working toward developing a standardized form that institutions can use to inform prospective students of the costs and loan burden associated with their financial aid packages. The CFPB is soliciting input for such a form, and also has a beta version of a cost comparison worksheet where you can enter the names of schools and universities and obtain a side-by-side comparison of the "sticker price" of a school, the average amount of grants and scholarships, and the estimated student loan amount and debt after school.Article Source: http://EzineArticles.com/7064197Student Loans

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