student debt

Sen. Elizabeth Warren, D-Mass., has pledged to cancel up to $50,000 of debt for 95% of student loan borrowers if she is elected president. Sen. Bernie Sanders, I-Vt., has proposed an even more generous plan if he's elected.

Presidential hopefuls Elizabeth Warren and Bernie Sanders want to tear up your student loans and set you financially free. That's popular among voters – especially those struggling to pay off this debt.

Other Democratic candidates have more modest plans. But economists say the dramatic proposals from Sanders and Warren to free millions of Americans from the burden of student debt could boost the economy in significant ways and help combat income inequality.

Updated at 4:20 p.m. ET

Twenty-three U.S. senators are calling on the nation's top consumer protection agency to investigate a loan servicer for its role in a troubled student loan forgiveness program. The program is designed to help public service workers like teachers and police officers.

The loan servicer, the Pennsylvania Higher Education Assistance Agency, better known as FedLoan and PHEAA, is one of the entities that handles the Public Service Loan Forgiveness Program.

"If you're a full time student, about $2,400 a year."

"Roughly, $3,400 a semester."

"All in, it's about $50,000."

That’s just the range of tuition across three schools in South Florida — Broward College, Florida International University and the University of Miami — as described by their leaders.

 

Americans owe about $1.6 trillion in student loan debt. That's about twice the current budget for the Defense Department and around 22 times the budget for the Education Department.

Robert Smith encouraged graduates to "pay it forward"

Bernard Spragg. NZ / via Flickr/Creative Commons

A lot of South Florida millennials can’t afford to buy a home, according to a study by ApartmentList.com.

 

About 40 percent of potential millennial homebuyers in Miami don’t have any down payment savings. The study estimates it would take half of them more than two decades to save up for a down payment. 

About 12 percent have saved $10,000 or more. 

The U.S. Department of Education is sending emails to about 15,000 people across the country telling them: You've got money.

Updated at 1:12 p.m. ET

The federal official in charge of protecting student borrowers from predatory lending practices has stepped down.

In a scathing resignation letter, Seth Frotman, who until now was the student loan ombudsman at the Consumer Financial Protection Bureau, says current leadership "has turned its back on young people and their financial futures." The letter was addressed to Mick Mulvaney, the bureau's acting director.

In a move it said was to address the large cost of entering a career in medicine, New York University's School of Medicine said Thursday that it will offer full scholarships to all current and future students in its doctor of medicine program.

NYU said it was the "only top 10-ranked" medical school in the U.S. to offer such a generous package.

Teachers have one of the lowest-paid professional jobs in the U.S. You need a bachelor's degree, which can be costly — an equation that often means a lot of student loans. We've reported on the factors that make this particular job even more vulnerable to a ton of debt, including chronically low teacher pay, the increasing pressure to get a master's degree and the many ways to repay loans or apply for loan forgiveness.

Next to home mortgages, student loans are America’s second highest amount of debt. Florida U.S Senator Bill Nelson wants to reduce that figure. Jocelyn Beever reports.

Recent college graduates who borrow are leaving school with an average of $34,000 in student loans. That's up from $20,000 just 10 years ago, according to a new analysis from the Federal Reserve Bank of New York.

I Can't Be The Only One Drowning In Student Debt

Aug 11, 2016
Dwight Burdette / Creative Commons

For-profit colleges have gotten some unwanted government attention lately—for aggressive recruiting and high interest rates on loans, and for misleading students about what their degrees will help them accomplish.

The for-profit giant Corinthian Colleges shut down a year ago. Now another large operator, ITT Technical Institute, looks like it might be next: It is losing students quickly, its stock price has plunged to $2 a share, and the Obama administration is pushing to shut down the accreditors that oversee this school and many other for-profit colleges.