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Congress Raises Debt Ceiling, with Shifts and Cuts in Student Aid Funding

Congress Raises Debt Ceiling, with Shifts and Cuts in Student Aid Funding

Congress passed the Budget Control Act of 2011 on Tuesday, August 2, 2011, raising the debt ceiling at the last minute. The debt deal cuts some student loan benefits, especially for ...

Mark Kantrowitz
Published August 3, 2011
A Prospective Student is Ineligible for Financial Aid Because of a Student Loan Default

A Prospective Student is Ineligible for Financial Aid Because of a Student Loan Default

I gave college a shot when I was 18 and dropped out due to major health problems. Student loans obviously did not disappear because of this and I have been struggling ...

Mark Kantrowitz
Published August 1, 2011
Facing the Prospect of High Student Loan Debt at a Prestigious College

Facing the Prospect of High Student Loan Debt at a Prestigious College

I graduated from high school with honors in June and have been accepted to a prestigious private college, where I will be majoring in computer science and math. The college awarded ...

Mark Kantrowitz
Published July 18, 2011
Consequences for Student Financial Aid If Congress Doesn't Raise the Debt Ceiling

Consequences for Student Financial Aid If Congress Doesn't Raise the Debt Ceiling

The game of chicken being played out in Washington, DC, may have serious consequences for student financial aid as well as the rest of the economy. Congress and the White House ...

Mark Kantrowitz
Published July 14, 2011
Does a Parent's Credit History Affect the Student's Eligibility for Loans and Other Aid?

Does a Parent's Credit History Affect the Student's Eligibility for Loans and Other Aid?

My parents have a Federal Direct PLUS Loan they got while I was an undergraduate student several years ago. Due to their current financial hardship, they haven't been keeping up with ...

Mark Kantrowitz
Published July 11, 2011
Does Filing a FAFSA Obligate You in Any Way? Are Parents Responsible for Repaying a Child's Student Loans?

Does Filing a FAFSA Obligate You in Any Way? Are Parents Responsible for Repaying a Child's Student Loans?

I have a question about filling out a FAFSA form for my child. If we fill out the form and my child is granted a loan for college, will the parents ...

Mark Kantrowitz
Published June 18, 2011
Are There Any Loan Forgiveness Programs for Social Workers, Teachers and Other Public Service Jobs?

Are There Any Loan Forgiveness Programs for Social Workers, Teachers and Other Public Service Jobs?

Are you familiar with any programs that could assist a low-income social worker who has used up his hardship deferments? Any assistance would be appreciated. I'm in a low-paying county, being ...

Mark Kantrowitz
Published June 13, 2011
How Does Bankruptcy Affect Eligibility for Student Financial Aid?

How Does Bankruptcy Affect Eligibility for Student Financial Aid?

How does a chapter 13 bankruptcy affect financial aid? Would it be difficult to get financial aid for my child because my husband and I filed chapter 13 about 2 years ...

Mark Kantrowitz
Published June 6, 2011
Should Parents Pay Off Credit Cards Before Applying for College Loans and Other Aid?

Should Parents Pay Off Credit Cards Before Applying for College Loans and Other Aid?

Why is it better for parents to pay off credit cards (if one can) before obtaining loans for a child for college? — Diane H. Most forms of consumer debt, such ...

Mark Kantrowitz
Published May 30, 2011
Does Consolidating Student Loans Save Money Like a Refinance?

Does Consolidating Student Loans Save Money Like a Refinance?

I have a question concerning consolidating my federal loans. I have some that are subsidized and some that are unsubsidized. Can I combine these at a lower interest rate? I have ...

Mark Kantrowitz
Published May 16, 2011
Impact of a Government Shutdown on Student Financial Aid

Impact of a Government Shutdown on Student Financial Aid

If Congress fails to pass legislation funding the federal government, the federal government will shut down and more than 800,000 government employees will be furloughed. The impact on federal student aid, ...

Mark Kantrowitz
Published April 8, 2011
President Obama Proposes Cuts in Aid Programs to Preserve Pell Grant

President Obama Proposes Cuts in Aid Programs to Preserve Pell Grant

President Obama is proposing to cut some student aid programs to maintain the maximum Pell Grant at $5,550 in 2011-12 as part of the FY2012 federal budget request. This comes after ...

Mark Kantrowitz
Published February 14, 2011
Drowning in Six-Figure Debt for a Low-Paying Field of Study

Drowning in Six-Figure Debt for a Low-Paying Field of Study

I am going to be attending a New York university this spring as a music major. My ultimate goal is to get a doctorate of ethnomusicology and to teach at a ...

Mark Kantrowitz
Published December 20, 2010
Wells Fargo Adds Death and Disability Discharges to Private Student Loans

Wells Fargo Adds Death and Disability Discharges to Private Student Loans

Wells Fargo announced on December 17, 2010 that it is adding death and disability discharges to its private student loan products. When the student borrower dies or becomes totally and permanently ...

Mark Kantrowitz
Published December 18, 2010
How Do Parent Financial Problems Affect a Student's Eligibility for Financial Aid?

How Do Parent Financial Problems Affect a Student's Eligibility for Financial Aid?

We the parents screwed up financially and had to file for bankruptcy and are in a Chapter 13 repayment program. The FAFSA thinks according to their estimator that we can afford ...

Mark Kantrowitz
Published December 13, 2010
Will Delaying a Bankruptcy Filing Affect Eligibility for Student Aid?

Will Delaying a Bankruptcy Filing Affect Eligibility for Student Aid?

My son is a senior in high school this year. I might have to file for bankruptcy. Should I file this year or wait until next year to file? — Rich ...

Mark Kantrowitz
Published November 15, 2010
Best Strategies for Paying off Debt Quicker

Best Strategies for Paying off Debt Quicker

Suppose you've made the required payments on all your loans and want to use some extra money to pay off your debt quicker. How do you choose which loan to pay ...

Mark Kantrowitz
Published October 11, 2010
Options for a Family Denied Education Loans Due to Insufficient Income

Options for a Family Denied Education Loans Due to Insufficient Income

My daughter received some financial aid for her freshman year of college but we still had to take out a sizable loan for the rest. She applied for a loan her ...

Mark Kantrowitz
Published October 4, 2010
Help for Retired Parents Repaying Parent PLUS Loans on Fixed Income

Help for Retired Parents Repaying Parent PLUS Loans on Fixed Income

Help!!! My Parent PLUS loans are presently in a forbearance that will end in a few months. My expected installment payments are more than my monthly income. I am retired and ...

Mark Kantrowitz
Published September 13, 2010
Choose a Cheaper In-State Public College to Cut College Costs

Choose a Cheaper In-State Public College to Cut College Costs

I am a 17-year-old high school senior applying to colleges. I wish to apply to certain private institutions where the tuition is over 45K. I am doing my best applying for ...

Mark Kantrowitz
Published September 6, 2010