(CNN) – With about a week to go before interest rates jump on certain types of student loans, Republicans are again calling on the White House and Senate Democrats to approve a plan that would avert the spike.
On July 1, rates will almost double on nonsubsidized Stafford loans given to college undergraduates unless Congress works to avoid the jump. Obama has applied pressure on Republicans to adopt his own plan to avoid the rate increase, but Republicans argue Obama basically agrees with their approach, which would tie the student loan rate to economic factors instead of leaving it up to Congress.
(CNN) - A Senate committee voted this week to move forward with a Democratic-backed education plan, but Republicans argue the proposal forces the country's school systems to further rely on the federal government.
"Over the last decade, the United States Department of Education has become so congested with federal mandates that it has actually become, in effect, a national school board," Sen. Lamar Alexander, R-Tennessee, said Saturday in the GOP weekly address.
Washington (CNNMoney) – Brandon Anderson's student loan will get costlier by $1,000, come July 1 - that's when interest rates on the loans are slated to double.
Anderson is among 7 million undergraduates with a personal stake in the debate in Washington over whether to hold down, or let the 3.4% interest rate to double for undergraduates borrowing subsidized federal student loans.FULL STORY
(CNN) – With less than a month to go before rates jump on some student loans, Republicans are returning pressure from the White House on whose plan is better to avert the spike.
Rep. Luke Messer, R-Indiana, accused President Barack Obama in the weekly Republican address of rejecting a House Republican plan on political grounds, saying the president himself had proposed a similar measure in his annual budget.
Washington (CNN) – If at first you succeed, then by all means, try, try again.
President Barack Obama returned to a successful strategy from last year's election campaign by calling Friday for college students and their families to mount pressure on congressional Republicans to prevent a jump in some student loan rates set to occur on July 1.FULL STORY
Washington (CNNMoney) - On July 1, the interest rates on student loans subsidized by Uncle Sam will most likely double to 6.8%.
Congress and the White House agree that something should be done to prevent that. They don't agree on what.FULL STORY
(CNN) - On average, student loan borrowers end up carrying debt loads of $27,000. The interest rate on federal student loans is set to double this summer if Congress does not do anything about it. Sen. Elizabeth Warren, D-Massachusetts, has introduced her first piece of legislation – a bill that would give a steep, temporary discount, taking the interest rate from 3.4% to less than 1%.
The U.S. government has been lending money at a rate of about 0.75% to financial institutions for years, said Warren.FULL STORY
New York (CNNMoney) - Even though the federal government doesn't recognize same-sex marriage, the Department of Education won't let this stance impact its financial aid decisions any longer.
Starting with the 2014-2015 Free Application for Federal Student Aid (FAFSA), the form college students use to apply for federal financial aid, the department will use income and financial information from both same-sex parents to determine aid eligibility.FULL STORY
Editor's note: Jeb Bush was governor of Florida from 1999 to 2007 and is chairman of the Foundation for Excellence in Education.
(CNN) – Kaleigh Fair had to make it work.
The Las Vegas teenager suffers from two different illnesses – one an excruciating immunodeficiency, the other a rare brain condition called Chiari malformation where portions of the brain protrude into the spinal cord.FULL STORY
New York (CNNMoney) - Young adults in America have reason to like the fiscal cliff deal, but they aren't celebrating yet.
The bill, which was signed into law by President Obama on Wednesday, kept a number of tax breaks for education and low wage earners that many young adults rely on. However, the deal merely put off budget cuts that could hurt key programs like education grants and job training programs.FULL STORY