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Higher Education Reports
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| In 21st century America, a college education is critical for individual success and the strength of our nation. As the need for a college degree has grown, however, so has the cost of obtaining that education. The result is rising student debt. Some in Congress have proposed lowering student loan interest rates to reduce the debt burden facing students and families. This report addresses one specific proposal to cut interest rates on undergraduate subsidized Stafford student loans in half, from 6.8% to 3.4%, over a period of five years. |
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| Between 1993 and 2004, the average debt for college graduates with loans increased by 107% to $19,200. At the same time, in the New York metropolitan area, the cost of living increased by 33%, and health care costs (including insurance, drugs and medical care) increased by 52%. |
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| This report looks at the issue of unmanageable debt as it pertains to college graduates entering two critical public service careers: teaching and social work. Given increasing dependence on student loans, borrowers graduating from four-year schools and working in these two public service careers often carry more debt than they can manage. The prospect of burdensome debt likely deters skilled and dedicated college graduates from entering and staying in important careers educating our nation's children and helping the country's most vulnerable populations. |
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| Bipartisan legislation is pending in Congress that would increase federal student aid for those colleges and universities that utilize the more economically efficient of the two federal student loan programs. The Student Aid Reward (STAR) Act, introduced in March 2005, would increase student aid funding by redirecting the subsidies currently going to student loan companies to needy students. |
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| In recent years, increases in private education loan borrowing, in which students borrow outside of the federal loan programs, have sparked concerns within the higher education community. |
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| The student loan industry, a $40 billion dollar-a-year market, is dominated by federally subsidized lenders. These lenders receive millions each year in subsidies from the federal government in addition to income from loan interest payments. This report documents the political spending of the five largest holders of federally subsidized student loans. |
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| As college costs rise many students are turning to working long hours to finance their education. Nearly half of all full-time working students are working enough hours to hurt their academic achievement and the overall quality of their education. |
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| As college costs continue to swell, students are increasingly shouldering high levels of debt to pay for a college education. Thirty-nine percent (39%) of student borrowers now graduate with unmanageable levels of debt. |
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