TITLE

Promissory Education: Reforming the Federal Student Loan Counseling Process to Promote Informed Access and to Reduce Student Debt Burdens

AUTHOR(S)
COOLEY, AMANDA HARMON
PUB. DATE
November 2013
SOURCE
Connecticut Law Review;Nov2013, Vol. 46 Issue 1, p119
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Student loan debt in the United States is now estimated to exceed one trillion dollars. However, in obtaining financial assistance, many postsecondary students do not contemplate the long-term implications of the legal obligations that they accept as conditions for receipt of student loan funds. This mass failure to realize the requirements attached to signing promissory notes and entering into binding loan contracts has recently led to several rounds of reform by the federal government. Unfortunately, these reforms have done little to stem the tide of rising student loan debt, most of which is not dischargeable in bankruptcy. This Article examines how the student debt crisis showcases the newest front in the battle for access to higher education. It outlines the rapid escalation of university and college costs over the last thirty years and the potential harms that accompany those costs. These harms extend beyond the direct financial impact on students to the civic community and economic growth of the country. To help ameliorate these harms, the statutory provisions of the Higher Education Act and their implementing regulations need amendments regarding the counseling that is attached to the disbursement of student loans for all institutions whose students receive Title IV aid. If adopted, these statutory and regulatory amendments would promote informed access without diminishing the quality of higher education or turning students' investments in their futures into unsustainable burdens.
ACCESSION #
93436874

 

Related Articles

  • Taking on the Student-Loan System. Johnson, Fawn // National Journal;5/17/2014, p1 

    The article discusses the reauthorization of the U.S. Higher Education Act by the U.S. Congress in relation to student loans. It also discusses legislative bills, related to the rearrangement of current system of federal student loans, proposed by U.S. Representative of Wisconsin State Tom Petri...

  • A Simple Solution for Overburdened Student Loan Borrowers. Mcmickle, John // American Banker;3/30/2015, Vol. 180 Issue 47, p1 

    The article discusses the growing pressure on legislators to ease the burden of repayment for borrowers who have yet to settle their student loan obligations since the late 1990s and offers a solution to the issue. Topics mentioned include the total debt outstanding for students in the U.S.,...

  • Student Debt Varies By Region: Report. Todd, Sarah // American Banker;12/ 5/2013, Vol. 178 Issue 186, p10 

    The article focuses on the new report from The Institute for College Access & Success which reveals the increasing national student loan debt that varies by state and geographical region in the U.S. It states that the average student loan debt in Northeastern and Midwestern states was even...

  • Part II: Department of Education.  // Federal Register (National Archives & Records Service, Office of;7/29/2013, Vol. 78 Issue 145, p45617 

    The article discusses the U.S. Department of Education's proposal for the amendment of the Student Assistance General Provisions, Federal Family Education Loan (FFEL) Program, Federal Perkins Loan Program, and William D. Ford Federal Direct Loan Program regulations as of July 2013. It informs...

  • Introduction: Reauthorization: An Opportunity for Substantive Change in How Students Pay for College. Gross, Jacob P. // Journal of Student Financial Aid;2015 Special Issue, Vol. 45 Issue 3, p4 

    The article offers information on the 10th reauthorization of the U.S. Higher Education Act (HEA) which likely change how students pay for college.

  • Easing Student Debt Mulled. Investor's Business Daily // Investors Business Daily;3/11/2015, pA01 

    8 Pres. Obama is considering legislation that would allow student loan debt to be forgiven in bankruptcy. That's now illegal with rare exceptions. The federal gov't is the main provider of student loans, so the change could hit taxpayers. Student debt has surged in recent years to about $1.3...

  • The Depth of Student Debt.  // Community College Journal;Aug/Sep2013, Vol. 84 Issue 1, p48 

    The article discusses the study conducted by the Urban Institute which examines student debt across all education, demographic and income levels in the U.S. in 2013. The study reveals the increase of student loan debt from credit card to mortgage debt since 1989. It found that the students are...

  • Student Debt Daze. Investor's Business Daily // Investors Business Daily;7/9/2015, pA12 

    The article reports on the criticisms of the initiative of U.S. President Barack Obama to lower payments for student loan. Topics mentioned include the plan of Obama to expand his Pay as You Earn program, the possibility of an increase in student debt, emergence of taxpayer subsidy for student...

  • Responsibility or Liability? Student Loan Debt and Time Use in College. Quadlin, Natasha Yurk; Rudel, Daniel // Social Forces;Dec2015, Vol. 94 Issue 2, p589 

    Recent research shows that student loans may affect persistence and completion among undergraduates, but few have examined the association between debt and everyday college experiences. We use data from the National Longitudinal Survey of Freshmen to assess the relationship between student loan...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics