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Defaults on student loans rise in Arizona KSWT-TV AP - March 7, 2010 5:04 PM ET PHOENIX (AP) - The default rate for student loans in Arizona is rising, and critics are blaming generous lending practices, ... Defaults on student loans risingAZ Central.com Debt to some degreeIndianapolis Star Some schools reluctant to disclose tuitionArizona Republic WalletPop (blog) -Midland Daily News all 17 news articles »

Why make government the prime source for student loans? Washington Post So you'll work longer to pay off your student loan to help pay for someone else's education -- and to help your US representative's reelection. ... Federal student loan plan could hurt NH agency but would free up moneyNashua Telegraph Student loans will see changes in lenders, repayment optionsThe Mirror Seeking Shelter From the Coming Tax StormWall Street Journal St. Louis Post-Dispatch -San Francisco Examiner -Gov Monitor all 25 news articles »

Defaulted Loans May Haunt Seniors Wall Street Journal The Treasury currently withholds benefits of 3.1 million Social Security recipients to recover defaulted student-, farm- and small-business loans, ... and more »

Student-Loan Bill's Windfall Shrinks in New Estimate Chronicle of Higher Education (subscription) The new budget-office projection was eagerly cited by private student-loan providers, who still hold out hope that Congress might abandon any major overhaul ... Senator Lamar Alexander Is Making Things UpChronicle of Higher Education (subscription) (blog) all 2 news articles »

How to apply for student loans with bad credit LoanSafe Have you been trying to apply for student loans but your bad credit score is hindering you from getting that loan? If this has happened to you do you not ... and more »

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News

On September 17th the House of Representatives passed the Student Aid and Fiscal Responsibility Act, a bill that provides billions of dollars in federal spending on education and that makes a major change in the structure for student loans in this country. The omnibus bill is described in the New York Times as a step towards the loan relief that has become a major issue as the cost of higher education has soared.

The principal revision in the loan program is eliminating the current loan option of federally guaranteed loans provided by private institutions. Instead, all federally backed student loans will come directly from the government.

Direct loans from the government currently available are based on need. Any student is eligible for a loan that is guaranteed by the government but issued by a private lender, and these are the large majority of all student loans. The loans originated by banks and other lending institutions are called Federal Family Education Loan Program (FFELP) loans – which currently represent about 75% of all student lending. Students who max out on federally guaranteed or subsidized loans also have the option of taking out private loans from banks to meet further needs.

The new legislation raises the limit on direct student loans and will also increase the ceiling for Pell grants, a program that provides direct grants for higher education to low income students. There are also funds to underwrite community college development and some special education programs.

There are current ceilings on student borrowing, both for total student loans and for annual loans. They vary through the undergraduate years and go up for graduate students. Thus a freshman who wants to pursue a business administration degree...

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