Higher Ed

News Release | U.S. PIRG Education Fund | Higher Ed

BANKS SKIM MILLIONS IN FEES FROM STUDENT AID USING DEBIT-CARD-LINKED STUDENT IDS

Washington, D.C. – Over 9 million students are at risk for increased educational debt, due to bank-affiliated campus debit cards that come with high fees, insufficient consumer protections, and few options.  Financial institutions now have affinity partnerships with almost 900 campuses nationwide, grafting bank products onto student IDs and other campus cards to become the primary recipient of billions in federal financial aid to distribute to students.

Report | U.S. PIRG Education Fund | Higher Ed

The Campus Debit Card Trap

Banks and other financial firms are taking advantage of a variety of opportunities to form partnerships with colleges and universities to produce campus student ID cards and to offer student aid disbursements on debit or prepaid cards. In addition to on-campus services, such as student ID functions offered on the card, some cards offer traditional debit card services linked to bank accounts; other cards provide additional reloadable prepaid card functions. The disbursement of financial aid and university refunds is the most significant partnership identified.

Obama's New Consumer Finance Chief Can Lower Student Debt

By | Rich Williams
Higher Education Advocate

President Obama took a bold and important step this week, standing up for student consumers by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau (CFPB). The president's action means that the CFPB now has all its powers to protect students from unfair financial practices that pile on student debt, including lenders offering dangerously expensive private student loans and aggressive credit and debit card marketing.

News Release | U.S. PIRG Education Fund | Higher Ed

New Consumer Finance Chief Can Lower Student Debt

President Obama is taking a bold step to protect student consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau.

News Release | U.S. PIRG Education Fund | Higher Ed

Consumer Financial Protection Bureau Takes First Step to Protect Students but Hamstrung from Going Further

Today the Consumer Financial Protection Bureau (CFPB) announced a new initiative to improve financial literacy tools for students before they enter college.

News Release | U.S. PIRG Education Fund | Higher Ed

Obama Announces Initiatives to Ease Student Loan Debt

Tomorrow, President Obama will announce a series of initiatives that will reduce the burden of student loan debt that millions experience after graduation.

News Release | U.S. PIRG Education Fund | Higher Ed

Department of Education Rule to Rein in Abuse at For-Profit Colleges Doesn’t Go Far Enough

Yesterday, the US Department of Education took the first step in reining in abusive practices at for-profit colleges which pile deep debt onto their students in exchange for questionable credentials.  It issued a new rule that sets a standard for these schools: their programs have to ensure graduates can earn enough to pay off the hefty student loans they must carry to pay for their enrollment.

Report | CALPIRG | Higher Ed

Working Too Hard to Make the Grade

Our commitment to equity and our future economic success require that we make higher education accessible to all Californians, and that our students succeed academically and graduate. The community college system plays a key role in California’s ability to meet these goals, educating six out of every ten college students in the state and opening their doors to students of every type. It is therefore deeply concerning that, of all community college students who intend to complete an associate’s degree, or transfer to a four-year school, only 24 percent achieve their goal within six years. One of the factors contributing to this low success rate is the number of hours that students work at their jobs. While community college is generally perceived as being the low-cost college option—and the system has been able to keep its fees extremely low—fees are only a small fraction of the full cost of attendance for a community college student. To cover their costs, students work long hours, negatively affecting their academic performance. At the same time, existing sources of aid are being underutilized. CALPIRG surveyed 2,679 students on campuses across the state to find out more about students’ work habits, their understanding of financial aid and how these factors might affect their academic success.

Report | U.S. PIRG Education Fund | Higher Ed

Obama's Budget: Supporting Students, Not Banks

To help struggling students and families, President Obama has proposed a significant increase to the Pell grant for 2010-2011. The boost will be paid for by cutting excessive student lender subsidies out of the student loan programs and reinvesting that money instead in student aid. A report by the U.S. PIRG Higher Education Project estimates the impact of transferring $5 billion in student lender bank subsidies to Pell Grant recipients in each state.

Report | U.S. PIRG Education Fund | Higher Ed

Cutting Interest Rates, Lowering Student Debt

In 21st century America, a college education is critical for individual success and the strength of our nation. Higher education is associated with better health, greater wealth and more vibrant civic participation, as well national economic competitiveness in today’s global environment. As the need for a college degree has grown, however, so has the cost of obtaining that education. The result is increased reliance on loans to pay for college.

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