Every week, Student Debt Relief posts a roundup of the latest happenings in all things student loan-related. This week we have four articles, each covering a different article in the news.
Brown University Will Provide Scholarships Instead of Student Loans
In September 2017 Brown University in Providence, RI started an ambitious program called The Brown Promise. Their goal was to raise $30 million dollars to be able to provide full scholarships to all their students who would otherwise require financial aid. With the help of 2,087 donors, they were able to raise the funds in only three short months and beginning in the 2018/2019 school year, students will receive scholarships instead of student loans. To continue the program and fully fund it, Brown is trying to raise an additional $90 million dollars. Bravo Brown! This seems to be a major step in the right direction for helping to tackle student loan debt.
House GOP Bill Could End Student Loan Forgiveness Program
GOP leaders have drafted the PROSPER act, which would put an end to the Public Service Loan Forgiveness(PSLF) program. Rep. Virginia Foxx (R-N.C.) and Rep. Brett Guthrie (R-KY) of the House Committee on Education introduced the bill, which seems to be detrimental to student loan borrowers. Not only does the bill kill PSLF, but it also removes most of the student loan repayment plans, and limits flexibility borrowers currently have.
Millenials Want Student Loan Payments, Not Gifts!
In a recent study, student loan borrowers would prefer to have the gift of a student loan payment, instead of a retail shopping gift. With over $1.4 trillion in student loan debt, 44 million debtors, and an average balance of $32,000 its no wonder why people want student loan payments and not gifts. In the survey, 70% would prefer help paying down their debt instead of normal holiday gifts.
Navient Being Sued Again, This Time by Its Shareholders
Navient has come under fire, again and again, and this time its by its own shareholders. Shareholders claim that Navient withheld information about its sub-prime student loan lending, which is at a high risk because of the creditworthiness of the borrowers. Navient shares lost $500m in the month of October when they were sued by the Pennsylvania state attorney general for misleading practices.
Be sure to check back every Friday at Student Debt Relief for our Weekly Roundup of the latest news and updates regarding the student loan industry