Student loan | 50 and Over Crowd Still Paying of Massive <b>Student Loan</b> Debt <b>...</b> |
| 50 and Over Crowd Still Paying of Massive <b>Student Loan</b> Debt <b>...</b> Posted: 20 Aug 2014 03:00 AM PDT A new study from the Federal Reserve Bank of New York showed that the 50-and-over crowd makes up 17 percent of the $1.2 trillion in outstanding student loan debt. That is a 30 percent increase since 2005! Our college graduates are finishing school with a huge amount of debt, thinking they can easily pay it off with a well-paying career. Unfortunately that isn't the case anymore. Most of the jobs available are in the service sector; waiting tables, bar tending, flipping burgers, or cleaning hotel rooms. It's not just our college graduates suffering, it's also their parents who are also taking out loans to finance their children's college education while paying back student loans of their own. This is a never ending cycle that has no light at the end of the tunnel, unless we act now. It is no surprise that our college graduates are having a hard time finding well-paying jobs. With the "free trade" agreements with currently have in place like the North American "Free Trade" Agreement (NAFTA), our jobs left our borders. Unfortunately for us, many of our "free trade" agreements have resulted in closed factories, soaring unemployment, and some communities engulfed in misery. "Free trade" policies have forced us to survive on imports and debt. We are now incapable of producing enough for ourselves and are at the mercy of other nations to support us with imported products and borrowed money. Due to "free trade", it has taken less than two decades for us to decline from superpower status to our recent weak and unproductive condition. We have been losing an average of 14 factories every day due to factors like "free trade," which permits other countries to freely engage in predatory mercantilist trade practices that turn out products for as little as $2 to $4 an hour and ship them to America tariff- and duty-free. It's no wonders our college graduates can't find a job! Currently 10% of student loans are in default per year. If something happens and that number were to increase, it would have significant impacts on the economy. Lenders would be less likely to lend money to students, leading to a crash in for-profit institutions. More individuals would have poor credit making it harder for them to secure loans for cars and homes in the future. It also means individuals don't have the money to pay their basic bills, let alone buy more things, which would drive down consumer spending. If we restore our economy by doing away with "free trade" agreements such as NAFTA, and implementing fair trade agreements and legislation that protects the American economy, unemployment will decrease and wages will increase, allowing more people to pay their bills. For more information on the state of the nation, and policies to strengthen our weakened economic condition, be sure to subscribe to receive our newsletter twice weekly. (03)  |
| Gov't will fund UG <b>student loans</b> Finance Minister - Stabroek News <b>...</b> Posted: 20 Aug 2014 10:46 AM PDT Finance Minister Dr Ashni Singh today said that the government will fund UG student loans to the amount of increased tuition fees. There had been some concerns about this because of the opposition's non-approval of funds for a programme which included the student loan scheme and higher tuition fees announced recently by the university. The Ministry of Finance statement follows: Finance Minister Dr. Ashni Singh today stated that the Government of Guyana will be providing funding for student loans to be granted to students of the University of Guyana to meet the cost of the increased tuition fees recently announced by the University. The Minister explained that the Cabinet had concluded its deliberations on the matter yesterday, having examined it exhaustively, and decided that student loans will be granted to cover the new tuition fees. The Minister also clarified that, as before, the loans granted to finance tuition fees will not include the facilities fee which has historically been paid by students outside of the student loan arrangement. As a result of this decision, Minister Singh indicated that he had issued the necessary directive for the Student Loan Agency to commence processing loan applications immediately for the coming academic year. Minister Singh emphasised that the decision by Government to grant the increased student loans was made as a result of this Government's commitment to ensure that no Guyanese student is denied access to University education because of affordability. The Minister also emphasised that the increased revenue earned by the University through the new tuition fees provides the University with an important opportunity to make the necessary changes to ensure better effectiveness in its operations. The University needs to make a more concerted effort to streamline its operations to ensure value for money, more prudent management, and a sustained higher quality of teaching and research output, stated the Finance Minister. At the same time, Minister Singh indicated that the Cabinet expressed its continuing concern about the poor rate of repayment of loans previously granted, and urged increased voluntary compliance, even as Government considers options for strengthening enforcement to raise repayment rates. The ideal option, Minister Singh declared, would be for persons to act responsibly and repay previous loans they were granted voluntarily without any stringent enforcement measures having to be applied. |
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