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  • user warning: Table './conserva_drupal/cache_filter' is marked as crashed and should be repaired query: UPDATE cache_filter SET data = '<p>\n FEDERAL STUDENT LOANS: December 31, 2014</p>\n<p>\n <img alt=\"\" src=\"http://conservativechronicle.com/sites/default/files/Jeffrey.gif\" style=\"width: 300px; height: 116px;\" /></p>\n<p>\n From November 2013 through November 2014, the aggregate balance in the federal direct student loan program &mdash; as reported by the Monthly Treasury Statement &mdash; rose from $687,149,000,000 to $806,561,000,000, a one-year jump of $119,412,000,000.</p>\n<p> THE BALANCE on all student loans, including those from private sources, exceeded a trillion dollars as of the end of the third quarter, according to the Federal Reserve Bank of New York.<br />\n &ldquo;Outstanding student loan balances reported on credit reports increased to $1.13 trillion (an increase of $8 billion) as of September 30, 2014, representing about $100 billion increase from one year ago,&rdquo; the bank said in its latest report on household debt and credit.<br />\n Seven years ago, in November 2007, the aggregate balance in the federal direct student loan program was only $98,529,000,000. Since then, it has grown by $708,032,000,000.<br />\n This is money that young Americans owe the federal Treasury &mdash; and that gives the federal government leverage over their lives.<br />\n &ldquo;Under the DL program, the federal government essentially serves as the banker &mdash; it provides the loans to students and their families using federal capital (i.e., funds from the U.S. Treasury), and it owns the loans,&rdquo; explains the Congressional Research Service.<br />\n In fact, the program is a government-funded redistribution of wealth to colleges and universities. The question is: Who will ultimately pay for that wealth transfer?<br />\n In 2013, the National Center for Educational Statistics published a study of student aid in the 2011-2012 school year. It showed that 40.2 percent of students attending a postsecondary school had a federal student loan.<br />\n The percentages were higher for full-time students and those who attended four-year colleges. Fifty-five percent of students attending college full-time had a federal loan, 58.1 percent of those attending a four-year doctorate-granting institution had a federal loan, and 61.4 percent of those attending a four-year non-doctorate granting institution had a federal loan.<br />\n The average amount of a federal student loan during that school year was $6,500.<br />\n In 2012, according to the National Association of College and University Business Officers, the University of Texas System had an endowment of $18,263,850,000 &mdash; the largest of any state university system. In 2013, that endowment grew 12 percent &mdash; or $2,184,463,000 &mdash; to hit $20,448,313,000.<br />\n Yet, according to the College Board, an in-state student attending the University of Texas at Austin during this school year will pay $26,324 in total costs (including $9,798 in tuition; $11,456 in room and board; $760 for books; $2,280 in personal expenses; and $1,490 in transportation expenses).<br />\n The &ldquo;average indebtedness at graduation&rdquo; of a University of Texas student is $25,300, says the College Board. This is &ldquo;the typical amount of loan money a student who attended this college must pay back.&rdquo; (The College Board does not specify how much of that indebtedness is owed to the federal government.)</p>\n<p> IN 2012, according to NACUBO, Harvard had and endowment of $30,435,375,000 &mdash; the largest of any American university.<br />\n In 2013, that endowment grew 6.2 percent &mdash; or $1,898,918,000 &mdash; to $32,334,293,000.<br />\n Yet, according to the College Board, the cost of attending Harvard this year is $62,250 (including $43,938 in tuition, $14,669 in room and board, $1,000 for books and supplies and $2,643 in personal expenses). The &ldquo;average indebtedness at graduation&rdquo; of a Harvard student is $12,560.<br />\n By providing an average of about $100 billion per year in student loans, the federal government allows even the nation&rsquo;s wealthiest universities to charge students more than they and their families can pay without going into debt.<br />\n That makes colleges richer and students poorer.<br />\n The federal government already has programs in place to forgive or payoff the student loans of Americans who engage in government-approved activities, or who do not do well enough financially to pay off their own loans.<br />\n &ldquo;Loan forgiveness and loan repayment programs,&rdquo; says the Congressional Research Service, &ldquo;typically are intended to support one or more of the following goals: Provide a financial incentive to encourage individuals to enter public service. Provide a financial incentive to encourage individuals to enter a particular profession, occupation, or occupational specialty. Provide a financial incentive to encourage individuals to remain employed in a high-need profession or occupation &mdash; often in certain locations or at certain facilities. Provide debt relief to borrowers who, after repaying their student loans as a proportion of their income for an extended period of time, have not completely repaid their entire student loan debt.&rdquo;<br />\n &ldquo;Currently, over 50 loan forgiveness and loan repayment programs are authorized, and at least 30 of which were operational as of October 1, 2013,&rdquo; says CRS.</p>\n<p> WHEN THE government forgives or repays a student loan, it becomes a redistribution of wealth from taxpayers to a person who attended college.</p>\n', created = 1574193597, expire = 1574279997, headers = '', serialized = 0 WHERE cid = '2:41b994343e561cc6b65e61f290f0ff14' in /home/conserva/public_html/includes/cache.inc on line 112.
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  • user warning: Table './conserva_drupal/cache_filter' is marked as crashed and should be repaired query: UPDATE cache_filter SET data = '<p>\n Full text and e-editions are available to premium subscribers only. To subscribe to the digital edition, please visit <a href=\"/content/subscribe\">subscription page</a>. If you are already a subscriber, please <a href=\"/user\">login to the site</a>. You can also request a free sample by using our <a href=\"/content/free-sample-issue\">request form</a>.</p>\n', created = 1574193597, expire = 1574279997, headers = '', serialized = 0 WHERE cid = '2:26332461bfe9df08f9ac8dde4bed3db8' in /home/conserva/public_html/includes/cache.inc on line 112.
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Federal student loan debt tops $800 billion

FEDERAL STUDENT LOANS: December 31, 2014

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