On July 1, 2010, the U.S. Department of Education implemented two fixes to the Income-Based Repayment program which make borrower's student loan payments more affordable:

Married Borrowers: When married couples both have federal student loans, they will no longer face higher IBR payments than their unmarried peers. For married borrowers who file their taxes jointly, lenders will factor in the couple's total federal student loan debt, as well as their total income, to calculate payments. Originally, IBR did not recognize that joint income has to cover both spouses' federal loan payments, resulting in payment requirements up to twice what two equivalent single people would have to pay.

Baseline Debt: IBR eligibility will be based on either the balance when the loan first entered repayment or on the current loan amount, whichever is greater. This will allow borrowers whose loan balances have increased (often due to accrued interest during periods of deferment or forbearance) to qualify based on what they actually owe.

Posted by Shannon Gallegos at 4:02 PM | Permalink

U.S. News & World Report has chosen two of the Institute for College Access & Success' projects College InSight and the Project on Student Debt for their top ten list of the best college websites!

See the entire list here

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"After repeated attempts to eliminate the competitive Cal Grants, we are pleased that the Governor has recognized their importance and today proposed to preserve all Cal Grants in 2010-11. These grants help high-achieving, low-income students enroll in college, earn certificates and degrees, and help meet the state’s need for an educated workforce.”

Debbie Frankle Cochrane
Program Director
The Institute for College Access & Success

Posted by Shannon Gallegos at 1:47 PM | Permalink

The Institute for College Access & Success' president Lauren Asher was a week-long guest columnist for the New York Times "Bucks" blog, answering questions from Times readers about student debt and loan repayment.

Answers About Student Loans: Part 1
Answers About Student Loans: Part 2
Answers About Student Loans: Part 3
Answers About Student Loans: Part 4
Answers About Student Loans: Part 5

Posted by Shannon Gallegos at 2:26 PM | Permalink

In College, Inc., correspondent Martin Smith investigates the promise and explosive growth of the for-profit higher education industry. Through interviews with school executives, government officials, admissions counselors, former students and industry observers, this film explores the tension between the industry --which says it's helping an underserved student population obtain a quality education and marketable job skills -- and critics who charge the for-profits with churning out worthless degrees that leave students with a mountain of debt.

Posted by Shannon Gallegos at 9:37 AM | Permalink

A recently released report from the National Center for Education Statistics (NCES) presents the most up-to-date data from the U.S. Department of Education on student financial aid, graduation rates, enrollment, and finances at postsecondary institutions.

We at the Project on Student Debt will continue to analyze these data in detail in the coming months, but one fact from the NCES report jumped out at me - graduation rates for first-time full-time students at for-profit four-year schools fell by 35% while the graduation rates at other four-year schools stayed level.1 Only 22% of bachelor’s or equivalent degree-seekers who entered for-profit four-year schools in 2002 obtained their degree within 6 years (150% of normal time), compared to 34% of bachelor’s degree seekers entering for-profit four-year schools in 2000. The for-profit school graduation rate was already dramatically lower than the public and private non-profit graduation rates, but now it is less than half the rate at either of the other types of four-year colleges. See the table below for detailed figures:



1. U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Graduation Rates component, Spring 2009. Tables 6 and 7 in “Enrollment in Postsecondary Institutions, Fall 2008; Graduation Rates, 2002 and 2005 Cohorts; and Financial Statistics, Fiscal Year 2008.” Note that these graduation rates do not include transfers-out. This table has been updated to reflect NCES revisions to Table 7.

Diane Cheng
Research Associate

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Watch CBS News Videos Online

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