Student-loan debt delays dream of becoming nun

“So, my student loan payments are more than my monthly rent?” exclaimed my sister-in-law, Kari. “More than a mortgage payment, to be honest,” I replied. Kari is finishing up her junior year of college in May and was curious about what life after college would like like.

The bell has been rung in the next round in the fight over student loan interest rates, and borrowers could take it on the chin this time. On July 1, if Congress does nothing, the interest rate on federal subsidized Stafford student loans will double from 3.4% to 6.8%.  “It’s not the end of the economy as we know it,” says Mark Kantrowitz, publisher of student-lending websites Fastweb.com and FinAid.org. He’s right, but that doesn’t mean it won’t really stink, especially for the poorest college students. Advocacy group U.S.

The bell has been rung in the next round in the fight over student loan interest rates, and borrowers could take it on the chin this time. On July 1, if Congress does nothing, the interest rate on federal subsidized Stafford student loans will double from 3.4% to 6.8%.  “It’s not the end of the economy as we know it,” says Mark Kantrowitz, publisher of student-lending websites Fastweb.com and FinAid.org. He’s right, but that doesn’t mean it won’t really stink, especially for the poorest college students. Advocacy group U.S.

Those who think the answer to the unemployment problem is more education might be surprised to learn the Majority of Unemployed Attended College. For the first time in history, the number of jobless workers age 25 and up who have attended some college now exceeds the ranks of those who settled for a high school diploma or less.

When my parents first announced at Thanksgiving that they were taking out a life insurance policy on me, I was taken aback and slightly offended. In fact, I thought it was a cruel joke. Why would they need to do such a thing? I’m only 27. The mere thought of it was grim.

The federal government plans to write off $173 million in unpaid student loans in the coming fiscal year, which will bring its three-year write-off total to $716 million. Taxpayers were on the hook for $312 million in Canada Student Loan write-offs in the 2011-12 fiscal year and $231 million in the current fiscal year (2102-13), although the loans in question span many years.

OTTAWA — The federal government is writing off another $231 million in unpaid student loans this year from more than 44,000 cases, meaning taxpayers are on the hook for more than half a billion in uncollected student debt over the past few years. Supplementary spending estimates tabled Monday in the House of Commons by Treasury Board president Tony Clement call for an additional $231.2 million in the current 2012-13 fiscal year ending in March to write off 44,048 debts related to Canada Student Loans.

(Tim Schreier)