Lauren Asher News
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Luke Nichter of Harker Heights, Texas, said he’s not a renter by choice. The Texas A&M University history professor’s $125,000 of student debt means he has no hope of getting a mortgage.
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For-profit colleges leave students with high debt and inadequate educations that can harm them for years after they graduate or quit school, witnesses are scheduled to testify today at a Senate hearing in Washington.
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Borrowers defaulted on federal student loans at an 8.8 percent rate for fiscal 2009, up from 7 percent a year earlier, the U.S. Education Department said today.
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About 57 percent of students at 16 for-profit colleges who started classes in the 2008-2009 academic year have dropped out, Senator Tom Harkin said.
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When Alex Winning learned that her university tuition in England for the 2012-2013 year would be triple what her friends in college now pay, she says the idea of that much debt upset her.
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The Obama administration approved regulations restricting incentive-based sales practices at for- profit colleges. The release of a draft in June slowed enrollment growth at Apollo Group Inc. ’s University of Phoenix.
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Thousands of low-income college students may lose access to federal scholarship money because of a possible $5.7 billion shortfall in the Pell Grant program.
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Tuition and fees at U.S. public universities soared 8.3 percent this year, twice the rate of inflation, to an average $8,244, a College Board report found. Nonprofit private college costs rose 4.5 percent to $28,500.
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Republican Senators Richard Burr and Tom Coburn called for an investigation of government disclosure of proposed regulations restricting federal aid to Apollo Group Inc., Education Management Corp. and other for-profit colleges.
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The default rate on U.S. student loans rose to 7 percent in the year ended Sept. 30, 2008, as the economy worsened globally, according to the most recent Education Department data.
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