Big Increase in Private Loan Borrowing
New federal data show that the percentage of undergraduate students who borrowed private student loans jumped from 5 percent in 2003-04, to 14 percent in 2007-08. At proprietary (for-profit) colleges and universities, the percentage of students who took out these loans skyrocketed from 13 percent in the 2003-04 school year, to 42 percent last year. Our press release includes other findings and comments about private student loans from Lauren Asher, Acting President of the Project on Student Debt.
Income-Based Repayment Becomes Available July 1
IBR becomes available on July 1, and we've been making updates to IBRinfo and working hard to spread the word about IBR and Public Service Loan Forgiveness. There's a new Frequently Asked Questions section, an updated calculator to estimate your eligibility and payments, a Tell Your Friends page, and a new one-page flyer that explains both programs to graduating students. No application is available yet from the Department of Education, but sign up for email updates so we can let you know when it is.
Robert Shireman Appointed Deputy Undersecretary
Earlier this week US Secretary of Education Arne Duncan appointed Robert Shireman - founder of the Institute for College Access & Success and its Project on Student Debt - to the post of Deputy Undersecretary. We wish him all the best as he works on higher education policy in this exciting new role. Lauren Asher, one of the Institute's founding staff members and Vice President, is serving as Acting President while we continue our independent, research-based efforts to improve college access and affordability.