Another week, more student-related news to report. We found some of the biggest issues facing students this week so you can stay in the know.
Check out what’s happening below.
New York might help make loan forgiveness less insane
If you’ve ever applied for loan forgiveness, you understand the unique challenges that face the application. Finally, someone is attempting to do something about how complicated the process has become.
New York is the second state, alongside Massachusetts, to announce a lawsuit against PHEAA (Pennsylvania Higher Education Assistance Agency) over how it handled the loan forgiveness program. The loan provider denied 99% of forgiveness applications, many for applicants that should have been allowed to have their loans forgiven.
Hopefully, getting to the bottom of the chaos will allow many others to get their loans forgiven in the future.
Things to know if your parents took out a loan for you
When it comes to student loans, students are not the only ones suffering from the burden of debt. A lot of parents take out Parent PLUS loans to help their child with their education and take some of the financial pressure off of them after they graduate.
But who is suffering the most when it comes to taking out these parent loans? Unfortunately, low-income families who can’t afford to pay for college out of pocket are most often saddled with enormous debt they have trouble repaying. Since a PLUS loan are determined by borrower history, and not income, low-income parents can easily get the loans. But paying for them is another story.
While it’s great that parents want to help, saddling yourself with a debt that could take 15 to 20 years to pay off later in life poses some significant financial hurdles. Read more here.
Do you take advantage of Office Hours? Here’s why you should
An alarming number of students don’t take advantage of professor’s office hours. Some go through their entire college career without once seeking one-on-one help from their instructors. Trust me, I was one of them.
But a recent NPR article highlights how office hours can be a crucial aspect to success while in school. Not only do they give you access to one-on-one support from your professor, but it might open a window to many more resources to help you through class.
Read the full piece here and use the tips they provide to go to office hours next week.
Will college secure your financial future?
A recent report by CNBC says it doesn’t for many college graduates. As of 2018, many college graduates earn less than $28,000 a year, which means many students are not getting the return on the investment they hoped for. When you’re spending so much to go to school, the salary doesn’t match the expectations many graduates have.
Especially when you compare this low salary to the amount of debt, many students incur. Learn more about how the price of college is failing to return the investment on a college education here.