student debt

U.S. household debt is on the rise again. And states in the Mountain West are seeing some of the highest levels in the country.

Design: Tennessee Watson

Some colleges and universities do a better job than others at helping graduates advance financially so they can earn more than their parents. That’s according to the Equality of Opportunity Project, which studied anonymous tax data from 1999 to 2013, to create Mobility Report Cards. The project ranks colleges based on their impact on intergenerational mobility -- a term for when kids earn more than their parents.

 

The U.S. Department of Education has ended an agreement with the Consumer Financial Protection Bureau, or CFPB, the agency tasked with investigating financial fraud and mistreatment. In partnership with the Department of Education, the CFPB has been working to investigate complaints about student lenders and for-profit colleges.  

 

Wyoming’s U.S. Senator Mike Enzi has introduced legislation to address his concerns about the information college students receive when deciding to borrow federal loans. 

The Transparency in Student Lending Act would require disclosure of the annual percentage rate -- or APR -- for federal student loans. The APR is something that lenders of private student loans already provide.  The APR helps borrowers grasp the total cost of obtaining a loan by simplifying it down to one number that includes the interest rate as well as additional fees and costs.

Student Loan Hero

A new study ranking states by the average cost of a credit at public colleges found that Wyoming is the third most affordable state. The study by Student Loan Hero, a for-profit company that creates tools to help students manage debt, looked at Department of Education data from 2014 and 2015.

Elyssa Kirkham, who conducted the study, said she started with the price of in-state tuition for a 12 credit semester, which may include enrollment fees, registration fees and program fees depending on the school, and broke it down to the per-credit cost from there.

Senator Mike Enzi (R)

U.S. Senator Mike Enzi of Wyoming is calling for the Department of Education to audit the data it maintains on all student loan-related programs. Enzi, who chairs the Senate Budget Committee, wrote a letter on February 23rd to Education Secretary Betsy DeVos, drawing her attention to a coding error in the College Scorecard, a tool the feds created to help students explore college options.