Trump administration still garnishing wages of student loan borrowers during pandemic
The Trump administration is fighting a class-action lawsuit for continuing to garnish the wages of defaulted borrowers in violation of a federal order.
Education Finance
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Biden extends grace period on student loan payments through May 1
Interest rates will remain at 0% during that period, and debt collection efforts will be suspended. Those measures have been in place since early in the pandemic, but were set to expire Jan. 31.
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IBJ Podcast: Pete the Planner explains how to pay (and how not to pay) for college
Host Mason King talks with Peter “Pete the Planner” Dunn this week about when parents need to start saving, what savings vehicles to use and whether parents should go into debt to fund their kids’ education.
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State expands Next Level Jobs programs to help economy recover post-virus
Through the end of the year, Hoosiers with an associate’s or bachelor’s degree can also receive free training in high-growth, in-demand jobs. In addition, the state has expanded the money companies can receive to train workers.
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Indiana governor changes stance on teacher pay action
Republican Eric Holcomb has said he would wait for recommendations later this year from a teacher pay commission he appointed in February, but he told reporters Monday—on the first day of the legislative session—that might change with state tax revenues growing faster than expected.
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Articles
More employers offering workers help paying off student loans
Americans collectively owe nearly $1.5 trillion in student loans—more than twice the total a decade ago. It’s a burden that weighs on millions of adults, shaping their life choices and often stunting their financial growth.
Fishers firm vying for big federal student-financing contract
A team of financial technologists has its sights on a U.S. Department of Education contract that could bring at least 300 jobs to the city and further central Indiana’s role as a student-financing hub.
Teachers union sues DeVos over embattled loan relief program
The American Federation of Teachers filed a federal lawsuit, alleging that the Education Department has mismanaged the Public Service Loan Forgiveness program that was created in 2007. Just 1% of more than 86,000 applications had been approved for loan forgiveness as of March 31.
Stanford ex-coach gets one day in prison in college scandal
Prosecutors had sought a sentence of 13 months in prison for former Stanford University sailing coach John Vandemoer, who admitted to taking more than $500,000 in bribes for the sailing team in exchange for recruiting unqualified applicants to get them into Stanford.
IBJ Podcast: Pete the Planner talks about paying for college
IBJ personal finance columnist Peter Dunn talks with podcast host Mason King about three key components of paying for college: saving in advance, paying some expenses in the moment and preparing your kids to make good choices.
Two Indianapolis school districts win extra funding boosts from voters
The local districts were among 10 school districts statewide that sought funding from voters to supplement the state and local money they already receive.
Report finds problems with student loan servicing, oversight
The nine companies and organizations tasked with servicing the accounts of the nation's 30 million student loan borrowers repeatedly failed to do their jobs properly over a period of years, a new report finds.
Colts players trade cleats, pads for textbooks, course work
Dozens of players in the NFL—including three from the Indianapolis Colts—are hitting the books this offseason—and are being motivated by the league to do so.
Gov. Holcomb announces plan to pay off pension liability, free up money for teacher raises
On Tuesday night, Holcomb said in his State of the State speech that the state will use $150 million from its surplus to pay off a teacher pension liability that schools have been gradually paying down.
State tax revenue projected to grow, but new money will barely cover increased costs
State fiscal leaders heard some good and bad news about the state budget Monday morning in a highly anticipated revenue forecast that predicted tax receipts for the next two years.
Veteran of FBI, TSA trying to turn around Anderson University
John Pistole, an Anderson native who took the helm of the Christian university in 2015, said putting it on stronger financial footing has been tougher than he expected.
Marian University to partner with Saint Joseph’s on new two-year college
The college will open adjacent to the Marian campus in Indianapolis, but the institutions will study whether it makes sense to expand to other areas of the state. One location that will be studied is Saint Joseph’s closed campus in Rensselaer.
For-profit educator Harrison College going out of business
Harrison, which was founded in Marion in 1902 as Indiana Business College, said it would close all of its campuses in three states on Sunday.
Education chief loses student loan lawsuit brought by 19 states
Education Secretary Betsy DeVos' move to delay Obama-era regulations to help students defrauded by for-profit colleges was dealt a setback Wednesday.
Full loan relief rare for students defrauded by for-profit colleges
The Trump administration is granting only partial loan forgiveness to the vast majority of students approved for help because of fraud by for-profit colleges, according to preliminary Education Department data.
ITT Educational’s CEO, directors scoff at $250M lawsuit
Attorneys for the defendants have asked the court to discuss the case, arguing it falls far short of the standards needed to warrant a full-blown trial.
Nation’s top student loan official resigns in protest
Seth Frotman will be stepping down as student loan ombudsman at the end of the week, citing what he says is the White House's open hostility toward protecting the nation's millions of student loan borrowers.
For-profit colleges have more support, but complaints persist
Education Department documents show that students filed nearly 24,000 federal fraud complaints between President Donald Trump's Jan. 20, 2017, inauguration and April 30 this year, almost entirely against for-profit colleges.
IPS’ big ask: What a $220 million referendum means for the district and its taxpayers
The district says that, to keep its main priority on the table—raising money for salary increases for teachers and staff—it made tradeoffs that could leave it financially vulnerable down the road.