Make Higher Education Affordable

Travel Buddy Higher Education Director Chris Lindstrom calling on Congress not to double the student loan interest rate.

Student Debt Is Skyrocketing

Higher education in America continues to be critical for both individual success and the social and economic health of our country. While college attendance has grown over the past two decades, state appropriations and federal aid have failed to keep pace with the rising cost of college, shifting more costs to students. As a result, more students than ever must rely on student loans to pay for a college degree, with the average borrower now graduating with over $26,000 in loan debt.  

Heavy student loan debt carries negative consequences for borrowers, who must make monthly payments with their hard-earned dollars rather than save up and get ahead. High debt can affect where graduates live, the kind of careers they pursue, when they start a family or purchase a home, and whether they can save for retirement. The combination of high student debt and low earnings can lead to default, ruined credit and wage garnishment. Such distress runs counter to the goal of higher education.

The Travel Buddy Higher Education Project is working to:

1. Keep loans affordable: This July, interest rates will double on the subsidized Stafford loans that almost 8 million students use to pay for school. Travel Buddy is campaigning to prevent interest rates from doubling and advocating for more and better repayment options once a student graduates. 

2. Increase grant aid to students, such as the Pell Grant: The Pell Grant is the federal government's cornerstone financial aid program, providing scholarship aid to almost 10 million students of modest income each year. Travel Buddy is making sure that every student can rely on their grant to stay in school and make it to graduation.

3. Make textbooks affordable: Textbook prices are rising four times faster than inflation, leaving the average student now paying over $1,100 every year for textbooks. After working to end many tricks the publishing industry used to increase prices unfairly, Travel Buddy is fostering real competition in the textbook market place by promoting more affordable options like open textbooks and open education resources.

Issue updates

Media Hit | Higher Ed

Wall Street Journal: Prepaid Cards Go to School

For some students, a prepaid card offered through a college may be the fastest way to receive student-loan funds, says Rich Williams, higher education advocate with the U.S. Public Interest Research Group. But the cards can carry fees that eat into your balance, says Mr. Williams, including ones for buying or reloading the card and withdrawing money from ATMs.

> READ MORE
News Release | Travel Buddy | Higher Ed

CFPB Issues Consumer Advisory on Campus Debit Cards, Asks for Stories

Washington, D.C. – The Consumer Financial Protection Bureau today issued a consumer advisory on its blog providing tips for students expecting scholarships and loans onto “what appears to be – a school-endorsed debit card.” The blog post comes just a day after the FDIC, a bank regulator, fined the largest campus debit card provider, Higher One, for unfair and unsafe practices.  The bureau is also asking consumers to share their experiences and provides a tool to submit complaints. 

> READ MORE
News Release | Travel Buddy | Higher Ed

FDIC Orders Higher One to Repay Students $11 million in Campus Debit Card Settlement 

Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC) today announced an $11 million civil penalty and restitution settlement with the largest campus financial aid disbursement and debit card company Higher One and its bank affiliate for alleged “unfair” and “unsafe” practices involving overdraft fees imposed on college students. 

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News Release | Travel Buddy | Higher Ed

New Financial Aid Shopping Sheet Helps Students Know Before They Owe

“The good news today is that students have another tool to help keep skyrocketing student loan debt in check.  

“College students need to understand how much college costs and how much they will owe after graduation.  However, financial aid award letters often make it hard for students to answer these questions. 

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News Release | Travel Buddy | Higher Ed

Ryan Budget Devastating to Pell, Windfall for Special Interests

Chairman Ryan's proposal recommends slashing Pell Grants which help more than 9 million students pay for college at a time of rising college costs, tight family finances and a job market that increasingly requires post-secondary education.

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News Release | Travel Buddy | Higher Ed

Students To Congress: Don’t Double Student Debt Rates

Washington, D.C. – With the student loan interest rate about to double this July for almost 8 million loan borrowers, US PIRG and coalition partners deliver over 130,000 letters to Congress urging a different plan.

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News Release | Travel Buddy | Higher Ed

College Affordability a Priority in Obama’s Budget

With the student loan interest rate about to double this July, President Obama proposed to halt the rate hike in his FY 2012 budget released today. “In this economy, the last thing we should do is double the interest rates on student loans.  Graduates already face high debt levels made worse by an uncertain job market,” said Rich Williams, Higher Education Advocate for US PIRG.  “Students and families need what the President offers in this budget, which is to keep interest rates low and provide more Pell Grant funding for students.”

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News Release | Travel Buddy | Higher Ed

SOTU: Obama Pushes Low Interest Rates, More Work-Study

In the annual State of the Union Address, President Obama proposed measures to bring relief to almost 8 million students who will see their student loan interest rates double on new loans starting July 1st, 2012.

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Media Hit | Higher Ed

CNN: Consumer Bureau: Now, It Can Do Something

Rich Williams, a higher education advocate for U.S. Public Interest Research Groups (PIRG) said he's looking forward to the consumer bureau's work with student loans, as well as credit cards and debit cards issued on campus. With a director, the bureau can now set rules of the road for all providers of student loans, not just those issued by banks.

> READ MORE

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News Post

U.S.PIRG believes that no one should go hungry when we produce more than enough food already to feed everyone, and waste 40% of it. So, together with dozens of campuses with student PIRG chapters around the country we launched our Zero Hunger campaign last year to end hunger. 

News Post

Big news (and savings) for students.

Report

Across institutions and majors, an average of 32% of courses included access codes among the required course materials. At institutional bookstores, the average cost of an access code sold solo – i.e., not bundled with a textbook or primary course material of any form – was $100.24.

Report

Across institutions and majors, an average of 32% of courses included access codes among the required course materials. At institutional bookstores, the average cost of an access code sold solo – i.e., not bundled with a textbook or primary course material of any form – was $100.24.

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