Melanie Grimes

Guest Post: Ed Dept Must Do a Better Job Helping Borrowers Avoid Default

In Student Loans on October 27, 2011 at 3:58 pm

The Department of Education recently announced that the national student loan default rate has risen to over 8 percent and we know that this measure provides only a limited view of the troubles that borrowers are having repaying their student loan debt. In the current economy, we can only expect things to get worse unless the Education Department tackles this problem head-on.

Among the defaulters are a large percentage of unemployed college students. It’s bad enough to be unemployed; however, when you add to this difficulty with being classified as a defaulter, you are really in trouble. Defaulting on federal student loans results in a lifetime of financial purgatory — it destroys your credit, making it impossible to obtain a credit card, car loan, and home loan, and it puts you at risk of having your wages garnished, and your tax refunds intercepted by the IRS.

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Leo in the News: Rye Record, June 2010

In Clinton Adminstration, Student Loans, Uncategorized on June 27, 2010 at 3:03 pm

Leo Kornfeld Interview with Rye Record in June 2010

A New ‘Independence’ Day for Student Financial Aid

In Student Loans on June 17, 2009 at 12:23 am

By LEO KORNFELD and MARK KANTROWITZ

As college costs have increased, and more federal and state aid has become merit-based, the doors of educational opportunity have closed for many students. Countless numbers are being denied access to college simply because they cannot afford it, undermining the fundamental policy object of the Higher…
Read full article here