The Baylor Lariat reached out to Baylor’s Financial Aid office to comment on the initial ban, Lori Fogleman the Assistant VP of Public Relations, provided the emailed statement below from Dr. Kevin Chambliss the Vice Provost of Research at Baylor, detailing Baylor University’s approach to the freeze.
Browsing: loans
With Black History Month commencing this week, we have the opportunity to highlight these businesses in our community. It is likely they will be receiving a bit more traffic than they typically would in any other given month due to the outpouring of support from locals in honor of the month. However, considering all that Black business owners go through in order to keep their businesses alive, shouldn’t we be giving them the credit they’re due year-round?
Why is a lack of personal finance skills such a common theme among college students? One of my co-workers is $800 in credit card debt. I have overheard two of my classmates joke about how they had less than $5 in their checking accounts. Even my 22-year-old brother didn’t know how to make or maintain a budget until just a few months ago, despite living independently. College-aged students need to prioritize personal finance to establish foundational financial literacy skills that can set them up for a successful future post-graduation.
Retirement is just something our parents have to worry about. After all, we’re a good 45 years away from our golden years. But according to the U.S. Department of Labor and USA Today, the statistics about retirement are daunting enough to raise my 22-year-old eyebrows.
While it’s undeniable that the amount of college loans is soaring, the government isn’t hurting from it. In fact, the government makes money on college loans, according to the 2011 Federal Education Budget Project report.
“The federal government disbursed $112 billion in student loans in 2012. Most of that will be paid back with interest. The interest rates and fees are set high enough that the government makes money,” Federal Education Budget Project Director Jason Delisle said in a New York Times article published Feb. 27, “Putting a Number on Federal Education Spending.”
Each year, 12 million Americans, or 60 percent of college students, borrow money to cover college-related expenses, according to the Chronicle of Higher Education.
Yet many students remain uninformed of the differences between basic loan types and the effect of each on their financial future.