A new study by the Institute for College Access and Success shows Rhode Island students carry the fifth highest debt burdens in the country. The study looked at student loans for the class of 2012. The average in Rhode Island was $31,156.
Several other New England state also ranked high on the list, including Maine and New Hampshire, which ranked second. The average student loan rate in New Hampshire was $32,698.
A documentary about the fight to create Pell Grants will screen Wednesday evening as part of the Rhode Island International Film Festival.
The film is called "Pell Grants: A Passion for Education." It details the events in Washington leading up the the creation of the federal student loan program named for the late Rhode Island Senator Claiborne Pell.
As part of the screening at the Veteran's Memorial Auditorium in Providence, Pell’s widow Nuala Pell and his grandson Clay Pell will take part in a question and answer session.
Rhode Island Sen. Jack Reed has failed again in his attempt to hold down college student loan rates.
The Senate has once again failed to pass Democrat Reed’s legislation that would keep federal student college loans from doubling in interest. Reed’s bill failed on a procedural motion by a vote of 51 to 49. Sixty votes were needed to end the Republican filibuster.
On Capitol Hill Thursday the Senate will vote on a bill by Senator Jack Reed that blocks a rate hike on student loans. What’s called “The Student Loan Affordability Act” would keep the interest rate on federal student loans from doubling for two years.
Reed said that’s how long it will take Congress to come up with a long-term solution.
Staring down a July 1st deadline, lawmakers on Capitol Hill are looking at ways to control the costs of federal student loans. Senator Jack Reed is behind a measure that would overhaul how student loan interest rates are calculated.
Reed and a handful of democrats in Congress are pushing legislation that offers adjustable rates and caps the maximum interest rates on federal loans. The bill also allows borrowers stuck with high interest rates to refinance.
Internships are generally unpaid. But they will pay off handsomely under a new program announced Tuesday by the Rhode Island Student Loan Authority. Starting May 1st the Authority, known as RISLA, will forgive $2,000 of a student’s loan if he or she completes an internship worth three credit hours. It will be forgiven upon graduation.
RISLA director Charles Kelley says the idea is to stem the brain drain, the practice of promising young college students leaving the state for lack of work.