2008 Woodie Awards
College bill of rights passed to aid students
Daniel Gamberg
Issue date: 3/3/08 Section: News
The CCRA is intended to make loan payments more suitable for students and offer tuition assistance for students who academically excel as part of an agreement to teach after graduation, and includes new investments to serve minorities, promote public service occupations by providing loan forgiveness and assist in containing college costs.
Moreover, the Bill of Rights intends to allocate $20 billion to education in the next five years without any supplementary costs to taxpayers.
College Consumer Bill of Rights
The rights are as follows:
"Students have a right to ...
I. Pay off college loans early without incurring an early-repayment charge.
II. Cancel a private loan within three days of signing an agreement with a lender.
III. Take 30 days after approval for a private loan to think about whether the loan is needed without risking changes to the loan terms.
IV. Take out a loan from the lender of a student's choice, regardless of whether that lender is on a student's college list of "preferred lenders."
V. Know if he/she is eligible for a federal student loan before he/she takes out a private student loan that could carry higher interest rates and fees and feature more stringent repayment requirements.
VI. Clear and complete information from lending companies trying to earn business. This information includes the interest rates a student could pay, the estimated total cost of a student and repayment options.
VII. Clear and complete information from lending companies that have approved a loan or made a loan to a student. This information includes interest rates, fees and finance charges, total repayment amount and maximum monthly payment.
VIII. Know that the student financial aid office does not accept gifts from or share revenues with lending companies.
IX. Not be subject to deceptive marketing campaigns by lending companies.
X. Know that the student financial aid office and lenders offering both federal and private student loans are acting in the best interests of students."
Source: College Opportunity and Affordability Act, passed by the United States House of Representatives on Feb. 7.
Daniel Gamberg is a staff reporter for La Voz. Contact him at danielgamberg@lavozdeanza.com.
Moreover, the Bill of Rights intends to allocate $20 billion to education in the next five years without any supplementary costs to taxpayers.
College Consumer Bill of Rights
The rights are as follows:
"Students have a right to ...
I. Pay off college loans early without incurring an early-repayment charge.
II. Cancel a private loan within three days of signing an agreement with a lender.
III. Take 30 days after approval for a private loan to think about whether the loan is needed without risking changes to the loan terms.
IV. Take out a loan from the lender of a student's choice, regardless of whether that lender is on a student's college list of "preferred lenders."
V. Know if he/she is eligible for a federal student loan before he/she takes out a private student loan that could carry higher interest rates and fees and feature more stringent repayment requirements.
VI. Clear and complete information from lending companies trying to earn business. This information includes the interest rates a student could pay, the estimated total cost of a student and repayment options.
VII. Clear and complete information from lending companies that have approved a loan or made a loan to a student. This information includes interest rates, fees and finance charges, total repayment amount and maximum monthly payment.
VIII. Know that the student financial aid office does not accept gifts from or share revenues with lending companies.
IX. Not be subject to deceptive marketing campaigns by lending companies.
X. Know that the student financial aid office and lenders offering both federal and private student loans are acting in the best interests of students."
Source: College Opportunity and Affordability Act, passed by the United States House of Representatives on Feb. 7.
Daniel Gamberg is a staff reporter for La Voz. Contact him at danielgamberg@lavozdeanza.com.
Be the first to comment on this story