• Time to read 1 minute

 January, Senator Richard Durbin (D, IL) introduced The Know Before You Owe Act of 2013 to the Senate. America has already passed $1 trillion in student loan debt, and 52% of students aren’t taking full advantage of federal loans available to them. He believes it’s time to change that.

This act aims to ensure that students know all of their borrowing options before deciding how to finance their higher education. It will require private lenders to verify enrollment and tuition costs with schools, and colleges to provide information such as federal aid options and eligibility.

Why is it so important that students are informed of their federal loan opportunities? Because in most cases, federal loans offer much more flexibility and forgiveness than private loans.

Federal loans always have fixed interest rates. Private loan interest rates can vary greatly, increasing students’ payback amount. Federal loans offer deferment and forbearance in certain situations. Private loans typically do not.

Yet 60% of students don’t even know the difference between federal and private student loans. As Senator Durbin said, “A little bit of education will go a long way towards helping young people save some money while still earning a valuable degree.”

{ "@context": "http://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://web.3rdmil.com/node/220" }, "headline": "Know Before You Owe", "description": "", "image": { "@type": "ImageObject", "url": "https://web.3rdmil.com/themes/custom/enterpriseplus/logo.png", "height": "200", "width": "50" }, "datePublished": "2017-03-3T08:36:25-0500", "dateModified": "2017-03-3T08:36:25-0500", "author": { "@type": "Person", "name": "Gary Moorman" }, "publisher": { "@type": "Organization", "name": "3rd Mil Classrooms", "logo": { "@type": "ImageObject", "url": "https://web.3rdmil.com/themes/custom/enterpriseplus/logo.png", "width": 200, "height": 50 } } }
dog on blue air mattress in refreshing water, summer - Image

It’s still summer, and by this point, your kids may be getting antsy with all the time on their hands. That’s why it’s even more important to make sure that they are handling media responsibly. 

Tips to keep your teens safe this summer (and all through the year!):

June 01, 2020