Ohio Proposes Bill to Help Homebuyers with Student Loan Debt

Ohio Proposes Bill to Help Homebuyers with Student Loan Debt

Federal legislation to relieve the heavy economic impact of student loan debt has been gridlocked, and recent elections may not help much. Stepping into this breach, states are having to come up with their own proposals. Outgoing Ohio state senator, Joe Schiavoni, has introduced a bill that would eliminate student loan debt for first-time homebuyers. In Schiavoni’s bill, homebuyers are eligible to have student loan debt equal to “20 percent of their home’s cost at closing” forgiven. As long as they make their mortgage payments on time, they don’t have to make their student loan payments. Then, after five years, the program forgives the homebuyer’s student loan debt. An exception is that buyers are responsible for student debt in excess of the 20 percent calculation. “Too many Ohioans who are saddled with student loan debt aren’t buying homes and that is hurting their future financial prospects, contributing to brain drain and stifling our housing market,” said Joe Schiavoni. The plan will incentivize new graduates to stay here in Ohio and will stabilize neighborhoods at the same time.” Ohio Borrowers Need Help The bill is a response to Ohio’s ranking as one of the worst in total student loan debt. The average student in Ohio owes $30,239,and more than two-thirds of students hold student loan debt. Both of these are “bottom 10” rankings. Worse, the total amount of student loan debt in Ohio is more than 50 percent of total annual income. Financial planners consider 10 percent to be a manageable amount of student loan debt. Unfortunately, those statistics are worsened by Ohio’s middle of the pack status for student jobs...
Midterm Results: The Big Muddy Road to Higher Education

Midterm Results: The Big Muddy Road to Higher Education

By now, you know the net result in the midterm elections. The Senate remains controlled by Republicans. Congress, on the other hand, shifted into Democratic leadership. Some governorships and state houses leaned blue, as well. Rural areas remained highly conservative, urban areas were more progressive, while the suburbs pushed a small blue wave. Though votes are still being recounted in some tight races, experts are making predictions about how these results will affect policies concerning student loan debt. DOE Under Increased Scrutiny Department of Education (DOE) Secretary Betsy DeVos spent two years scaling back Obama-era protections, especially for for-profit colleges. This includes weakening rules to hold colleges accountable for the ability of their students to repay their student loans. Though encouraged by the President, the regulatory changes have faced scrutiny in state and federal courts. Now, Democrats will most likely demand documents and press DOE for its appointments of officials with ties to for-profit colleges. From a Republican perspective, this could result in less regulation and more educational choice. For Democrats this gives students more protections against unscrupulous colleges. Reauthorization of the Higher Education Act The Higher Education Act was first signed into law by President Lyndon Johnson in 1965. Reauthorization of the bill has been on the Senate back burner for the last two years. Unfortunately, the election will most likely only make things more mired. Tensions in the Senate on the Health, Education, Labor and Pensions Committee between Lamar Alexander, R-TN, and Patty Murray, D-WA, were already high. Democrats now have agenda-setting power in the House. Their broad outline for higher education runs counter to Republican aims....
Denial For Services Based On Political Stances?

Denial For Services Based On Political Stances?

Politics are something that has a tendency to get people riled up quick. Some take political talk personally, and some don’. Within the right of free speech, people are allowed to say what they want without fear of retaliation from the government. But what happens if businesses start to take action against those who speak out against their political interests? There are headlines all the time about someone at a business–because it seems more sensational when there’s a face to put to the story–denying someone a service based on their beliefs and political values. Then comes the trouble of deciding if they had the right to do that in the first place. How far is too far? In Kentucky, Kim Davis was voted out of office. Some people may remember her as the clerk who denied gay marriage licenses to those who came to get their paperwork officially signed. With state elections having recently taken place, many people put their vote where their interests lay. But there’s a bigger limit on how voting can directly affect businesses right away. Companies, not just one employee, have more power to deny services and if the denials don’t make the news. Customers may not even know about it unless they experience it personally. But that discrimination often isn’t taken seriously unless there’s solid proof, which isn’t easy for one person to obtain. If individuals could be denied things like credit or student loans based on their political stances, things could get messy quickly. A college education is deemed a necessity in our society, but many cannot afford it without some sort of...
“Reformed Republican” Makes America Gullible Again

“Reformed Republican” Makes America Gullible Again

A red hat with a well-known slogan. Tweets influencing people with inflated claims. Fired up emotions, bad-faith actions, and gullibility on all sides. Sound familiar? A young, black woman, @chckpeas, recently tweeted that she had stepped out of the closet and declared her support for Donald Trump. Tweeting #blacksfortrump and #makeamericagreatagain, the woman called herself a “Reformed Republican.” “I Will Not Hide Any Longer!” “The left has made us feel as if us black republicans should hide!! but not anymore!!” she said. “I will not hide any longer!” After that viral tweet @chckpeas reported that her parents were now refusing to pay for her college tuition and that they were kicking her out of the house because she agreed with Kanye. Trump was her hero. She included a link to a GoFundMe page and some texts from her mother telling her she had two weeks to move out.   After only a day, she reported that she had duped fired-up Republicans out of more than $100,000, enough for tuition, rent, and “17 iPhones.”  She also ranted in a post about her victim’s gullibility, disavowing Trump and boasting about her ability to scam his supporters. More to the Story A New York Magazine Intelligencer story dug a little deeper. The woman, Quran, did set up a GoFundMe page to solicit support for college.  “[I]f you can find it in your hearts to help this young, black republican pay for school it would be appreciated,” she tweeted. But very few people contributed. She wouldn’t say how few, but admitted that she had second thoughts about keeping the money. She returned all...
Songs That Make You Feel the Struggle of Student Loan Debt

Songs That Make You Feel the Struggle of Student Loan Debt

  They say that words make you think, and music makes you feel. If so, songs connect you to what singers and songwriters are feeling and thinking, and to other listeners who hear it, too. For the last 40 years, musical artists have been singing, crooning, screaming, and rapping about relationships, dancing, alcohol, drugs, wealth, God, and identity. More recently, they are also referencing student loan debt. This makes sense. Though U.S. music industry revenue is estimated to be nearly $21 billion this year, student loan debt climbed well past $1.5 trillion—more than 70 times larger. Here are just some of the songs, in order of release:  Indie folk rockers, Deadfellow, seem to have a pretty firm understanding of modern love. This year, in “Millennials in Love,” they imagine a sort of sad, tragic love story: “Where you’ll tell me that you moved here For the first job you could get. Sure, it’s not the work you’d hope for — it’s your crushing student debt.” Similarly, also this year, in “Young and Inexperienced,” Nalani and Sarina talk about their humble return home from college: “Moved back home, heavy as a stone, boxes filled with clothes and piles of student loans.” Logic, born as Sir Robert Bryson Hall II, rapped about rising up out of debt and inequity in his 2017 track, “Mos Definitely”: “I can’t afford a home ‘cause I’m 25 and owe a hundred grand in student loans.” Canadian female rapper, Tasha the Amazon, talks about selling marijuana to pay back her student loans in 2016 in “Prayer”: “Got a degree and I sold trees to pay my student...
Chinese Tariff Potentially Looming Ahead Will Affect $257 Billion Worth of Goods

Chinese Tariff Potentially Looming Ahead Will Affect $257 Billion Worth of Goods

As a country that deals heavily with international trade, healthy trade relations are vital. Unfortunately for many businesses and others who do heavily priced overseas shipping from China, the current relations aren’t so great. A 10% tariff has been imposed by President Trump and gone in to effect early in September. It could go higher and all goods from China that aren’t currently taxed, will be, if talks with Chinese leader Xi Jinping don’t go well. That’s $257 billion of Chinese goods to be taxed if the tariff goes through. This tax could be placed as early as December, going into effect around February, if talks in late November/early December don’t go well. In a positive light, tariffs help with encouraging citizens to shop within the country and bring in extra revenue when going outside of the country for goods. For most people, though, it will simply mean a sharp hike in prices for their daily goods, considering how large the trade industry is between the United States and China. It will also make affording goods they can’t get in the States–hence why they are shopping internationally–more difficult which will lead to decreases in those activities and hobbies. For student loan borrowers, higher prices spell trouble for already tight financial situations. Poor relations with any country rarely serve the average citizen well. While waiting to see if this tariff becomes a reality, companies are attempting to ship mass quantities of stock overseas as quickly as possible. It may lead to some good prices early on, but the long term effects will have to be observed to see their full...