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A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries.
ITT Technical Institute was a for-profit technical institute. Founded in 1969 and with approximately 130 campuses in 38 states of the United States, ITT Tech was one of the largest for-profit educators in the US before it closed in late 2016.
University of Phoenix (UoPX) is a private for-profit university with its headquarters in Phoenix, Arizona. Founded in 1976, the university confers certificates and degrees at the certificate, associate, bachelor's, master's, and doctoral degree levels. It is institutionally accredited by the Higher Learning Commission and has an open enrollment admission policy, accepting all applicants with a high-school diploma, GED, or its equivalent as sufficient for admission. The school is owned by Apollo Global Management, an American private equity firm. The university has paid hundreds of millions of dollars in fines and settlements concerning its student recruiting practices and education programs, particularly including deceptive advertising to prospective students.
Kaplan, Inc. is an American for-profit corporation that provides educational services to colleges and universities and corporations and businesses, including higher education programs, professional training and certifications, test preparation and student support services. Headquartered in Fort Lauderdale, Florida, Kaplan was founded in 1938 by Stanley Kaplan and is a wholly owned subsidiary of Graham Holdings Company, formerly known as The Washington Post Company.
The Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students in the United States to determine their eligibility for student financial aid.
WyoTech, formerly known as Wyoming Technical Institute, is a for-profit, technical college founded in Laramie, Wyoming in 1966. WyoTech provided training programs that prepared students for careers as technicians in the automotive and diesel industry.
Strada Education Network is a nonprofit corporation which assists students into post-secondary education by providing financial support and other help. USA Funds links colleges, universities, proprietary schools, private lenders, students and parents to promote financial access to higher learning. The organization is formerly known as United Student Aid Funds or USA Funds. Strada's headquarters is in Indianapolis, Indiana.
Everest College was a system of colleges in the United States, and with Wyotech, made up Zenith Education. It was until 2015 a system of for-profit colleges in the United States and the Canadian province of Ontario, owned and operated by Corinthian Colleges, Inc.. In 2021, former Everest students are eligible for automatic student loan debt relief through the US Department of Education.
College tuition in the United States is the privately borne cost of higher education collected by educational institutions in the United States. This does not include the portion that is paid through taxes or from other government funds or that is paid from university endowment funds or gifts through scholarships or grants. Tuition for college has increased as the value, quality, and quantity of education have also increased. These increases have occasionally been controversial.
The Higher Education Act of 1965 (HEA) was legislation signed into United States law on November 8, 1965, as part of President Lyndon Johnson's Great Society domestic agenda. Johnson chose Texas State University, his alma mater, as the signing site. The law was intended "to strengthen the educational resources of our colleges and universities and to provide financial assistance for students in postsecondary and higher education". It increased federal money given to universities, created scholarships, gave low-interest loans for students, and established a National Teachers Corps. The "financial assistance for students" is covered in Title IV of the HEA.
The William D. Ford Federal Direct Loan Program provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." It is the largest single source of federal financial aid for students and their parents pursuing post-secondary education and for many it is the first financial obligation they incur, leaving them with debt to be paid over a period of time that can be a decade or more as the average student takes 19.4 years.
Federal Student Aid (FSA), an office of the U.S. Department of Education, is the largest provider of student financial aid in the United States. Federal Student Aid provides student financial assistance in the form of grants, loans, and work-study funds. FSA is a Performance-Based Organization, and was the first PBO to be established in the US government.
Student loans are a form of financial aid intended to help students access higher education. Student loan debt in the United States has grown rapidly since 2006. The total debt was $1.73 trillion by July 2021, with almost half of that being graduate school loans; the average Bachelor's degree borrower has about $30,000 of debt upon graduation.
Nelnet, Inc., is a United States-based conglomerate that deals in the administration and repayment of student loans and education financial services. The company is headquartered in Lincoln, Nebraska.
Cal Grant is a financial aid program administrated by the California Student Aid Commission (CSAC) providing aid to California undergraduates, vocational training students, and those in teacher certification programs. Cal Grants are the largest source of California state funded student financial aid.
American Student Assistance (ASA) is a national non-profit organization to help students make informed choices to achieve their education and career goals. It is headquartered in downtown Boston, Massachusetts.
The Voluntary Flexible Agreement (VFA) was created by the United States Congress in 1998 during a reauthorization of the Higher Education Act of 1965. The VFA enables Federal Family Education Loan Program (FFELP) guarantors to develop programs and techniques to help borrowers avoid student-loan default and all of its negative consequences. The VFA objective is experimentation for the purpose of finding the best practices, collecting long-term data, and sharing results in order to determine what benefits schools, students, the federal government, and the American taxpayer. [1]
For-profit higher education in the United States refers to the commercialization and privatization of American higher education institutions. For-profit colleges have been the most recognizable for-profit institutions, but commercialization has been a part of US higher education for more than a century. Privatization of public institutions has also been increasing for decades.
For-profit colleges, also known as proprietary colleges, are post-secondary schools that rely on investors, and survive by making a profit. They include for-profit vocational and technical schools, career colleges, and predominantly online universities. For-profit colleges have frequently offered career-oriented curricula including culinary arts, business and technology, and health care. These institutions have a long history in the US, and grew rapidly from 1972 to 2009. The growth of for-profit education has been fueled by government funding as well as corporate investment, including private equity.