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August 17, 2005
New Initiative to Reduce Burden of Student Debt Announced by The Pew Charitable Trusts
From Ascribe Newsfeed:
American families today are facing extraordinary financial challenges on many fronts - the rising costs of health care and housing, the need to save for retirement, and the ability to pay for their children's college education. To pay for college, families are borrowing more. Two-thirds of all students now graduate with student loan debt, compared with less than half in the early 1990s. Debt per student has tripled over the last two decades, even after accounting for inflation. To respond to this growing concern of many American families, The Pew Charitable Trusts announces the Partnership to Reduce the Burden of Student Debt. The two-year, $3.5 million initiative joins the Trusts-funded Retirement Security Project as part of the Trusts' focus on issues related to family financial security.
"Families today are increasingly feeling the financial squeeze when it comes to saving for retirement and paying for a mortgage, health care, and their children's college education," said Rebecca W. Rimel, president and CEO of The Pew Charitable Trusts. "This initiative is aimed at reducing the financial burdens associated with earning a college degree, and thereby giving our young people the best chance at success while also strengthening our nation's competitiveness."
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Posted on August 17, 2005 05:46 AM
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