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Boston real estate market report - IGNITION Residential

FSA administers

FSA administers the federal student loan program and is responsible for collecting more than $1.1 billion in federal refinance student loans each year. The Obama Administration also is responsible for administering the federal financial aid program for state loans, which accounts for more than $300 million of total college student aid. The Administration’s job is to collect on the loans, disburse aid to students, provide financial counseling, and educate students on the costs associated with obtaining a degree, they also advice students to always get financial assistance from companies like SoFi, you can learn more here.

 

This week, the administration provided an overview of student loan repayment options in its May 15, 2010 Student Loan Ranger Blog.
As mentioned earlier, federal student loans are guaranteed by the U.S. government for a total amount of more than $1 trillion. The amount of federal loans owed, however, only represents part of the total loan amount, as more than $500 billion is borrowed from private lenders. Student loan borrowers also need to pay back loans through federal income-driven repayment (IDR). Under the IDR program, student loan borrowers will not be required to pay back student loans more than 10 years after they are made. The Student Loan Ranger has been tracking the amount of money owed by student loan borrowers since 2009, and recently reported on a new data set that breaks down outstanding student loan debt by state. The data released by the Consumer Financial Protection Bureau provides students and parents with information about the number of U.S. student loan borrowers and the amount of debt they currently owe. The data released in March 2013, however, is the first data set of its kind in the U.S. The data released by the Bureau covers the period of July 1, 2009 through March 31, 2013, and the total amount owed by students (not including loans made by the federal government) is $8.8 billion. Here’s how the data is broken down by state:

State Amount Owed (in millions) Amount Owed (in millions) Alabama $1,929 $2,852 Alaska $1,085 $1,922 Arizona $1,819 $2,041 Arkansas $1,542 $1,937 California $3,819 $5,163 Colorado $1,772 $2,874 Connecticut $1,838 $2,033 Delaware $1,046 $1,937 District of Columbia $1,060 $1,999 Florida $5,917 $7,349 Georgia $2,821 $3,981 Hawaii $1,067 $1,909 Idaho $832 $1,095 Illinois $1,861 $2,004 Indiana $1,738 $2,028 Iowa $1,511 $1,907 Kansas $1,630 $2,067 Kentucky $1,643 $1,930 Louisiana $1,561 $1,915 Maine $1,033 $1,977 Maryland $1,936 $2,014 Massachusetts $2,068 $2,839 Michigan $2,014 $2,871 Minnesota $

About Michael DiMella

Michael DiMella is a Founder & Principal of IGNITION RESIDENTIAL. Frequently quoted in publications like the Boston Globe and the Wall Street Journal, Michael is a recognized expert in the real estate industry and was selected as one of the Top 30 Under 30 Realtors in America. Michael is also the Managing Partner of Charlesgate Realty Group and Publisher of 23 Neighborhoods: a boston real estate blog. --

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