Posts Tagged ‘federal government student loans’

Tax Credit Reminder!


UMC parents and students, it’s time that time again … tax time!  Yuck.  Well, don’t get depressed because students can write off interest while paying back their student loans.

Just click on this article to find out all the information:

Tax Credit for Student Loans: 1098-E Tax Deduction

Make your appointment with a highly reputable accountant today and enjoy the benefits of tax credit.  Best of luck in this tax season.

~ the WPC team

Wells Fargo Changes Student Loan Policies


Did you know that if you are a co-signer on a student loan, you are responsible for repayment of that loan if the primary borrower becomes permanently disabled or dies?  Many parents do not realize this situation when signing up to co-sign a student loan, especially a bank loan.  This make sense though.  Usually, when a person dies, her/his debt is passed onto a co-signer.

Wells Fargo bank, however, changed its policies on student loan repayments.  Wells Fargo will forgive (or cancel) student loans if the primary borrower becomes permanently disabled or dies.  This is a huge step for borrowers and their co-signers, especially in light of the Christopher Bryski Student Loan Protection Act.  This act awaits its turn on the Senate floor as of press time.

Bryski was a primary borrower.  His parents co-signed for his student loans.  Bryski became permanently disabled and eventually died.  His parents still continue to repay his student loans.

Though Wells Fargo states their decision has nothing to do with the Bryski Act, we’re happy to hear a bank is making concessions at all.  As usual, we push federal government student loans at White Picket College for their repayment schedule and student loan consolidation interest rate.  We always tell parents to take out bank loans as a last resort.

Parents now know if they must co-sign a private education loan, Wells Fargo may be the best choice.  Check into the bank’s policies further and see what works best for you and your family.  It may be upsetting to think about your child’s death, but it’s better to be prepared than in mourning and still repaying a hefty loan.

Source:Wells Fargo Will Forgive Student Loans Upon Death,”, December 20, 2010.

~ the WPC team

Student Financial Guide

© White Picket College, 2010 – College Funding for the Upper Middle Class

Peter Schiff on the Feds & Student Loans


What does economist and popular video blogger Peter Schiff say about the federal government’s influence on student loans?

Please watch this video: Peter Schiff on college tuition

Schiff says that colleges would not hike tuition if federal government loan programs did not in exist.  In other words, if there were no federal government student loans available, the colleges could not increase tuition.  Thus, the feds give the colleges the right to jack up tuition to astronomical proportions.

What do you think?

Schiff also says that the value of a Bachelor’s degree is now lessened because virtually anyone can receive this degree.  Thirty, forty years ago, a Bachelor’s degree meant something.  Schiff says to be competitive you now need a Master’s or a PhD.  That means years in school and years of student loans.

There is one point in particular we’d like to comment on: Schiff states when his father was in college, he worked summers as a waiter and that was how he paid for school.  Although we agree with this work ethic, Schiff must understand today’s world is very different.  College students are now expected to work at unpaid internships for forty hours or more a week.  This internship is expected to lead to excellent contacts and a job after graduation.  Yet in this deep recession, students are not receiving these job offers after graduating.  So all of that hard work and time gone into an unpaid internship is not being compensated in the end.  The Catch-22 is students need these internships on their resume.

Another hard fact of this economy is summer jobs are few and far between.  Full-time workers are now taking these extended summer hours.  And with state budget cuts, municipal swimming pools and daycare programs are now being cut.  Thus, the college student on summer break has little opportunity to make money.

Let us know what you think of Schiff’s commentary.  Are the feds really to blame for this college financial aid crisis?  Do you foresee the cost of college to keep rising until it’s simply not affordable for anyone except the very wealthy?

Please click on these two article titles for more information on this subject:

Unpaid Internships, The Future

Future of Tuition

Thank you for all the continued support as WPC.  Please keep writing us and suggesting what you’d like to see on our site.  Have a wonderful and safe Memorial Day weekend!

~ the WPC team

© White Picket College, 2010

Week of April 5, 2010


Welcome to our launch!  White Picket College is delighted to provide college financial aid advice for the upper middle class (UMC).

Please visit our About Us page to learn more.

Every week, we’ll list our Feature articles and scholarship – check them out:

Obama Student Loan Reform

This is a must-read for students who will be taking out federal government student loans for college.  Is this reform beneficial or detrimental to the UMC?  WPC breaks down the Education Reconciliation Act of 2010 for our readers.

Are You UMC?

Get to know us and you!  Are you UMC – not sure?  Find out with our financial scale and see if we can help you out on WPC.  If so, please peruse our articles, resources, scholarships and more to come!

The Fountainhead Essay ContestDUE APRIL 26th!!!

Open to high school juniors and seniors, the grand prize is $10,000.  Second places and below receive money as well.  One of the best high school essay contests out there – do not miss this deadline!

To all of you who’ve visited WPC this week, thank you for all your support as we continue to build the site.  Please note – there will be much more to come!

~ the WPC team

© White Picket College, 2010