3-19-2013
http://news.yahoo.com/missouri-college-no-longer-accepting-students-loans-191244969.html
Missouri college no longer accepting students who take out loans
A private, four-year Missouri college is so concerned about mounting debt of college graduates in the United States that it no longer will take students who insist on taking out loans.
The policy on loans set by College of the Ozarks, an evangelical Christian school of 1,400 students located in a rural area near Branson, Missouri, may be a national first, according to Roland King, vice president for public affairs at the National Association of Independent Colleges and Universities.
All students work on campus, and they do not pay tuition, said Jerry Davis, president of the southwest Missouri four-year school.
"We are basically just trying to look out for the students' interests," Davis said. "Kids nowadays are not very sophisticated with money. Debt is a big problem all over the country."
Americans now owe more than $1 trillion in student loan debt, and the level of delinquency on the debt is rising.
Some lawmakers in the U.S. Congress are starting to compare the situation with the early days of the housing crisis and are calling for government action.
College of the Ozarks, which was rated the best education value among Midwestern regional colleges by U.S. News and World Report, no longer cooperates with students or banks in covering costs of attending college with a loan, Davis said.
For instance, a bank may contact the school to certify that a student is enrolled there, he said.
School officials said 99 current students would be affected by the change because they received private loans to help offset boarding or other costs.
"This college has a very low percentage of students graduating with debt, but it has come up a little and we just don't think that is a good idea," Davis said. "This a work college, not a debt college." The school years ago stopped taking students who wanted to get public loans.
At College of the Ozarks, nicknamed Hard Work U, students work across campus in cafeteria, housing, maintenance, landscaping, agricultural and other jobs. The school has working hog and cattle farms, gardens, lodging and a restaurant.
Students work part-time during the school year and most hold 40-hour per week jobs during summers to cover the cost of room and board. Some also work in nearby Branson, a major tourism draw that specializes in music and theatrical shows.
Davis said he is confident the college can accommodate all students, but that those who insist on taking out loans will have to find another school.
http://news.yahoo.com/missouri-college-no-longer-accepting-students-loans-191244969.html
Missouri college no longer accepting students who take out loans
A private, four-year Missouri college is so concerned about mounting debt of college graduates in the United States that it no longer will take students who insist on taking out loans.
The policy on loans set by College of the Ozarks, an evangelical Christian school of 1,400 students located in a rural area near Branson, Missouri, may be a national first, according to Roland King, vice president for public affairs at the National Association of Independent Colleges and Universities.
All students work on campus, and they do not pay tuition, said Jerry Davis, president of the southwest Missouri four-year school.
"We are basically just trying to look out for the students' interests," Davis said. "Kids nowadays are not very sophisticated with money. Debt is a big problem all over the country."
Americans now owe more than $1 trillion in student loan debt, and the level of delinquency on the debt is rising.
Some lawmakers in the U.S. Congress are starting to compare the situation with the early days of the housing crisis and are calling for government action.
College of the Ozarks, which was rated the best education value among Midwestern regional colleges by U.S. News and World Report, no longer cooperates with students or banks in covering costs of attending college with a loan, Davis said.
For instance, a bank may contact the school to certify that a student is enrolled there, he said.
School officials said 99 current students would be affected by the change because they received private loans to help offset boarding or other costs.
"This college has a very low percentage of students graduating with debt, but it has come up a little and we just don't think that is a good idea," Davis said. "This a work college, not a debt college." The school years ago stopped taking students who wanted to get public loans.
At College of the Ozarks, nicknamed Hard Work U, students work across campus in cafeteria, housing, maintenance, landscaping, agricultural and other jobs. The school has working hog and cattle farms, gardens, lodging and a restaurant.
Students work part-time during the school year and most hold 40-hour per week jobs during summers to cover the cost of room and board. Some also work in nearby Branson, a major tourism draw that specializes in music and theatrical shows.
Davis said he is confident the college can accommodate all students, but that those who insist on taking out loans will have to find another school.
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