Mitchell D. Weiss

Last month, the U.S. Department of Education’s Office of the Inspector General lobbed a grenade at the federal student aid program. In a harshly critical memorandum to the Federal Student Aid’s Chief Operating Officer, the assistant inspector general condemned the agency’s repeated failure to validate the accuracy of certain subcontractor invoices before authorizing payment. These… Read More

Sen. Kirsten Gillibrand (D-NY) recently introduced the Federal Student Loan Refinancing Act, a piece of legislation that calls for the refinancing of all higher-rate Federal Direct and Federal Family Education (FFEL) student loans at 4% interest. She estimates that her plan will assist nine out of 10 students who borrowed under the various federal education… Read More

Last week, the Republican majority in the House of Representatives passed H.R. 1911, the Smarter Solutions for Students Act. Unfortunately, it’s neither smart, nor a solution. The legislation pegs all Stafford Direct Student Loan rates (subsidized and unsubsidized) to the 10-year Treasury note, adjusted annually, plus 2.5% to cover administrative costs. Borrowers who qualify for subsidized… Read More

The student loan crisis deserves all the attention it has attracted — and more — especially if we’re serious about tackling this trillion-dollar tragedy in a comprehensive way. But let’s not make the mistake of focusing all our good efforts on outcomes without addressing causes as well. I’m referring to colleges and universities so under… Read More

If insanity is defined as repeatedly doing the same thing and expecting a different result, the student loan interest rate throwdown that’s about to be reprised in Washington, D.C., warrants an intervention. You may recall that at this time in 2012, Congress was in a lather over the subsidized student loan interest rates that the… Read More

At the beginning of March, I authored an opinion piece in which I proposed radical changes to the higher education business model. I also put forth a plan to address the nation’s staggering student loan crisis that would hold those who helped cause the debacle economically accountable for its resolution. I started receiving emails in… Read More

In a recent article, I wrote about a former student who was struggling with more than $100,000 of student loan debt. He’s not the only one. About two hours after my article hit the wire, I received an email from a grad who’s five years out of school, working a great job in a professional… Read More

My daughter works for a nonprofit organization. The pay’s not great but she loves what she does. So much so that she’s now ready to take the next step in her personal career development plan — graduate school. As it turns out, though, there’s only one university nearby that offers the curriculum she needs, and… Read More

The New Year has come and gone, which means it’s time for the torrent of resolution-related ads for diet aids, exercise equipment and home products — furniture in particular. No doubt, you’ve heard the pitch — “No payments for 12…24…36…48 months!” It’s as if the retailers are intent on mutually assured financial destruction. Or are… Read More

There are lots of cash-strapped consumers out there who, for all practical purposes, are closed out of many traditional credit product offerings because of the high default risk they’re presumed to represent. But that doesn’t mean the financial services industry hasn’t figured out ways to profit from their plight. After all, the “unbanked” and “under-banked”… Read More