First Indication that Treasury is Serious about Student Loans Being ...

In discussions with many students, I get the sense that the prevailing thinking seems to be that the government will "do something" to eliminate the student loan burden. Not so fast.

The Treasury has no money to bailout the loans and the banksters will want to get paid. I can see riots and protests down the road on the issue, but for now, the Treasury has fired its first shot indicating that those holding student loans should get serious about paying the loans back.

?The Treasury, the D2D Fund, and Center for Financial Services Innovation today announced the winners of the App Design portion of the MyMoneyAppUp Challenge?a contest offering cash prizes and recognition for the best mobile app ideas and designs "to help Americans make smart financial choices, access high quality financial products and services, and ultimately control and shape their financial futures."

So was the winner someone who came up with a way to balance personal budgets, track banking accounts, etc.? Not quite.

It's almost comedic, but the Grand Prize, "for making smart financial choices" app, ?went to Nicole Kendrot, who designed MoneyApp: Z. From the Treasury release:

z helps to make student loans easy and simple to manage. ?Among other features, the app allows users to: ?link information about all of their student loans in one place; create a payoff plan that syncs with their budget; suggest ways the user can reduce their payment period and total interest paid by making extra payments; learn about managing student loans; and test their knowledge about student loans and personal finance.

(ht Bob English)

Source: http://www.economicpolicyjournal.com/2012/10/first-indication-that-treasury-is.html

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