March 1, 2013 |
Families aren't saving enough for college, students are falling deeper into debt and nearly 13% of graduates owe more than $50,000, according to new research. The bottom line of the research, gleaned from a pair of new studies, is that college-debt woes continue to worsen despite all the attention focused on the ballooning debt of America's young people. An analysis by the Federal Reserve Bank of New York shows that the number of students taking out college loans, and the amount they borrowed, both grew 70%, or roughly 7% a year, from 2004 and 2012.
May 22, 2013 |
More than half of millennials -- 54% -- surveyed by a Wells Fargo & Co. retirement unit said their "biggest financial concern currently" was longer-term debt, mainly student and credit card debt. With the cost of college continuing to rise , about 64% of the 22- to 32-year-olds surveyed said they paid for school with loans. And 42% of the millennials said their debt was "overwhelming," twice the rate of baby boomers who were surveyed for comparison. The $1 trillion in outstanding student debt and low wages in the weak economy are causing the latest rounds of college graduates to put away less money for retirement.
June 13, 2012 |
As Americans continue to borrow more to pay for college, many are confused and frustrated at the process of dealing with private student loans. The Consumer Financial Protection Bureau disclosed the depth of the problem Wednesday by publishing nearly 2,000 comments from borrowers, advocacy organizations and other agencies. The federal agency removed names and other identifying information from comments. Many were angry with lenders for not making terms and conditions clear, such as how to consolidate a series of loans.
September 28, 2012 |
Stock indexes were initially down nearly 1% in early trading on Wall Street on worries over Spain's banking system, adding to concern over the Eurozone crisis. The Dow Jones industrial average was down 101 points, or 0.8%, to 13,385 shortly after the opening bell. The broader Standard & Poor's 500 index fell 9 points, or 0.6%, to 1,438. The Nasdaq was down 13 points, or 0.4%, to 3,124. Friday is the last trading day of the third quarter. ALSO: Initial jobless claims fell sharply last week to 359,000 Mortgage rates nose-dive to new lows; 30-year at 3.4% One in five households burdened by student debt, a record
August 8, 2013 |
Tell us your story. Although the economy is perking up, these are tough times for Californians of all ages. Are you a recent college graduate searching for work, a mid-career professional trying to keep your job or a retiree facing financial pressure? Whatever your situation, the Los Angeles Times wants to hear from you. Tell us how you're handling today's economy and job market. Please email firstname.lastname@example.org or email@example.com . ALSO : Many Americans say they can't retire until their 70s or 80s Today's retirees face declining standard of living, study says Student debt is No. 1 fear of college-bound, according to survey
August 10, 2013 |
Share your family's story. Although the economy is improving overall, Californians of all ages are struggling in the job market and with personal finances. In many cases, extended families are stepping in to help. Are you a twentysomething who has moved back home? A fortysomething supporting your children or your aging parents? A sixtysomething who was prematurely pushed out of the workforce? Whatever your age or situation, the Los Angeles Times wants to hear how your family is pulling together in troubled times.
March 8, 2013 |
Dear Liz: I am a junior in college, and I might have to take out a loan my senior year because of financial cuts in the state. Is it really a bad idea to take a loan for college? Answer: No, it's not. You don't want to overdose on education debt, but a student loan that helps you get the right degree could be the best investment you'll ever make. Someone with a college degree will earn on average $2.3 million over the course of a working lifetime, which is $1 million more than the lifetime earnings of someone with just a high school diploma, according to a study by the Center on Education and the Workforce at Georgetown University in Washington.
January 29, 2013 |
The 99% may have been a little above-average. A sampling of Occupy Wall Street supporters in May showed that the anti-corporate protest movement was disproportionately wealthy and educated, according to a study published Tuesday by the City University of New York. However, many protesters -- especially those younger than 30 -- had also been recently laid off and were saddled with debt, one of the signature issues of the movement. Participants were predominantly concerned about income inequality in the United States.
March 5, 2006 |
Margo Alpert is on the 30-year plan. Every month, $500 to $600 is automatically deducted from her salary to pay off college loans. By the time the 29-year-old Chicago public interest lawyer is in her mid-50s and thinking seriously about retirement, she will finally be free of college debt. "It's going to be part of my life forever," Alpert said. "I don't think about it at all because it's just a fact of life."
September 28, 2012 |
Orange County's Clearinghouse CDFI , which makes subsidized community improvement loans in low-income areas, has received a $2-million grant to help it expand into Nevada. The gift to the Lake Forest-based lender was one of three announced Thursday by the NEXT Awards for Opportunity Finance , which also provided a combined $6.25 million to two New York-based institutions that finance community health centers and affordable housing. Clearinghouse CDFI has made $925 million in loans over the last 15 years to such borrowers as the Monarch School for homeless children in San Diego, the Samoan Congregational Community Church in Carson and Native American Natural Foods, which produces buffalo meat and berry snacks on the Pine Ridge Indian Reservation in South Dakota.