January 30, 2013 |
Students borrowing money for college today are much likelier to default than people who took out loans just a few years ago, according to a new report. The student-loan delinquency rate in the last three years has risen to 15.1%, up from 12.4% from 2005 to 2007, according to FICO Labs, a unit of Fair Isaac Corp., which publishes consumer credit scores. That's a nearly 22% increase. The report is the latest red flag signaling that monstrous debt is a problem not only for students but potentially for the broader economy as well.
June 5, 2012 |
WASHINGTON -- Ten U.S. colleges and universities have committed to provide more information to students about tuition and other costs, including estimated monthly loan payments after graduation, as part of a federal push to improve disclosure to help prevent financial-aid recipients from overextending themselves, the White House said. Leaders from those institutions, which include the state university systems in Maryland, Massachusetts, New York and Texas, were scheduled meet Tuesday in Washington with Vice President Joe Biden, Education Secretary Arne Duncan and Richard Cordray, director of the Consumer Financial Protection Bureau to discuss financial aid transparency.
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."
December 29, 2013 |
Teresa Martin was laid off in October from her job as office manager for a packaging company. The Corona resident is now struggling to pay her bills. Martin, 57, isn't carrying any credit card balances at the moment, but she said she may have to start running up debt on plastic in the coming days if she wants to keep a roof over her head. "It's scary," she told me. "But I'm not sure what else I can do. " As we stagger into a new year, consumer debt is climbing at the fastest pace in more than five years.
May 13, 2012 |
Brenda Small didn't think twice about taking out student loans to pay for nursing school in the late 1980s. She figured she could easily pay off the $20,000 bill - until an injury a few years later left her permanently unable to work. Her dreams of working in her chosen profession vanished, but not her student debts. Including interest and penalties, the 59-year-old Los Angeles woman now owes more than $39,000 and can't afford to pay the debt from a disability income of $1,234 a month.
February 9, 2013 |
With decades ahead of them in the job market, more than half of millennials stay awake at night chewing over all manner of worries, according to a study. Those 18- to 33-yeas-olds actually stress out more than older generations, the American Psychological Assn. concluded in its new study. Slightly more than 50% said that overwhelming worries disrupted their sleep in the past month. A dour economy is top of mind for young people, with work and job stability sending their stress levels soaring.
October 10, 2013 |
Corinthian Colleges again stands accused of being one of the crummiest operators in a crummy industry -- the for-profit college game. The finger-pointing this time comes from California Atty. Gen. Kamala Harris, who sued Santa Ana-based Corinthian on Thursday for a pattern of out-and-out lying to applicants and students about placement rates and other facts. She also accused the company of misleading investors in a way that the Securities and Exchange Commission would want to ask about, if it weren't closed for business because of the Republican shutdown.
December 6, 2009 |
Last June's college graduates face a tough choice this month. That's when the automatic six-month deferment on their student loans expires, forcing them to start repaying the money or beg for additional time. Never have students been so deep in debt and so unprepared to pay. The average student is carrying a record debt load of more than $23,000, according to a just-released report by the Project on Student Debt. Meanwhile, unemployment among college graduates ages 20 to 24 is the highest in recorded history, at 10.6%.
October 29, 2010 |
The Education Department on Thursday issued regulations governing for-profit colleges, a rapidly expanding education sector that has been criticized in Congress for allegedly providing students with poor educations while saddling them with excessive debt. Issued after a year of negotiations, the new regulations are intended to improve the Education Department's ability to monitor the institutions, including compensation for recruiters, and the ability to take action against schools that engage in deceptive advertising and marketing.
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.