December 6, 2012 |
Americans saw their wealth increase by $1.7 trillion in the third quarter ended in September, a promising sign in the thick of the holiday shopping season. Total household and nonprofit net worth - the difference between the value of assets and liabilities - climbed 2.7% to nearly $64.8 trillion from $63 trillion the previous quarter. A year ago, the gauge was at $58.7 trillion, according to a report Thursday from the Federal Reserve. Households enjoyed a $301 billion bump in the value of their real estate holdings; the value of stock investments increased as well.
November 11, 2008 |
Higher college costs and steep losses in college savings plans are forcing students and their parents to borrow more money -- if they can -- to earn bachelor's degrees. Federal officials, fearing that the continuing credit crunch may stymie college financing efforts, tried Saturday to reassure families that funds would be available.
June 16, 2013 |
Shares of Corinthian Colleges Inc. fell 23% last week after the Santa Ana for-profit college chain disclosed that the Securities and Exchange Commission had launched an investigation into the company. Corinthian said it received a subpoena this month from the SEC related to student recruitment, degree completion, job placement, loan defaults and compliance with U.S. Education Department rules, among other issues. The company said in a securities filing it intends to cooperate with the SEC investigation.
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.
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.
March 31, 2013 |
After graduating from Columbia University in the height of the recession and acquiring $120,000 in debt, including 12 student loans from seven servicers, Brendon McQueen was left with a film degree and a six-month grace period before his first loan repayment was due. Frustrated by the lack of options in tracking and managing his various loans, McQueen, like many other entrepreneurs, took matters into his own hands. “I tried to find a tool out there that offered a comprehensive solution, and I couldn't, so I said, 'Well, let's create one,'” McQueen said. The solution: Tuition.io , a free one-stop-shop website that consolidates all your student loans -- public or private -- into one interface.
September 28, 2012 |
Bank of America has agreed to pay $2.43 billion to settle a class-action lawsuit filed in 2009 by investors following its acquisition of Merrill Lynch. The settlement, announced Friday, still requires court approval. In addition to the payout, Bank of America agreed to institute new corporate governance policies, the bank said in a statement. The bank said it denied the suit's allegations, which included that executives made misleading statements about both firms' financial health.
September 4, 2012 |
Join us at latimes.com for a live video discussion at 2 p.m. Pacific time (5 p.m. Eastern) about the import and impact of the youth vote in the 2012 election. In 2008, President Obama's campaign mantras of hope and change resonated strongly with America's voting youth. He won the presidency with 66% of the 18-to-29-year-old demographic. Fast forward to 2012, the next generation of college students and young voters are faced with overwhelming student debt and an ominous employment outlook while Obama has been in office.
February 21, 2013 |
The millennial generation is aggressively whittling down its debt, as young people forgo homes and cars, according to a new study. The median debt of households headed by people under age 35 fell 29% between 2007 and 2010, according to the analysis from the Pew Research Center. That compares to a mere 8% decline for households of those 35 and older. Even more impressive, the percentage of younger households with debt of any kind dipped to 78%, the lowest since the federal government began gathering the data in 1983, according to the study . But it ain't coming easy.
March 14, 2012 |
College students gone wild? Nope. That crowd on Capitol Hill was students protesting a pending spike in the interest rate for college loans. The rate under the federal Stafford program is scheduled to increase to 6.8% from 3.4% for loans made after June 30. Stafford loans are typically extended to low- and medium-income undergrads to help subsidize their education. The College Cost Reduction and Access Act of 2007 cut the interest rates on Stafford loans incrementally over four academic years.