August 9, 2013 |
One of the best-performing investments over the last year hasn't come from the stock market or Wall Street - but rather from New York City's famously gaudy yellow taxis. The value of taxi medallions - the legal right to drive a cab in New York - has soared 49% to a record $1.3 million, far outpacing the 21% return on the Standard & Poor's 500 index, according to a new report. The good fortunes of taxi owners spring in part from an unexpected source - advances in technology that have made it easier to find and pay for a cab ride, wrote Nicholas Colas, chief market strategist at ConvergEx Group, a global brokerage company based in New York.
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 email@example.com or firstname.lastname@example.org . 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
June 28, 2013 |
WASHINGTON - U.S. senators headed home for a Fourth of July recess without passing a bill that would prevent interest rates from doubling on student loans next week, leading to a ramp-up of political finger-pointing. Last year, Democrats used the looming increase in the cost of student loans to great political effect, pressuring Republicans in an election year and rallying young voters in support of President Obama's campaign. Now, as a temporary extension of discounted interest rates is set to lapse, Democrats are at odds with one another over the issue, with the party's leaders privately grumbling about a White House proposal nearer to Republicans' solution than their own. So Republicans are happily turning the political heat on Democrats.
June 22, 2013 |
Cable news channels regularly stoke their viewers' fears about China holding $1.1 trillion of U.S. debt. But they're focused on the wrong $1.1 trillion of loans. The borrowers of this other $1.1-trillion debt are far more likely to default on their obligations: students, particularly those who went to for-profit colleges. The global consequences could be - and likely will be - staggering. More than 38 million Americans have student loans outstanding. To put this in perspective, 38 million is the combined population of New York and Florida.
June 18, 2013 |
Student loan debt has nearly doubled in the last five years, posing a potential risk to the economy, according to a new report from Congress . The information, released Tuesday by the Joint Economic Committee, found that student loans increased from $550 billion in late 2007 to just under $1 trillion in the first quarter of 2013. Two-thirds of recent graduates have student loans, with an average balance of more than $27,000. New borrowers could face additional costs in their higher education pursuits unless Congress acts to keep interest rates for federally subsidized Stafford loans from doubling from 3.4% to 6.8% for new loans starting July 1, the report said.
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.
CALIFORNIA | LOCAL
June 9, 2013 |
A UC Berkeley senior who majors in social welfare and has been active in student government and Mideast issues is expected to become the next University of California student regent, joining the board that sets policies for the 10-campus system. A special regents committee has nominated Sadia Saifuddin, 21, of Stockton to be the student regent in 2014-15. Confirmation by the full Board of Regents is expected next month. For the next year, Saifuddin would be a regent-designate, able to participate in all discussions but without voting rights until her one-year term as a fully empowered student representative begins in July 2014, officials said.
June 7, 2013 |
Builders are eyeing the next wave of potential home buyers - the so-called millennials - but whether this rising generation will embrace big mortgage debt remains an open question. These 95 million people ages 10 to 32 outnumber their baby-boomer parents by 10 million. The young adults among them, sobered by the recession, have relatively modest material expectations; many say they'd be happy with smaller living spaces. The housing industry will have to convince the next generation that home loans are as necessary and prudent as the student debt so many of them already carry.
CALIFORNIA | LOCAL
June 6, 2013 |
A UC Berkeley senior who majors in social welfare and has been active in student government and Mideast issues is expected to become the next University of California student regent, joining the board that sets policies for the 10-campus system. A special regents' committee has nominated Sadia Saifuddin, 21, of Stockton, to be the student regent in 2014-15. Confirmation by the full regents' board is expected next month. For the next year, Saifuddin would be a regent-designate, able to participate in all discussions but without voting rights until her one-year term as a fully empowered student representative begins in July 2014, officials said.
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.