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.
May 16, 2013
Re "Cal State grads facing an exit fee," May 14 Give an arm and a leg, and you still have to give up more. College tuition has been on the rise for the last 10 years, and just when a college student believes that the horror is over, many of the Cal State University campuses want students to pay an exit fee. What chutzpah. The average debt load for graduates who borrowed money to pay tuition hovers around $27,000, according to the Institute for College Access and Success' Project on Student Debt.
May 13, 2013 |
In December 2009, Ken Ilgunas went public as a van-dwelling graduate student in a widely circulated essay on Salon. Playing off the 1990's man-living-in-a-van-down-by-the-river sketch from "Saturday Night Live," he confessed that to avoid crushing student debt, he'd been camping out in his van while getting a graduate degree at Duke University. How he came exactly to that juncture -- specifically, a university parking lot -- is explained and explored in "Walden on Wheels," Ilgunas' first book.
April 18, 2013 |
Looming student debt could hamper future economic growth as young people tamp down on spending and borrowing in the years to come. Compared with counterparts not saddled with student loans, these young workers are less likely to take out mortgages or car loans, according to a study by the Federal Reserve Bank of New York. It's a potentially worrying sign that these workers may be less optimistic about their future earning potential because of the millstone of student loans. Last year, 43% of 25-year-olds had incurred at least some student debt, up from 25% in 2003, the study said.
April 10, 2013 |
A bill before the California Legislature to address soaring student loan debt would require high school students to take a personal finance class. ALSO: Photo gallery: Ted Rall cartoons Stumbling into another Korean war Schwarzenegger: California's silent disaster Follow Ted Rall on Twitter @TedRall
CALIFORNIA | LOCAL
April 8, 2013 |
A California lawmaker and undergraduates concerned about record student-loan debt are rallying at the Capitol today for measures to protect those attending universities from going too deeply into hock. Assemblyman Bob Wieckowski (D-Fremont) is joining the students to seek support for a package of bills he has introduced. One bill, AB 233, would prevent wage garnishing on student loans not made or guaranteed by the government, while AB 534 would require universities to provide entrance and exit counseling to students regarding institutional or state-funded loans.
April 5, 2013 |
Dear Liz: What would you suggest that someone do with $20,000 if the someone is closer to 40 than 30, single, with $100,000 of student loan debt and a $250,000 mortgage? My salary is around $100,000 a year. I have an emergency fund equal to six months of expenses and I make an annual IRA contribution since my employer doesn't offer a 401(k) plan. Should I accelerate my student loan payments, since the interest isn't tax deductible for me because my income is too high? Or should I invest instead?
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.
March 25, 2013 |
High school seniors are more worried about burdensome student-loan debt than about getting into the college of their dreams. That's the upshot from the annual “College Hopes and Worries” survey from the Princeton Review, a test-preparation and educational services company. Thirty-eight percent of students surveyed listed “level of debt incurred to pay for the degree” as their primary concern. That edged out the top answer the previous three years, which was getting into their preferred school but not being able to afford it or get enough financial aid. This year, 33% listed that as their biggest worry.
CALIFORNIA | LOCAL
March 15, 2013 |
In a crossing of swords between academics and politicians, the University of California's top two faculty leaders on Friday strongly criticized legislation that would allow students bumped from overcrowded core courses at state schools to instead take online courses from other colleges or private companies. The bill, authored by state Senate President Pro Tem Darrell Steinberg (D-Sacramento), "raises grave concerns," Robert L. Powell and Bill Jacob, the chairman and vice chairman of the UC system's faculty Senate, wrote in a letter to colleagues.