September 6, 2013 |
Citing a large drop-off in private student loan originations, a JPMorgan Chase & Co. spokeswoman confirmed Friday that the bank would stop issuing student loans Oct. 12. "Over the last five years, students have increasingly relied on government-backed loans," said spokeswoman Trish Wexler. As a result, "we no longer see meaningful growth in this market," she said. PHOTOS: The costliest bank failures The lender had already started scaling back its student loan business.
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.
May 9, 2012 |
Democrats have seized on a looming increase in the interest rate on certain federal student loans as their latest wedge issue, hoping to portray Republicans as caring more about the wealthy than they do about working-class and middle-income college students. Those students might want to spend a few moments studying how Senate Democrats planned to come up with the money to pay for one more year of cheaper loans. Senate Majority Leader Harry Reid (D-Nev.) tried to start debate on his student loan interest rate proposal Tuesday, knowing full well that he didn't have the 60 votes needed to stop a GOP filibuster.
April 24, 2012 |
Alternately serious and silly, President Obama weighed in on the ongoing Secret Service scandal and even "slow jammed" the news as he taped an appearance on NBC's "Late Night With Jimmy Fallon" on Tuesday. Obama, already the first sitting president to appear on "The Tonight Show," "The Late Show" and "The Daily Show," treaded even deeper into the overnight hours as part of his two-day, three-state tour of college campuses to press his case to extend lower interest rates for some student loan programs.