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Student Loans

May 31, 2013 | By Christi Parsons
WASHINGTON -- President Obama complained about the looming interest rate hike on student loans in a Rose Garden event Friday morning and urged Americans to call, write and tweet their Republican members of Congress to do something about it. But on Capitol Hill, GOP leaders questioned why Obama doesn't just ask Senate Democrats to take up the Republican rescue plan already passed by the House. The two sides are quibbling over the details of how to avert the rise in interest rates on federally subsidized student loans, set to double to 6.8% in a month.
May 21, 2013 | By Linda P.B. Katehi
As an immigrant and an engineer, I know the magnetic pull that the United States exerts on anyone who dreams of a career in science. From the time I watched NASA technicians on television during the first lunar landing in 1969, I resolved to get the best scientific education that my talents and circumstances would allow. That quest initially took me to National Technical University in Athens, where I became the first person in my family - and the first woman from Salamis, the Greek island where I grew up - to earn a college degree.
May 13, 2013 | By Walter Hamilton
Nearly two-thirds of wealthy Angelenos would allow their children to attend an expensive college, but half of parents refuse to go into debt to pay for it, according to a new survey. According to the study, 64% of the so-called “mass affluent,” those with $50,000 to $250,000 in investable assets, would not discourage their children from going to a specific college based solely on price. But 18% have not, and will not, save for their children's education, and 51% say they won't go into debt to cover the cost.
May 13, 2013 | By Walter Hamilton
Nearly half of American mothers think their children are unprepared to get a job and one-third say their kids aren't ready to live on their own, according to a new study. The study by the McGraw-Hill Federal Credit Union found that 49% of mothers say their children aren't ready to get a job, while 44% say their progeny aren't prepared to finance their college educations. One-third of mothers say their children are “not at all prepared” to save money or live on their own, according to the study.
May 8, 2013 | By Walter Hamilton
Jack Welch is throwing his support - such as it is - behind Jamie Dimon, the embattled leader of JPMorgan Chase & Co. Dimon is scrambling to hang on to the chairmanship of his company in the aftermath of an embarrassing trading mishap by the now-infamous "London Whale" that has blotted Dimon's once-unassailable record. Dimon remains chief executive of the banking giant. But critics are pressing JPMorgan to separate the CEO and chairman roles. Corporate-governance advocates say such moves help prevent a powerful leader, even a visionary or successful one, from amassing too much clout in the boardroom.
May 8, 2013 | By Ronald D. White
It took a lot of time, funding and the work of countless individual researchers to create the world's first bionic eye, which gives some sight back to the blind. How long? Well, the IBM ThinkPad (remember those?) was the world's hottest laptop computer when Second Sight Medical Products Inc. was doing some of its earliest work. Second Sight has a bank of those ThinkPad's in its offices, still dutifully plugging away on data related to the 20-year, $200-million effort to create the eye. It also took a stunning amount of patents, both in the U.S. and overseas, to protect all of the proprietary information involved in the creation of the $100,000 eye. The eye is formally called the Argus II Retinal Prosthesis System.
May 8, 2013 | By Andrew Tangel
NEW YORK -- Former Enron Corp. Chief Executive Jeffrey Skilling could get a decade lopped off his prison sentence in a deal with the U.S. Justice Department. Skilling has spent more than six years in federal prison following his 2006 conviction in Enron's massive corporate fraud. The now-defunct company played a starring role in the energy crisis that swept through California and other Western states before Enron's epic implosion in 2001. Skilling challenged his 24-year sentence and, after a series of court rulings, struck a deal with federal prosecutors that would reduce his sentence to a range of 14 to 17.5 years, according to court documents filed by the Justice Department.
May 8, 2013 | by Walter Hamilton
Employee absenteeism due to poor health costs U.S. businesses an estimated $84 billion a year in lost productivity, according to a new study. The annual cost ranges from $24.2 billion in professional fields to $160 million among agricultural workers, according to a Gallup poll . The study was based on more than 94,000 interviews conducted through much of last year with adults who work more than 30 hours a week. Quiz: How much do you know about Internet sales taxes?
May 8, 2013 | By Jim Puzzanghera
WASHINGTON -- Students taking out government loans to help pay for college should pay the same rock-bottom interest rate that the Federal Reserve charges big banks, Sen. Elizabeth Warren (D-Mass.) proposed Wednesday. With the interest rate on federal student loans set to double to 6.8% this summer, Warren said it's unfair that big banks can borrow money at 0.75% from the central bank's discount window. "In other words, the federal government's going to charge interest rates nine times higher than the rates they charge the biggest banks -- the same banks that destroyed millions of jobs and nearly broke the economy," Warren said in introducing her first stand-alone bill since taking office in January.
May 2, 2013 | By David Horsey
The retirement plans of more and more Americans are about as connected to reality as Grimm's Fairy Tales. Grim is exactly what it is going to be for these folks when, in their 70s, their 401(k)s have petered out, they have no pensions and no income except what they get from the tottering Social Security system. Financial experts drone on about how today's younger couples need to be tucking away an ample share of their paychecks into 401(k) plans in order to avert a destitute old age. It's easy for them to scold.
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