One of the sorriest American myths these days is that getting into enormous debt will secure a better financial future for today’s students.
Not only is debt a manacle for future generations, it’s not good for the country at large — a $4 trillion burden on future earnings and wealth.
When politicians make a stink about student loan rates, they’re smelling a rotten fish, but not the most obvious one. They should be berating colleges and our own broken higher education-funding system for not providing more grants — and less loans.
It's not so depressing if you think of it as 200,000 fewer purchases from The Dollar Tree over the course of forever. Currently, the average student debt balance for a household headed by two college graduates is $53,000, and according to a new study by research organization Demos, those households could end up $208,000 poorer over the course of a lifetime than a household with zero student debt.
A student who takes out $53,000 in debt, the average amount for those attending a four-year public university, will experience a a lifetime loss of wealth totaling $208,000, according to a new report from the think tank Demos. It dives into the long-term costs of rising student debt and finds that for those who carry the $1 trillion in total student debt, their lifetime wealth loss will equal $4 trillion.
Following last week’s report showing that Ohio students who graduate with student loans hold an average debt of nearly $30,000, U.S. Sen. Sherrod Brown (D-OH) will outline a plan that would help Americans saddled with costly, private student loans refinance to more affordable options. During a news conference call today, Brown discussed how his bill would help individuals reduce their student loan debt by refinancing at no cost to taxpayers.
The next big campaign finance case to go before the Supreme Court began in February 2012 in the grand ballroom at the Marriott Wardman Park hotel during the "Ronald Reagan Banquet" at the Conservative Political Action Conference.
The next big campaign finance case to go before the Supreme Court began in February 2012 in the grand ballroom at the Marriott Wardman Park hotel during the "Ronald Reagan Banquet" at the Conservative Political Action Conference.
The question of student loans is taking on an increasing urgency everywhere but Washington.
Rates on federally subsidized loans doubled to almost 7% on July 1,thanks to Congressional bickering and dithering. The latest attempt to roll back the rates failed to get out of the Senate earlier this week, when sponsoring Democrats failed to break a Republican filibuster against the bill.
Afraid your bad credit may be holding you back from a great job?
That soon may not be a concern for job-hunting New Yorkers, as the Credit Privacy in Employment Act passed the New York Assembly on June 20. The act will largely ban employers from using credit reports to influence employment decisions.
Can some types of debt cause the blues? Why are people approaching retirement age carrying credit card debt? This column shares results from recent research about credit card debt among older Americans. [...]
In a 2011 speech on the floor of the U.S. House of Representatives, civil rights hero and Congressman John Lewis (D-Ga.) eloquently described attacks across the country on Americans' access to the ballot box: "Voting rights are under attack in America.
Credit reports weren’t designed to be job-screening tools. But about half of employers now use them when making hiring decisions, according to a 2012 study by the Society for Human Resource Management. The practice cuts across all sectors of the economy, from high-level management to office assistants, home health-care aides, and people who work the counter serving frozen yogurt.
For some job seekers, repeated rejection by potential employers may be traceable to an unlikely source: their credit report.
Regulators are cracking down on some of the methods companies are using to screen candidates (two major companies this week were accused of using background checks to discriminate against black applicants.) But employers’ use of credit checks during the hiring process is legal and fairly common.
Last month Nevada joined a growing number of states and cities that are forbidding companies from using credit checks to make employment decisions. But the practice is still legal under federal law. [...]
New York Governor Andrew Cuomo spent his career cultivating the image of a man who gets what he wants. In 2011, he rammed same-sex marriage legislation through the legislature, even with a Republican-controlled Senate. In 2012, when he wanted New York to be the first state to pass gun-control laws after the Newtown shooting, he was similarly productive. This year, Cuomo has said he wants to make state elections fairer, by lowering contribution limits and supplementing small donations with public dollars to give them more weight.
For lawmakers in Washington, the daily chase for money can begin with a breakfast fundraiser in the side room of a Washington restaurant.
At noon, there might be a $500-per-plate lunch with lobbyists in a Capitol Hill town house. The day might wrap up in an arena sky box in downtown Washington, watching a basketball game with donors.
With a contracting retirement income system, rapidly rising health-care costs, and the prospect of long-term care expenses, one would have thought that people approaching retirement would be paying off their credit card debt and closing out their mortgages. But surveys suggest that people are entering retirement with more debt than ever before and relying on borrowing to cover expenses in retirement.
It used to be that many Americans entered retirement having paid off their mortgages and most of their other debts. This should have been senior citizens' Golden Years.
Nowadays, more and more people over the age of 65 are struggling with mounting debt levels, fueled primarily by mortgages and credit cards. The average debt held by senior citizens has ballooned to $50,000 in 2010, up 83% since 2001, according to Federal Reserve data crunched by the Employee Benefit Research Institute. [...]
As the capital is engulfed in scandals, advocates of campaign finance reform are intensifying their pressure on Gov. Andrew M. Cuomo, urging him to persuade the Legislature to rewrite state elections law in the hope that change in New York could have an influence nationally.