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NEWS
August 8, 2013 | By Rita Giordano, Inquirer Staff Writer
Hey, New Jersey businesses, still feeling the wrath of Hurricane Sandy? Still footing the bills for all those post-storm repairs? The state wants to hear from you. Hint: There could be cash in it. Really. The New Jersey Economic Development Authority has $260 million in grants and $100 million for loans for businesses that qualify - and, believe it or not, not nearly as many takers as you might expect. "I'm not sure that businesses know we have millions of dollars of grant funding and loan funding available," said the authority's chief executive officer, Michele A. Brown.
NEWS
August 2, 2013 | BY CHRIS BRENNAN, Daily News Staff Writer brennac@phillynews.com, 215-854-5973
A JUDGE yesterday rejected a bid by former state Sen. Vince Fumo to put a friend of 50 years in charge of a trust fund set up for two of his three children. Common Pleas Judge Joseph O'Keefe voided Fumo's appointment of Dr. Anthony Repici, once his personal physician, as trustee for the fund. He also rejected a request from Fumo's attorney to keep the case open long enough for the former Democratic power to testify. Fumo is due to be released from federal prison on Tuesday. Fumo's daughter, Allison, 23, had asked the court to either dissolve the trust or name as trustee Sylvia DiBona, her godmother and widow of Independence Blue Cross chief executive G. Fred DiBona Jr. O'Keefe appointed DiBona yesterday, ordering "that all property, books, accounts, papers and moneys belonging" to the trust be delivered to her. "We're very sorry that it took litigation to get to this point," said Don Foster, Allison Fumo's attorney.
NEWS
July 19, 2013 | By Philip Elliott, Associated Press
WASHINGTON - Heading off a costly increase for returning college students, a bipartisan group of senators reached a deal Wednesday that would offer students better rates on their loans this fall but perhaps assign higher rates in coming years. The deal would offer students lower interest rates through the 2015 academic year, but then rates were expected to climb above where they were when students left campus this spring. The interest rates would be linked to the financial markets, but Democrats won a protection for students that rates would never climb higher than 8.25 percent for undergraduate students.
NEWS
July 19, 2013
D EAR ABBY: We have a grown son who is married with his own family and home. He and his wife have jobs. My husband and I are semiretired - not rich, but we live comfortably. Our credit score is great. My son wants us to co-sign a loan for him. I know his credit is not good because I get phone calls from collection agents looking for him. We really don't want to co-sign. How do I explain this to him? I feel that because I'm his mother it obligates me. I am also afraid he will stop letting us see the grandkids if I refuse.
NEWS
July 17, 2013
WE KNOW THAT many students have to borrow in order to attend college. On top of that, the interest rates on many new federal student loans doubled on July 1 from 3.4 percent to 6.8 percent. There are congressional efforts to lower the rates. But regardless of whether Congress finds a compromise on the student-loan interest rate, the bigger issue is curbing the cost of college so that interest rates don't matter as much. This is particularly important, because a large number of students borrow and then don't finish college.
NEWS
July 14, 2013 | BY CHRIS BRENNAN, Daily News Staff Writer brennac@phillynews.com, 215-854-5973
AN ATTORNEY for jailed former state Sen. Vince Fumo complained in court yesterday that the once powerful Democrat, in a legal battle with his daughter, has been cast as King Lear, the tragic figure who goes mad trying to leave his holdings to his children. Normally you could chalk that up to overblown legal rhetoric. But with Fumo, who has a long history of relationships dissolving into disputes, attorney Thomas Leonard was spot on with the Shakespearean reference. The fight involves a trust fund Fumo set up with $3.2 million in 2006 for two of his three children, Vince Fumo Jr. and Allison Fumo.
NEWS
July 13, 2013 | By Philip Elliott, Associated Press
WASHINGTON - An emerging deal to lower interest rates on student loans hit a major obstacle Thursday after lawmakers were told it carried a $22 billion price tag over the next decade. The proposal was designed to offer Democrats the promise that interest rates would not reach 10 percent and to give Republicans a link between borrowing terms and the financial markets that they sought. But at that cost, the bipartisan coalition behind it decided to return to negotiations to bring that cost down.
NEWS
July 12, 2013 | By Jenna Johnson, Washington Post
WASHINGTON - A Senate bill that would freeze a low interest rate on one type of federal student loan for another year, along with buying lawmakers more time to craft a long-term strategy for setting all education loan interest rates, failed to clear a procedural vote Wednesday afternoon. That bounces the issue back to negotiations yet again, as lawmakers try to reach a consensus before the August recess, at which point most students will have to lock in their loans for the school year.
NEWS
July 11, 2013 | By Melissa Dribben, Inquirer Staff Writer
Part of Jessica Prince's job at Widener University is to advise college seniors about managing their debt, so she was distressed to learn that Congress on June 30 allowed the interest rate on one popular type of federal loan to double, from 3.4 percent to 6.8 percent. "I don't think a college education should be a debt sentence," she said. This week, the House and Senate are likely to review several bills that may or may not relieve some of the extra financial pressure the rate increase will put on graduates.
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