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NEWS
June 19, 2013
BAD NEWS for Pennsylvania: The payday-lending industry, which we warned early this spring was making a return to the halls of Harrisburg, trying to gain entry into the state and thus the bank accounts of residents, is making progress. Predatory loans - characterized by high fees and interest rates, as well as a tendency for lenders to ensure repayment by gaining access to a borrower's bank account, rather than considering his ability to repay - are not currently allowed in Pennsylvania.
NEWS
June 14, 2013
A 37-year-old South Jersey man pleaded guilty Thursday to loan sharking on behalf of the Philadelphia mob, federal prosecutors said. Robert Ranieri, of Glendora, admitted that he conspired with Philadelphia mobster Anthony Staino and others to make a usurious loan to an undercover FBI agent and then threatened violence to collect on the loan, according to federal prosecutors. Ranieri's sentencing hearing is scheduled for Sept. 25 and he faces a maximum 40 years in prison. - Robert Moran
SPORTS
June 13, 2013
  Quicken Loans 400 Michigan International Speedway Brooklyn, Mich. When: Sunday, 1 p.m. TV/Radio: TNT/WNPV (1440-AM) Course: 2-mile oval Distance: 200 laps/400 miles Forecast: isolated thunderstorms, high 70s Last year's winner: Dale Earnhardt Jr. Last year's pole: Marcos Ambrose Track qualifying record: Ambrose, 203.241 mph (June 2012) Track facts: Dale Earnhardt Jr. led 95 laps, including the last 30, in winning last year's race.
NEWS
June 8, 2013 | By Nick Anderson, Washington Post
WASHINGTON - The Senate deadlocked Thursday over federal student loan interest rates, with no consensus in sight on how to prevent rates on certain loans from doubling for about seven million borrowers on July 1. Amid a swirl of competing proposals from lawmakers and the White House, preliminary votes showed that no Senate bills have the 60 votes needed to overcome a filibuster in the Democratic-led chamber. Unless Congress intervenes, rates for new subsidized student loans will rise on July 1 from 3.4 percent to 6.8 percent.
NEWS
June 3, 2013
SOME Washington folks must be ecstatic about the news that the TV melodrama "24" will be returning to air, because they sure seem to be fans of ticking-time-bomb scenarios down there. First, we had the debt-ceiling, then the fiscal cliff. Now, if you listen closely, you can hear a tick, tick, tick as we approach July 1, when - unless something is done - student-loan rates will double, hindering young people's ability to go to college or contribute to the economy by paying for anything but their student loans afterward.
NEWS
June 2, 2013 | By Nedra Pickler, Associated Press
WASHINGTON - President Obama on Friday urged Congress to prevent student loan rates from doubling in a month, prompting a fight with House Republicans who accused him of playing politics instead of sitting down to work out small differences and avoid an increase. Interest rates on new subsidized Stafford loans are set to go from 3.4 percent to 6.8 percent on July 1. Lawmakers from both parties say they want to avoid the increase but are divided over how to do so. Obama said that if Congress doesn't act to stop loan rates from rising, students would rack up an additional $1,000 annually in debt.
NEWS
June 2, 2013 | By Nedra Pickler, Associated Press
WASHINGTON - President Obama on Friday urged Congress to prevent student loan rates from doubling in a month, prompting a fight with House Republicans who accused him of playing politics instead of sitting down to work out small differences and avoid an increase. Interest rates on new subsidized Stafford loans are set to go from 3.4 percent to 6.8 percent on July 1. Lawmakers from both parties say they want to avoid the increase but are divided over how to do so. Obama said that if Congress doesn't act to stop loan rates from rising, students would rack up an additional $1,000 annually in debt.
BUSINESS
May 30, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Sallie Mae, the Delaware-based student lender, said Tuesday that it is splitting into two growth-minded companies as longtime chief executive Albert L. Lord prepares to retire. Jack F. Remondi, chief operating officer, is taking over Lord's job. After the split, he will run the company and its student-loan servicing and collection business, which handles more than $100 billion in loans originated and guaranteed by the federal government. Remondi's company will include about 95 percent of Sallie Mae's current assets, analyst Sameer Gokhale of Janney Capital Markets told clients in a report Wednesday.
NEWS
May 29, 2013
WITH APOLOGIES TO Dr. Seuss, I'd like to add some lines to his wonderful book Oh, the Places You'll Go! , which is a popular graduation gift for college students. Seuss begins: Congratulations! Today is your day. You're off to Great Places! You're off and away! You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You're on your own. And you know what you know. But you'd better know what you owe because your debt is high.
NEWS
May 24, 2013 | By Philip Elliott, Associated Press
WASHINGTON - Dismissing a veto threat from President Obama, lawmakers in the House passed legislation that links student loan rates to the ups and downs of the financial markets in a vote largely along party lines. The Republican-backed bill would allow students to dodge a scheduled rate hike for students with new subsidized Stafford loans next month, but rates could rise in coming years. Democrats largely opposed the measure - which they branded the "Making College More Expensive Act" - while the Republican chairman of the Education Committee labeled the legislation a starting point for negotiations with the Senate and White House.
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