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Student Debt

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NEWS
April 11, 2006 | By REBECCA W. RIMEL
LATE LAST month, Penn president Amy Gutmann and the the university board sent a clear and powerful message to high school graduates from lower-income families: You can afford to go to college. If you're admitted to Penn, you can graduate without the burden of unmanageable student loan debt. By promising to replace loans with grants, which do not need to be repaid, for students from families with incomes below $50,000, Penn is taking the lead with other elite universities to address growing concern about student debt and ensure their doors are open to all qualified students.
NEWS
July 19, 2013 | BY REP. BRENDAN F. BOYLE
IN ADDITION to the education crisis that many students and parents are facing throughout Philadelphia, our nation faces a rising problem that will have a drastic impact upon our entire economy. In the past few months I have had the opportunity to meet with people across southeastern Pennsylvania and hear their concerns. Among them is the ticking time bomb of student-loan debt. Whether the person I was speaking to was a parent, a current student, a recent graduate or someone who graduated decades ago, their fears are all the same - fear that they may not be able to cope with the cost of achievement and advancement through the pursuit of a college education.
BUSINESS
July 9, 2009 | By Sonja Ryst INQUIRER STAFF WRITER
Kelly Ohlert has a job at a Center City law firm, but she can't afford to buy a home to accommodate her growing family. The reason: She racked up around $150,000 in student loans while earning a master's degree at the University of Pennsylvania and a law degree at Temple University. Ohlert, 29, might be on the high side, but she is hardly alone. Pennsylvania residents' student debt averages ranged from $27,877 to $30,389 in the 2007-2008 academic year, according to estimates by FinAid, a financial-aid Web site.
NEWS
October 29, 2014 | Michelle Singletary, Washington Post Writers Group
SOMEONE SAID to me that I make too big a deal of student-loan debt. Really? I heard similar comments before the housing crisis. We now know how that turned out. Next month, thousands of college graduates will see an end to their six-month loan grace period and will have to start making payments. Many will easily handle the payments. Others will struggle. When you look at the average debt that graduates have - just shy of $30,000 - the amount doesn't seem so daunting. But the average figure doesn't reflect the many people who are carrying much more than that.
NEWS
March 9, 2016
ISSUE | STUDENT DEBT Plan for Pa. tax credit When the Pennsylvania State System of Higher Education was formed in 1983, universities were funded by about 75 percent state money and 25 percent student tuition and fees. Now, it's the exact opposite. This disinvestment in higher education on the state level has driven student debt to an all-time high. Student loans are the second-largest form of consumer debt in the country, trailing only mortgages. I have introduced legislation in the Pennsylvania House that would provide a tax credit of up to $2,500 a year for interest paid on student loans.
NEWS
December 22, 2015 | By Daniel R. Porterfield
Last month, almost every major media outlet covered the new report from the Institute for College Access and Success showing that, nationwide, average undergraduate debt increased by two percent from 2013 to 2014. The coverage was accurate, but incomplete. The reality is that some colleges have made it an educational, strategic, and financial priority to buck the student debt trend. Families should hear that story, too. Case in point: Franklin & Marshall College has decreased the average debt for students at graduation from $33,200 in 2012 to $26,200 in 2015, a 21 percent improvement.
BUSINESS
May 20, 2014 | By Jane M. Von Bergen, Inquirer Staff Writer
The college class of 2014 numbers 1.6 million. And as these students graduate this month and next, many will be carrying tens of thousands of dollars in debt, contributing to the $1 trillion in total outstanding U.S. student loan debt. "It's almost unethical," said Thomas P. Nerney, 59, chairman, president, and chief executive officer of U.S. Liability Insurance Group in Wayne. "We have all but mandated a college degree for the majority of entry-level positions," Nerney wrote in a recent opinion piece.
NEWS
December 29, 2014 | By Erin E. Arvedlund, Inquirer Columnist
What's another name for student debt consolidator? A new low in scam artists . So here's how not to become a target of "debt relief" companies. Many 2014 college graduates are receiving their first loan bills. Student loans total $1.2 trillion nationally, and about seven million students have defaulted. You don't need to pay anyone to get help with, or to restructure, your federal student loans - period. (Private loans are another matter entirely). Do it yourself for free.
BUSINESS
August 26, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
President Obama complained last week about the rising cost of a college education and student debt. Isn't that kind of like the chief pirate complaining merchant ships are getting scarce? The price of anything that's privately built but heavily U.S. taxpayer-funded - weapons, medicine, colleges - tends to rise faster than stuff that trades more or less competitively, like tomatoes or scrap metal. Obama's response: By 2015, he wants U.S. taxpayers to subsidize schools, based not just on how much they charge, or whom they let in (the poorer the better)
BUSINESS
December 25, 2012 | By Erin E. Arvedlund, Inquirer Columnist
The biggest investment you, your kids, or your parents may ever make is paying for a college education. And that investment isn't offering a great return for any of us right now. One out of every nine students with college loans is now in default, according to new federal data. Could this mean student loans are going to be the next bubble, like the subprime mortgage and housing crisis? The Department of Education in September issued updated default rates, which stand at a stunning 9.1 percent of federal student loans, or roughly $90 billion worth.
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ARTICLES BY DATE
NEWS
July 30, 2016 | By Susan Snyder, Staff Writer
As Hillary Clinton and Bernie Sanders move to make free college a key piece of the Democratic platform, officials at some public colleges around the region are hopeful that at the very least the effort will keep the issue of cost in the spotlight. "I believe it's a movement that's not going to just die with the election," said Kenneth Witmer Jr., dean of West Chester University's College of Education and Social Work. "I think we'll see pressure - from both those who want to go to college and those who came out owing a lot of money - on politicians to respond to this.
NEWS
July 27, 2016
Let me thank the 13 million Americans who voted for the political revolution, giving us the 1,846 pledged delegates here tonight - 46 percent of the total. And delegates: Thank you for being here, and for all the work you've done. I look forward to your votes during the roll call on Tuesday night. Let me be as clear as I can be. This election is not about, and has never been about, Hillary Clinton, or Donald Trump, or Bernie Sanders or any of the other candidates who sought the presidency.
NEWS
July 13, 2016
By Lex O. McMillan III I suspect that just about everyone has had the annoying experience of hearing someone hold forth on a subject with unshakable confidence but giving voice to pure bunk. In the heated atmosphere of our current political races, this experience is probably even more common. One of the most annoying that has been making the rounds for quite some time is the recurring refrain of a "student debt crisis. " I am probably imagining the frequency given my work as a college president, but it seems that almost daily, I read or hear someone invoke this phrase as if it were as uncontested as the sun rising in the east.
NEWS
July 9, 2016 | By Julie Shaw, STAFF WRITER
Swarthmore College again beat out the University of Pennsylvania in a Forbes annual ranking of top U.S. colleges. In the magazine's 2016 ranking of the nation's top colleges and universities, Swarthmore came in at No. 10 and Penn at No. 11. The only other Pennsylvania school to come in the top 25 was Haverford College, at No. 23. Stanford University topped all at No. 1, Williams College came in at No. 2, Princeton University at No....
NEWS
July 6, 2016
Haverford College is capping student financial aid, retreating from a long-standing policy of admitting students regardless of ability to pay. The college already spends about 20 percent of its budget helping students from lower-income families, but administrators say they had to make the difficult decision to control the drain on its endowment and ensure a financially secure future. Haverford's move, detailed by the Inquirer last week, makes it the second venerable institution in the region to undergo a major recent change in financial-aid policy.
REAL_ESTATE
June 19, 2016 | By Alan J. Heavens, Staff Writer
Back in the 1990s, real estate sales data were considered closely guarded secrets - by some, at least. That meant one of the most difficult things about this job was finding numbers to support what real estate agents were saying about the market. Fortunately, there were some Realtors who thought the attempt at secrecy was nonsense and successfully argued that, in the words of one, if they didn't provide sales numbers when the market was bad, how would I know when it was good.
NEWS
June 6, 2016
ISSUE | CAMPAIGN 2016 Not quite Rocky I was amused to read the letter that said Bernie Sanders should "go the distance" like Rocky Balboa ("Sanders is Democrats' Rocky," Wednesday). But where the analogy breaks down is in realizing that the championship match is the general election in November, not the Democratic National Convention next month. Former presidential candidates George McGovern and Michael Dukakis have taught Democrats that electability matters. If I thought America was ready to elect a 74-year-old Jewish socialist as president, I'd be all in - but it ain't gonna happen.
BUSINESS
May 23, 2016 | By Jane M. Von Bergen, Staff Writer
Two years ago, fast-food worker Shymara Jones was a single mother, living with her mother, siblings, and son in a three-bedroom rowhouse on a worn-down block in the non-gentrified part of Grays Ferry, hard by warehouses and refineries. None of that has changed, but everything is different. Same small house, same small street, same Popeyes at Broad and Catharine Streets where Jones, 22, has worked since 2009. But in that time, Jones visited the Eiffel Tower. She met fast-food workers in Brussels, picketed corporate meetings in Chicago - twice - shook hands with politicians, led marches down Broad Street, and plans to rally outside the McDonald's annual meeting this week.
BUSINESS
May 16, 2016 | By Jane M. Von Bergen, Staff Writer
When it comes to money know-how, talking is key, particularly when senior citizens are considering reverse mortgages. "I would encourage you to go to a counseling agency with your children," said Patricia Hasson, 53, president and executive director of Clarifi, the financial counseling and education nonprofit now celebrating its 50th year. (People old enough to qualify for reverse mortgages might remember the nonprofit's legal name, the Consumer Credit Counseling Service of Delaware Valley.)
REAL_ESTATE
May 16, 2016 | By Alan J. Heavens, REAL ESTATE WRITER
Informality, especially increased outdoor living space, is one of the key trends in home design being reported by the nation's architects. That's the word from the American Institute of Architects' chief economist, Kermit Baker, who said the 600 architects surveyed earlier this year also noted a greater emphasis on wireless technology, the result of increased telecommuting during the recession. (See the full report at http://goo.gl/tR7nGj ) Baker was one of three members of a panel at mid-April's Urban Land Institute spring conference in Philadelphia that discussed housing design in the future.
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