President Barack Obama is playing politics with his push to prevent interest rates on federal student loans from increasing in an election-year effort to embarrass Republicans, the Senate's GOP leader said Wednesday.
Americans are becoming more selective in taking out loans. However, escalation in the amount of late payments for student and car loans indicates otherwise. While prompt payments were recorded in other areas by the Federal Reserve Bank (FRB) of New York, the auto and student loan sector showed an acute rise in arrears. A report released by the FRB showed borrowings shoot up to $117 billion in a span of just three months.
Tuesday, November 4 was clearly a very good day for the Republican Party. It gained control of the U.S. Senate and strengthened its grip on the House of Representatives. One Senate race remains too close to call, and another is headed to a runoff, but Credit Suisse’s Public Policy Americas team believes the party will ultimately pick up as many as 10 seats in the Senate (including that of an independent they believe will caucus with Republicans) to gain a 54-46 advantage over Democrats. The proportion of Republicans in the House, meanwhile, will be the highest since the 1920s.
As costs of college soars (with thanks to absurd union salaries and benefits, as well as absurd administrator salaries and benefits), those attending college have increasing trouble paying back loans.
The fully expected consequence is Student-Loan Delinquencies Now Surpass Credit Cards.
WASHINGTON — President Barack Obama’s choice as chief American envoy for Europe told a Senate panel Thursday that she would make the expansion of trade and democracy top priorities if confirmed. But some Republicans wanted to know more about her former State Department boss, Hillary Rodham Clinton, and the deadly attacks against Americans last year in Benghazi, Libya.
A new report from the Federal Reserve Bank of New York delivers generally positive news about the economy with one glaring exception: student loan debt. The amount of debt and delinquencies are climbing, and some experts say the official numbers don’t even capture how big the problem really is. In the third quarter, there were fewer foreclosures, increased credit card and auto lending (indicators of rising consumer confidence), and an overall drop in our collective debt load, led by decreasing mortgage debt. Student loans are another story.