News on Student Loans

9 accused in Obama loan case face arraignment

2010-09-01T12:12:29Z

9 workers in Iowa accused of accessing Obama's student loan records face arraignment

Nine people accused of accessing President Barack Obama's student loan records while employed by a Department of Education contractor in Iowa are to be arraigned on federal charges.

The former ...

9 indicted on charges of accessing Obama records

2010-05-13T10:45:50Z

9 working for federal contractor in Iowa charged with accessing Obama student loan records

Nine people were indicted Wednesday on federal charges of accessing President Barack Obama's student loan records while they were employed for a Department of Education contractor in Iowa.

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First Marblehead posts narrower 3rd-quarter loss

2010-09-22T13:39:12Z

First Marblehead fiscal 3rd-quarter loss narrows but misses Wall Street expectations

The First Marblehead Corp., which works with banks and credit unions to administer student loan programs, on Friday said its fiscal third-quarter loss narrowed by 83 percent, as it tightened expenses and booked lower adjustments on loans hel...

Sallie Mae posts 1st-qtr profit, increases lending

2010-04-21T18:00:20Z

Sallie Mae posts 1st-quarter profit, reversing year-ago loss; bad loans ease, new lending up

Sallie Mae, the nation's largest student lender, on Wednesday posted a profit for the first quarter, reversing a year-ago loss, as bad loans eased and it lent to more students.

After paying preferred dividends, Sallie Mae, formally known as SLM Corp., earned $240.1 million, or 45 cents per share, compared ...

Student loan change could boost aid work: Clinton

2010-04-15T11:30:25Z

NEW YORK (Reuters) - More U.S. graduates are likely to work with aid groups and charities after an overhaul of the country's student loan program lessens their debt repayment burden, former U.S. President Bill Clinton said.

With U.S. unemployment at 9.7 percent as the country emerges from the worst recess...

Woman with 2 identities pleads guilty to fraud

2010-04-01T14:30:28Z

Alaska woman who took on new identity to escape abuse pleads guilty in bizarre scam

Rachel Yould is a former Rhodes scholar who took on a new identity under a federal program that helps rape and domestic violence victims hide from their tormentors.

But federal prosecutors say Yould used her new identity and life to defraud lenders out of more than $600,000 in student loan money that she used to play the stock market, buy a condo and launch a startup business...

Obama signs law finalizing health care, loan redo

2010-03-30T14:30:50Z

Obama signs law that wraps up health care bill, overhauls federal loan program

Finalizing two major pieces of his agenda, President Barack Obama on Tuesday sealed his health care overhaul and made the government the primary lender to students by cutting banks out of the process.

Both domestic priorities came in one bill, pushed through by Sallie Mae CEO received compensation worth nearly $5.4 million in 2009, down 35 percent

The CEO of student loan provider Sallie Mae received compensation valued at nearly $5.4 million last year, a 35 percent cut from 2008, according to an analysis of a regulatory filing Tuesday.

Most of the reduction came from the lower value of stock and options that the lender — formally known as SLM Corp. — gav...

Student loan company: Data on 3.3M people stolen

2010-03-26T18:30:23Z

Student loan company says personal data on 3.3 million people stolen from its headquarters

A company that guarantees federal student loans said Friday that personal data on about 3.3 million people nationwide has been stolen from its headquarters in Minnesota.

Educational Credit Management Corp. said the data included names, addresses, Social Security numbers and dates of birth of ...

Recession sends workers back to school CHANGING CAREERS The federal stimulus program includes more money for student loans, including programs designed specifically for laid-off workers seeking to train for new careers. The aid is crucial in Las Vegas.

2010-03-19T02:17:08Z

After being laid off from his job repairing industrial machinery, 40-year-old Las Vegan David Dewees found himself in the unemployment line for the first time in his life.

It was an uncomfortable place for Dewees, who moved to Southern Nevada from the Midwest in 2005. He had always managed to find steady work, whether it was on the night cleaning crew at a local ...

Conn. would waive student loans in 'green' jobs

2010-03-14T12:00:26Z

Conn. legislative plan would forgive loans for students in 'green,' bioscience, health jobs

Paul Goulet hopes Connecticut will help him get from under nearly $8,000 he's borrowed for college after losing his job in a paper manufacturing plant.

Goulet, 55, is a student in environmental studies at Goodwin College in

Ahead of the Bell: Analysts upbeat on DeVry shares

2010-04-16T07:18:46Z

DeVry shares up premarket; analysts say company is in a good position, stock has room to rise

Shares of for-profit school DeVry Inc. rose in premarket trading after the company said earnings could grow by 20 percent for the year, and analysts bet its shares could rise by about 30 percent.

The school achieved the highest profit margin in years during its fiscal second quarter, said Baird analyst Two portraits of Rachel Yould emerge; one a victim, one a schemer

Who is Rachel Yould? Is she a victim of domestic violence or a schemer who took on two identities to get rich?

Did the 37-year-old ex-beauty queen and academic scholar fraudulently use two Social Security numbers and two names to obtain more than $600,000 in student loans to enrich herself, as federal prosecutors maintain, or was she sexu...

Going out into the world

2010-04-16T08:12:02Z

UNLVÕs winter graduates assess their futures

ÒWe went back to school

about two years ago to improve

our career options, and both of us

continued to work full time.Ó

Vontoba: We met at a conference for college students interested in corporate internships. I was in Ohio at Bowling Green State University and Psy...

Student loan default data highlights for-profits

2010-04-16T08:25:26Z

Government releases new data on student loan default rates; for-profit schools highlighted

More than one in five borrowers of federal student loans who attend for-profit colleges default within three years of beginning repayment, new figures made available by the U.S. Department of Education on Monday show.

Historically, the government has reported such figures in terms o...

Bridgepoint Ed shares gain on loan default data

2010-10-06T12:45:12Z

Bridgepoint Education shares gain as loan default rates not as bad as expected

Shares of Bridgepoint Education Inc. rose Wednesday after the online education company announced three-year cohort default rates for its schools that were not as bad as investors feared.

On Tuesday, San Diego-based Bridgepoint said the preliminary t...

Student Or Random Loan Consolidation

2010-04-19T15:26:42Z

Author: Yvonne Corilla

When your student loans get the best of you and you’re wondering how you always come out from under all that debt, take a look at the consolidation of bad loans to the account. It may be the answer to a number of problems.

Turn to Sallie Mae loan consolidation for a way to pay your federal student loans, improve their finances and put a little ex...

First Marblehead bank unit sells education loans

2010-04-16T09:01:47Z

First Marblehead bank unit finishes sale of private education loans amid potential sale

First Marblehead Corp., which packages students loans for sale to investors, said on Thursday that a bank subsidiary that it's considering selling has completed the sale of its remaining portfolio of private education loans.

Union Federal Savings Bank sold the loans to a newly formed t...

Silver State Helicopters student debt case settled

2010-04-16T09:35:55Z

Attorneys general announce settlement of Silver State Helicopters student debt case

Attorneys general say a student loan company has agreed to forgive almost $113 million in debts for students of a Nevada-based helicopter flight school that went bankrupt in 2008.

Nevada Sallie Mae posts 3Q profit on improved credit market; shares rise

The student lender best known as Sallie Mae posted a third-quarter profit that beat Wall Street expectations as credit markets improved and student loan activity increased.

SLM Corp. said Tuesday it expects improving credit quality to continue to boost earnings, and its shares ju...

Obama lashes out at U.S. banks over student loans

2010-06-25T20:35:51Z

TROY, New York (Reuters) - President Barack Obama criticized the largest U.S. banks on Monday for trying to thwart legislation that would overhaul federal student loan programs.

He singled out in particular banks that have received bailout mone...

Student loan market overhaul approved by U.S. House

2010-04-16T10:16:25Z

WASHINGTON (Reuters) - The biggest change in U.S. higher education finance in 35 years was approved on Thursday by the House of Representatives, handing a defeat to major banks and student loan giant Sallie Mae.

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Obama student loan plan may save more money

2010-06-25T20:44:32Z

WASHINGTON (Reuters) - The Congressional Budget Office said on Friday that a student loan reform plan backed by Sallie Mae and other lenders might save U.S. taxpayers $17 billion less than one backed by the

Kiss Those Student Loans Goodbye

2010-04-16T10:23:17Z

Shawn Agyeman was down on his luck last fall, having just lost his job as a research assistant at the University of Pittsburgh, his alma mater. With looming monthly student loan payments of around $200 a month hanging over his head, the recent college graduate was starting to worry about how he'd meet his debt obligations, fearful that creditors would...

U.S. says ex-Credit Suisse broker in bait-and-switch

2010-04-16T10:50:11Z

NEW YORK (Reuters) - A former Credit Suisse Group AG broker used bait-and-switch tactics in fraudulently steering corporate clients into risky mortgage investments they did not want, federal prosecutors said on Friday.

In closing arguments of a roughly three-week trial, the government portrayed Eric...

Some tips for taking out student loans

2010-04-16T10:50:03Z

Some tips for protecting yourself when taking out student loans

As credit standards for private loans have tightened, some for-profit, or "proprietary," colleges are now lending money directly to students.

Such borrowing may be worthwhile, but here are some tips for protecting yourself on any student loan from three experts: Deanne Loonin of the Reuters) - The Obama administration's plan to form a new Consumer Financial Protection Agency, a central part of its bold regulatory reform agenda, sailed onto the shoals of congressional delay on Tuesday.

Under attack from banking and business lob...

House committee backs Obama student loan reform

2010-04-16T11:13:00Z

WASHINGTON (Reuters) - The $92-billion U.S. college student loan market would be fundamentally reshaped under a bill approved on Tuesday by a congressional committee, which sent the measure on to the full House of Representatives.

The bill would end the Federal Family Edu...

Sallie Mae 2Q loss attributed to investment losses

2010-04-16T11:13:22Z

Sallie Mae reports $123M loss in 2Q on investment losses

SLM Corp., better known as Sallie Mae, said Tuesday investment losses pushed it to a loss for the second quarter.

The nation's largest student lender reported a loss of $123 million, or 32 cents per share, compared with profit of $266 million, or 50 cents a share, a year earlier.

The loss was primarily due to a $484 million unrealized ...

Lawmaker to back Obama student loan shake-up

2010-04-16T11:20:27Z

WASHINGTON (Reuters) - The head of a key U.S. congressional panel will introduce legislation on Wednesday calling for ending a college student loan program that for years helped lenders such as Sallie Mae thrive.

The troubled Federal Family Education Loan Program, or FFELP, would be discontinued in ...

For modest earners, relief repaying student loans

2010-04-16T11:35:45Z

For modest earners, new program will help ease burden of repaying hefty student loans

Repaying a student loan could soon be a little less painful.

Starting this week, anyone with a federal student loan can apply for a program, run by the Department of Education, that caps monthly payments based on income, and forgives remaining balances after 25 years. Those choosing to w...

Sallie Mae shares gain on government contract

2010-09-22T13:14:52Z

Sallie Mae shares rise after student lender awarded 5-year government loan-servicing contract

The Department of Education has selected student lender Sallie Mae and three other companies to service the $550 billion in outstanding federal student loans and future loans owned by the government.

Reston, Va.-based ...

Court to determine if bankruptcy hearing needed

2010-04-16T11:48:45Z

Supreme Court to determine case addressing student bankruptcies

The Supreme Court will decide whether student loans can be dismissed through bankruptcy with just a notice to the collector instead of a hearing proving that paying the money back would cause an "undue hardship."

Francisco Espinosa gave United Student Aid Funds Inc. a Chapter 13 bankruptcy plan saying he wo...

Sallie Mae CEO sees loan losses peaking in 2009

2010-04-16T11:58:32Z

Student lender Sallie Mae CEO Albert Lord says loan losses to remain elevated into 2010

Sallie Mae CEO Albert Lord said Wednesday he expects loan charge-offs at the student lending company to peak in 2009 and remain high next year.

Charge-offs are loans written off as not being repaid.

Like other lenders, Sallie Mae has seen an increase i...

United States Bankruptcy Law - What Are You Allowed to Discharge?

2010-04-16T12:26:07Z

United States Bankruptcy Law - What Are You Allowed to Discharge?

By Jason Rodriguez

I remember a friend of mine telling me that he was having a hard time paying his bills and was finding himself getting deeper and deeper in debt with each passing month. He even said at one point that he felt better knowing that at least he had the option of declaring bankruptcy if things got out of hand. Was he justified in think...

Sallie Mae narrows 1st-quarter loss

2010-04-16T14:04:41Z

Sallie Mae narrows 1st-qtr loss as market stabilization program hurts student lender's results

Sallie Mae, the nation's largest student lender, narrowed its loss in the first quarter, despite government efforts to stabilize short-term debt markets that Sallie Mae says hurt its results.

Sallie Mae, formally called SLM Corp., reported Wednesday a first-quarter loss of $21 million, or 10 cents per sh...

Study: More undergrads rely on private loans

2010-04-16T14:36:13Z

Study: More undergrads take out pricey private student loans to pay for college

A study finds the number of college students taking out private student loans has risen sharply in recent years.

The report released Tuesday by the Berkeley, Calif.-based Project on Student Debt...

A NEW DEAL FOR STUDENT LOANS

2010-04-16T13:44:27Z

A NEW DEAL FOR STUDENT LOANS

Last summer the government desperately wanted to keep private lenders in the student loan market. Now, President Barack Obama plans to cut out the middlemen as part of a sweeping overhaul of the federal loan program. While students stand to benefit from the switch, already-hobbled lenders, including Sallie Mae, Sallie Mae to bring 2,000 jobs to US from overseas within the next 18 months

Sallie Mae gave some hope to the unemployed Monday, announcing it will bring 2,000 jobs to the U.S. within the next 18 months as it shifts call center and other operations from overseas.

The move marks somewhat of a turnaround for the nation's largest private student lender, which two years ago was faced with the need to ...

What Can Be Discharged Under Bankruptcy Discharge?

2010-04-16T15:50:14Z

What Can Be Discharged Under Bankruptcy Discharge?

By Jason Rodriguez

An individual who declares bankruptcy usually chooses one of two options. Chapter seven bankruptcy seeks to wipe out debts completely in exchange for liquidating your assets. Of course, most people declaring bankruptcy don't have anything worth selling, and their house is probably protected by a homestead exemption in their state. The other major form of bankruptcy is chapter 13 bankruptcy which doesn'...

Asking for Student Loan Forgiveness

2010-04-16T16:18:50Z

In just two short months, Robert Applebaum has become something of a spokesman for a generation of people burdened with student loan debt. Applebaum, a 35-year-old attorney in New York, started a Facebook group in January called "Cancel Student Loan Debt to Stimulate the Economy," fed up with news reports about bank exe...

Free Money for College

2010-04-16T16:08:46Z

As the biggest high school graduating class ever gets ready to head to college in the midst of an economic slump, the scramble for breaks on tuition -- not to mention room and board, books and airfare to get home -- is on.

Some students will be awarded funds in the form of merit aid from the schools they attend, fat financial-aid packages, or both. Others will industriously scour the planet for scholarship money -- and they'll likely find some.

Private scholarships, the ones ...

Is Declaring Bankruptcy on Student Loans Even Possible?

2010-04-16T17:42:21Z

Is Declaring Bankruptcy on Student Loans Even Possible?

By Josh Ramos

When facing a severe financial crisis, many people turn to bankruptcy as a way to wipe out their debts and experience a new financial beginning. This is certainly an option that you should consider, but you should discuss this carefully with your lawyer to determine if this is the best option for you. One important consideration is what actual debts you wish to be wiped out. Declaring bankruptcy on stu...

The New Realities of Paying for College

2010-04-16T13:42:57Z

One positive outcome of the current financial downturn is that families are taking a hard look at the economics of attending college. Students report lowering their sights from pricey private schools to less-expensive public colleges and universities, many of which are reporting big increases in applications.

Why do I think that's a good thing? Because despite steady increases in tuition over the past decade, families have apparently downplayed costs in the college equation. For in...

THESE LENDERS MAY NOT BE MISSED

2010-04-16T13:47:21Z

THESE LENDERS MAY NOT BE MISSED

While auto chiefs sat before Congress begging for a bailout in early December, private student lenders were quietly asking for money at the Ritz Carlton in Arlington, Va. In a posh ballroom under glittering chandeliers, Federal Reserve

What is a Personal Bankruptcy?

2010-04-16T17:56:25Z

A personal bankruptcy is a form that when filed will discharge obligations to creditors. Bankruptcy forms can be located online or an attorney can prepare one for you.
Contrary to popular belief, personal bankruptcy does not discharge all debts. Specific types of student loans, called secured student loans, must be paid even after some one has filed bankruptcy. Also, it won't discharge taxes owed to the state or federal government. Likewise, child support payments and money owed to victims...

Your 529-Plan Questions Answered

2010-04-16T14:36:06Z

You say that having a 529 college-savings account won't hurt your chances for financial aid because it's considered a parent-owned asset and is assessed less heavily in the federal financial-aid formula than student-owned assets. But what about private sources of financial aid from the college itself? Can the school hold a 529 plan against you?

It's possible a school might adjust its financial-aid award if you have a 529 plan. But 529s are always considered parental asse...

Sallie Mae's 2Q profit falls 72 percent

2010-04-16T14:42:13Z

Sallie Mae 2nd-quarter earnings fall 72 percent to $266M as funding costs remain high

Student lender SLM Corp., more commonly known as Sallie Mae, said Wednesday its second-quarter profit plunged 72 percent as funding costs remained high amid further weakening in the credit markets and the company took charges related to its restructuring.

Net income fell to $266 million, or 50 cents per share, du...

Army Dental Officer Retention

2010-04-16T14:58:38Z

INTRODUCTION

The U.S. Army has had difficulty recruiting and retaining dentists, because of declining dental school enrollment, a robust economic environment for dentistry, changes in demographic features of dental providers, and the current operational tempo of the military. Identifying factors associated with recruitment and retention of Army Dental Corps officers is paramount when the changes in the dental profession are taken in...

Does it Pay to Go to a Big-Name School?

2010-04-16T12:36:43Z

Isn't it true that it pays to go to a higher-ranked (and in most cases more expensive) college because you can earn more money when you graduate?

You've put your finger on a hot-button issue to which there's no easy answer. And you're making several assumptions that may not be true.

1. Financial aid. For starters, don't assume that a "higher-ranked" college is necessarily more expensive. A number of elite institutions have made their financial-aid offers ...

JPMorgan Chase Lays Off 93 Employees At Tampa Facility

2010-04-16T12:46:18Z

TAMPA - JPMorgan Chase, the New York-based bank, will lay off 93 workers in Tampa as it consolidates work in Indianapolis.

Nancy Norris, a spokeswoman for the bank, said the jobs targeted are in JPMorgan Chase's education finance division, which provides stu...

Your problems

2010-04-16T13:09:50Z

No Isa ... but Barclays did send me someone's personal details

Barclays took a long time to open my Tax Haven Isa and meanwhile I lost interest because I had taken money out of a savings account to pay for it. But then, Barclays sent me details of someone else's application, including postcode, date of birth, mother's maiden name, National Insurance number and home tel...

Congress sends student loan extension to Bush

2010-04-16T13:16:28Z

Congress sends student loan extension to Bush

Congress has approved through the 2010 school year a program that will allow students who rely on loans to continue their educations regardless of current difficulties in the private credit market.

The Senate on Wednesday passed the legislation by voice vote. The bill authorizes the secretary of education to buy loans from lenders in the federal guaranteed loan program when those lenders are unable to meet demand...

Fretful Mother Seeks Flush Buyer for $10.9 M. Central Park Penthouse

2010-06-12T05:41:11Z

This Monday, a few hours after a penthouse apartment at Central Park South’s copper-roofed Hampshire House went on the market for $10.9 million, this reporter called up the listing broker, Elia Clemente, and asked if his client would be willing to talk about the place. Records show the 1,800-square-foot uni...

Freshman Finance 101

2010-04-16T13:29:50Z

You thought you were finished with the college bills when you figured out how to pay the tuition. But you hadn't reckoned on buying the microwave, the mini-refrigerator and, of course, those extra-long sheets.

Once your kids head off to school, you may face other financial emergencies. What if they get sick, lose the laptop or overdraw their checking account? Here's how to handle those situations with a minimum of pain to your pocketbook, and your child's.

READ THE FULL ...

2 ex-Credit Suisse brokers charged in bln-dlr subprime fraud

2010-04-16T13:31:12Z

Two former Credit Suisse brokers were indicted on fraud charges Wednesday for selling one billion dollars in subprime-related securities disguised as safer investments, officials said.
The Justice Department said an indictment was unsealed in federal court in U.S. President Barack Obama speaks about higher education in the Diplomatic Room of the White House April 24, 2009 in Washington DC. Obama called for directly funding students with financial aid for college instead of the government backing private student loans. (Photo by Aude Guerrucci-Pool/...

Orange County News - December 24, 2008

2010-04-11T04:59:26Z
Tina Duarte graduated from an ultrasound program at Newbridge College in Santa Ana in 2002 but still cannot find a job. She still owes ,893.81 in student loans...///ADDITIONAL INFO: .shot: 12/24/08.ultrasound.12xx08ms.jpg .photo by: Mindy Schauer, Dave Tih took time to pay off student loans and build up savings before starting their family
Copyright 2009 ZUMA Press Inc
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