The Vermont Student Assistance Corp. will be receiving $1.3 million in federal money. The money is expected to service at least 100,000, which is short by 250,000 the organization says it needs to take care of. This is after Congress eliminated the primary source of federal student loan money last night. VSAC is still in…
New Hampshire’s House of Representatives recently passed two bills, one of which would allow for short-term loans and their restrictions to be lightened. The title loan bill (SB 57) would allow for loans with up to 25% interest and the use of a car title for collateral. In 2008, interest caps were lowered to 36%…
California’s State Assembly is currently debating a proposal put forth by Assemblyman Charles Calderon to raise payday advance loans from $300 to $500. These caps have not been raised since the mid 1990s. Calderon points out that for some people, those who cannot qualify for any other form of credit-based lending, these loans are the…
SB 1862, a bill designed to restrict current payday loan practices, has passed the Committee on Business and Commerce and is set to go up for a vote. Currently Texas has some of the least restrictive regulations governing payday lenders causing lenders from other states to being putting more money towards Texas consumers in the…
A victory for consumers in need of short term loans was partially had this week in Missouri. The Missouri House approved new legislation this Tuesday covering rights and restrictions for short term, unsecured loans such as payday loans. The current caps for loans previous to this new bill would allow lenders to charge $75 per…
With the budget being taking apart piece by piece to lower the deficit many social programs are being put under the knife, student loans are no exception. Federal Aid programs such as Pell grants are being targeted for $5.7 billion in cuts. With over 9 million middle and low income households sending kids to college,…
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