Kansas City Federal Reserve recently debated one of the most common statements about payday loans: that for many consumer, payday loans lead to a “debt spiral,” whereby they get stuck paying off one loan, only to take another one immediately after in a continuous pattern. This statement is often made by those who are against…
Sallie Mae, one of hardest hit from the subprime loan crisis and the subsequent government restructuring of loans, might be on the upswing despite all odds. In 2007, their stock fell from $58 to $19.65 a share, dropping to $3.19 in 2009 for an all-time low. However, in the past year, those shares have risen…
A recent Dartmouth study conducted by Professor Jonathan Zinman looked at payday loan consumers in Oregon before and after the interest rate cap in Oregon. The goal of this study was to evaluate the effects of term of loan and interest rate restrictions for short term loans put into effect in 2007 in the state. …
With payday lenders under scrutiny in several states, including Texas, Colorado and California, the industry as a whole is preparing to defend itself to legislators and consumers alike. However, not everyone feels nervous about upcoming stints in front of the state. William Webster, Advance America Cash Advance Centers Inc. (AEA) chairman, is actually excited about…
Most people think of payday loans as something they have to stand in line for in a spartan office, where they hand over their financial information and in return get the funds asked for. But as with so many other things, the Internet has made it even easier to apply for and receive payday loans,…
Colleges and universities are just more victims of the sliding economy most of the country experienced during the past few years. While attendance often went up as a reaction to being laid off and unable to find work, once graduated, those students weren’t always able to find jobs quickly. Students who graduated or quit college…
Pell grants, one the most popular and comprehensive ways for students to afford higher education, are facing a potential shortage of funds. Pells are given to students who bring home $20,000 or less a year as a household. The current version of a bill in the House would cut Pell funding by over 60%. While…
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