With time running out for Congress to prevent a doubling of interest rates on federal student loans, the White House and Republican leaders exchanged accusations Thursday on who was to blame for the lack of an agreement.
The Senate, in the latest round of political maneuvering on a popular campaign issue, Thursday rejected competing Democratic and Republican proposals to prevent student loan rates from doubling to 6.8% in July.
For student borrowers, that pricey college education is going to cost a bit more next year.
With federal student loan interest rates set to double July 1, the Senate failed Tuesday to get enough votes to take up a bill to extend low 3.4% rates for another year.
CNN's Candy Crowley talks to House Speaker John Boehner about the threat of higher student loan interest rates.
Ryan Bryski tells the story of his brother Christopher, whose student loans persisted after he tragically passed away.
The threat of increasing loan rates on future college students has become the newest political cudgel. It shouldn't be. Lowering interest rates on subsidized student loans does little to address the real problems of higher education: rising tuition costs and diminishing returns.
President Obama targets the youth vote in calling for lower college costs.
The White House said Friday that President Barack Obama would veto a Republican measure passed by the House to extend lower interest rates on federal student loans because it takes money from a health care fund that benefits women.
For Republicans and certain presidential nominee Mitt Romney, the best defense appears to be a good offense on issues and themes being pushed by President Barack Obama and Democrats.
CNN's Jessica Yellin reports on President Obama's efforts to secure the youth vote in November.
This week President Obama did a swing through some college campuses talking about student loan debt. The immediate issue is the 3.4% interest rate on federal student loans. It's set to double July 1 unless Congress acts. Keeping the rate low in this still weak economy is, as the president said, a no-brainer. Even his opponent Mitt Romney has endorsed it. But the larger problem -- mounting college costs and a cumulative $1 trillion in student loan debt ? remains untouched.
The House will vote Friday to extend current rates on federally funded college loans for one year, Speaker John Boehner announced on Wednesday in what is seen as an attempt to blunt President Barack Obama's momentum on an issue popular with young voters.
Margo Balboni is cramming college into three years to cut down on the cost of her student loans. As it is, the University of North Carolina sophomore expects to graduate in a few years with $20,000 in debt.
On July 1, the interest rates on student loans subsidized by Uncle Sam will double to 6.8%.
President Obama will use his bully pulpit to urge lawmakers to prevent a doubling of interest rates on federally subsidized student loans.
After years of focusing on home mortgage scams, the Federal Trade Commission is turning its sights on what it calls bogus auto loan modifications. The FTC says fraud artists are moving from mortgage loan modification schemes and targeting consumers who are underwater on their auto loans.
With little more than three months until the interest rates on federally subsidized student loans double, students are pushing lawmakers to help them out.
The 30-year fixed mortgage rate rose for the first time in four weeks, relinquishing its all-time record low amid news that the housing market is showing some signs of improvement.
For the first time in history, debt collectors -- the guys who hound you over unpaid bills -- are about to get a tough federal regulator scouring their own books.
Rates on 30-year fixed mortgages remained at an all-time record low for the second week in a row.
If you have a child headed off to college this fall, you've got an important item on your to-do list: the Free Application for Federal Student Aid (FAFSA), which you can submit as early as Jan. 1.
Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.
Attention college students: The interest rate on federal student loans is scheduled to double this summer unless Congress acts soon.
Mortgage loan applications surged 23% last week, according to the Mortgage Bankers Association, as record-low interest rates convinced many homeowners it was time to refinance into lower-cost loans.
CNBC's outspoken financial adviser, Suze Orman, has a new piece of advice for her viewers: Go pick up her new, self-branded prepaid card.
Happy holidays, homebuyers! You just got a very nice present.
Thousands of college students may soon feel a financial pinch and another 100,000 may not be able to complete degrees after Congress pushed ahead with changes to federal student aid, education experts said.
Last year the economic forecasting firm Fiserv predicted that home values would sink around 5% in 2011, and that prices in three-quarters of the nation's major metro areas would fall. The bad news is, the firm wasn't that far off the mark. The good news: In the coming year, Fiserv thinks 95% of the 384 metro areas it tracks will see prices rise.
Just because debit-card fees are out of the picture for now, don't stop checking your bank statements.
U.S. Education Secretary Arne Duncan explains President Obama's plan to ease the student loan burden for graduates.
The White House announced on Tuesday two new measures the Department of Education will start offering in January to help college graduates climb out of their student loan debt hole.
Mortgage rates have never been cheaper, with the 30-year rate falling below 4% for the first time in history.
Fixed mortgage rates hit their lowest levels since Freddie Mac began tracking them, the agency reported Thursday.
Mortgage rates have hit a record low, making homes even more affordable for prospective buyers.
Consumer borrowing fell slightly in the second quarter, as Americans shed more of their debt. A new report released Monday by the New York Federal Reserve -- which looks at mortgages, home equity lines, credit cards, auto loans and student debt held by consumers nationwide -- found that total consumer debt fell to $11.4 trillion in the second quarter of this year.
Just when it seemed mortgage rates weren't going to get any lower, they started testing new lows.
At least one fear was not realized amid Monday's meltdown: the concern that mortgage rates would immediately shoot higher in response to Standard & Poor's downgrade of Fannie Mae and Freddie Mac, the government-sponsored entities that are the 800-pound gorillas of the mortgage market.
Some students will start owing more on their loans while they're in school under a last-minute debt ceiling deal to keep the country out of default and reduce deficits by at least $2.1 trillion over a decade.
Medical debts that you paid off long ago can drag down your credit score for years after you've settled them. But recently proposed legislation could mean old doctor bills will finally be erased from your credit report.
The credit score you get from an agency might be quite different from the credit score your lender gets, according to a new study released Tuesday by the Consumer Financial Protection Bureau.
Consumers love the free flights, gadgets and cash back they get when they pay with their rewards credit cards. But mom and pop stores cringe when they do.
As part of an effort to pull back the curtain on how creditors go about making their lending decisions, consumers are soon going to find out exactly why they got rejected for a credit card or loan.
Getting a mortgage can be tough these days -- even people with near-perfect credit have been rejected for loans. But for some lucky borrowers, things aren't as bad as the doom-and-gloom crowd says.
When you've got it flaunt it -- an excellent credit score, that is. You know all too well the importance of that three-digit number, which lenders use to assess the risk you represent. If your score is in the top tier: 750 or above out of 850 on the FICO scale. (Check yours for $20 at myfico.com.) That alone qualifies you for membership in a fairly exclusive club : Only a third of Americans have achieved such a high number.
What do you get when college costs skyrocket but incomes barely budge? Yet another blow to the middle class.
Sen. Tom Harkin criticized the business goals of for-profit schools at a hearing on the student loan industry Tuesday.
They all but disappeared after the housing bust as homeowners grew fearful of future interest-rate hikes and rates for fixed loans fell to historic lows. But "the fear of the adjustable-rate mortgage has started to settle down," says Steve Habetz, a loan officer in Westport, Conn.
Air fares are on the rise. But why pay exorbitant prices when you can score a flight for nothing?
The fallen value of Nancy Logan's home is making her chances of keeping it seem next to impossible. So the single mom sought an audience with the president of the United States.
CNN's Sandra Endo reports a new survey shows a dip in home values, which means financial difficulty for many homeowners.
If you're a bank customer, you could soon be facing higher ATM fees, a $50 spending limit on your debit card, or a 30% late payment penalty on your credit card. And those debit rewards you've been enjoying? Say goodbye to those.
Grisha Stpanov opened a credit card, charged up $20,000, but never paid it back.
Bank of America customers who make late payments on their credit cards may soon see their interest rates jump.
Are you a rock star wannabe? If you're a Citibank customer, you can attend adult rock band camp by cashing in your rewards points.
Adjustable rate mortgages are back!
For those of you without credit cards or mortgages, there's a new way to build your credit: Pay your rent on time.
Treasury yields have been climbing higher since fall 2010, as the economy begins to show signs of improvement. As a result, mortgage rates have been moving higher as well.
My wife and I are 62 and just starting to take Social Security. We're thinking about taking out a reverse mortgage and using it as a line of credit. The extra money could come in handy. What do you think? -- S.W., Red Oak, Texas
The era of near 4% mortgage rates has ended after a quick rate rise since early November. But some industry experts think that may be a good thing for the flagging housing market.
Is now the right time to invest in a house?
As part of a probe into loan servicers' foreclosure practices, state attorneys general want banks to revamp their procedures and stop foreclosure proceedings on homeowners seeking loan modifications.
As the U.S. economy struggles to recover from a deep recession, the number of Americans filing for bankruptcy continues to rise dramatically.
Just when it looked as if mortgage rates couldn't fall any further, they did.
Identity theft is the number one complaint by consumers to the Federal Trade Commission and has been for the past five years.
If you're about to buy a car and you've got spotless credit, good for you. But what about the rest of us who've maybe been late with a credit card payment once in a while?
CNNMoney: Get a good mortgageupdated: Tue Oct 05 2010 10:02:00
If you own your home, your house is your biggest asset, and often your biggest investment.
At the height of the housing boom, millions of Americans treated their houses like ATMs, pulling out money through "cash-out" refis. Today, with millions of mortgages underwater, money is flowing in the opposite direction.
A bad credit history doesn't mean you won't pay your rent on time. But if you know that your credit report will be less than stellar, there are some steps you can take to make it easier to find a new apartment.
Q: Do you need a credit card to establish good credit? -- K.J., New York City
Question 1. My grandmother opened a credit card account in my name without my knowledge, did not pay it and now they are coming after me. She is 71 years old. What shall I do? -- Jackson, Greensboro, N.C.
Ready to embark on the quest for an 800 credit score?
A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.
A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.
The amount of credit card debt consumers are carrying dropped to an eight-year low and delinquencies continued to decline in the second quarter as consumers looked to shore up their savings.
New rules designed to protect credit card users from "unreasonable late payment and other penalty fees" went into effect Sunday as a result of the Credit Card Act of 2009.
CNN's Stephanie Elam looks into new restrictions on credit card companies.
Education stocks took a hit Monday after the government revealed data on student loan repayment rates that could impose hefty penalties on for-profit colleges and universities or make them ineligible for federal student loans.
It appears even the bright spots of this tired economy are still working against heavily indebted homeowners. Mortgage rates have hit new lows nearly every week, but many borrowers are still unable to take advantage of them.
Mortgage rates continued to decline this week, plunging to the lowest level in decades, according to surveys from Freddie Mac and Bankrate.
Payday loan lender Advance America is abandoning Arizona now that the state has become the 17th state to get rid of these firms, which legislators see as predatory.
A government investigation finds some colleges deceive students with dishonest recruiting. CNN's Lisa Sylvester reports.
Mike DiGiacomo graduated with a graphics design degree from Gibbs College, owing more than $30,000 in federal student loans and tens of thousands of dollars in private student loans -- a sum he's finding almost impossible to pay off with his $31,000-a-year job at a FedEx Office store in a Boston, Massachusetts, suburb.
Falling behind on your bills? It could cost you a job.
Fortune: Bad credit, no job?updated: Wed Jul 21 2010 08:37:00
Dear Annie: I'm sure I'm not the only one with this problem. I just came from a job interview -- my first in 4 months, despite pounding the pavement every day -- where the interviewer asked me to sign a form permitting the company to contact any or all of the three major credit bureaus for my current and past credit scores.
Mortgage applications to buy a home plunged last week - to the lowest level in more than 13 years - as the housing recovery continued to struggle following the expiration of the homebuyer tax credit, an industry group said Wednesday.
The credit scores of millions more Americans are sinking to new lows.
When you're looking for a job, you're probably not thinking about your credit score. But you might want to start.
The Help Desk is all about getting answers to your financial questions! Send an e-mail to CNNHelpDesk@CNN.com for advice.
Big changes to how student loans will take place July 1, and while the students themselves aren't likely to notice much, taxpayers stand to save $68 billion over the next 11 years.
Denied credit? Even if the economy is improving, it's still hard to get a loan. Here's what you can do if you can't get the banks to open up their purse strings.
Mired in debt from your plastic habit? Maybe you can't even qualify for a credit card. More and more folks are turning to alternative credit cards.
The pitch: The FTC is cracking down on sites that mislead people into thinking they're getting a free credit report when they're really signing up for a monitoring service. (One offender: freecreditreport.com.) But don't expect ads for these services to end: All three credit bureaus still offer to watch your credit for $15 a month. They claim to protect you from fraud. But are they worth it?
Walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit.
Americans purchased homes at a surprising clip in April, but don't let that fool you into thinking the housing market is back.
If you were denied a loan, rejected for a job or charged a higher interest rate based on your credit history, you may soon be able to get your credit score for free thanks to an amendment passed by the Senate.
The attempted Times Square bombing could have been much worse, but for the intervention of those who know the area best: a local peddler and the New York City police. Unfortunately, the country was not so lucky when it came to subprime lending.
People who are denied credit or a job because of their credit history may soon be able to get their credit score free of charge, thanks to an amendment passed by the Senate Monday evening.
Unemployed? Owe more on your mortgage than your home is worth? Your state might one day pay your mortgage.
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