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Our Student Loan Debt Problem Is Getting Worse

4% increase from 2014 to 2015 for those with bachelor's degrees from public, nonprofit private schools

(Newser) - How much students are borrowing for higher education is still creeping up—and the numbers that are coming in are probably conservative. The Institute for College Access and Success , a nonprofit, reported Tuesday that the average student loan debt for 2015 for those receiving a bachelor's degree was $30,... More »

Report: Trump Has $650M in Real Estate Debt

The New York Times investigates the candidate's finances

(Newser) - A New York Times investigation into Donald Trump's US real estate holdings found companies owned by the candidate have at least $650 million in debt—twice what Trump listed on a campaign financial disclosure form. He's also part of three passive partnerships that owe another $2 billion. "... More »

Woman Can't Become Nun Till She Dumps $18K Student Loan

Sorry, Alida Taylor—convent rules

(Newser) - A 28-year-old Broadway costume designer recently decided to switch career gears, and it's a big change—she wants to become a nun, CBS News reports. But there's one major roadblock to Alida Taylor's dream to enter the Sisters of Life convent in September that only divine intervention,... More »

John Oliver Curses Out Oprah, Gives Away $15M

Take that, debt-buying companies

(Newser) - What better way to drive home the topic of debt than to give away $15 million? That's exactly what John Oliver did on Sunday's edition of Last Week Tonight after covering the issue, which, as Oliver put it, is "the reason that Nicolas Cage has made so... More »

Puerto Rico to Default on $370M Debt Bill

An even bigger payment of $1B is due July 1

(Newser) - Big financial trouble for Puerto Rico: The government won't make nearly $370 million in bond payments due Monday after a failure to restructure or find a political solution to the US territory's spiraling debt crisis. Gov. Alejandro Garcia Padilla said Sunday he had issued an executive order suspending... More »

Kanye: I'm $53M in Debt

Kanye West drops surprising tweet before 'SNL' appearance

(Newser) - Kanye West may be wildly successful, but is he stone broke? Well, he tweeted Saturday that he's $53 million in "personal debt" and asked his 18.7 million Twitter fans to "Please pray we overcome... This is my true heart," Sky News reports. Kanye didn't... More »

Claims of Fraud Could Get Student Loans Forgiven

More than 7.5K former students say their colleges defrauded them

(Newser) - Over the past six months, more than 7,500 Americans have applied to have their cumulative $164 million in student loans forgiven, claiming their colleges defrauded them, the Wall Street Journal reports. And as Gawker clarifies: "We are not talking here about the stereotypical 'Oberlin art history major... More »

Puerto Rico Narrowly Avoids Multimillion-Dollar Default

'Let us be clear: We have no cash left'

(Newser) - Puerto Rico narrowly avoided a multimillion-dollar default on Tuesday by announcing a last-minute bond payment while warning that a deepening financial crisis has forced the government to divert money slated for future debt payments to avoid a shutdown of basic services "Let us be clear: We have no cash... More »

Students With Smallest Debt Most Likely to Default

Those with biggest debt tend to end up with high-paying jobs

(Newser) - Who is more likely to default on a loan: a student who borrows a few thousand dollars, or one who borrows $50,000? The answer may surprise you: According to new data from the Department of Education, students who borrow between $1,000 and $5,000 default in 34% of... More »

Couple's Disappearance Stumps Connecticut Cops

They were in deep in debt, but family says there's no connection

(Newser) - A Connecticut couple in their mid-50s has been missing for two weeks now, and police are investigating whether their financial troubles—including $2.2 million in debt—may have something to do with it, reports CNN . Their families, however, aren't buying it. Police found the pickup belonging to Jeffrey... More »

Want to Get Out of Debt? Study Finds Best Way to Do It

Your approach to debt relief may be all wrong

(Newser) - You're staring down a $600 credit card bill and $60,000 in student loan debt: Which do you tackle first? Conventional wisdom says whichever has the higher interest rate. A new study out of Texas A&M says ignore those rates—and start with that credit card bill. It... More »

Clinton Wants to Throw $350B at Making College Free, Cheap

Candidate's plan would make community college free, 4-year college 'no loan'

(Newser) - As student debt balloons into an issue in the realms of predatory lending , borrowers' mental health , and even the elderly , politicians continue to brainstorm on making college more affordable. Hillary Clinton's solution: a $350 billion proposal whose goals include making community college free, cutting costs to attend four-year public... More »

Puerto Rico Defaults on Debt

US island territory fails to make $58M debt payment

(Newser) - The government of Puerto Rico has confirmed that it failed to make a $58 million debt payment that was due Saturday, a significant escalation of the debt crisis facing the US island territory. Puerto Rican officials had warned on Friday that they would not make the payment because the island... More »

US Strip Club Recruits Recent High-School Grads

Club claims it can help women get ahead

(Newser) - New advertisements outside Little Darlings strip club in Las Vegas encourage recent high school graduates to apply, promoting stripping as a way to earn money for college. Fox 5 reports that Little Darlings manager Rick Marzullo says the ads fit in with the character of Las Vegas. The signs have... More »

Better Late Than Never: Britain to Repay WWI Debt

It still owes WWI investors some $3.2B

(Newser) - Britain is beginning to pay back some of the $3.2 billion it borrowed to help pay for World War I. The government plans to redeem some national war bonds (issued in 1917) in February, when it refinances $348 million of debt issued as far back as the 18th century.... More »

US Judge Holds Argentina in Contempt of Court

Country's lawyers call finding 'completely absurd'

(Newser) - A New York judge has found Argentina in contempt of court for its open defiance of his orders regarding US hedge funds that hold Argentina bonds. Judge Thomas Griesa made the finding today at a Manhattan hearing. He reserved decision on sanctions pending further proceedings. Lawyers for the US hedge... More »

Guy's License Suspended... Over 1981 Ticket

Typo is to blame for Kevin Berry's ordeal

(Newser) - When Kevin Berry was pulled over in Portland recently, he thought he was about to get a speeding ticket. But the officer told him his license had been suspended a few weeks earlier—over a ticket dating back 33 years. "I think it's crazy," Berry tells KATU... More »

A Third of US Is on Debt Collectors' Books

Average amount owed: $5K

(Newser) - More than a third of Americans with credit scores have debt "in collections"—meaning one in three of us has been reported to collection agencies, a study finds. That's a total of 77 million people whose non-mortgage debt is significantly overdue, the Urban Institute notes. The study... More »

Utah School Takes Lunches From Kids Who Owe

Parents outraged

(Newser) - Parents in Utah say they're outraged after up to 40 elementary school students at a Salt Lake City school had their school lunches thrown out because of outstanding balances on their account. The Salt Lake Tribune reports the move came Tuesday after the Salt Lake City District realized a... More »

Credit Card Debt Drove McDonnells: Indictment

Gory details from the allegations

(Newser) - Before Bob McDonnell was even in office, he and his wife were looking to then-Star Scientific CEO Jonnie Williams for gifts, according to the 43-page indictment against the couple. The document reveals that the couple had financial anxieties that may have driven their alleged graft, Politico reports. Weeks before McDonnell'... More »

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