Ohio State University’s newest president says the institution is committing $400 million over five years to lower students’ costs and improve the value of their education.
Sweeping changes in college loans signed into law at the end of March by President Barack Obama go into effect in three months.
Seven years after graduating from medical school, 41 year old Doctor Michelle Bisutti says she’ll likely be paying on her student loan debt until she’s 70 years old.
WOSU begins a new series – Facing the Mortgage Crisis. Over the next several weeks we’ll report on how the mortgage crisis is affecting Central Ohio and let you know how you can seek help if you or your neighbor faces foreclosure. The first report examines the foreclosure process and the benefits of getting help early.
Back before last fall’s elections – supporters of the payday loan industry warned that thousands of employees would lose their jobs if loan rates were capped at 28 percent. The legislation passed anyway and many of those payday lenders are still in business – but lending money under different terms.
Church leaders in Ohio have joined the list of people trying to help pass a bill that would more closely regulate payday lending. House bill 333 would cap loans at 36 percent – down from the current annual percentage rate of 391 percent.
Payday lenders, those businesses that lend money at an annual percentage rate of nearly 400 percent, lost a valuable group of clients last month. On October 1st, Congress capped the interest rate for military personnel at 36 percent. That caused these store-front lenders to stop lending to people in the armed forces.
Ohio is in the middle of what some are calling a foreclosure Crisis. Last year, Ohio saw a 24% increase in the number of foreclosure filings and Ohio ranks second in the nation in the percentage of mortgage loans that are seriously delinquent. Many experts predict the situation will get gloomier before it gets brighter. Monday, a special state task force, studying the mess, held another meeting.