Finance & Economy

CAP reports total student debt at $1 trillion

CAP reports total student debt at $1 trillion

As student loan debt totals $1 trillion, according to a recent report, the government must increase its efforts to decrease the cost of higher education nationwide to prevent students from opting out of college, said Boston University economics professor Kevin Lang. “There are a number of things that can be done and seem to be relatively low-cost,” he said. “The […]

Pell Grants safe until 2015, report suggests

While government agencies tighten their budgets as the U.S. economy recovers from recession, the Federal Pell Grant’s foreseen shortfall in 2014 is now unlikely, and students will still receive government-subsidized financial aid, according to a report by the Congressional Budget Office Wednesday. Officials had anticipated $5.7 billion dollars in Pell Grant shortfalls by 2014, but with $9.3 billion in extra […]

CFPB to survey financial products on campus

The Consumer Financial Protection Bureau launched a campaign Thursday to examine the effect financial products marketed through colleges and universities such as Boston University have on students, CFPB officials said. The CFPB will investigate the marketing strategies of financial products such as school-affiliated bank accounts — including those offered by Bank of America and Citizens Bank near the George Sherman […]

Youth unemployment up in January, study finds

Youth unemployment up in January, study finds

Despite its reported increase in youth unemployment in January, the January 2013 Millennial Jobs report released by Generation Opportunity fails to take seasonal employment fluctuations into account, Boston University officials said. “Employment goes down in January because temporary employees begin to leave jobs. The same happens when students go on summer break and begin looking for jobs,” said Kevin Lang, a […]

Student loan defaults increasing, study suggests

In light of a new study finding college students more likely than ever to default on their student loans, students must be aware of various repayment options and strategies to avoid default, Boston University officials said. The average size of student loan debt has increased 58 percent since 2005, while the average credit card loan balance and average balance on […]

College graduates face underemployment, report suggests

Almost half of college graduates are employed in jobs that do not apply knowledge gained from higher education, according to a recent study by the Center for College Affordability and Productivity. Despite the findings, several Boston University students said they are not concerned by the threat of underemployment. “In general, I would like to think that I am a well-rounded, […]

Changing housing market poses new challenges, higher costs for students

Changing housing market poses new challenges, higher costs for students

For college students looking to leave campus and rent an apartment, things are getting harder, for over the past year, the overall real estate market in Boston for buying has improved, but rent prices are rising, creating a dilemma for students. Jeff Kaufman, 27, a programmer at Google, mocked up a map of Boston rent prices throughout the city. Although downtown Boston has the highest […]

More students working while enrolled in college, study suggests

More students working while enrolled in college, study suggests

The results of a study finding an increase in the number of full-time students who are also employed can be attributed to a desire to minimize loans and debts, BU officials said. “If you’ve already invested in schooling, you may want to pay off the rest of the investments,” said Kevin Lang, an economics professor. “Students feel they need to […]

Freshmen see college as necessary to riches, study suggests

Freshmen see college as necessary to riches, study suggests

Despite the findings of a recent study, several Boston University students and professors said it is more important to find fulfillment and experience at college than to be hired in a high-paying job. “Taking a long-range view will be better in the long run, but given the difficult job market today, it’s reasonable for students to focus more on finding […]

Proposed legislation allows students to declare bankruptcy

While proposed legislation would provide loan forgiveness for students who have no way out, it could also cause credit problems, Boston University professors said. “The advantage of defaulting on your loans is you’re out of debt — you don’t owe the money any longer and you don’t have to make payments,” said economics professor Kevin Lang. “The disadvantage is the […]