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Mitchell D. Weiss

Contributor |  In Students, Managing Debt

Mitchell D. Weiss is an experienced financial services industry executive and entrepreneur. He is an Executive in Residence at the University of Hartford, a member of its business school’s board and co-founder of the university’s Center for Personal Financial Responsibility. His books include Life Happens: A Practical Course on Personal Finance from College to Career
and Business Happens: A Practical Guide to Entrepreneurial Finance for Small Businesses and Professional Practices—both of which are now undergraduate courses that Mitch teaches at the university and elsewhere.

Why the Feds Need to Step In on Payday Loans

Personal Finance

Why the Feds Need to Step In on Payday Loans

Why the Feds Need to Step In on Payday Loans

The Pew Charitable Trusts recently released the fourth report in its series Payday Lending in America. The focus this time is on fraud and abuse in online lending. The report calls out payday loan structures that are designed to prolong indebtedness by front-loading fees on loans that average 650% APR. It also describes incidents of unauthorized withdrawals… Read More

A 14% Student Loan Default Rate Isn’t ‘Good News’

Students

A 14% Student Loan Default Rate Isn’t ‘Good News’

A 14% Student Loan Default Rate Isn’t ‘Good News’

The Department of Education just published its latest report on cohort default rates for student loans that entered repayment in 2011, which officials characterized as “good news” because the rate declined to 13.7% versus 14.7% for the prior year. Despite what the officials say, perhaps it would be wise to keep the champagne on ice… Read More

The Real Reason Your Car Dealer Wants to Lend You Money

Auto Loans

The Real Reason Your Car Dealer Wants to Lend You Money

The Real Reason Your Car Dealer Wants to Lend You Money

In response to what it sees as a troubling trend of auto-lending discrimination at banks, the Consumer Financial Protection Bureau is proposing to oversee the business practices of nonbank consumer auto lenders – including automakers’ financing units — in the same manner that it does the nation’s banks. Reactions have been swift and searing. The… Read More

The Most Important Money Milestones for New Grads

Students

The Most Important Money Milestones for New Grads

The Most Important Money Milestones for New Grads

Of the roughly 21 million students attending U.S. colleges and universities during this school year, 1 million will earn an associate’s degree, 1.8 million will earn a bachelor’s degree, 821,000 will earn a master’s degree and 177,500 will earn a doctoral degree, according to the National Center for Education Statistics. So if you happen to be a… Read More

Should Colleges Foot the Bill for the Student Loan Crisis?

Students

Should Colleges Foot the Bill for the Student Loan Crisis?

Should Colleges Foot the Bill for the Student Loan Crisis?

Forty-two years ago, President Richard M. Nixon—a Republican with impeccable anticommunist credentials—traveled to China for a series of meetings with Communist Party Chairman Mao Zedong. Some two decades later, Star Trek’s Mr. Spock turned that historic event into a political metaphor when he said, “Only Nixon could go to China,” meaning that only those with… Read More

New Student Loan Models Attract Borrowers & Investors

Students

New Student Loan Models Attract Borrowers & Investors

New Student Loan Models Attract Borrowers & Investors

It was bound to happen. So-called alternative financing sources for student loans have been popping up all over the place. Some take a peer-to-peer (P2P) approach, where individuals with a few bucks to spare and hopes of a better-than-market return lend to others who are looking for a good deal on a loan. P2P companies… Read More

Should Student Loan Refinancing Be Mandatory?

Students

Should Student Loan Refinancing Be Mandatory?

Should Student Loan Refinancing Be Mandatory?

In a recently published research paper, three professors from the University of Chicago and Brigham Young University asked a provocative question: Should consumer-borrowers be forced to refinance their mortgages when it is in their best financial interest to do so? After studying a random sample of 1.5 million residential mortgages that were outstanding in December… Read More

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