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Mitchell D. Weiss

Contributor |  In Students, Managing Debt

Mitchell D. Weiss is an experienced financial services industry executive and entrepreneur, adjunct professor of finance at the University of Hartford, a member of the board of the university’s Barney School of Business and co-founder of its Center for Personal Financial Responsibility. Mitch is also the author of College Happens: A Practical Handbook for Parents and Students, Life Happens: A Practical Guide to Personal Finance from College to Career-2nd Edition, 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.

Elizabeth Warren’s Student Loan Bill Is Dead, But There’s Still Hope for Borrowers

Students

Elizabeth Warren’s Student Loan Bill Is Dead, But There’s Still Hope for Borrowers

Elizabeth Warren’s Student Loan Bill Is Dead, But There’s Still Hope for Borrowers

The Bank on Students Emergency Loan Refinancing Act is dead. We can debate all we like the wisdom of proposing legislation that calls for additional taxation on consumers rather than allocating a portion of the excess revenues from student loans (an exceedingly profitable and, arguably, perpetually sustainable enterprise). In the meantime, here’s what can and… Read More

Will Obama’s Student Loan Plan Really Help Borrowers?

Students

Will Obama’s Student Loan Plan Really Help Borrowers?

Will Obama’s Student Loan Plan Really Help Borrowers?

It seems that the Obama administration is finally ready to put its money where its mouth has been on the student-loan crisis. The president announced that he will be taking certain executive actions to expand the relief programs the government has in place. One action would eliminate the absurdly limited eligibility standard that currently exists… Read More

Fannie & Freddie Get a Stay of Execution… for Now

Mortgages

Fannie & Freddie Get a Stay of Execution… for Now

Fannie & Freddie Get a Stay of Execution… for Now

Yet another ideological tug-of-war is happening in the Senate. This one has to do with what was billed as a bipartisan effort to eliminate the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac) in favor of a private market solution for residential-mortgage loans. A group of Democratic senators… Read More

Will the New Plan to Cut Your Student Loan Payments Work?

Students

Will the New Plan to Cut Your Student Loan Payments Work?

Will the New Plan to Cut Your Student Loan Payments Work?

Big news on the student loan front: Sen. Elizabeth Warren (D-Mass.) and a cast of thousands — well, 23 of her Democratic Senate colleagues, anyway — introduced the Bank on Students Emergency Loan Refinancing Act. The bill proposes to significantly expand the Federal Direct Student-Loan program by allowing those who financed their higher education in… Read More

Can Your Student Loan Payments Go Up?

Students

Can Your Student Loan Payments Go Up?

Can Your Student Loan Payments Go Up?

Just how unjust has the student loan-industry become? Consider the following story. I recently heard from a woman who’d borrowed $24,000 toward the cost of an MBA program she completed a few years ago. The loan—which came from a prominent private lender—was, not uncommonly, structured as a variable-rate transaction, where the interest rate on which… Read More

Will Student Loan Forgiveness Programs Be Capped?

Students

Will Student Loan Forgiveness Programs Be Capped?

Will Student Loan Forgiveness Programs Be Capped?

The Brookings Institution just threw another log on the smoldering student loan problem. In a recently published report by its Brown Center on Education Policy, the institution sets out to estimate what the various government relief strategies for student loans might end up costing taxpayers. The news isn’t good. The BCEP estimates that the price… Read More

The Little-Known Student Loan Bait & Switch

Students

The Little-Known Student Loan Bait & Switch

The Little-Known Student Loan Bait & Switch

Ever been promised something with a couple of strings attached, only to have more and more added the closer you got to your goal? That appears to be what co-signers of private student loans are experiencing, at least according to the mid-year update from the Consumer Financial Protection Bureau (CFPB). Family members who agreed to… Read More

Should a 300% Interest Rate Be Legal?

Managing Debt

Should a 300% Interest Rate Be Legal?

Should a 300% Interest Rate Be Legal?

Is there anyone out there who still believes that payday lending is a respectable business? That it’s OK to charge stratospheric interest rates—often four, five or more times the amount that’s originally borrowed—to cash-strapped consumers who typically re-borrow the identical loan over and over again during the course of a year? That it’s reputable to… Read More

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