Swarthmore College is joining a nationwide trend in erasing student loans from its financial aid offers.
Beginning next school year, loans will be replaced by scholarships at Swarthmore. The change is likely to affect more than 700 new and current students. That’s half of the school’s enrollment. Read more
American consumers appear to be engaging in some binge borrowing.
The Federal Reserve reports that consumer borrowing increased at an annual rate of 7.4% in November. That’s much higher than the 1% increase reported in October.
The segment of borrowing that includes debt from credit cards skyrocketed at a yearly rate of 11.3%. That’s a 6-month high. The surge apparently means that consumers are relying more heavily on credit cards, now that home equity lines of credit are drying up. Read more
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