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Student Loan Default Rates Go Up On Down Economy
ST. LOUIS (SLFP.com), September 20, 2009 - Student loan personnel of the Missouri Department of Higher Education (MDHE) say the increase in default rates announced yesterday could be effectively addressed by teaching students how to better manage their money.
The student loan default rate in Missouri this year rose from 4.3 percent to 6 percent. More than 4,600 borrowers are in default, but 71,308 are repaying their loans on time, notes Marilyn Landrum, student assistance associate who presents programs to hundreds of high school and college students, counselors and financial aid officers each year.
"There are lots of reasons why students go into default, but one of the most prevalent is that they didn't finish their academic program," Landrum says. "As a result, they may be making minimum wage or not working at all. Their priorities are going to be house payments and putting food on the table, but they still have student debt."
In addition to school programs, MDHE provides tools for student borrowers that help them understand their loan obligations, organize their finances and make good decisions about money.
"The best advice we give students is not to borrow more money than they need," Landrum says. "We occasionally find that students borrow the maximum amount available and then use the excess to pay for expenses unrelated to college."
Credit cards make it easy for students to overspend, says Landrum, and many parents neglect to talk about money management with their children. To address the financial literacy challenge, several programs and groups in addition to MDHE offer tools geared to students and their families: www.mappingyourfuture.org/ and www.practicalmoneyskills.com/ provide games, tutorials and practical advice on financial success.
There are also many resources available for borrowers who are having difficulty repaying student loans. They may change payment plans or obtain deferments or forbearances to adjust to new circumstances, such as being on active military duty, suffering economic hardship or going to graduate school.
Consumers Spend More Time Online with Content Than Community
ST. LOUIS (SLFP.com), September 20, 2009 - Internet users continue to spend a majority of their time with Content sites, up from 34 percent of total time spent in 2003 to 42 percent in 2009, a 24 percent increase, according to the Online Publishers Association (OPA).
The OPA has announced a six-year analysis of its Internet Activity Index (IAI), a monthly gauge of the time being spent with Commerce, Communications, Community, Content and Search. And, while consumers may be spending significant time with Community sites, it's coming at the expense of their time with Communication sites whose core capabilities are email and Instant Messaging (IM).
"In the six years that the IAI has reported on how consumers are spending their time online, we have seen some significant shifts, most notably the emergence of Community," said Pam Horan, president of the OPA. "While Community has grown, data from the IAI proves that Content is still king; these sites continue to be a place where consumers spend the majority of their online time and
provide an environment for brand marketers to reach and engage with consumers."
The latest IAI report provides insights into how consumers are spending their time online, and how that has changed over the past six years. Based on the analysis, the OPA found that the percentage of time spent online with Web sites providing news, information and entertainment, like NYTimes.com, ESPN.com and Edmunds.com (Content sites), has grown even in the wake of Community sites like Facebook. Moreover, Communication sites offering email and IM have decreased in share of online time spent due to the ability to conduct these activities elsewhere.
"In 2008, we introduced the Community category based on the emergence and popularity of sites like Facebook, MySpace and LinkedIn," continued Horan. "These new sites have had significant impact on the Communications category, which saw a 41 percent decline, due to the fact consumers are using Community sites where they can conduct these same activities more efficiently."
Green Money Grant for Green Energy Jobs
ST. LOUIS (SLFP.com), September 20, 2009 - U.S. Senator Claire McCaskill has announced that the U.S. Department of Energy's (DOE) Energy Efficient and Conservation Block Grant (EECBG) awards will provide money to the state of Missouri and Jefferson and St. Charles counties. The entities are receiving $14,027,200 in American Recovery and Reinvestment Act (ARRA) funds to improve their efficiency, reduce energy use and fossil fuel emissions and create green jobs locally.
According the DOE, activities eligible for EECBG funding include energy audits and building retrofits in the residential and commercial sector, the development and implementation of advanced building codes and inspections and the creation of financial incentive programs for energy efficiency improvements.
A total of $14,027,200 in EECBG grants has been allocated throughout the state: State of Missouri - $12,568,100; St. Charles City - $615,600; Jefferson County - $250,000 and St. Charles County - $593,500.
Funding to states and localities through the economic recovery package will be allocated through existing federal programs like these, rather than earmarks, in order to ensure prompt distribution and better accountability.
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