| Volume 88 Number 4 |
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The People’s Lawyer’s Tip of the Day
Never give your social security number to someone you do not know. Identity theft requires a social security number. Protect yours.
For more general information about the law, check out my website.
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Senate Fails to Lower Student Loan Rates
Earlier this week, it appeared that congressional leaders had come to a bipartisan compromise to permanently reform the student loan program.
On July 1, student loan rates doubled to 6.8%. However, there was some hope that a new deal could be made in time to limit the impact. Unfortunately, a Senate bill that would have restored previous rates failed on procedural grounds on Wednesday.
Is it still possible for lawmakers to cut a deal before the August recess?
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Texas AG Shuts Down Dating Service
The Texas Attorney General has asked for, and received, a restraining order and asset freeze against dating companies Matchmaker and Sagejax.
According to the complaint, the dating service targeted the elderly and disabled. During "cold calls," representatives of the company falsely told prospective consumers that the company had BBB endorsement and that the database included "thousands" of prospective matches.
Matchmaker charged consumers $3,000 to $10,000 for a membership.
Find out what the Attorney General is doing to help consumers get their money back!
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Your Money
Compound interest is the concept of adding interest back to a principal amount, with interest earning on interest after each compound. Most loans today use a compound interest formula for your credit cards and loans. Use this calculator to calculate your compound interest.
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For the Lawyers
Long-term unemployment justified student loan discharge.
The Seventh Circuit held that a debtor who was out of work for for ten years, filing 200 applications for employment during that time, could be discharged under the Bankruptcy Act's undue hardship standard.
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