With college grads facing at least $25,000 in debt after graduation, some prospective students are opting to turn down expensive, prestigious institutions. For instance, there's Daniel Schwartz, who was accepted to Cornell but decided to go to CUNY's Macaulay Honors College: The Wall Street Journal reports, "Mr. Schwartz says his family could have afforded Cornell's tuition, with help from scholarships and loans. But he wants to be a doctor and thinks medical school, which could easily cost upward of $45,000 a year for a private institution, is a more important investment. It wasn't 'worth it to spend $50,000-plus a year for a bachelor's degree,' he says." But isn't it worth $50,000/year to see Vinny at Columbia or to name drop Cornell like the Nard Dog? more ›

Senator Kirsten Gillibrand proposed $1 billion in grants and loans yesterday for her "Healthy Food Financing Initiative," aimed at building grocery stores in areas that lack access to fresh food. AP reports that the measure would try to help almost four million New York residents living in "food deserts" by providing startup grants for 350 new grocery stores statewide. She said, "By building new grocery stores in underserved areas across the state we can give people the opportunity to live longer, healthier lives, save billions in health care costs, and create tens of thousands of good-paying jobs." more ›

Former Met Lenny Dykstra has filed a $100 million lawsuit to win back money he claims he lost after a bank tricked him into taking out loans he couldn't afford. The Twizzler lover, car-wash owner, and magazine publisher says an overly friendly loan officer at Washington Mutual convinced him to take out loans that were "untenable" when he was trying to buy former hockey star Wayne Gretsky's $17.2 million California mansion. more ›

There's been talk of big apartment complexes, bought by private equity firms, being at risk for mortgage defaults, after the buildings' new owners had unrealistic expectations for rent increases. Now, the NY Times reports that Senator Charles Schumer wants to make sure certain buildings stay affordable given that 60,000 lower income residents may be affected. He also wants the SEC to investigate the loans, "The entire predatory equity enterprise is a house of cards built on a foundation of fantasy and greed. The whole thing collapses when there is any depreciation, or even a leveling, in the property’s value, which is the reality we now face. You would think these deals would’ve stopped a year ago, but they are still going forward." more ›

The Post speaks another subset dealing with the subprime crisis: Loan sharks. Benny the Loan shark who, like the banks, has "made loans to subprime borrowers in danger of defaulting." He says, "I'm not really worried about people borrowing money from me, what I worry a lot about is whether they'll pay it back...I'm going to have to start collecting collateral - you know, like jewelry, wedding bands, necklaces and family heirlooms." His rates: $50/week in interest on loans of $100-200. Tanda, a "mid-level loan shark" has raised lowered his interest rates by 50% recently--"$200 a week on a $500 loan and $400 a week on a $1,000 loan"--and says, "Wall Street should take a lesson from me, I never lend what I can't afford to lose - and I lose very little." more ›

Earlier this year the Zoning and Franchises Subcommittee voted 10 to 1 on a proposal that would create a loan program for displaced small businesses. Now NY1 is reporting that the Upper Manhattan Empowerment Zone Development Company is offering $750,000 in loans to the dozens of "businesses being uprooted by a controversial rezoning plan." The businesses being forced off of 125th Street can now apply for the no-interest loans. According to locals there are around 70 establishments being displaced; if they relocate "within 10 blocks north or south between Fifth Avenue and Fredrick Douglas Boulevard" they can receive a loan up to $50,000, and by staying put for two years the loan will be forgiven. more ›