By Tricia Kang |Staff Writer| The San Bernardino City Council filed an emergency petition for Chapter 9 Bankruptcy in the court proceedings. Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts according to the United States Courts website. Officials realized that they needed to address the management in order to give the city a chance after it went into bankruptcy in 2012, for $45 million. City council members expect San Bernardino to emerge from Chapter 9 protection within Spring of 2018, as a debt free city. A hearing confirmed of the City's Plan of Adjustment of Debts is … [Read more...] about City Council Roundup, Chapter 9 Bankruptcy
debt
The cost of keeping up
By Erendy Torres |Staff Writer| "We buy things we don't need, with money we don't have, to impress people we don't like," is a famous quote from the movie Fight Club. We live in a generation in which we spend more money than what we make. On Feb. 13, rapper Kanye West tweeted that he is $53 million in personal debt. "I write this to you my brothers while still 53 million dollars in personal debt... Please pray we overcome... This is my true heart..." tweeted West. West is facing a multi-million-dollar debt, yet he is still not humbling down his expenses. West and his wife Kim Kardashian, are installing a lake-sized pool in their $20 million mansion's backyard in Bel-Air, … [Read more...] about The cost of keeping up
Poppin’ Newz
By Andrea Jimenez |Staff Writer| MC Hammer releases 2Pac collab MC Hammer finally shares music from his collaboration with the one and only 2Pac on Feb. 23. 20 years after his death, 2Pac continues to impact fans with great new music, reminiscing on simpler times, and "Too Tight" reminds fans why 2Pac's music should be kept alive. It is rumored that MC Hammer's ghost album features more tracks in collaboration with 2Pac, but further details are yet to be released. T.I. owes money to IRS For the third time, in the past year alone, it was disclosed on Feb. 24 that T.I. has been involved in some serious money issues with the Internal Revenue Service (IRS). Over the … [Read more...] about Poppin’ Newz
American Apparel files for bankruptcy
By Melanie Limon | Staff Writer | American Apparel, a clothing store most famous for its outrageous prices and negative drama, has finally received what was coming to them this past Monday when they declared bankruptcy. Crippled by its $19.4 million debt and their incredible decrease in sales American Apparel is now forced to acquire help from its financial lenders. The company's plan, as stated by The New York Times, is to partake in debt-equity swap. Here they would exchange debt for shares of their company. They plan to receive funding from its lenders in order to pay off some of the debt, reducing their $311 million debt to $120 million (New York Times), in hopes for allowing … [Read more...] about American Apparel files for bankruptcy
Sugar isn’t always so sweet
By Erica Wong |Foreign Correspondent| As online dating gained popularity in recent years, some people have begun to exploit their services for reasons other than just finding their significant other. Last spring, we covered the growing ‘mutually beneficial arrangement’ dating industry with the ‘sugar’ dating site Seeking Arrangements (SA) and interviewed student Annabelle (her pseudonym) about her life as a sugar baby. Annabelle has had three sugar daddies in the past year. While she’s still in school and trying to stay on top of her bills, her current sugar daddy now provides her $1500 per visit. As SA’s popularity has grown, now with over 3.6 million members, other dating sites … [Read more...] about Sugar isn’t always so sweet
Students meet to demand higher education changes
By Jocelyn Colbert |Staff Writer| Educators gathered in Los Angeles to discuss ways to combat the increased “privatization” of higher education and the possible institution of a student loan refinancing program. The Campaign for the Future of Higher Education (CFHE) and supporters don’t like the idea of treating students like “consumers” and a college education as a “product.” According to D. Bruce Johnstone, professor at the University at Buffalo, “privatization, in reference to higher education refers to a process or tendency of colleges and universities [both public and private] taking on characteristics of, or operational norms associated with, private enterprises.” … [Read more...] about Students meet to demand higher education changes
Students blasé over fees
By Mackenzie Viera |Staff Writer| Coyotes in their junior or senior year seem to lack interest in the mandatory campus fees for the services they may or may not use. CSUSB falls into sixth place of the cheapest colleges in California with an average tuition cost at $18,040, according to collegecalc.org. However, after briefly interviewing students on the cost of attending CSUSB, many were not aware of what exactly they are paying for. Let’s do the math. According to csusb.edu, the tuition fee per quarter is $1,824. Below the total tuition, students seem to overlook the small print that states “mandatory campus charges.” Multiply that amount by three quarters and you have … [Read more...] about Students blasé over fees
Loan debt at rise increases students’ anxiety levels
By Shiane D. Jacocks |Staff Writer| Debt increases stress. Some students at CSUSB wish they did not have to pay back loans, but knowing that they do make students feel under pressure. I have found that financial aid at CSUSB may be increasing anxiety for students. I have financial aid and I, personally, believe that in the back of my mind, I am worrying about all the money I am spending for my tuition. Having little knowledge about debt and its consequences only increases my anxiety. “I’m not that familiar about the process. I only know the general types like grants, loans, and work-study, but I never really thought about it,” said student Steven Merrill. Students need to … [Read more...] about Loan debt at rise increases students’ anxiety levels
Study shows recent graduates struggle to pay off college loans
By Marlyn Rodriguez |Opinions Editor| American Student Assistance (ASA) believes that student debt might actually be hindering the economy instead of helping it. Many students take out loans, but aren’t making enough money after graduation to support themselves. This leads to a vicious cycle, and many students are unable to pay back their debt, according to ASA. ASA also reports that high debt directly correlates to a student’s ability to actively participate in the economy. Student debt delays their ability to purchase a car or a home, open a small business or even start a retirement savings. The Chronicle of Higher Education states that the amount of student loan debt is greater … [Read more...] about Study shows recent graduates struggle to pay off college loans
How to use your credit cards wisely
By Jennifer Baeskens |Staff Writer| Credit cards can drag you down a rat hole of serious debt and leave you marked for life. Students Patrice Thompson and Chris Burns both use their credit cards frequently. “I understand that I need to be a responsible user and I understand the consequences and how it can affect my future if I am not responsible,” said Thompson. Credit card companies flock to campuses during the beginning of the school year trying to get students to sign up for new credit cards. These companies don’t let students know what is in the fine print and most don’t understand what a risk these cards can be. According to Lisa Gomez, Vice President of People’s Bank … [Read more...] about How to use your credit cards wisely