Underwater: While the private student loan debt market is just a sliver of the $1.6 trillion in outstanding student loans, it has grown to more than $100 billion with 1.4 million borrowers, according to a report by LendEdu, Bloomberg reports. The increase comes as approval rates are still slim, meaning more and more people are applying. Only about a third of loans were approved with a co-signer this year, and fewer than one-in-10 applicants were approved without a co-signer. Read the full story.
Teacher preparedness: Louisiana Superintendent of Education John White on Wednesday morning will give testimony regarding Louisiana’s teacher preparation efforts during a Congressional joint subcommittee hearing focusing on the federal Higher Education Act and its role in improving educator preparation. The move comes in the aftermath of the Louisiana Legislature voting to increase teacher pay statewide.
Production: U.S. industrial production was flat in June, as a slump in utilities was offset by gains in output by factories and mining. The Federal Reserve said this morning manufacturing production increased 0.4% last month, aided by a nearly 3% surge at auto plants. Still, factory output has been weak over the past 12 months, posting a modest gain of just 0.4%. Read the full story.