Student loan debt has nearly doubled in the last five years, posing a potential risk to the economy, according to a new report from Congress.
The information, released Tuesday by the Joint Economic Committee, found that student loans increased from $550 billion in late 2007 to just under $1 trillion in the first quarter of 2013.
Two-thirds of recent graduates have student loans, with an average balance of more than $27,000.
New borrowers could face additional costs in their higher education pursuits unless Congress acts to keep interest rates for federally subsidized Stafford loans from doubling from 3.4% to 6.8% for new loans starting July 1, the report said.
For students borrowing the maximum amount of these loans, this would increase the cost of their college education by $4,500.
"Allowing the interest rate on subsidized Stafford loans to double at a time when the government?s cost of borrowing is so low undermines the public policy objective of providing affordable loans to students," according to the report, released by Sen. Amy Klobuchar (D-Minn.), vice chair of the congressional committee.
QUIZ: How much do you know about sequestration?
The rise in the amount of student loans could harm the economy because individuals who shoulder heavier debts could delay purchasing a home, car and saving for retirement, the report said.
On average, recent graduates left college with a student loan debt of 60% of their annual income.
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ULSAN, South Korea (AP) -Iran beat South Korea 1-0 on Tuesday in a match that secured both teams a spot at next year's World Cup, though the Asian hosts only just scraped through and had to wait until after the final whistle to know their fate.
Iran finished top of Group A in the final stage of Asian qualifying, with South Korea in second place - level on points with Uzbekistan but ahead on goal difference.
Uzbekistan came from behind to win 5-1 at home against Qatar. However, the storming finish ultimately came up just short, leaving the Uzbeks with a goal difference of plus-five and South Korea on plus-six.
Iran's winner came in the 60th minute, when Kim Young-gwon failed to clear a speculative ball forward down Iran's right wing. Reza Ghoochannejad robbed him of possession, sprinted clear and sent a curling left-foot shot beyond goalkeeper Jung Sung-ryeong.
South Korea, not wanting to put its fate in the hands of the game in Uzbekistan, pressed forward for the remainder of the game but failed to find an equalizer.
Kim almost made up for his mistake, but his close-range shot in the 86th minute produced a reflex save from keeper Rahman Ahmadi and Jang Hyun-soo's follow-up effort was also blocked.
"My team played with a realistic approach, to try and wait for a weak point in the Korean team and with a counter-attacking attitude," Iran coach Carlos Queiroz said.
"The goal came in one of those situations and fortunately, when Korea created opportunities, our players fought for our lives. The team played with fantastic team spirit with great practical discipline and enormous determination."
The win set off celebrations across Iran, where the government had given a rare approval for supporters to spill into the streets. Outgoing president Mahmoud Ahmadinejad and president-elect Hasan Rowhani in separate messages congratulated the team for reaching the World Cup.
As Iran players and officials celebrated wildly on the pitch, the South Korean squad and fans were kept in suspense while the last couple of minutes of the Uzbekistan game were played out, before they knew they were also through to next year's tournament in Brazil.
"We qualified but didn't finish with a satisfactory result," said outgoing coach Choi Kang-hee. "Today was a disappointing defeat but the players gave their best and I wish them luck in Brazil."
South Korea, missing a number of European-based stars, dominated the first half and despite going close through Son Heung-min and Lee Myung-joo, were unable to break down a well-drilled Iranian backline.
Son, who recently joined German team Bayer Leverkusen for 10 million euros, shot over from close range while Lee broke free of the Iran defenders but was unable to dribble around the goalkeeper.
After Iran's successful smash-and-grab goal in the 60th, South Korea's players were made aware Uzbekistan was rapidly closing the goal-difference gap, so pushed forward relentlessly in search of an equalizer.
Though it never came, South Korea had done enough in earlier games to secure an eighth-straight World Cup appearance.
Iran's berth in Brazil will be its fourth appearance at football's main event, having last reached the final tournament in Germany in 2006.
? 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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More newsJoe Klamar / AFP/Getty Images
One foot in Brazil
Jozy Altidore scored for the fourth-straight game and the United States defeated Honduras 1-0 to stay atop CONCACAF qualifying with 13 pts.
Reality star Kim Kardashian and rapper Kanye West, who welcomed their baby girl five weeks early on June 15, have remained quiet as they get to know their newborn daughter. Most of us are curious what Kanye and Kim are naming their daughter and we have the rumored name finally! Sources reveal a nurse at ...
Interested in grabbing a Sony Xperia Z here in the US? If so, we hope you like T-Mobile. The UnCarrier announced this morning that it will not only be carrying the flagship device, it will be doing so exclusively. It'll initially be available in both black and purple finish, though the latter color will only be offered for a limited time. No word on pricing or pre-order opportunities yet, but we'll keep our eyes peeled for more info as it comes out. Check out the press release below the break, or head to T-Mo's Xperia Z product page where you'll be greeted with a place to sign up for email alerts.
Contact: Todd Murphy murphyt@ohsu.edu 503-494-8231 Oregon Health & Science University
Review finds reporting bias in studies paid for by product manufacturer, with underreported harms
PORTLAND, Ore. An analysis by the Evidence-based Practice Center at Oregon Health & Science University has found that previously published clinical trial studies about a controversial bone growth product used in spinal surgeries overstated the product's effectiveness.
The OHSU analysis found the product offered no real benefit over bone grafts traditionally used in such surgeries and also found that previous studies had underreported harms that occurred in the studies. All but one of those studies were funded by the product's manufacturer, Medtronic.
The OHSU review is one of two independent reviews of the Medtronic product that will be published in the June 18 edition of the Annals of Internal Medicine. The other independent review, performed by a university in Great Britain, also found that the product offered little benefit over bone grafts and came with potential harms.
The bone growth product called recombinant human bone morphogenetic protein-2, or rhBMP-2 is used in spinal fusion surgeries, where vertebrae in the back are permanently joined together to eliminate pain or correct a deformity.
But rhBMP-2 has been at the center of controversy in recent years. Questions have been raised in major newspapers and a major medical journal about the product's safety and efficacy. A panel of experts writing in the summer 2011 edition of The Spine Journal found that study authors with financial ties to Medtronic reported many times fewer complications with the product than were found in Food and Drug Administration reports.
In late 2011, OHSU became part of a novel independent study on the patient data associated with the product. The Yale University Open Data Access Project, or YODA, chose OHSU's Evidence-based Practice Center and another group at the University of York in Great Britain to conduct systematic reviews and reanalyze the data associated with the use of the product in spine fusion. Medtronic supplied patient level data for the reviews and paid for the YODA-coordinated re-examination of the data. The independent reviews made up the first initiative of the YODA project. The project seeks to address the problem of unpublished and selectively published clinical evidence.
Each team analyzed the data independently. Neither team knew of the other team's findings until both manuscripts were accepted for the June 18 publication.
In their review, OHSU researchers found "no evidence that rhBMP-2 is more effective" than the bone grafts often used in spinal fusion surgery. The review also found that at 24 months after surgery, rhBMP-2 was associated with an increased risk for cancer, though the overall cancer risk was low.
The review also found "substantial evidence of reporting bias" in the previous studies on the product. The review found that Medtronic-sponsored publications analyzed or reported results in biased ways to indicate that it was more effective. The OHSU review also found higher rates of adverse events in patients, both with and without the use of rhBMP-2, compared with the published studies.
"Based on our analysis, it is difficult for us to find a clear indication to use rhBMP-2 for spinal fusion surgeries," said Rongwei Fu, Ph.D., an associate professor of public health and preventive medicine at OHSU and the lead author on the OHSU review.
OHSU's evidence-based practice center was the Oregon Evidence-based Practice Center when it was chosen to conduct the analysis of the Medtronic product in 2011. The center was renamed the Pacific Northwest Evidence-based Practice Center in August 2012.
In an article accompanying the publication of the reviews, Christine Laine, M.D., M.P.H., editor-in-chief of the Annals of Internal Medicine, wrote that the fact that two independent groups armed with the same patient data arrived at essentially the same conclusions should temper enthusiasm for the Medtronic product. She wrote that beyond replicating results, the independent reviews demonstrated additional value in having different scientists tackle the same data. The YODA project "is a novel exercise that illustrates the value of evidence synthesis, data sharing, peer review and editing, and reproducible research in helping us get closer to the truth," she wrote.
###
Note to Editors:
For embargoed copies of the studies, contact Megan Hanks at mhanks@acponline.org or 215-351-2656 or Angela Collom at acollom@acponline.org or 215-351-2653.
About the Pacific Northwest Evidence-based Practice Center
The Pacific Northwest Evidence-based Practice Center conducts systematic reviews of health care topics for federal and state agencies, professional societies and other organizations. These reviews report the evidence from clinical research studies and the quality of that evidence for use by health care providers and patients in making health decisions and by policymakers for decisions on guidelines and coverage issues.
The Pacific Northwest EPC is a collaboration among Oregon Health & Science University,
the University of Washington Center for Comparative and Health System Effectiveness Alliance (CHASE Alliance) and Spectrum Research, Inc., of Tacoma, Wash.
About OHSU
Oregon Health & Science University is a nationally prominent research university and Oregon's only public academic health center. It serves patients throughout the region with a Level 1 trauma center and nationally recognized Doernbecher Children's Hospital. OHSU operates dental, medical, nursing and pharmacy schools that rank high both in research funding and in meeting the university's social mission. OHSU's Knight Cancer Institute helped pioneer personalized medicine through a discovery that identified how to shut down cells that enable cancer to grow without harming healthy ones. OHSU Brain Institute scientists are nationally recognized for discoveries that have led to a better understanding of Alzheimer's disease and new treatments for Parkinson's disease, multiple sclerosis and stroke. OHSU's Casey Eye Institute is a global leader in ophthalmic imaging, and in clinical trials related to eye disease.
[ | E-mail | Share ]
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Contact: Todd Murphy murphyt@ohsu.edu 503-494-8231 Oregon Health & Science University
Review finds reporting bias in studies paid for by product manufacturer, with underreported harms
PORTLAND, Ore. An analysis by the Evidence-based Practice Center at Oregon Health & Science University has found that previously published clinical trial studies about a controversial bone growth product used in spinal surgeries overstated the product's effectiveness.
The OHSU analysis found the product offered no real benefit over bone grafts traditionally used in such surgeries and also found that previous studies had underreported harms that occurred in the studies. All but one of those studies were funded by the product's manufacturer, Medtronic.
The OHSU review is one of two independent reviews of the Medtronic product that will be published in the June 18 edition of the Annals of Internal Medicine. The other independent review, performed by a university in Great Britain, also found that the product offered little benefit over bone grafts and came with potential harms.
The bone growth product called recombinant human bone morphogenetic protein-2, or rhBMP-2 is used in spinal fusion surgeries, where vertebrae in the back are permanently joined together to eliminate pain or correct a deformity.
But rhBMP-2 has been at the center of controversy in recent years. Questions have been raised in major newspapers and a major medical journal about the product's safety and efficacy. A panel of experts writing in the summer 2011 edition of The Spine Journal found that study authors with financial ties to Medtronic reported many times fewer complications with the product than were found in Food and Drug Administration reports.
In late 2011, OHSU became part of a novel independent study on the patient data associated with the product. The Yale University Open Data Access Project, or YODA, chose OHSU's Evidence-based Practice Center and another group at the University of York in Great Britain to conduct systematic reviews and reanalyze the data associated with the use of the product in spine fusion. Medtronic supplied patient level data for the reviews and paid for the YODA-coordinated re-examination of the data. The independent reviews made up the first initiative of the YODA project. The project seeks to address the problem of unpublished and selectively published clinical evidence.
Each team analyzed the data independently. Neither team knew of the other team's findings until both manuscripts were accepted for the June 18 publication.
In their review, OHSU researchers found "no evidence that rhBMP-2 is more effective" than the bone grafts often used in spinal fusion surgery. The review also found that at 24 months after surgery, rhBMP-2 was associated with an increased risk for cancer, though the overall cancer risk was low.
The review also found "substantial evidence of reporting bias" in the previous studies on the product. The review found that Medtronic-sponsored publications analyzed or reported results in biased ways to indicate that it was more effective. The OHSU review also found higher rates of adverse events in patients, both with and without the use of rhBMP-2, compared with the published studies.
"Based on our analysis, it is difficult for us to find a clear indication to use rhBMP-2 for spinal fusion surgeries," said Rongwei Fu, Ph.D., an associate professor of public health and preventive medicine at OHSU and the lead author on the OHSU review.
OHSU's evidence-based practice center was the Oregon Evidence-based Practice Center when it was chosen to conduct the analysis of the Medtronic product in 2011. The center was renamed the Pacific Northwest Evidence-based Practice Center in August 2012.
In an article accompanying the publication of the reviews, Christine Laine, M.D., M.P.H., editor-in-chief of the Annals of Internal Medicine, wrote that the fact that two independent groups armed with the same patient data arrived at essentially the same conclusions should temper enthusiasm for the Medtronic product. She wrote that beyond replicating results, the independent reviews demonstrated additional value in having different scientists tackle the same data. The YODA project "is a novel exercise that illustrates the value of evidence synthesis, data sharing, peer review and editing, and reproducible research in helping us get closer to the truth," she wrote.
###
Note to Editors:
For embargoed copies of the studies, contact Megan Hanks at mhanks@acponline.org or 215-351-2656 or Angela Collom at acollom@acponline.org or 215-351-2653.
About the Pacific Northwest Evidence-based Practice Center
The Pacific Northwest Evidence-based Practice Center conducts systematic reviews of health care topics for federal and state agencies, professional societies and other organizations. These reviews report the evidence from clinical research studies and the quality of that evidence for use by health care providers and patients in making health decisions and by policymakers for decisions on guidelines and coverage issues.
The Pacific Northwest EPC is a collaboration among Oregon Health & Science University,
the University of Washington Center for Comparative and Health System Effectiveness Alliance (CHASE Alliance) and Spectrum Research, Inc., of Tacoma, Wash.
About OHSU
Oregon Health & Science University is a nationally prominent research university and Oregon's only public academic health center. It serves patients throughout the region with a Level 1 trauma center and nationally recognized Doernbecher Children's Hospital. OHSU operates dental, medical, nursing and pharmacy schools that rank high both in research funding and in meeting the university's social mission. OHSU's Knight Cancer Institute helped pioneer personalized medicine through a discovery that identified how to shut down cells that enable cancer to grow without harming healthy ones. OHSU Brain Institute scientists are nationally recognized for discoveries that have led to a better understanding of Alzheimer's disease and new treatments for Parkinson's disease, multiple sclerosis and stroke. OHSU's Casey Eye Institute is a global leader in ophthalmic imaging, and in clinical trials related to eye disease.
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
>> reporter: when jim cornelsen goes to work in chicago he has 22,000 people waiting for him. o say can you see
>> reporter: he belts out the
star spangled banner
before blackhawks games in a building fans call the
mad house
on madison.
>>this is as close to being a
rock star
as an
opera singer
is ever going to get.
>> reporter: for years in chicago the anthem has become a deafening show of pride and spirit. but now with the blackhawks playing the
boston bruins
in the
stanley cup finals
there's a little friendly competition.
>> reporter: because this fellow warming up his vocal cords is the bruins anthem singer rene rancor.
>>it's getting there.
>> reporter: he's been doing it for nearly 40 years.
>>i imagine that i'm in an
opera house
and it's a great thrill each time.
>> reporter: he is so popular many purchase t-shirts to look just like him. he was also present in the aftermath of the boston bombings where he simply led the fans as they stood and sang. were so gallantly streaming
>>when the fans started in so strongly with such feeling i was just moved to tears. it was just an incredible moment.
>> reporter: both men say they're honoring u.s. servicemen and women when they sing. cornelson shares his little corner of the ice with two of them. and it's when he gestures toward the flag that the crowd takes its cue and roars.
>>the focus is what the anthem is about. we're cheering as americans. we're cheering in support of feeling good about being patriotic. and the home of the free
Reality star Kim Kardashian and rapper Kanye West, who welcomed their baby girl five weeks early on June 15, have remained quiet as they get to know their newborn daughter. Most of us are curious what Kanye and Kim are naming their daughter and we have the rumored name finally! Sources reveal a nurse at ...
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Public release date: 17-Jun-2013
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