Must-Read Money Stories for Thursday, Jan. 19

by January 19, 2017
You'll soon be able to fly cheaper on American, for a price. (flickr image via Thomas Hawk, CC by-NC)

You’ll soon be able to fly cheaper on American, for a price. (flickr image via Thomas Hawk, CC by-NC)

Climbing the ladder

A  study out yesterday breaks down which colleges and universities in the U.S. help students the most with economic mobility. The New York Times has the results in an interactive tool that allows you to search and compare schools. The idea of studying economic mobility is to look at the financial situation of the parents, and compare it to where the student ends up as an adult. So which school does the best job of giving students a lift? The title goes to Vaughn College of Aeronautics and Technology in Flushing, NY.

Cheap seats

American Airlines will join with other carriers now offering basic rates for flyers who want to spend less and get less. The Wall Street Journal reports the basic rate at American and Delta will get you a seat, but not much else. The new basic rates mean you can’t check a bag or use the overhead compartments on board, and you won’t get to pick your seat. Delta has already been rolling out the discounted option on its flights. WSJ reports American will try it out first on 10 routes and see if it’s worth expanding.

Unbanked

The Atlantic talks to the author of a new book, The Unbanking of America, about why people with less money pay steep fees for payday lending and other “alternative financial products.” She finds that most people who use these services are well aware they’re paying more than they should for the services. And plenty have credit cards they could use. But those options just don’t fit their immediate needs. Click through for plenty of examples.

Settling discrimination claims

JP Morgan Chase will reportedly pay $55 million to settle allegations that it discriminated against minority mortgage borrowers. The Washington Post reports the lawsuit alleged the bank charged at least 53,000 black and Hispanic borrowers more than white borrowers with the same credit scores. The Post talks to one expert who says the settlement amount is “small.” And JP Morgan Chase didn’t admit guilt.

American” by flickr user Thomas Hawk, CC by-NC.