Menu

Education

Philadelphia to close 23 schools after arrest-plagued vote

Philadelphia officials voted to close 23 schools after a massive rally at system headquarters at which more than a dozen people were arrested on disorderly conduct charges.

The School Reform Commission spared only four schools Thursday night in their closing plans after hearing pleas from some of the hundreds of people who packed the meeting room and an overflow space.

Officials in one of the nation's largest and most problem-plagued districts have insisted their financial situation is dire.

The commission had to borrow $300 million this year, and projections show the district will accumulate a nearly $1.4 billion deficit over five years without a radical overhaul.

The district says it should save about $24.5 million annually through the downsizing.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.27% up 4.22%  
15 Y Fixed Graph 3.27% -- 3.27%  
30 Y Fixed Jumbo Graph 4.56% dw 4.60%  
5/1 ARM Graph 3.35% dw 3.48%  
5/1 Jumbo ARM Graph 3.54% up 3.51%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.38% dw 4.46%  
$50K HELOC Graph 4.11% dw 4.17%  
$30K Loan Graph 4.99% dw 5.10%  
$50K Loan Graph 4.40% dw 4.55%  
$75K Loan Graph 4.40% dw 4.51%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.91% up 2.86%  
36 M Used Graph 3.43% up 3.36%  
48 M New Graph 3.19% up 3.14%  
48 M Used Graph 2.97% up 2.93%  
60 M New Graph 3.22% up 3.17%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% up 0.34%  
1 yr Graph 0.68% -- 0.68%  
5 yr Graph 1.38% up 1.37%