Just two years ago, the Consumer Financial Protection Bureau estimated that nearly 33 million American workers eligible for student loan forgiveness weren’t taking advantage of the programs. Times have certainly changed, as the federal government earlier this year revealed that these program were now so popular they cost nearly $22 billion more than they anticipated. But it doesn’t appear the increase in use for such plans is by those who might benefit the most. [More]
Are Student Loan Forgiveness Programs Just A Free Pass For Grad Students With More Than $100K In Debt?
The Dept. of Education recently proposed regulations intended to make the student loan repayment process less burdensome and drawn-out. Nearly two dozen consumer advocacy groups say that while these rules should help borrowers, more could be done to ensure that all students benefit. [More]
For the last several years legislators have repeatedly introduced a bill that would allow student loan borrowers to refinance their private and federal student loans to the lower interest rates at which new loans are currently being issued. Although the legislation hasn’t managed to make it into law, that hasn’t stopped banks and credit unions from creating their own refinancing programs to help alleviate the debt burden for student loan borrowers. [More]
The Department of Education continued its crackdown on deceptive for-profit college practices Tuesday by levying a $30 million fine against embattled Corinthian Colleges Inc. – operator of Everest University, Heald College and WyoTech – over the use of misstated and inaccurate job placement rates to recruit students. [More]
Nine Attorneys General Join “Corinthian 15,” Urge DOE To Provide Student Loan Debt Relief For Wronged Borrowers
A group of former and current Corinthian College Inc. students refusing to pay their federal student loans in protest of the government’s support of the crumbling for-profit college chain now have the backing of several top political officeholders afternine attorneys general from across the U.S. sent a letter to the Department of Education asking it to forgive the students’ loan debts. [More]
Although bankruptcy should only be viewed as the last option for consumers drowning in a sea of debt, even this final-straw course of action won’t help Americans with getting out from under hefty student loans — but it wasn’t always this way. [More]
Shortly after the death of their daughter, a New York couple’s grief was interrupted by a battle with an entity they never imagined: her private student loan lender. Inheriting a dead child’s student loan debt is a problem too many parents have had to face, and one that a new piece of legislation aims to eliminate. [More]
The way in which borrowers pay back their federal student loans – from checking the balance to filing complaints against servicers – is set to change with the signing of a presidential memorandum Tuesday. [More]
Senators Chastise Govt. For Making Money Off Struggling Student Loan Borrowers, Not Offering Enough Relief
For several years now the government has offered federal student loan forgiveness programs aimed at helping borrowers to avoid defaulting on their debts. While recent reports have shown that the popularity of the programs has exceeded expectations, a group of six senators say the Department of Education could do more given the billions of dollars in payments it receives from federal loans each year. [More]
New Plan Expands Availability Of Some Federal Student Loans For Consumers With Tarnished Credit Histories
Families hoping to assist their child in paying for college may soon have greater access to federal student loans under a plan recently finalized by the Department of Education and Obama administration. [More]
Compared to private loans, federal student loans may be a preferred, and sometimes safer option, when it comes to financing one’s higher-eduction. But for a large section of American students those loans are out of reach because their schools simply don’t offer the option. [More]
Recent college graduates face a number of barriers after getting their diplomas – finding a job, moving out on their own and paying back thousands of dollars in student loans. But now consumers struggling to pay back private student loans might find a bit of relief in new refinancing options from banks. [More]
It was really thoughtful of the U.S. Department of Education’s Direct Loans program to let Puck know that his student loan payments, which he starts making in August, are too low to cover interest payments, and that some of that interest was about to be capitalized and become part of the loan’s total. It wasn’t all that thoughtful toward the environment or the program’s bottom line, though, because they printed and mailed a letter inviting him to use a forty-four cent stamp to pay off seven cents in accrued interest. [More]
If you have a bunch of variable rate Federal student loans, July 1st could be your lucky day. July 1st is when the interest rates on Federal student loans changes, and one financial id expert is predicting they’re going to drop to “historic lows.” What this means is you will have an opportunity to consolidate your variable rate Federal student loans together at the new, lower, rate, and save yourself some cash. How much?
It’s a tough economic climate to be graduating from school — and maybe an even tougher one for those of you trying to get financial aid. We’ve put together a list of some financial aid and student lending resources to help make things easier.
Got a problem with your federal student loan? The Federal Student Aid Ombudsman specialists are here to help. First they’ve got a bunch of tips for you to fix your problem on your own. If all those don’t work, contact them by phone, fax, or mail and they will help you out. For reals. This is reader Trey’s great experience with them: