Sen. Elizabeth Warren Introduces Legislation To Allow Refinancing Of Many Student Loans

Sen. Elizabeth Warren Introduces Legislation To Allow Refinancing Of Many Student Loans

Students who took out their first federal student loan this past fall will someday be glad that they are only paying 3.86%. Just ask those of us whose loans were nearly double that percentage. But a new bill introduced in the Senate today by Massachusetts Senator Elizabeth Warren would allow student loan borrowers to refinance at the rates set for new borrowers by last year’s legislation. [More]

Proposed Bill Would Eliminate Automatic Default For Private Student Loans

Proposed Bill Would Eliminate Automatic Default For Private Student Loans

Between finding a job, finding a place to live, paying bills, and generally being an adult for the first time in their lives, many recent college graduates face a slew of challenges. One thing they shouldn’t have to think about is automatically defaulting on a student loan when a co-signer dies or files for bankruptcy. Today, legislators proposed a bill to protect consumers from getting stuck in this trap. [More]

Student Loan Forgiveness Plans Could Be A Victim Of Their Own Success

Student Loan Forgiveness Plans Could Be A Victim Of Their Own Success

Student loan debt in the U.S. currently totals more than $1 trillion, with some predicting it will only get worse as tuition increases continue to outpace inflation. Recently launched federal student loan forgiveness programs were intended to provide relief to some of these borrowers, but the plans’ unexpected popularity has created a new set of concerns. [More]

Private Student Loan Borrowers Face Automatic Default Because Of Co-Signer Provisions

Private Student Loan Borrowers Face Automatic Default Because Of Co-Signer Provisions

College graduates with private student loans know the importance of staying current on their payments. But a new report by the Consumer Financial Protection Bureau finds that even consumers who pay their loans on time are finding themselves placed in default when the co-signer of their loan dies or declares bankruptcy. [More]

Michigan Town Foots The Bill To Send Students To State Universities, Community Colleges

Michigan Town Foots The Bill To Send Students To State Universities, Community Colleges

Community is defined as a group of people living in the same place or having a particular characteristic in common. For one Michigan city that characteristic would be generosity, as in the $50 million anonymous donors have spent to send the town’s high school graduates to college. [More]

Graduates Get Help Paying Student Loan Debt By Volunteering

Graduates Get Help Paying Student Loan Debt By Volunteering

Graduates facing thousands of dollars in student loan debt often feel there is no relief in sight. However, a number of organizations and programs are popping up and aiming to take some of the burden in repaying massive student debt loans off young professional’s plates. [More]

‘Know Before You Owe’ Act Aims To Provide Clear Disclosures For Private Student Loans

‘Know Before You Owe’ Act Aims To Provide Clear Disclosures For Private Student Loans

With many incoming college students unable to afford rising tuition costs, and low-cost federal loans only providing some assistance, private student loans have become a necessary evil for some in recent years. But those higher-interest loans are leading to increased levels of debt among young Americans. Lawmakers are once again promoting a long talked-about bill to protect students. [More]

As Many As 1-in-3 Student Loans May Be Delinquent

As Many As 1-in-3 Student Loans May Be Delinquent

Over the years, Consumerist has reported on student loans and the crippling impact their debt can have on recent graduates. But with rising tuition costs and financial aid opportunities becoming increasingly competitive it’s easy to see why student loans are a necessity for entering college. A new report claims that overall loan delinquency rates are declining, but a closer look at the numbers may reveal a problem that is much worse than previously believed. [More]

Sallie Mae Wants Me To Pay Down Debt By Opening Up A Credit Card

Sallie Mae Wants Me To Pay Down Debt By Opening Up A Credit Card

On the surface, this e-mail that reader S. received from Sallie Mae doesn’t seem like a bad idea. It’s offering a new credit card, which maybe you were going to get anyway. You can use the card’s cash-back rewards to save for a loved one’s college education, or to pay off your own student loans. Yet it doesn’t sit right with S. [More]

Colleges Tight-Lipped On Revealing How They Divvy Out Financial Aid

Colleges Tight-Lipped On Revealing How They Divvy Out Financial Aid

When choosing a college to attend most teens and their families shop around a little. With tuition skyrocketing, many consumers look at financial aid offered by universities as a top priority when considering which institution to attend. Even with regulations on the books requiring schools to outline how financial aid is distributed, families are finding it nearly impossible to estimate their child’s worth to a school. [More]

Sallie Mae’s Federal Loan Business Is Now Navient. What’s A Navient?

Sallie Mae’s Federal Loan Business Is Now Navient. What’s A Navient?

Sallie Mae is the country’s largest originator and servicer of student loans and a regular contender in our Worst Company in America tournament. They’re about to become two much-hated companies, spinning off their loan servicing, loan management, and collections as a new company called Navient. [More]

Student Loan Debt Preventing Consumers From Buying First Homes

Student Loan Debt Preventing Consumers From Buying First Homes

First-time home buyers accounted for only a third of the homes purchased over the last year. The below-average number is thanks in part to American’s growing student loan debt. With high monthly payments and increased credit risk, student loan debt is keeping some first-time home buyers from entering the housing market; a trend that doesn’t appear to be turning around anytime soon. [More]

51 Groups Call On President To Not Let For-Profit Colleges Weaken “Gainful Employment” Rule

51 Groups Call On President To Not Let For-Profit Colleges Weaken “Gainful Employment” Rule

Last summer, the Dept. of Education began the process of reviewing a new rule aimed at those educational institutions that failed to demonstrate their students could find gainful employment in the fields in which they had been trained. The for-profit college industry has managed to weaken the rule, but today more than 51 different groups — including advocates for consumers, veterans, and students — asked the President to help prevent this rule from becoming toothless. [More]

How To Not Suck… At Borrowing For College

How To Not Suck… At Borrowing For College

(This is Part Two of a two-part feature on paying for an education. Last week’s HTNS column focused on the best way to save up for college.)

With the rising cost of college tuition, many families figure they’ll have to beg, borrow and steal to pay for the cost of higher education. If those are the only options available to you, we recommend borrowing. [More]

College Student Protests Tuition Hike By Paying With Singles

College Student Protests Tuition Hike By Paying With Singles

Like many schools around the country, tuition at the University of Utah has soared in the last decade. In-state students at this school are now paying more than double what students paid only a decade ago, with another 5% increase coming. In minor protest of these rate hikes, one Utah student chose to express his feelings by paying his tuition in singles. [More]

College Senior Hopes To Pay Off Student Loans By Selling Ads On Graduation Cap

College Senior Hopes To Pay Off Student Loans By Selling Ads On Graduation Cap

A student at the University of Michigan-Flint looked into the crystal ball and saw visions of student loan debt. But what if he could figure out a way to pay off that pile of debt before he even enters the job market? And so the young man started a campaign to sell advertising space on the top of his graduation cap. [More]

Some Banks Reward Private Student Loan Borrowers With Refinancing Options

Some Banks Reward Private Student Loan Borrowers With Refinancing Options

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]

Your Guide To Proposed Laws & Regulation That Could Help Consumers In 2014

Your Guide To Proposed Laws & Regulation That Could Help Consumers In 2014

2013 is gone, a collection of memories never to be dealt with again.  Next week, the 113th Congress returns for its second session, ideally to enact legislation throughout 2014, some of which could help consumers if they were to become law. [More]