For many younger consumers, each new year used to bring a new address, whether that meant switching from an apartment to a house, or following their dreams across the country. But the latest generation of millennials apparently aren’t on board with that. [More]
Payless, the ubiquitous discount shoe retailer with more than 4,400 stores in 30 countries, is reportedly looking to cut back on its ubiquity. Just like just about every other retailer in your local mall, especially the ones that sell clothing, the company has too many stores and too much debt. [More]
For years, Consumerist has written about unscrupulous debt collectors that have attempted — sometimes successfully — to collect thousands of dollars from consumers who don’t actually owe a debt. This type of scheme is apparently alive and well in Illinois, where investigators say the ploy is one of the most popular for alleged con artists preying on residents, prompting the state’s Attorney General to file suit against at least one such operation. [More]
In 2015, nearly 40% of all federal student loan borrowers over the age of 65 were in default, thanks in part to issues they faced when it came to the servicing of their debts, including problems enrolling in income-driven repayment plans and accessing protections as co-signers. [More]
With college tuition continuing to increase, it probably won’t surprise many people to learn that college graduates are leaving school burdened with more loan debt. According to a new report, the average amount of student loan debt for new graduates has passed $30,000 for the first time. [More]
The abrupt closure of ITT Educational Services’ 130 ITT Tech campuses left tens of thousand of current students sitting in limbo with regard to both their education and all the student loan debt they had amassed. Likewise, a number of recent ITT grads are holding degrees they believe are now worthless. A group of nearly 200 stranded ITT students and graduates are the latest to join the ongoing “debt strike” started after the collapse of Corinthian Colleges.
You probably wouldn’t be surprised to learn that your cable company has perks or discounts it will only reveal when asked, but you’d hope a government agency wouldn’t deliberately hide a program intended to help families struggling to pay off student loan debts of a deceased loved one. [More]
One of the most common complaints about debt collectors is that they harass people over debts that are either no longer owed, or weren’t owed in the first place. Federal regulators are now proposing rules that — among other protections — would cut down on these annoying, bogus collections actions by requiring that debt collectors have some sort of evidence that the person they are calling actually owes money. [More]
As the Department of Education is working to wipe away millions of dollars in federal loans owed by former students of now-defunct Corinthian College Inc. schools, some former students continue to receive monthly bills for private loans they took out in order to attend the for-profit colleges. Now one former Corinthian student has filed a federal class action against the financial firms that currently hold the private student loans. [More]
Each year millions of students take out thousands upon thousands of dollars in student loans and other financial aid to help pay for a college education. But as we found out yesterday, many of these prospective students are woefully unprepared for the reality of student loan debt. From reading through piles of paperwork to making payments each month and keeping track of loan servicers, financing your education can be overwhelming, but that doesn’t mean you shouldn’t learn as much as possible before you end up under a mountain of loan debt. [More]
John Oliver made a huge splash this week when, to prove a point on his show, he purchased $15 million worth of medical debt for $60,000… and then promptly forgave it all. A lot of that debt was “zombie debt,” which, like its namesake, keeps coming back from the dead to bother people who would much rather be left alone and unbitten.
For-profit college chains often market themselves to non-traditional students — single parents, lower income individuals, military servicemembers — as a viable path to better job prospects and more money. However, a new report suggests that enrolling in of these sometimes costly schools may not help students reach their goals. [More]