Paying back tens of thousands of dollars in student loan can be difficult, and more than 1 million Americans defaulted on their federal student loans just last year. But why are nearly all of these same borrowers failing to take advantage of programs to help them avoid defaulting again? [More]
repayment plans
90% Of At-Risk Student Loan Borrowers Not Signed Up For Affordable Repayment Plans
By 5.16.17 — Updated: 5.25.17
Xerox Pays $2.4M To Settle Allegations It Overcharged Student Loan Borrowers
By 11.23.16
Xerox does a lot more than make huge copy machines for your office. For more than a year, the company’s student loan servicing division has been under state and federal investigation for allegations that it violated debt collection laws and overcharged borrowers. Now Xerox has agreed to pay $2.4 million to close the book on one such investigation in Massachusetts. [More]
Some Student Loan Borrowers Improperly Denied Payment Assistance
By 11.1.16
Each year, more than five million student loan borrowers are better able to manage their debts thanks in part to government-based loan repayment plans. But yet another report has found that not all students qualified to participate in these income-driven repayment plans are able to, though at no fault of their own. [More]
Borrowers With Federal Student Loans Made By Private Lenders At Greater Risk For Default
By 10.14.15
Consumers who took out federal student loans through private lenders are more likely to default on their debts than their counterparts who received federal loans through the Department of Education, in part because these borrowers have difficulty obtaining adequate information on repayment options. [More]
M&T Bank Makes An Offer You Can Definitely Refuse
By 6.26.08
Here’s a novel way for a bank to increase revenue: offer your customers a “perk” where they can skip a payment on their loan for a neat $25 fee! Of course, interest still accrues, your total repayment amount increases slightly, and one month is added to your repayment period. No thanks. You can see the actual letter and details below.
