Consumers who expected their student loan payments to be deducted from their bank accounts this month have reportedly found the funds untouched, and their calls to the companies unanswered thanks to a Department of Education’s order prohibiting the debt collection companies from working on default accounts in response to two lawsuits against the agency.
repayment
Student Loan Borrowers Face Needless Hurdles When Trying To Reduce Payments
It’s a fact of life: if you take out thousands of dollars in federal student loans to attend college, you have to pay them back. While the government offers borrowers some relief through free income-based relief, a new report shows that getting that assistance is often a test of patience for consumers, with servicers providing incorrect information or creating difficult hurdles. [More]
1-in-5 Auto Title Loans Lead To Vehicle Seizure
When seeking an infusion of cash to make ends meet, consumers may turn to payday loans, cash advance loans, or auto title loans. While each of these short-term, high-interest loans pose a financial risk to borrowers, only one has the ability to take away what is often a person’s largest asset: their vehicle. And, according to a new report, one-in-five consumers who take out a single-payment auto title loan have their car seized by lenders. [More]
New York Program Will Pay For Two Years Of Recent Graduates’ Student Loans
For many recent graduates, repaying their education debt obligations can be a struggle. For some in New York, that struggle just got a little less cumbersome thanks to a recently launched student loan forgiveness program that aims to help the debtors land on their feet after graduation.
Student Aid Bill Of Rights Aims To Overhaul Federal Student Loan Repayment, Servicing Process
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]
Proposed Program Would Pay First Two Years Of Recent New York Graduates’ Student Loans
With the average graduate now leaving college with more than $28,000 in student loans, it can be difficult to envision just how one might manage to land on their feet. If you happen to be a resident of New York and attended an instite of higher education within the state’s borders, repaying those debts could be a bit easier under a recently proposed student loan repayment program.
Michigan College Guarantees Graduates Make $37,000 A Year, Or It Will Help Pay Off Their Student Loans
A small, private college in Michigan is giving new meaning to the idea of “gainful employment.” While the government’s recent rule was implemented to protect students from predatory for-profit colleges, non-profit institution Adrian College is making a guarantee to students aimed at helping them weather the high cost of student loans: make more than $37,000 a year after college or get some or all of your student loans reimbursed. [More]
Man Seals Self Inside Foreclosed Home
Now we finally understand the secrets of the pharoahs: a bunch of angry people in Stony Ridge, Ohio have sealed up a home with the homeowner inside, with his permission, leaving only a golf ball-sized hole in the front door. The man, Keith Sadler, says he fell behind last year after paying on his mortgage for 12 years, and that his bank promised to work with him but instead proceeded with foreclosure. [More]
Credit Unions Dive Into The Student Loan Market
Private loans are the worst type of student debt, but the best place to get them may be your local credit union. Like most credit union products, their loans are usually a better deal with more favorable terms than similar loans from bigger banks.