student loans

CARES ACT student loan relief


The CARES Act signed into law last week suspends payments and eliminates interest accrual for all federally-held student loans for six months, through September 30. These measures exclude private loans, privately-held FFEL loans and Perkins loans. The other five subsections of section 3513 mandate important additional relief. Under subsection (c) the six suspended payments (April to September) are treated as paid for purposes of “any loan forgiveness program or loan rehabilitation program” under HEA title IV.


Student loan relief for public service workers: repeal the 15-day rule


More than one million public servants – nurses, soldiers, first responders, teachers—should be eligible now or soon for student loan cancellation under existing law – the Public Service Loan Forgiveness program. Congress and the Administration can accelerate this process now.


Fed announces aggressive actions to boost liquidity amid virus turmoil


The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities.


Coronavirus testing loan servicers’ mettle


The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat.


Discover's student loan-servicing actions investigated by CFPB


Discover Financial Services is being investigated by the agency over student loan-servicing practices and its compliance with a 2015 consent order involving the business.


Senators alarmed by study linking loan rates to college choice


Elizabeth Warren, Sherrod Brown and three other Democrats asked nonbank lenders to ensure they comply with fair lending laws following a report suggesting they charge higher rates to those who have attended historically black or predominantly Hispanic colleges.


Use CRA to promote college savings


Proposed reforms to the Community Reinvestment Act focus on everything but bank products that promote higher education. It’s time to change that.


How should banks view mounting household debt?


Depending on one's perspective, the surge in consumer borrowing is either a normal byproduct of a booming economy or a worrisome trend that portends a wave of delinquencies when the next downturn hits.


House Dems to CFPB chief: Use the authority Congress gave you


Members of the House Financial Services Committee chastised Kathy Kraninger for not supervising student loan servicers and failing to examine firms for compliance with the Military Lending Act.


Boardroom war at Credit Suisse; HSBC still looking for CEO


The bank’s top shareholders want the chairman to quit if he won’t support the CEO; HSBC expected to go forward with job cuts while searching for permanent boss.