student loans

A Heroes Jubilee

03/02/21

Millions of heroes of the pandemic--health care workers, law enforcement and first responders, National Guard troops, public school teachers, and social workers--are suffering needless financial hardship because of student loans. Years ago Congress passed, and president Bush signed into law the Public Service Loan Forgiveness program. After repaying student loans for ten years while working in public service, these workers are entitled to have their remaining debt canceled by the Education Secretary.

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SoFi to go public via SPAC with $8.7B valuation

01/07/21

The deal between San Francisco-based lender and Social Capital Hedosophia Holdings Corp. V is latest example of a closely held firm going public by merging with a special purpose acquisition company.

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CFPB orders Discover to pay $35 million for student lending mishaps

12/22/20

The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.

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Wells Fargo to sell student loan book to Apollo, Blackstone

12/19/20

The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet.

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Apollo, Blackstone said in talks to buy Wells Fargo’s student loan book

12/14/20

A group that includes the private equity firms Apollo Global Management and Blackstone Group is in talks to acquire Wells Fargo’s student loan portfolio, according to people familiar with the matter.

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What Biden's pledge to forgive student loans means for consumer lenders

12/11/20

The president-elect’s plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set.

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Private student lenders need to reset ability-to-repay expectations

11/16/20

Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field.

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Wells Fargo exploring $1 billion-plus corporate-trust sale

10/26/20

Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter.

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