student loans

Home lending fintech expands into student loan refis


Figure Technologies, which has made $600 million in home equity loans in the past year, says its next move will be refinancing student loans.


$5 to forgive public servant student loans


Five dollars is the contract payment the US Education Department makes to its servicer FedLoan for a borrower's first approved Public Service Loan Forgiveness (PSLF) employment certification.


Dems unload on CFPB’s Kraninger: ‘You are absolutely worthless’


CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements.


California blazing a trail on banking policy for other blue states


The state's Democratic-controlled Legislature has enacted laws establishing data privacy rights, giving municipalities the ability to set up public banks, and requiring standardized disclosures on small-business loans, among other issues. Lawmakers elsewhere are taking notice.


Student Loan Crisis Driving Racial Wealth Gap


Twenty years after taking out student loans, white borrowers have paid 94% of their debt (at the median.)  Black borrowers, on the other hand, have paid 5%. While a disturbing 20% of white borrowers defaulted on student loans at some point during twenty years, a catastrophic 50% of Black borrowers defaulted.


The Undue Hardship Test Is Really Harsh

The Fifth Circuit has released a new opinion which underscores just how hard it is to discharge a student loan under the undue hardship standard.   Thomas v. Department of Education (In re Thomas), 931 F.3d 449 (5th Cir. 2019).    
A Sympathetic Debtor

'These foolish ideas': Comments of the week


Readers react to plans by Democratic presidential candidates to reform college tuition, credit unions buying more banks, whether the next president could fire the CFPB head and more.


Student loan disclosures top new CBA chair’s Hill agenda


Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, as private lenders are already required to do.


What student lenders think about Warren, Sanders reform plans


The CEOs of Sallie Mae and Discover Financial Services were largely dismissive this week of the threat posed by the two Democratic presidential candidates, though their optimism seemed to be rooted in an assumption that the more sweeping proposals will never become law.


Biden v. Warren: Banking could take center stage in Democratic debate


When the former vice president and Massachusetts senator appear together in Houston, they could present two contrasting visions of financial policy within the presidential field.