News Topic: student loans

The Department of Education (USED) knew by 2016 that hundreds of thousands of student loan borrowers planning to apply for public loan service forgiveness (PSLF) were headed for rejection as they started applying in late 2017. The Department conducted a ... Read full article

Digit is applying its automated-savings techniques to the growing problem of student loan debt. ... Read full article

Nearly two dozen Senate Democrats say the CFPB should "immediately" open up an enforcement investigation into the Pennsylvania Higher Education Assistance Agency’s loan forgiveness program for alleged mismanagement. ... Read full article

The nation's largest private student lender plans to curtail its use of forbearance, a move that could well save some borrowers money but could also result in more defaults. ... Read full article

The news for student loan borrowers in bankruptcy is usually so grim that even a small victory is cause to sit up and take notice.   The Fifth Circuit recently handed student loan debtors two small victories, ruling that dischargeability of student loans ... Read full article

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

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. ... Read full article

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. ... Read full article

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 ... Read full article

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 ... Read full article

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 ... Read full article

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. ... Read full article

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, ... Read full article

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 ... Read full article

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. ... Read full article

A legislative measure would have made the Golden State the first in the nation where aggrieved borrowers could sue their servicers. The bill was delayed until 2020 after banks and other financial companies expressed opposition. ... Read full article

An economic downturn is likely to force industry consolidation; the legit firms only offer borrowers things they can get for free, while others are scams. ... Read full article

Robert G. Cameron, a former official at the Pennsylvania Higher Education Assistance Agency, will succeed Seth Frotman as the bureau's point person on student lending complaints. ... Read full article