student loans

Housing groups seek change to FHA loan restriction on student debt


An industry coalition wants to ensure borrowers who took out certain types of loans to fund their education aren’t locked out of access to historically low mortgage rates.


Appeals court clears way for Pennsylvania AG suit against Navient


The student loan company had said a three-year-old lawsuit alleging consumer abuses was superseded by a similar CFPB suit. Here’s why the 3rd U.S. Circuit Court of Appeals disagreed.


Fintechs team up with banks to help students mired in debt


Finding loan forgiveness programs and keep-the-change loan paydowns are examples of services startups like Savi, Summer and are offering banks to help borrowers manage their monthly payments.


SoFi applies to open a national bank


If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.


Wells Fargo hits brakes on student loans with schools disrupted


Wells Fargo is pulling back from student lending as the surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.


California sues Devos over PSLF


California's Attorney General has filed a lawsuit against Betsy Devos challenging the failure to discharge student loans under the Public Service Loan Forgiveness program. The suit asserts that US Ed's failure to create a simple and effective application process injures the state of California by discouraging qualified workers from seeking or staying in state jobs. California joins New York and Massachusetts AGs who have filed similar lawsuits.


We Can Cancel Student Loans for Essential Workers Now


While the House HEROES bill's scaled-down student loan forgiveness is unlikely to become law, many essential workers are eligible for student loan cancellation now under existing law. The Public Service Loan Forgiveness program covers all police, firefighters, public school teachers, nurses, soldiers, prison guards, and contact tracers, among others.


U.S. household debt hit yet another record in 1Q, despite pandemic


A surge in demand for home loans drove the increase, but the second quarter could see a slowdown in borrowing and more delinquencies as consumers contend with the economic fallout of the coronavirus pandemic.


Smaller banks grab bigger PPP share; U.K. launches ‘bounce back’ program


U.S. banks under $10 billion in assets made 60% of the loans in the first round of the Paycheck Protection Program; things go relatively smoothly in the U.K. as 110,000 small businesses apply for low-cost loans.


Plenty of takers for offers to skip credit card, student loan payments


Discover and Sallie Mae are the latest to report a surge in forbearance requests as households struggle with job loss and other hardships resulting from the coronavirus pandemic.