Links in “Student Loans”
- Cordray on the Benefits of Public Shaming and Other CFPB Tactics
CFPB Director Cordray says that public shaming of mortgage loan services who automatically put a student loan into default if a cosigner dies or becomes incapacitated is important, but that more tools may be needed through rulemaking. It was one of several responses he gave before a Senate hearing this week. [6/12/14]
- Executive Action on Student Debt Increases Eligibility
Pres. Obama announces the expansion of "Pay as You Earn," which caps graduates' repayments at 10% of their monthly discretionary income, to an estimated 5 million more borrowers. [6/10/14]
- Obama to Lend a Hand on Student Loans
President Obama announced on Saturday that he âwill keep doing whatever [he] can without Congress to help responsible young people pay off their loans.â Today we will find out just what he has in mind. [6/9/14]
- Student Loan Debt: Will the Backlash Create Bigger Problems?
In hearings before the Senate, much was made of the potential impact of student loan debt on the rest of the economy, but not much was provided in way of supporting data. Also not addressed were the ramifications of proposed legislation to address student loan debt on taxpayers and the economy as a whole. [6/9/14]
- Bill Would Allow Borrowers to Refinance Student Loans
CFPB's Chopra testifies in Senate hearing that the country's $1.2 trillion debt is hampering the economy. Democrats have introduced a bill that would allow borrowers to refinance student loans at current interest rates, similar to refinancing a mortgage. [6/5]
- Student Loans in the Spotlight: 2 Senate Hearings Today
Today, both the Senate Budget Committee and a Senate Banking subcommittee will be scrutinizing student loans. [6/4]
- The Peril of the Student Loan Debt Crisis
[Video] For CFPB director Raj Date takes a look at how mounting student loan debt could cripple the U.S. economy. [5/28]
- High Student Loan Debt’s Impact on Future Housing Market
CFPB Director Cordray speaks on the effects of the growing $1.2 trillion student loan debt and its negative ramifications on the housing market of the future. [5/22]
- New Student Loan Legislation Could Lower Interest Rates for Existing Borrowers
The Bank on Students Emergency Loan Refinancing Act would allow eligible student loan borrowers to refinance their loans at lower rates offered to new borrowers. The CFPB foresees that "there may be a domino effect on the broader economy if we ignore borrowers currently stuck with high student loan payments."  [5/21]
- Has SCRA’s Written Request Provision Been Pushed Aside?
The Servicemembers Civil Relief Act got a lot of attention as a result of the $60 million settlement announced by the DOJ and the Department of Education. The DOJ alleged that a major student loan servicer failed to reduce the rate on loans to servicemembers to 6% when required to do so. However, the statute requires the servicemember to submit a written request for relief before relief is granted. The decision by the CFPB, DOJ and ED appears to ignore this requirement. [5/15]
