Links in “Student Loans”

Yesterday, the CFPB released its annual report on student loan complaints and the picture it paints is anything but pretty, particularly for private student loan borrowers. The report notes that borrowers with federal loans issued by private lenders claim they run into roadblocks when they try to access income-driven repayment plans. In addition, more than 20% of these borrowers are not making payments or are past due (but not in default) and 95% are not enrolled in any kind of repayment plan. [10/15/15]

Three big agencies (CFPB, Education and Treasury) have teamed up to present a framework for standardizing servicing in the student loan sector. They targeted four key areas for reform to ensure that student loan servicing is consistent, accurate and actionable, accountable, and transparent. Here's what they mean by that. [10/6/15]

Consumer Reports applauds the CFPB for its moves in mortgage disclosures and for its anticipated moves to help student loan borrowers. [10/6/15]

Here’s why a strong vendor due diligence program is so important. Southeast Financial Credit Union is now in the unfortunate position of having to sue one of its affiliates, The College Network (TCN), to recover $12 million in unpaid student loan obligations. TCN sells course modules and study materials to help students to earn college credits. SFCU, which is the primary financer of these courses and materials, currently holds about $35 million in loans guaranteed by TCN. [10/5/15]

The CFPB released a report stating that consumers of student loans have complained of “sloppy practices” that contribute to default. The CFPB plans to take action against such practices. [10/1/15]

The Debt Collective, an activist group seeking student loan relief, is working to persuade millions of Americans who are severely late on their student loan payments to "revolt." The group is racking up surprising successes. [10/1/15]

The CFPB has made available a review of public comments and recommendations regarding student loan servicing in an effort to strengthen industry practices. The report is located here. [9/30/15]

Three federal agencies (CFPB, Education, and Treasury) are speeding toward the establishment of uniform standards for student loan servicers. [9/30/15]

Tuition has gone up 1,120% since 1978. That's the root of the problem that Congress should address first, instead of focusing first on student loans. [9/24/15]

"Many of the same entities have sort of migrated over and have now really set their targets in the student loan space." [9/24/15]