Links in “Student Loans”

Despite increased scrutiny by the CFPB, servicemembers continue to struggle with loan protection. In an effort to curb these frustrations the CFPB has developed a guide for servicemembers with student loans. [7/8/15]

ABA says proposed rule on student accounts is overly broad and may cause students to lose access to low-cost bank accounts. [7/7/15]

Borrowers who search such phrases as "student loan relief" are shown ads for potentially illegal schemes, such as websites that charge more than $500 in upfront fees. [6/24/15]

According to a report just published by the CFPB, 90% of cosigners who apply to be released from their obligation on private student loans have those requests rejected.  IN addition, the CFPB found that most of the loan contracts put the loan in default when a cosigner dies or goes bankrupt, even if the loan is in good standing. [6/23/15]

The CFPB has sent a letter to Google warning that debt-relief scammers may be targeting student borrowers through the company’s search engine when they search and use keywords, such as “student loan default.”  The CFPB sent similar letters to Bing, Facebook, and Yahoo. [6/23/15]

The CFPB reports it has received 34% more private student loan complaints than last year, not surprising given its efforts over the last year to stimulate complaints. [6/23/15]

The CFPB released the 2015 mid-year update on Student Loan Complaints noting in the 30-page report that more than 3,100 private student loan complaints and 1,100 debt collection complaints related to student loans between October 1, 2014 and March 31, 2015. The report also discusses specific co-signer issues, including problems securing a co-signer release and analysis of problems consumers experience when attempting to refinance a student loan. [6/19/15]

Reports have Rohit Chopra, who had been heading up the CFPB's efforts in student lending, may be leaving to possibly succeed Benjamin Lawsky as Superintendent of the New York Department of Financial Services. [6/18/15]

An article in the New York Times that described openly refusing to pay student debt was the most read piece last week on the website and described three steps others might want to consider to follow in the author's footsteps. Here's why his approach might be flawed. [6/15/15]

The CFPB is promoting through its blog efforts to gather information regarding student loan servicers and challenges with student loan debt and repayment roadblocks. Areas of interest including disclosures accuracy, payment processing, late fee imposition, complaint resolution and credit information furnishing. Such fodder will provide material basis for potential actions against loan servicers. [6/12/15]