Links in “Student Loans”

A white paper released during April’s Financial Literacy Month reveals an alarming trend.  While student debt is rising, an increasing percentage of college freshmen state that they are less prepared to manage their financial responsibilities than any other responsibility they face in college.  This means there needs to be a greater focus on financial literacy while students are in high school. [4/7/15]

If you have student loans and have to pay taxes this year, there may be an easier solution for you. The U.S. Treasury and Education Departments have partnered with tax gurus H&R Block and Intuit in order to provide better service to tax payers with student loans. [2/5/15]

Corinthian College is on the hot seat for conducting what the CFPB has defined as “predatory” lending. The current and former students of Corinthian College will be receiving a total of $480 million in debt relief. [2/4/15]

The CFPB approves the $24 million sale of a troubled chain of for-profit college campuses after the buyer agreed to forgive $480 million of private student loans. [2/4/15]

A recent CFPB report shows that college students are choosing to use debit cards over credit cards. This trend is largely attributable to the 2009 CARD Act's disclosure requirements, which have triggered a 70% drop in credit card offers. [2/3/15]

While the private student loan market enjoys more than a 97% repayment rate, the CFPB continues its scrutiny with a recent round of letters to certain market participants asking what they have done since last year's meeting to develop loan modification options. See also this. [2/3/15]

Federal and state regulators have jointly issued guidance for private student lenders concerning loans with graduated payment terms at origination. The guidance addresses the need for prudent underwriting and clear disclosures that ensure that students understand the timing of new payments and avoid payment shock. [1/30/15]

The FFIEC members issued guidance for financial institutions on private student loans with graduated repayment terms at origination in an effort to recognize challenges for many in today's competitive job market that places heightened financial strain on graduates looking to repay student loans. Notwithstanding, the FFIEC members continue to champion prudent underwriting and education on features of loan terms. [1/30/15]

Currently, student loan debt cannot be discharged, even in a bankruptcy. The Discharge Student Loans in Bankruptcy Act would change that. [1/27/15]

Quarterly survey of bank risk officers finds that while the job picture is improving, wage growth isn't keeping pace, which could lead to people getting overextended on credit cards and higher delinquency rates. Here is their forecast for credit cards, student loans, and housing loans. [1/22/15]