Links in “Student Loans”
- Student Lenders: A New Protected Class?
The CFPB's fifth edition of Supervisory Highlights was released Tuesday, providing general insight into recent illegal actions pertaining to mortgage and student loan servicing practices. Director Cordray, consistent with recent remarks, indicated that servicers of student loan debt will be "[held] accountable for how they treat borrowers." Find out how to safeguard your institution from protections placed on student lenders. [10/29/14]
- Todayâs Agenda: More Complaints
As if you didnât have enough to deal with already, the CFPB has compiled a report which highlights private student loan borrower complaints. Cordray has issued a call that lenders and servicers âredouble their efforts to deal with these distressed borrowers.â [10/17/14]
- Dialing Back the Rhetoric on Student Debt
Treasury deputy secretary speaks out on the student loan debt problem, which is "a serious burden for far too many borrowers," but on a macroeconomic level, higher education can offer a significant return on its investment. "What would the macroeconomic effect be if borrowers had no debt, but also lacked the higher education that comes with it?" [9/30/14]
- If CFPB Really Wants to Protect Student Borrowers, It Should Start with Federal Student Loans
While private student lenders have been feeling the heat lately, this trade group points out that the federal student loan default rate is 13.7%, compared to less than 3% for private student loans. [9/25/14]
- CFPB on Student Debt: Enough Is Enough
CFPB Director Richard Cordray identifies the plaguing effects of student debt on the overall economy. Among other things, the likelihood to purchase homes and cars or hold public service jobs are influenced by increasing levels of student debt. Further, Cordray explains his recent efforts to encourage public service employers to help employees manage their student debt. [9/24/14]
- Corinthian Colleges Collection Controversy
The CFPB has sued a for-profit chain of colleges, Corinthian Colleges Inc. for predatory student lending and collection schemes. Corinthian is alleged to have lured in students by misrepresenting career services and job prospects, after which the schools utilized illegal practices to collect on the incurred debt. The CFPB has provided a letter specifically to Corinthian students to provide guidance while pursuing the lawsuit. [9/17/14]
- Senior Citizens Owe over $18 Billion in Student Loan Debt
Most think of student loan debt as a burden on the young, but the shocking fact is that many seniors have student loan debt and their numbers are increasing. In 80% of the cases, the seniors are paying back debt for their own college education and not the education expense for their children. [9/11/14]
- Student Loans Skyrocket Since Recession
Experian releases report showing student loans increased by 84% since the recession. Students loans have become the second largest debt class behind only mortgage. Massachusetts has the least amount of late payers on student loans; Mississippi has the most. [9/10/14]
- Consumer Reports: Many Banks Gouge Students
Consumer Reports releases report showing that many banks charge students more than ordinary consumers using regular bank accounts. [8/29/14]
- Crapo to Ed Dept: Rein It In
Mike Crapo, the ranking member on the Senate Committee on Banking, sent a letter notifying the Department of Education of his concerns that the department's rulemaking efforts will attempt to regulate products that banks sell to college students, even if the product has nothing to do with financial aid. [8/19/14]
