Feds Start Investigation Into Private Student Loans Made By For-Profit Colleges
Feds Start Investigation Into Private Student Loans Made By For-Profit Colleges
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Feds Sue Student Financial Aid Firm For Ripping Off Students
Operation Ripped Off Students and Families Applying for College Financial Aid Today, the Consumer Financial Protection Bureau (CFPB) announced it is taking action to halt a nationwide student financial aid scam that allegedly ripped off…
Feds Order Discover Bank To Pay $18.5 Million For Illegal Student Loan Servicing Practices
Discover’s Illegal Servicing Practices Affected Private Student Loan Borrowers Transferred from Citibank The Consumer Financial Protection Bureau (CFPB) has taken action against Discover Bank and its affiliates for illegal private student loan servicing practices. The…
Feds Crack Down On Student Financial Aid Services For Illegal Billing
Company to Pay $5.2 Million for Illegally Billing Over 100,000 Consumers Today the Consumer Financial Protection Bureau filed a complaint and proposed consent order in federal court against Student Financial Aid Services, Inc. for illegal…
Fed Report: Distressed Privare Student Loan Borrowers Driven Into Default
Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default. Distressed borrowers report that they receive very little…
Feds Sue For-Profit Corinthian Colleges For Predatory Lending Scheme
Bureau Seeks More than $500 Million In Relief For Borrowers of Corinthian’s Private Student Loans Today the Consumer Financial Protection Bureau (CFPB) sued for-profit college chain Corinthian Colleges, Inc. for its illegal predatory lending scheme….
Private Student Loan Borrowers Face “Auto-Default” When Co-Signer Dies Or Goes Into Bankruptcy
The Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman has released a report highlighting complaints of “auto-defaults” in private student lending. Borrowers report that some lenders demand immediate full repayment upon the death or bankruptcy…
As Parents Struggle to Repay College Loans for Their Children, Taxpayers Also Stand to Lose
New Department of Education data shows rising default rates on federal loans to parents. College Debt Total outstanding college debt is estimated at $1 trillion dollars – and with costs still soaring, the burden on…
Feds Sue ITT For-Profit Chain For Predatory Lending
ITT Pushed Consumers into High-Cost Student Loans Likely to Fail Today the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending. The…
Consumer Financial Protection Bureau To Oversee Nonbank Student Loan Servicers
Rule Brings New Oversight to Rapidly Growing Market Affecting Tens of Millions of Consumers The Consumer Financial Protection Bureau (CFPB) has issued a rule that allows the Bureau to supervise certain nonbank student loan servicers…
Private Student Loan Borrowers Face Hurdles In Trying To Pay Off Loans Early
Private student loan borrowers trying to pay off their loans early are taken advantage of by financial institutions, according to a report today from the Consumer Financial Protection Bureau. The CFPB Ombudsman said in his…
For Profit College Hit With $13 Million Jury Verdict For Fraud
A Kansas woman has won a $13 million judgement against a for-profit college after she alleged that she was fraudulently enticed to enroll into one of its nursing programs. Jennifer Kerr, a single mother, went…
Course Load: The Growing Burden of College Fees
A student walks near Royce Hall on the campus of UCLA in April 2012. Students and parents are learning their college fates this week and then having to address whether schools are actually affordable. They…
For Grieving Father Struggling With Dead Son’s Student Debt, Resolution Comes Four Years Late
Written by Marian Wang California gardener Francisco Reynoso’s son died in a car accident in 2008, burying the father in student debt. Now, four years later, Reynoso has finally reached a legal resolution. (J. Emilio…
Next Financial Danger: Student Loans
As the country slowly repairs the damage from years of easy credit for mortgages and credit cards, a new financial danger looms: student loans. In an insightful Wall Street Journal story today, the newspaper said…
Another Way Student Loans Are Like Mortgages: Subpar Servicing
by Marian Wang Two recent government reports found that the companies handling private student loans sometimes add to the frustration and even the debt load of struggling borrowers. (File photo, Christopher Furlong/Getty Images) The parallels…
For Profit Higher Education: By The Number Important Details
Written by Suevon Lee ProPublica Sen. Tom Harkin, D-Iowa, chairman of the Health, Education, Labor and Pensions Committee, releases a report flagging high rates of loan default, aggressive recruiting practices and higher than average tuition,…
Banks’ Lending Frenzy Left Borrowers Buried in Student Debt, Report Details
(File photo by Mel Evans/AP Photo) Much like the mortgage market, the market for private student loans has gone through a big boom and a messy bust. Some banks and lenders played fast and loose…
Student Loans Breaking Backs Of College Graduates
A new report released today by the Consumer Financial Protection Bureau (CFPB) and the Department of Education outlines the deceptive practices that have found their way from the mortgage industry to the private student loan…