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Student Loan Related

Why is the Department of Education Being so Opaque on Student Loans?

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Over the past few months I’ve attempted to gets statistics, facts, and figures from the Department of Education to better understand the performance of their income based repayment programs and get better clarity on their collection process for delinquent student loans. After multiple Freedom of Information Act requests the results are less than optimal. To my request for payment performance ... Read More »

New Obama Student Loan Proposal – Swing and a Miss

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Yesterday President Obama made an announcement that a good federal student loan repayment program would be expanded to allow up to five million more people to take advantage of Pay As You Earn (PAYE). Certainly on face value it seems like a grand advancement and it is a small step in the right direction but in reality it’s more like ... Read More »

Letters to Release Co-Signer From Private Student Loan

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Sample Letter on How a Borrower Can Release a Co-Signer You may use the sample letter on the next page to ask your loan servicing company for more information about how to release a co-signer. How to use this sample letter: Read the background below. Fill in your information on the sample letter and edit it as needed to fit ... Read More »

Department of Education Wants to Make Schools Accountable for Cost

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The Department of Education is proposing new rules tomorrow that would make for-profit colleges, universities and schools be more responsible for the education and cost of that education provided to students in programs which prepare student for gainful employment. The government is concerned a number of these postsecondary educational programs are neither accountable nor transparent to students enrolling in these ... Read More »

Why Most Student Loan Debt Advice is Bad or Just Wrong

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As a consumer debt expert it is exceedingly frustrating hearing from people all around the country on a daily basis who are seeking good help for their student loan troubles, only to get really bad advice, or worse, ripped off. The scammers are ahead of the experts on selling student loan solutions. It’s not unusual at all for me hear ... Read More »

CFPB Sues For-Profit Colleges to Stop Screwing Students

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The CFPB announced yesterday they filed suit against ITT Educational Services, the owner of a number of for-profit colleges. 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 CFPB alleges that ITT exploited its students and pushed them into high-cost private student loans that were ... Read More »

Student Loans Continue to be Ticking Time Bomb

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If you could see me at the moment you’d find a man blue in the face. Literally blue! And I’m blue from talking about the dangers of student loans over the past years and having it fall of deaf ears. Recent data from the Federal Reserve Bank of New York and Equifax shows just how dangerous student loans are. In ... Read More »

Why You Should Never Pay Sticker Price for College

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by Marian Wang ProPublica, Jan. 2, 2014, 9:27 a.m. You know all those seemingly great sales during the holidays? It turns out, they are often a “carefully engineered illusion.”  A recent piece in the Wall Street Journal defines what it calls “retail theater,” noting that often the discounts being offered to bargain-conscious consumers are carefully planned out by retailers from ... Read More »

CFPB Gives Private Student Loan Debtors a Little Glimmer of Hope

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Today the Consumer Financial Protection Bureau (CFPB) announced they will begin supervising nonbank student loan servicers for the first time. While the new rule does not alter or modify any repayment plans consumers are thirsty for in order to manage their private student loans, supervision is a step in a positive direction. The new rule and supervision is really aimed ... Read More »

While I Don’t Always Agree With Dave Ramsey, He’s Right On This

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Dave Ramsey calls American’s stupid when it comes to student loans. Judging by the number of questions I get like he described, he’s on to something here. Read More »

CFPB Takes Student Loan Problems Seriously

Student Loan Corkboard Concept

Rohit Chopra is not only the Assistant Director for the Consumer Financial Protection Bureau but also the Student Loan Ombudsman there. As an example of how slow government can work at times is the slow pace of solutions for people facing private student loan debt. Currently options are limited and without any long term payment reduction solutions like those available ... Read More »

Big Changes Coming for Those Struggling with Federal Student Loans

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Let’s get the bad news out of the way, none of this good news in this article applies to private student loans. When it comes to private student loans my advice remains the same as it has been, avoid them like the plague. But for federal student loan holders as of July 1, 2014 a big change is being made ... Read More »

California Sues a Number of Colleges for Doing Bad Stuff

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The California Attorney General has filed suit against some recognizable college names claiming they engaged in “false and predatory advertising, intentional misrepresentations to students, securities fraud and unlawful use of military seals in advertisements.” – Source The complaint names Corinthian Colleges, Heald College, Corinthian Schools, Sequoia Education, Career Choices, MJB Acquisition Corporation, Titan Schools, Rhodes Colleges, Florida Metropolitan, and Everest ... Read More »

Consumer Protection Counsel in Florida Raises Questions

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A company called Consumer Protection Counsel in Florida has raised some questions for me and I’m hoping readers can provide some feedback about them. What I heard was Consumer Protection Counsel, PA was allegedly going to charge a consumer more than $50,000 to deal with student loan issues. What made this curious and worth asking for public feedback was the ... Read More »

Consumer Assistance Project Agreement for Student Loan Services – Review

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Yesterday I had a consumer complaint and a story about Consumer Assistance Project, a company claiming to offer student loan elimination services. After writing my story I received a copy of a consumer agreement that was sent to them by Consumer Assistance Project. What follows is a plain language review of what the agreement says. And this one is a ... Read More »

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