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Student Loan Related

I’m a Pilot. Can My Student Loans Be Discharged in Bankruptcy?

You want your pilot to use a checklist so they don't miss anything important, don't you?

Question: Dear Steve, I am a pilot who currently has several private student loans that are making me unable to own a home or even live on my own. I was a victim of scam in which they said my loans would be discharged in court meanwhile I was supposed to pay a very large fee. Upon some investigation I ... Read More »

    Permanently Disabled People Eligible for Total Federal Student Loan Forgiveness

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    The Obama administration is rolling out plans to forgive the federal student loan debt of people who are designated as permanently disabled by the Social Security Administration. This is estimated to forgive about $8 billion in federal student loans and assist debtors who are permanently disabled from having benefits garnished and forcing them through struggles with their student loans. The ... Read More »

      Corinthian College Students to Get Student Loan Debt Forgiven

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      The U.S. Department of Education announced today that students who were defrauded at 91 former Corinthian Colleges Inc. (Corinthian) campuses nationwide have a clear path to loan forgiveness under evidence uncovered by the Department while working with multiple state attorneys general. These campuses represent the largest group of borrowers eligible for loan relief so far from the ongoing investigation into ... Read More »

        Will Consolidating My Student Loans Stop My Wage Garnishment?

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        Question: Dear Steve, Recently contacted by consolidation group about consolidating my student loans I also have a wage garnishment on my recent paystub’s from my college institution I was wondering if consolidation would remove that garnishment from my current paystub’s the person I spoke to you about the consolidation told me that that would not remove it but your website ... Read More »

          Is the Mark Tetzlaff Case Over at the Supreme Court? Maybe Not.

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          By Gordon Wayne Watts This is a follow-up to this story that Steve wrote about Mark Tetzlaff and his student loan Supreme Court efforts. We recall Mark Tetzlaff, a law student with a staggering $260,000 in college loan debt, is a 56-year old, Waukesha, Wisconsin resident, who lives with his eighty-five-year-old mother, both of whom subsist solely the income from ... Read More »

            How a For-Profit College Targeted the Homeless and Kids With Low Self-Esteem

            Study in university of applied sciences

            by Annie Waldman ProPublica Perhaps you remember Corinthian Colleges. It was the country’s second largest chain of for-profit colleges, before it collapsed into bankruptcy last year amid evidence of phony marketing and predatory loans. The shenanigans brought investigations from more than 20 state attorneys general and the federal Consumer Financial Protection Bureau. But the actual emails and testimony underlying the ... Read More »

              Department of Education Serious About Discharging Fraudulent Student Loans

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              The Department of Education is getting very serious about a process that would allow those with federal student loans to apply for a full discharge of their loans if the schools deceived them. It’s an approach and subject I’ve talked about here. Recently the U.S. Department of Education released a proposal that would establish borrower-friendly processes for seeking and obtaining ... Read More »

                The Borrower Defense Pothole That Will Swallow Many Trying to Forgive Student Loans

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                The Federal Trade Commission recently put out advice advising student not to pay for help in submitting a claim to have all of their federal student loans forgiven due to fraud. This fraud issue is one where many people could actually have all of their federal student loans forgiven. See my recent article on this here, here, here and here. ... Read More »

                  Nasty Letter Fools People With Student Loan Debt

                  Oops! What Is It?

                  A very kind reader sent me the following letter they received and they wanted to know if the government was really going after them. After all, they didn’t have any past due student loan debt. The mailer below raises a number of issues. Probably the most important is the appearance can easily confuse people this is official communications from the ... Read More »

                    What Caused the Student Loan Debt Problem?

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                    By Mark Tetzlaff, JD, MBA, MAR Everyone agrees that student loan debt is spiraling out of control. Analysts cite many reasons, but offer few remedies. In my view, the reason for no offers of plausible solutions is that experts have failed to pinpoint the primary cause—Congress passing the Higher Education Amendments of 1992 (HEA-92) and its resultant effects that make ... Read More »

                      Even More Sophisticated Students Claim They’ve Been Scammed by Colleges

                      Incentive trap and corrupt leader business concept as a group of people running towards a carrot tied to a liar nose only to have been tricked and fooled into fall off a cliff as a metaphor for entrapment or bait trapping in a risky economy.

                      I’ve been drolling on about schools misleading students or at least not telling them the full story about the value of their degree before enrolling them and taking their money. And I still say students with federal student loans who have been misled by their schools to enroll, have a way to deal with discharging their loans. Read “Door Prepares ... Read More »

                        Using This Information Man Discharges $130K in Federal Student Loans in Bankruptcy

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                        I’ve been going on-and-on about a July 7th, 2015 statement put out by the U.S. Department of Education that talked about how the government has made allowances to approve the discharge of federal student loan debt through bankruptcy, in some situations; namely, under the “Undue Hardship” clause of the Federal Bankruptcy Code, under the exception rule commonly known as 11 ... Read More »

                          Consumer Credit Card Debt Not the Biggest Problem in 2015

                          Inside view of an antique combination lock of bank Mandiri in Jakarta, Indonesia

                          This morning, New York Fed President William Dudley spoke to the press about the growing resilience of the U.S. household sector. His speech was followed by a briefing by New York Fed economists on developments in household borrowing. Their presentation included a detailed decomposition on mortgage borrowing and payment trends, and some new research on how borrowing has evolved differently ... Read More »

                            Obama Proposes Tax Help for Student Loan Relief. Congress Says No.

                            2017 Budget

                            In the budget the Obama administration has just sent to Congress there are some benefits for students who will face massive tax bills when their student loans might be forgiven under income based programs. As it stands now, students are enrolling in income driven repayment programs to reduce their current monthly payments to a level based on their income. After ... Read More »

                              Most College Students Massively Fail When it Comes to Understanding their Student Loans

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                              I’ve been helping people with financial problems since 1994. And in that time I’ve seen all sorts of suggestions to inoculate consumers from money problems. Most of the suggestions surround the need for kids to have more financial literacy education. Sounds logical, right? But my mouth is hanging open as I read the latest college student survey from LendEDU. The ... Read More »

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