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Student Loan Related

CFPB Concerned About Widespread Servicing Failures Reported by Student Loan Borrowers


CFPB and U.S. Departments of Education and Treasury Issue Framework for Servicing Reforms, Bureau Prioritizes Stamping Out Illegal Actions WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report outlining widespread servicing failures reported by both federal and private student loan borrowers. Consumers describe companies using a wide range of sloppy, patchwork practices that can create obstacles ... Read More »

    Millions of Federal Student Loans Lining Up to Be Eliminated and Borrowers Repaid

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    As a consumer debt expert for decades I’ve developed a pretty good sense of reading the tea leaves of debt. Sometimes this means making some sense out of puzzle pieces well in advance of assembly. I’m getting that same strong sense that student loan debtors are on the verge of a bold new ability to discharge massive amounts of federal ... Read More »

      New Data Reveals Stark Gaps in Graduation Rates Between Poor and Wealthy Students


      by Annie Waldman ProPublica, Sep. 24, 2015, 3:33 p.m. A new report released Thursday provides a detailed look at the graduation rates of low-income college students. At many colleges, low-income students graduate at much lower rates than their high-income peers. At the University of Missouri-Kansas City, only 35 percent of Pell Grant recipients graduate college, a rate that is more ... Read More »

        Department of Education Tips Hand on Student Loan Defense


        The Department of Education is scheduled to publish a request that seems to tip their hand about a borrower defense that could allow lots of students from having to repay their student loans. Clever attorneys will find a way to confirm if schools have violated state laws, as the government has claimed some have. If proven the school had violate ... Read More »

          Sarah Discovers Some Student Loans Can Be Settled

          FACT OR FICTION? red Rubber Stamp over a white background.

          One of my readers, Sarah, recently shared her experience settling student loan debt. It a good followup piece to my article This is How You Can Settle Your Navient Student Loan. Sarah mentions several points that need clarification. But overall, she has learned, as others have, that you can settle private student loan debt in some situations. Sarah writes in ... Read More »

            11 Myths About Student Loan Forgiveness

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            If you have more student loan debt than you can handle, or if you’ve been paying and paying (and paying) and can’t make headway, chances are you’ve wondered about student loan forgiveness. As you look into your options, keep in mind that everything you read (or hear — even from your student loan servicer) may not be accurate. We asked ... Read More »

              When You Make Student Loan Payments on an Income-Driven Plan, You Might be in for a Payment Shock


              Aug 17 2015 By Seth Frotman Earlier this year, we asked you to share your #StudentDebtStress story. More than 30,000 of you answered, telling us about payment processing problems, servicing transfer snags, customer service confusion, and obstacles for borrowers in alternative repayment plans. You can check out the comments that were posted. For borrowers who are experiencing financial distress and ... Read More »

                What’s Missing from Hillary Clinton’s Student Loan Plan


                Little by little, the mass of humanity that’s running for President of the United States is coming to realize something very important: Not only does the $1.2 trillion worth of higher education-related debt pose significant macroeconomic peril to the country, but solving this problem (or, at least, coming close) has the potential to rally widespread, enthusiastic support across the generational ... Read More »

                  Brunner Test Needs to Die Say These Heroes in Student Loan Bankruptcy Discharge

                  Clapping Business People

                  On July 29, 2015 the National Consumer Law Center (NCLC) and National Association of Bankruptcy Attorneys (NACBA) jointly filed a court document arguing a position in support of discharging student loans through the bankruptcy laws. Much thanks to the readers and tipster who slipped me the document. The matter of dealing with overwhelming student loan debt through bankruptcy has been ... Read More »

                    Law School Debtor Loses Bankruptcy Decision to Discharge His Debt, But Lessons Learned

                    Student Loans Concept

                    The United States Court of Appeals for the Seventh District just ruled that a student loan debtor could not discharge his loans in his consumer bankruptcy case. Lately I’ve been writing about bankruptcy cases where consumers have been able to discharge substantial amounts of student loan debt. You can see the articles here. Before I go on I owe a ... Read More »

                      Another Consumer Nukes Their Student Loans Through Bankruptcy

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                      A reader contacted me to share his story of dealing with his unmanageable student loans through bankruptcy. Just recently I’ve written two articles that showed how people have fought the battle against their student loan companies and the bankruptcy court agreed to eliminate their debt. Read this and this. The cases of consumers making there case with the bankruptcy court ... Read More »

                        Ask The Expert: Why Can My Girlfriend Get Her Student Loans Fixed And I Can’t?

                        Adult Ed - Questions

                        Question: My girlfriend and I both have lots of student loans. We Googled “student loan consolidation” and got some sketchy-looking websites. But we’re desperate, so we entered some info into some fields. They said she could get her loans consolidated but mine couldn’t be. Is this for real? — Bill in Iowa Howard Dvorkin CPA answers… After getting some information from ... Read More »

                          Teacher Discharges Loads of Student Loans in Bankruptcy. ECMC Fights Back.


                          Today I’m looking at another bankruptcy discharge case, see more here, where a bankruptcy judge felt it was appropriate to allow for a legal discharge of student loan debt. In this case the consumer represented herself in the action and has fought a valiant battle. Even though President Obama and the Department of Education have recognized a valid and reasonable ... Read More »

                            Bankruptcy Court Wants to Discharge Spousal Consolidation Student Loans. Educational Credit Management Corporation Says, “Not So Fast.”

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                            I have to admit I am totally perplexed by the media and popular myths that believe student loans can’t be discharged in bankruptcy. Even a lot of bankruptcy attorneys believe this wildfire myth. Thanks to some amazing readers and tipsters I’ve just received a collection of cases where the consumer managed to have their student loans eliminated in bankruptcy, right ... Read More »

                              Discover Bank Screwed Over Student Loan Holders Says CFPB


                              Today the Consumer Financial Protection Bureau (CFPB) took action against Discover Bank and its affiliates for illegal private student loan servicing practices. The CFPB found that Discover overstated the minimum amounts due on billing statements and denied consumers information they needed to obtain federal income tax benefits. The company also engaged in illegal debt collection tactics, including calling consumers early ... Read More »

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