I can certainly understand why issues surrounding student loans seem like an unknown foreign language for many people. While the information is out there it seems that nobody knows what to make of it. Almost the worst place to turn for advice seems to be the student loan debt collectors. In all fairness it just might not be their job ... Read More »
I can’t tell you how frequently people ask me for the best advice to deal with an Administrative Wage Garnishment for a federal student loan. It’s quite often. And the tragedy is the wage garnishment could have been easily avoided. The loans should never have been allowed to get to that point because there are such good programs to avoid ... Read More »
The vast majority of consumers in America make important financial decisions basically by-the-seat-of-their-pants. I know people mean well but it is commonly bad advice and accepted assumptions that cause a bright financial future to be scuppered. Let’s take the issue of student loans for example. Loads of people blindly regurgitate “student loans are good debt” so much so they believe ... Read More »
After an announcement today there can be no confusion that the Consumer Financial Protection Bureau takes the dangers of looming consumer debt seriously. I am encouraged by the focused effort by the CFPB to help more students to have their student loans forgiven after ten years. Director Rich Cordray gave a presentation in which he said, “Student loan debt is ... Read More »
Today the Consumer Financial Protection Bureau (CFPB) brought suit against Corinthian Colleges, Inc. for its illegal predatory lending scheme. The schools under this company include; Everest College, Everest Institute, Everest University, Everest University Online, Everest College Phoenix, Everest College Online, WyoTech, and Heald College. As part of that action the CFPB is providing the following advice. Urgent Information for Current ... Read More »
Today, the Consumer Financial Protection Bureau (CFPB) sued for-profit college chain Corinthian Colleges, Inc. for its illegal predatory lending scheme. The schools under this company include; Everest College, Everest Institute, Everest University, Everest University Online, Everest College Phoenix, Everest College Online, WyoTech, and Heald College. The Bureau alleges that Corinthian lured tens of thousands of students to take out private ... Read More »
To say the National Consumer Law Center (NCLC) just took issue with the relationship between the U.S. Department of Education and private debt collectors would be like saying a pedophile Santa at the Mall was no problem. While I believe the U.S. Department of Education wants student debtors to be treated fairly and have access to all of the available ... Read More »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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