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Student Loan Related

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

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        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 »

                  Consumer Assistance Project Website Raises Real Concerns. Be Careful.

                  Big Scam Dog

                  A reader just submitted a complaint report about a company called Consumer Assistance Project. The consumer said the company said that for a fee they could “help eliminate debt and because I am a teacher, it was to be very successful.” The fee charged is alleged to be $5,698. This of course raised substantial red flags for me since there ... Read More »

                    Direct Student Aid Commercial Catches My Attention

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                    A recent commercial for Direct Student Aid caught my attention. It seems the company is advertising it can offer some sort of special help for people who are having student loan problems. A secret shopper call, which you can hear below, found out the company charges between $799 to $999 for a service consumers can get for free from their ... Read More »

                      Student Loan Debt Robs Many of Retirement

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                      A new report out by the public policy organization Demos, confirms what I’ve feared for too long. Student loan debt robs people of retirement wealth. The growing burden of student loan debt and the limited options to manage that debt are leading to more and more people becoming so caught up in financial slavery that their very ability to properly ... Read More »

                        Thom Fox Interviews Steve About Debt Relief Options

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                        Thom Fox co-hosts a radio show “The Engine” and spent some time talking to me recently about the debt relief world today and what good options are available for consumers. It was a great interview since Thom knows the credit counseling world like a Boss! He used to work for Cambridge Credit Counseling but has moved out on his own ... Read More »

                          Being Sued for a Federal Student Loan? Don’t Panic. Read This!

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                          A friend asked me recently what really happens to people who are being sued over a defaulted federal student loan that was referred to the Department of Justice by the Department of Education. So I had to do what I typically do with these types of questions and spent hours and hours pouring over lawsuits by the United States of ... Read More »

                            The Explosion of Student Loan Debt in Pretty Pictures. OMG!

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                            For those dealing with paying for education using student loans here are a couple of excellent charts put together by a Raleigh neighbor and brainiac Doug Short. As you can see, the explosion or pole vault of college cost and the rocket like trajectory of federal loans to students don’t paint a rosy picture for the affordability of a higher ... Read More »

                              These Private Student Loans Can Be Easily Discharged in Bankruptcy

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                              In my recent article and research on the discharge of Sallie Mae and private student loans, here, I discovered there is a special subset of private student loans that can be easily discharged in a consumer bankruptcy filing. In fact, not only can they be discharged but when they are pointed out as meeting the criteria you will read about ... Read More »

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