In a speech February 25 at the CFPB's Consumer Advisory Board meeting, CFPB Director Richard Cordray identified nine "key areas where we hope to make substantial progress over the next two years." He also noted, however, that "these goals do not capture all of the important work we are doing." The nine goals are: First, […]
Category Archives: Student Loans
Frank A. Pasquale III of Maryland has written Democratizing Higher Education: Defending and Extending Income-Based Repayment Programs, Loyola Consumer Law Review (Forthcoming). Here is the abstract: This article addresses many critiques of income-based repayment programs for student loan debt. These programs are not helping many of the students they were designed to aid. Their terms […]
Here. Excerpt, reporting on a study by Lendedu: When Lendedu talked to 477 undergraduate and graduate students at three Bay Area campuses, it found that just 6 percent of them knew how long they would be repaying the debt. Only 8 percent knew the interest rate on their loan. * * * More than 90 percent of the […]
So says the American Banker here. In particular, the bill would apply to student debt owned or guaranteed by the government.
Here. Excerpt: Under Grassley's legislation, all students who are going to take out a federal loan to help pay for college would have to undergo counseling that would include an estimate of how much the student will likely make upon graduating versus their loan debt. Students would also look at potential options for scholarships or […]
The President highlighted consumer issues several times in his speech tonight. Here's some of the relevant text: On Dodd-Frank and the CFPB: "We believed that sensible regulations could prevent another crisis, shield families from ruin, and encourage fair competition. Today, we have new tools to stop taxpayer-funded bailouts and a new consumer watchdog to protect […]
by Maura Dundon (Senior Policy Counsel, Center for Responsible Lending) The sale of Corinthian Colleges (the for-profit college chain that operates Everest, WyoTech, and Heald) to the student loan debt collector ECMC is poised to close today. The deal has raised serious concerns about the fate of Corinthian students and whether the new entity represents […]
Daniel A. Austin of Northeastern has written Student Loan Debt in Bankruptcy: An Empirical Assessment, forthcoming in the Suffolk Law Review. Here's the abstract: Education loan debt in the U.S. recently reached $1.2 trillion. Thirty-nine million Americans — nearly 20% of U.S. households — owe student loans, and student loans are by far the fastest […]
Here. An excerpt: [W]hile there has been attention to aggressive student debt collectors hired by the federal government, the [Educational Credit Management Corporation] does something else: it brings legal challenges to those few who are desperate enough to seek bankruptcy relief. * * * Founded in 1994, just after the largest agency backstopping federal student […]
We've been asked to post the following RFP: Suffolk Law School and the National Consumer Law Center are convening a Research Symposium on Student Loans in Boston on April 10th and 11th. The goal of the Symposium, which is invitation-only, is to bring together the nation’s top experts, including academics, attorneys, industry representatives, consumer advocates, […]