Tuition “Payment Plans” may not be as good as they seem, says CFPB

The CFPB today issued a report finding that “payment plans” offered by various postsecondary schools can carry risks to students, as they often include high fees, confusing and inconsistent disclosures, forced arbitration agreements, and snowballing interest. The Bureau also found that the third-party service providers schools partner with can engage in abusive debt collection practices. The CFPB’s release on the report is available here.