We support today’s action taken by the CFPB and the Florida Attorney General to shut down College Education Services and in a separate CFPB action to file a lawsuit against Student Loan Processing.US, student loan “debt relief” businesses. NCLC highlighted concerns about the student “
The National Consumer Law Center’s annual conference wrapped up this weekend. We were honored to have a number of top federal student aid regulators at our conference this year. We wrote about Treasury Deputy Secretary Sarah Bloom Raskin’s speech in a separate post. We were also ho
Last month, the Department of Education announced new contract terms for its largest student loan servicers. The Department made some important changes, but much more needs to be done. As Ben Miller of New America summarized, the changes address only the finances, not the structure o
We wrote in our March 2014 report about the critical importance of giving students more than one chance to succeed in college. The reality is that most students do not follow a straight line from high school to a four-year college to graduation. Many stumble along the way. Yet fed
We issued a policy brief in June on student loan servicing. We urged the Department of Education not to renew the current servicing contracts. We said that borrowers and taxpayers deserve better than five more years of the same old system. We are sorry to report that the Department
We wrote earlier about a number of important changes to the federal student loan program. It took a long time, but it’s now almost July 1, the date when the new rules become effective. There are a number of important changes, including very significant improvements to the loan r
President Obama announced new executive actions last week to address rising student loan debt burdens. The proposed changes to income-based repayment received the most attention. The current Pay As You Earn plan has the most favorable terms for borrowers, but is only available to ne
We wrote earlier about potential problems with the Department of Education’s new “servicer choice” consolidation application system. At that point, most, but not all borrowers were required to use the new system in order to consolidate with the Direct Loan program.
Comments on the Department of Education’s proposed “gainful employment” regulation are due next Tuesday May 27. This is the Department’s second attempt to define what it means for career education programs at public, nonprofit and for-profit colleges to prepare students
It can be confusing to figure out interest rates on student loans because the rates keep changing. Congress passed a law last year tying the federal student loan interest rates to the financial markets. This led to lower interest rates last year. The question many new borrowers are
Please understand that we do not provide legal advice about individual cases. This web site includes links to other resources for those who seek individualized legal advice or other help not offered here. This site is for people who already have student loans and want to know more about their options and rights.