Making Student Loan Servicing Work for Borrowers
July 14, 2015
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The Consumer Financial Protection Bureau (CFPB) asked for comments on student loan servicing a few months ago. Thousands of borrowers and their advocates responded before yesterday’s deadline, highlighting again and again that the current system does not work well for borr
Continue Reading →CFPB Asks Borrowers for Information about Student Loan Servicing–Deadline is July 13
June 18, 2015
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The Consumer Financial Protection Bureau (CFPB) has launched a public inquiry into student loan servicing practices. The issues that the Bureau is seeking information on include: industry practices that create repayment challenges, hurdles for distressed borrowers, and the econo
Continue Reading →Student Loans in 2014: What a Year!
December 18, 2014
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We thought last year was a busy year in the student loan world (and it was) but this year was even busier. As The Institute for College Access and Success (TICAS) and others have reported, student debt burdens continue to increase. The Obama Administration
Continue Reading →CFPB Should Keep Speaking Loudly on Student Loans
December 09, 2014
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The Wall Street Journal reported last week on the Consumer Financial Protection Bureau’s focus on problems in the student loan market. The article highlighted the work of Rohit Chopra, “the nation’s student-loan watchdog.” Apparently, Mr. Chopra’s w
Continue Reading →The Best of Senator Harkin’s HEA Discussion Draft: Part 1, Relief for Private Student Loan Borrowers
August 19, 2014
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Senator Harkin released draft proposals for Higher Education Act reauthorization in June. As part of this process, Senator Harkin created an email address to receive feedback by August 29. This was intended to facilitate the submisssion of feedback and suggestions from &l
Continue Reading →Where Can Financially Distressed Borrowers Get Relief?
August 06, 2014
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We wrote an open letter last year to private student lenders urging them to stop making excuses and start helping borrowers. Unfortunately, not much has changed. There have been improvements for newer borrowers. Most new private loan products are better, but let’s not get
Continue Reading →CFPB to Oversee Nonbank Student Loan Servicers
December 05, 2013
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The Consumer Financial Protection Bureau (CFPB) issued a rule this week that will allow the Bureau to supervise certain nonbank student loan servicers for the first time. This important move should invigorate oversight of student loan servicing. The CFPB’s super
Continue Reading →Student Loan Servicing Woes
October 30, 2013
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The Consumer Financial Protection Bureau’s (CFPB) annual ombudsman report focuses on the problems many borrowers face trying to repay private student loans. We applaud the CFPB report, especially since it is so difficult for borrowers to get relief from burdensome private
Continue Reading →Looking at the Polls
October 14, 2013
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Thanks to so many of you for responding to the new polling feature on our home page. Your responses reveal some interesting and often surprising results. In the first poll from this summer, we asked if you were having trouble with just federal student loans, just priva
Continue Reading →Troubling Trends in Student Debt
March 08, 2013
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Unfortunately, the bad news about student loan debt burdens keeps coming. The Education Sector recently highlighted a number of troubling trends, including: From 1994 to 2009: The percent of graduates taking out loans increased from 42% to 62%, Median monthly loan payments as a
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Please Note
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.
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