New CFPB Report: Private Loan Processing Pitfalls to Avoid
Yesterday, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman, Rohit Chopra, issued a report analyzing complaints received by the bureau from private student loan borrowers. According to the report, private student loan borrowers face payment processing pitfalls that can lead to increased costs, prolonged repayments, and harm to their credit reports. To help borrowers take control of their private student loans, the CFPB also issued a consumer advisory yesterday to help certain borrowers communicate…
Government Shutdown Impacts Dept of Education and Financial Aid
Sigh. Most Department of Education employees are on furlough. During the shutdown, information on the Department’s websites may not be up to date and transactions with the agency are likely to be delayed. But financial aid funds for federal student loans and Pell Grants are provided through mandatory and multi-year funding, so those funds should continue to be available during the government shutdown. And I'm quite sure the interest will continue to accrue on our student loans. I anticipate that delays are likely to surface…
