Don’t Get Your Legal Advice from Your Loan Collector
Last week, the United States Court of Appeals for the Second Circuit ruled that a debt collection agency working to collect federal student loans misled borrowers by telling them their debt was not dischargeable in bankruptcy. The appellate court allowed a lawsuit against Collecto (really? Collecto?) to proceed in Federal District Court. Plantiff's attorney Brian L. Bromberg said of Collecto,'They were giving incorrect legal advice in an attempt to coerce money out of these people,' reports the New York Times. …
Debtors’ Prison Makes Triumphant Return - Thanks to Pay-Day Lenders
Remember the good ole' days when falling onto hard times and not being able to pay your debts landed you in prison? Well if the pay-day lenders have their way, you too may be able to dust off your petticoat, bonnet, and elbow-length gloves for a fashionable return to debtors' prison, says Ross Kenneth Urken in a recent article published online at Daily Finance. According to a report (cited in the article) from the Wall Street Journal, debt collectors are working around state constitutions to jail debtors in Missouri, Alabama,…
Education Issues at the Republican National Convention
Come November, young voters (age 18-29) will again play a pivotal role in this year's presidential election, assuming that they show up to vote. While unemployment and the overall weak economy dominate the headlines, rising tuition costs and fewer grants and state aid for public universities and colleges are key concerns for this critical voting block, causing many of them to postpone major life decisions like the starting of a family or putting off college in lieu of job retraining programs to try to stay afloat. Paul Fain, writing for…
Department of Education Offers New Resources to Simplify Financial Aid
Kudos to the Department of Education for their recent efforts to demistify and explain the sometimes confusing world of financial aid. For the "visual learners" in your life or those new to the financial aid process, this video may just do the trick. For seasoned student loan borrowers, visit our tools page for a number of resources to help you navigate the sometimes tricky world of loan repayment.
Student Debt - It’s Not Just For Poor Kids Anymore!
Think that lower income families are the only ones racking up significant student loan debt? Well, think again. According to a recent study in the Wall Street Journal, households with annual incomes of $94,535 to $205,335 saw the biggest jump in the percentage with student-loan debt from 2007 to 2010 and a sharp increase in the total amount of student debt they owed. Fortunately, Heather offers a number of tools to help rich and poor kids alike manage their student debt.
