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January 6, 2014

Fed’s Debt Collector Scrutinized for Overly Aggressive Tactics

As many of you know by now, Heather is not a big fan of private student loans, considering their lack of borrower protections and flexibility when it comes time for repayment.  Borrowers of federal student loans enjoy many benefits including fixed interest rates and a number of income-based repayment plans to select from for repayment.  Bottom line, federal student loans are almost always preferred to private ones.   For a more complete comparison of federal versus private student loans, click here. But, as with everything…

October 3, 2013

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…

By Heather  |  Category:  Student Loan Policy, Higher education funding  

August 29, 2013

CFPB Does it Again!  New Toolkit Aims to Help Educate Borrowers on PSLF Options.

The Consumer Financial Protection Bureau (CFPB), our new BFF, launched a toolkit yesterday to empower school districts and other public service organizations to help their employees pay off student loan debt.  The CFPB is asking these employers to make a pledge to inform their employees of their options. According to a report released yesterday, the CFPB estimates that more than 25 percent of the U.S. labor force is in public service. This includes teachers, librarians, firefighters, military personnel, law enforcement, first responders, nurses,…

August 22, 2013

Congress to Take Up Bill That Loosens Fraud, Waste, & Abuse Restrictions on Colleges

As many of you may already know, members of Congress are currently enjoying a summer recess.  In case you've been longing for the daily accusations of partisan rhetoric flowing freely from both sides, never fear for they return to work September 9, 2013!  One proposed bill awaiting discussion in the House of Representatives is particularly offensive to borrowers and their families and should certainly not pass unnoticed.  The bill, H.R. 2637, introduced by U.S. Rep. Virginia Foxx (R-NC) and entitled "Supporting Academic Freedom…

August 20, 2013

President Obama Hits the Road to Discuss College Costs

Attention New Yorkers and citizens of the great state of Pennsylvania: The Obama Express is coming to a college town near you later this week!  Thanks to an article today by NPR's Frank James, we now know that President Obama will hit the road this Thursday and Friday to visit college campuses in Buffalo, Syracuse and Binghamton, NY as well as Scranton, Pennsylvania.  According to Josh Earnest, Deputy White House Press Secretary, the president is expected to discuss his views on the pressing need to rein in college tuition and fees.…

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