The Private Student Loan Problem…
As many of you know, Heather is not a big fan of private student loans, considering their lack of borrower protections and flexibility when it comes time for repayment. In an editorial published Wednesday in the New York Times, the authors note how inconsistent loan servicing on the part of private lenders and a general lack of clear information on repayment terms during loan origination put private student loan borrowers at far greater risk of falling behind in their payments or defaulting than those who take out federal student loans. The…
Fresh Out of College, Out of Money
Heather recently shared her experise on student debt with Madeline Novey for an article entitled, "Fresh Out of College, Out of Money" in today's Fort Collins Coloradan newspaper. Check it out!
Frustrated Student Loan Borrower Sings the Blues
According to a recent comprehensive study on private student loans by the Consumer Financial Protection Bureau, Americans now owe more than $150 billion in private student loan debt! Cumulative defaults on private student loans exceed $8 billion, and represent over 850,000 distinct loans. As many of you already know by now, Heather has a generally low opinion of private student loans due to their higher than average default rates, less flexible repayment plans, and fewer borrower protections as compared to their federal loan counterparts.…
Consumer Financial Protection Bureau Issues Annual Report on Student Loans
The Dodd-Frank Wall Street Reform and Consumer Protection Act established an ombudsman within the Consumer Financial Protection Bureau. Pursuant to the Act, the ombudsman prepares an annual report and makes appropriate recommendations to the Secretary of the Treasury, the Director of the Consumer Financial Protection Bureau, the Secretary of Education, and to Congress. The first annual report on student loans was issued yesterday and for those of us who follow the industry closely and who listen to frustrated student loan borrowers…
Is College Still Worth It?
So legendary rocker, Alice Cooper, is your hero and "School's Out" is your new ringtone? Sing it with me... School's out for summer School's out forever School's been blown to pieces No more pencils, No more books No more teachers' dirty looks Yes, we've all probably dreamt of fleeing our classrooms and their prisonlike walls for the freedom of summer and all it entices us with, but the reality is that upward mobility is our society is contingent upon higher education. Who can forget former Republican presidential candidate…
