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September 13, 2017

SoFi Chief Steps Down, NYT Reports Sexual Harassment

Whoa. Check out this report by the New York Times: 'It Was a Frat House': Inside the Sex Scandal That Toppled SoFi's C.E.O.

By Heather  |  Category:  Private student loans  

July 22, 2016

Amazon with Wells Fargo on Private Student Loans?  It’s a Jungle Out There

I love me some Amazon Prime. But what's this? Amazon announces a partnership with Wells Fargo to promote private student loans?! Don't do it!   Private loans come with significant risks. Private loan contracts are carefully drafted to benefit banks and investors; they are not designed to provide flexibility for students and families. If you need to borrow private loans, shop around for the best combination of terms (cosignor required? deferrments permitted? flexible repayment options? default triggers?…

By Heather  |  Category:  Private student loans  

June 18, 2015

Three Cheers for Rohit Chopra, CFPB Student Loan Ombudsman!

Hip hip!  Hooray!  Rohit Chopra stood up for student loan borrowers during his four-year tenure as the first ever Consumer Financial Protection Bureau's Student Loan Ombudsman.  I thank you, Mr. Chopra.  The Chronicle of Higher Education reports that Mr. Chopra will step down from his post next week.  In his resignation letter, Mr. Chopra wrote, "I am proud of the progress that we have made together to assist borrowers, promote transparency, and hold accountable those who break the law.  While more…

By Heather  |  Category:  Student Loan Policy, Private student loans  

February 20, 2015

Lawyers Representing Student Loan Borrowers

I am delighted to provide free general information for student loan borrowers and the people who love them, but as an attorney, I must be very careful not to inadvertently establish a client-lawyer relationship with folks I don't represent.  I am licensed to practice in the state of North Carolina only and lawyers are specifically prohibited from practicing in states in which we are not licensed.  Also, lawyers can establish a client-lawyer relationship even without agreeing to do so.  That's why I…

January 21, 2015

Private Student Loan Consolidation or Refinancing

Many of us have private loans at variable interest rates, sometimes with no cap on how high the rate can climb. If you have expensive private student loans and good credit, refinancing may be available and worthwhile. For example, with a strong credit score, you might be able to refinance at a lower or fixed interest rate instead. Unfortunately, if your credit score is low, or you are experiencing financial distress, you’ll probably have a difficult time qualifying for the best refinancing terms. And BEWARE of consolidating federal loans into…

By Heather  |  Category:  Private student loans  
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