Student Loans and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
Borrowers closely tracking the student loan news are likely to have heard many contradictory things as a result of the rapidly changing government response to the COVID 19 crisis. On March 13, 2020, the Executive Branch suspended interest on federally held student loans and announced that borrowers could suspend payments temporarily by requesting administrative forbearance. Shortly after, the Senate proposed additional student loan relief provisions. Ultimately, on Friday, March 27th, the Coronavirus Aid, Relief, and Economic…
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.
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?…
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…
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…
