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December 4, 2014

Rohit Chopra and CFPB Piss Off Private Student Lenders

Ombudsman Rohit Chopra of the Consumer Financial Protection Bureau (CFPB) can sleep soundly at night knowing he is doing something right.  The Wall Street Journal quotes Richard Hunt, president of the Consumer Bankers Association, as stating “There’s more tension between banks and those in the CFPB’s student-lending division than in all other areas of the CFPB combined.” Why is the private student loan industry so pissed off?  The CFPB and Mr. Chopra have persistently pushed private lenders to modify or refinance…

June 11, 2014

Senate Republicans Vote Against Senator Warren and Students Again!

Update: As expected, Senate Republicans united to block Senator Warren's bill, the Bank on Students Emergency Loan Refinancing Act, in a 56-38 vote Wednesday that fell short of the 60 votes needed to proceed to debate on the measure.  The bill would have allowed people with student loans to refinance their student debt at today's lower rates. The Obama administration said it could have helped nearly 25 million borrowers save approximately $2,000 each. To learn more about the proposed bill, read on.  Elizabeth Warren is my hero…

May 15, 2014

Sallie Mae to Pay $97 Million Fine for Overcharging Troops

As some of you may know, in addition to being Heather's Communications Director (and husband), I am also a retired U.S. Marine Corps officer, so this story hits a little close to home.  Sallie Mae and Navient, previously a loan servicing unit of Sallie Mae, have agreed to pay $97 million to settle allegations by federal regulators that military service members were charged excessive interest and fees on student loans, according to an article by Tara Siegel Bernard in Tuesday's New York Times.   The U.S. Justice Department…

February 14, 2014

5 Tips for Managing Student Debt

Heather loves National Public Radio and offering free advice to student loan borrowers and their families. She got to enjoy both last week as she sat down with Public Radio International's nationally-syndicated talkshow host Tavis Smiley to discuss how to avoid student loan debt or what to do once you’re in student loan debt.  Listen to the interview here.   Heather's Five Tips for Managing Student Loan Debt: 1.  Everyone should fill out the Free Application for Federal Student Aid (FAFSA). 2.  Students should choose…

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…

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