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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  

May 12, 2015

REPAYE “targets benefits”

The negotiated rulemaking committe reached agreement on a new repayment option, called REPAYE, expected to become available at the end of 2015.  I'll be writing lots more about this, but for now I'll start by just listing the provisions I consider pluses and minuses for student loan borrowers. Just can't wait to learn more?  Read the proposal here but bear in mind that the next step is for the Department of Education to publish the language that was agreed upon (it's not quite the same), likely…

By Heather  |  Category:  REPAYE, Student Loan Policy, Student Loan Repayment  

March 9, 2015

Who Will Benefit from the Expansion of Pay As You Earn (PAYE)?

Negotiated rulemaking, affectionately referred to as Neg Reg, is underway!  Committee members met to discuss a proposed agenda, and the Department of Education will release the committee’s final agenda before they reconvene on March 31st. Over three months the negotiators will discuss, among other things, how to implement the President’s directive to expand Pay As You Earn to five million additional borrowers by the end of this calendar year. The Department of Education has proposed creating a new plan, PAYE2, for Direct Loan borrowers…

February 9, 2015

Administration Suggests Changes to PAYE and PSLF in Budget Proposal

Each year, the executive branch submits a budget PROPOSAL to the legislative branch.  The administration's budget serves as a starting point for negotiations in congressional committees.  To me, there is no world in which this congress passes this president's proposal precisely as it has been submitted.  More on the bizarre budget process from the Center on Budget and Policy Priorities and from the Washington Post. In my view, the substance of the budget proposal is important for two reasons:  first, it…

February 4, 2015

Misinformation and Miscommunication Between Borrowers and Loan Servicers

The National Association of Student Financial Aid Administrators (NASFAA) surveyed financial aid administrators finding a “large amount of misinformation and miscommunication between borrowers and the student loan servicers that collect their monthly payments. ”Financial aid administrators have a front seat when student loan servicing goes wrong -- and when it goes right,” said NASFAA President Justin Draeger. “These recommendations are built on the experiences and observations from professionals who want to ensure all borrowers…

By Heather  |  Category:  Student Loan Policy, Student Loan Repayment  
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