When you’re told that your college will be shutting down, there can be a lot of uncertainty about what comes next. Here are some options to help you navigate the situation. Read more to see what your options are if your school is shut down.
My name is Rohit Chopra, and I serve as an Assistant Director at the Consumer Financial Protection Bureau (Bureau), where I lead an office that focuses on issues facing students and young Americans. In 2011, I was also designated by the Secretary of the Treasury as the Student Loan Ombudsman within the Consumer Financial Protection Bureau, a new role established by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Today, we released a report that describes complaints we received related to the private student loan industry’s practice of placing borrowers in default even when their loans are current and in good standing. Take a look at our consumer advisory and sample letters for borrowers and co-signers.
Updated on May 7, 2014 Right now, many students and families across the country are receiving financial aid offers and deciding how to pay for college. Most students will need to shop for student loans now, and some of you have asked us what the new rates will be. While rates aren’t set in stone […]
Recently, we alerted financial institutions about the potentially risky practice of not readily disclosing arrangements with colleges and universities to market bank accounts, prepaid cards, debit cards, and other financial products to students. Director Cordray called on financial institutions to voluntarily make these agreements available on their websites. According to a survey of school officials, […]
A few months ago, we took a look at complaints and other input from private student loan borrowers. Many of you told us about stumbling blocks you face when trying to pay down your loans more quickly. In particular, we frequently hear that the process to allocate an extra payment to your loan with the […]