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Category: Info for consumers |
Published

Seeking answers for struggling student loan borrowers

Today, we’re asking several players in the student loan industry to find out what progress they’ve made. We’re looking to find out what loan modification options lenders and servicers provide, how customers can learn about their repayment options, and how borrowers can get approved. This effort also complements the work of the CFPB and our other regulators to help prevent repayment problems for future borrowers.

Category: Info for consumers |
Published

Consumer Advisory: Student loan debt relief companies may cost you thousands of dollars and drive you further into debt

We are warning all student loan borrowers who have trouble managing their student debt to watch out for scams run by companies promising “student debt relief.” These companies prey on distressed borrowers who run into trouble and struggle to figure out what comes next.

Category: Info for consumers |
Published

Veterans: Take advantage of student loan forgiveness, but don’t let it damage your credit

We encourage all consumers to check their credit report regularly, but we want to especially encourage veterans who use this benefit to be sure that their student loan servicer (the company that collects payments) is providing correct information about their loan discharge to credit bureaus (the companies that compile and sell credit reports).

Category: Info for consumers |
Published

Struggling private student loan borrowers are still searching for help

Our new report summarizes complaints from private student loan borrowers about difficulties faced when working with a lender or servicer to avoid default. We also have steps you can take to get valuable information on repayment options to reduce your monthly payment or to temporarily postpone making payments. Learn more about the report and steps you can take.

Category: Info for consumers | Category: Data, research, and reports |
Published

Alerting colleges about secret banking contracts

We called on financial institutions to publicly disclose agreements with institutions of higher education to market financial products to students and decided to take a look at the financial institution partners of a group of some of the largest universities in America to see if they’ve disclosed agreements on their websites. Very few of them did. We’re also sending alerts to schools to make sure they know that their bank partner has not yet committed to transparency when it comes to student financial products.

Category: Info for consumers |
Published

Explainer: Federal student loan interest rates to jump

While rates aren’t set in stone yet, interest rates on new federal student loans are expected to jump this July. We’ve updated our Paying for College tool using our best guess of what the rates will be, so you can have a better estimate of what your monthly payment might be after graduation.

Category: Data, research, and reports |
Published

What sunshine for student financial products can show us

Some of these agreements were difficult to find, but here are a few examples of the different agreements financial institutions have with colleges and universities. We didn’t verify whether these agreements are current, but the examples give us a sense of how some of these agreements work.

Category: Data, research, and reports | Category: Info for consumers |
Published

Sunshine for student financial products

Today, Director Cordray is alerting financial institutions about the potentially risky practice of making secret payments to colleges and universities to market deposit accounts, prepaid cards, debit cards, and other financial products to students. We’re calling on financial institutions to voluntarily make these agreements available on their websites. We’re also releasing a report on college […]

Category: Info for consumers |
Published

Consumer advisory: Stop getting sidetracked by your student loan servicer

Get more information like this Email address: Sign up Over the last several years, many Americans have been able to save on monthly payments on their mortgages and other loans by refinancing to the low interest rates available in the market. Unfortunately, with few refinancing options, many student loan borrowers tell us they feel stuck […]

Category: Info for consumers | Category: Data, research, and reports |
Published

Explainer: scoring student loan servicers

This fall, college graduates across the country will start to send payments on their student loans to their servicers. Loan servicers are companies that collect payments on all sorts of loans, including mortgages, auto loans, and student loans. Sometimes, the original lender will be the one collecting payments. But often, a loan servicer is chosen […]

Category: Info for consumers |
Published

Reminder: Accessing your scholarships and student loan funds

Many college students receive scholarships, grants, and student loans to help them pay rent, get to and from school, and cover other costs, like textbooks. We issued this consumer advisory to help students better understand their options when it comes to managing their scholarships and student loans. Learn more about accessing your funds.

Category: Data, research, and reports |
Published

A closer look at the trillion

A few weeks ago, we released new estimates on the size of the student loan market, which is approaching $1.2 trillion, with federal student loans crossing the $1 trillion mark. While there’s been a lot of discussion about changes to federal student loan interest rates on new loans, many of you have asked: what’s happening with the trillion that’s already been borrowed? We took a closer look and here’s what we found.

Category: Info for consumers | Category: Data, research, and reports |
Published

What we’re hearing from private student loan borrowers

Today, we released a mid-year update analyzing complaints from private student loan borrowers. The update explores some of the challenges consumers face when dealing with their lenders and servicers. Last October, we published a report that detailed problems reported by borrowers. We found that student loan borrowers expressed frustration about their lack of repayment options […]

Category: Info for consumers |
Published

Starting a small business when you have student debt

We recently published a report on student loan affordability, which discussed the potential impact of student debt on small business starts and entrepreneurship. In the past few weeks, we’ve met with a number of young entrepreneurs and innovators working in the technology sector. We asked about the roadblocks they’ve experienced when trying to build new […]