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.
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.
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.
In particular, we frequently hear that the process to allocate an extra payment to your loan with the highest interest rate – generally the best way to reduce your overall interest expense – is hard to navigate.
This morning, CFPB Director Richard Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller convened a meeting with the nation’s largest private student lenders and servicers who work with millions of borrowers and their families.
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 […]
A number of recent graduates have asked us: why is my student loan interest rate so high? And how can I more quickly pay off this loan? Often borrowers have several loans at different interest rates. If you’re looking to reduce the amount of interest you pay each month, you’ll want to look into whether […]
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 […]
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 […]
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.