In October, most federal student loan borrowers will make their first student loan payments since March 2020. Changes to the federal student loan program, though, may mean many borrowers are eligible for a reduced payment or a loan cancellation.
En octubre, la mayoría de los prestatarios de préstamos estudiantiles federales harán su primer pago desde marzo del 2020. Los cambios hechos al programa podrían hacer a muchos de ellos elegibles para tener pagos más bajos, o para la cancelación de sus préstamos.
Credit reporting changes through the Department of Education’s Fresh Start program coincided with increased credit scores for nearly 2 million student loan borrowers.
Companies that provide adjustable-rate mortgages, student loans, home equity lines of credit, reverse mortgages, and credit cards are ending their use of a popular interest rate index, which expires June 30, 2023.
Delinquencies on non-student-loan credit products continue to rise for student loan borrowers, signaling potential payment difficulties when scheduled payments resume.
Student loan servicers with military borrowers should act quickly to identify and notify military borrowers about the PSLF Limited Waiver before October 31, 2022.
The U.S. Department of Education announced the cancellation of $5.8 billion in federal student loans for 560,000 individuals who borrowed to attend schools owned by Corinthian Colleges, the for-profit college conglomerate that is now defunct.
New fixes to income-driven repayment will help borrowers reach loan forgiveness faster. Commercial FFELP borrowers will need to apply for consolidation to benefit.
The CFPB is taking action against private student loan servicers that fail to live up to their promises. Consumers rely on servicers execute on incentive programs and provide promised payment relief.
Some student loans require a showing of undue hardship and an adversary proceeding to be discharged in bankruptcy. Other student loans are treated the same as other consumer unsecured debt.
The PSLF Limited Waiver provides important new benefits to workers in public service until October 31, 2022. Servicers are responsible for helping to navigate the process.
Adjustable-rate mortgages, student loans, HELOCs, reverse mortgages and credit cards that are tied to a LIBOR index, which is expiring. Learn how this change could impact your interest rate.
Since July 2020, consumers have transitioned out of assistance to varying degrees across all credit products, but a significant share of mortgage borrowers continue to receive assistance.
New CFPB research examines trends in consumer credit during COVID-19, finding delinquencies for credit cards, auto loans, mortgages, and student loans remain lower than pre-pandemic levels.
GI Bill education benefits are not unlimited, so make sure you have a plan to use them wisely. The Department of Veterans Affairs’ GI Bill Comparison Tool, the Department of Education’s College Scorecard website, and the CFPB’s Your Financial Path to Graduation Tool can help.
By
Charmain Bogue,
Patrick Brick,
Brian Fu,
and
Kate Mullan
Si es el coprestatario de un préstamo estudiantil privado usted es responsable por cualquier pago omitido. Tome pasos para proteger sus finanzas y su crédito durante la pandemia.
If you’ve co-signed a private student loan, you’re financially responsible for missed payments. Take these steps to protect your finances and credit during COVID-19.
As Consumer Financial Protection Week comes to a close, the CFPB continues to be here for you with resources to explain your rights, options and protections during the coronavirus pandemic.