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.
The Education Department is making important fixes to income-driven repayment this year. These fixes will help borrowers reach loan forgiveness sooner. Borrowers with Commercial FFELP loans must consolidate your loans in order to benefit from these changes.
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. When they don’t, the Bureau will hold them accountable.
The Department of Education announced that the student loan pause will continue through August 31, 2022. Here are three things to keep in mind.
It is a myth that student loans are not dischargeable in bankruptcy. Some private student loans require a showing of “undue hardship” and an adversary proceeding within the bankruptcy in order for the loans to be discharged, while other types of student loans are treated the same as other unsecured consumer debt.
Don’t let sloppy servicing keep you from benefitting under the PSLF Fix before it expires on October 31, 2022
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.
If you have an adjustable-rate mortgage, reverse mortgage, HELOC, student loan, or credit card, your interest rate may be based on the LIBOR index, which is being discontinued. Here’s how to stay vigilant of changes to your index.
This post is the second in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. 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 Bureau research examines consumer credit trends through April 2021, finding little increase in delinquencies on credit cards, auto loans, mortgages, and student loans during COVID-19. Delinquency rates also remain lower than pre-pandemic levels, likely as a result of public and private interventions.
Financial relief and protections for many student loan borrowers, renters, and homeowners has been extended. Here’s what you need to know.
CFPB’s Section for Students and Young Consumers released new podcast episodes. Subscribe today.
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.
¿Es usted el coprestatario de un préstamo estudiantil privado? Le tenemos consejos para que se proteja durante la pandemia del COVID-19
Si es el coprestatario de un préstamo estudiantil privado usted es responsable por cualquier pago omitido. Si usted o el prestatario principal han visto sus finanzas impactadas por el coronavirus, le mostramos pasos para protegerlas, y cuidar crédito durante la pandemia.
If you’ve co-signed a private student loan, you’re financially responsible for missed payments. If you or the borrower have been financially impacted by the coronavirus, here are steps to protect your finances and credit during the pandemic.
Many Americans continue to face economic challenges during these uncertain times. 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.
Even if you’re not sure of your college plans for this fall, it’s a good idea to fill out the FAFSA form as soon as possible.
Los pagos de los préstamos estudiantiles con el gobierno Federal han sido pospuestos y los intereses perdonados. Sepa qué significa esto para sus préstamos.
Tips for staying on top of your finances during the coronavirus pandemic, particularly if you’ve dodged income loss or major expenses.
Consejos para que se mantenga al día con sus finanzas durante la pandemia del coronavirus, particularmente si no ha perdido sus ingresos o no ha tenido grandes gastos.
This Data Point uses the Bureau’s Consumer Credit Panel to identify likely users of income-driven repayment and provides descriptive statistics of who these borrowers are and how delinquencies on student loans and other products change after borrowers enroll in these alternative repayment programs.
You might have heard that LIBOR is going away. Here’s what you need to know about LIBOR and adjustable-rate loans.
LIBOR is expected to be discontinued sometime after 2021. Here is information to help consumers understand this market-wide change.
Saving for college is a long-term financial commitment, by consistently putting money away, you’ll feel the reward as you see it grow over time. Here are a few tips to stay motivated.
May 1st was National College Decision Day. Here’s how to compare schools and costs so you make the best financial choices for you and your family.
If you have student loans here are three things to do now to keep your student loans in order.