Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report finding consumers complain of servicing problems that make it difficult to get lower student loan payments tied to their income. Student loan borrowers seeking to take advantage of income-driven repayment plans with their federal student loans complain to the CFPB about prolonged processing delays and wrongful rejections by their student loan servicers.
Bureau Also Releases Safe Student Account Toolkit to Help Colleges Avoid Promoting Prepaid and Debit Products with Surprise Fees WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) sent warning letters to 17 colleges directing them to improve disclosure of school-sponsored credit card agreements. A Bureau investigation found that these schools failed to make […]
Operation Ripped Off Students and Families Applying for College Financial Aid WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is taking action to halt a nationwide student financial aid scam that allegedly ripped off tens of thousands of students and families across the country by illegally charging millions of dollars in […]
CFPB and U.S. Departments of Education and Treasury Issue Framework for Servicing Reforms, Bureau Prioritizes Stamping Out Illegal Actions WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report outlining widespread servicing failures reported by both federal and private student loan borrowers. Consumers describe companies using a wide range of sloppy, patchwork […]
Crossposted from the Milwaukee Journal Sentinel. This opinion editorial originally ran on May 14, 2015 online. As millions of students and their families across the country celebrate graduation season, many will be joining the ranks of the more than 40 million other Americans on the hook for over $1.2 trillion in student debt. The average […]
Thank you all for joining us today in Milwaukee. Plato once said, “The direction in which education starts a man will determine his future life.” More Americans are heeding that advice and going to college at record rates – including both women and men, I might add, unlike in Plato’s day. At the same time, […]