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Educational News

Democrats face pressure from left, center on student loans

Source: site The question about what to do with an estimated $1.6 trillion in student loan debt is a growing headache for Democrats at a time when families are struggling with higher costs but centrist Democrats led by Sen. Joe Manchin…
Government News

Biden picks Barr as Fed bank czar

Source-site QUICK FIX It’s Barr — As MM foreshadowed earlier this week, former Treasury official Michael Barr is the pick for Federal Reserve vice chair for supervision, a surprisingly fast turnaround after Sarah Bloom Raskin withdrew her nomination for the same position…
Bankruptcy News

CFPB Releases Blog Post on the Dischargeability of Private Student Loans in Bankruptcy

Source-site On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy.…
Educational News

$1.7 billion in student debt canceled for 66,000 borrowers in Navient settlement

Source-site In January, 39 state attorney general offices announced that one of the nation’s largest student loan servicers would resolve allegations of widespread unfair, deceptive and abusive practices. Lawsuits claimed that Navient improperly drove some federal student loan borrowers into forbearance instead of…
Legal News

Feds say Virginia towing company illegally sold service members’ cars

Source-site NORFOLK, Va. — Federal prosecutors have filed a lawsuit accusing a Virginia company of illegally taking and selling service members’ vehicles. The lawsuit filed Friday accuses Steve’s Towing of Virginia Beach of illegally seizing and selling vehicles belonging to…
Legal News

FTC Action Results In $4.86 Million In Refunds To Victims Of Abusive Debt Collectors

Source-site Annual report reveals scope of abuse in debt collection industry The Federal Trade Commission (FTC) issued its annual report on enforcement of the Fair Debt Collections Practices Act (FDCPA) today and revealed that its enforcement actions resulted in millions of dollars…
Government News

70% of Americans Admit to Bad Spending Habits

Source-site Is saving money a big goal of yours? You might really struggle to achieve it if you don’t manage to keep your spending in check. And if you’ve struggled in that regard, you’re in good company. In a new CouponFollow survey, 70%…
Educational News

Department Of Education Moves To Make Owners, Investors, And Controlling Parties Responsible For College And University Liabilities

Source-site On March 23, 2022, the U.S. Department of Education (“Department”) announced a significant new policy that, in some cases, will require owners, investors, and controlling parties of private colleges and universities to guarantee the regulatory liabilities of the school.…
Bankruptcy News

Student loan companies ‘abusing the bankruptcy system’ will face consequences: CFPB letter

Source-site Student loan companies will face consequences if they mislead borrowers and collect on private debt that has been discharged by a bankruptcy court, according to a letter sent by the country’s top consumer watchdog to Senator Dick Durbin (D-IL) that…
Educational News

How U.S. Got $1.6 Trillion in Student Loans Debt

Source-site The student loan crisis is a hot topic of conversation in Washington because student debt is felt by a lot of us, 45 million of us to be exact, for a total debt of 1.6 trillion dollars. We often break…