Student Loans

A government watchdog had some pretty harsh words for the Department of Education and how it has chosen to implement a program aimed at forgiving the student loans of individuals who work in public service, which perhaps explains why 99% of those who apply for the program are being denied. …

The Consumer Financial Protection Bureau announced the hiring of a student loan ombudsman on Friday, but the individual who was hired has rankled consumer advocates and liberal lawmakers and the job description for the position appears to have changed from its original oversight responsibilities. Robert G. Cameron was named the …

The three Democrats in charge of the House Financial Services Committee, the House Education and Labor Committee, and the House Oversight and Reform Committee threw down the student loan gauntlet yesterday, firing off letters to regulators and the largest student loan servicers, seeking a huge amount of information about their …

The Consumer Financial Protection Bureau has reached a $60 million settlement with the defunct lending arm of a bankrupt for-profit lender, ending a five-year legal battle. The settlement, with ITT Educational Services, Inc., resolves a lawsuit the CFPB filed back in 2014 that accused the lender of engaging in unfair …

Student loan debt is not just re-shaping the modern family, according to “The Daily Show,” but it’s also going to re-shape something far more important: family-based TV sitcoms. Shining a light on the massive impact that the exploding amount of unpaid student loans is having on individuals of all ages …

The Federal Trade Commission has filed a complaint in federal court against a student loan debt relief company, alleging it bilked $23 million from consumers by demanding illegal upfront payments and not remitting all of the funds consumers gave to the company to be paid toward their outstanding balances. A …

A non-profit organization focused on student loans and higher education is calling on Massachusetts and all states to enact legislation aimed at protecting student loan borrowers “from profit-seeking predatory actors.” The Hildreth Institute released a report this month calling on Massachusetts to follow 10 other states that have enacted their …

The Court of Appeals for the Seventh Circuit has overturned a lower court’s decision that the federal Higher Education Act exempts companies servicing student loans from claims that those companies violated state law. A copy of the ruling in the case of Nelson v. Great Lakes Educational Loan Services, Inc., …

Not to be outdone by a proposal that would eliminate $50,000 of student loan debt for per individual, Sen. Bernie Sanders [I-Vt.] announced a plan yesterday to cancel all $1.6 trillion of outstanding student loans for any undergraduate or graduate programs across the country. Senate Bill 1947 would amend the …

Sen. Elizabeth Warren [D-Mass.] and Rep. James Clyburn [D-S.C.], are planning to introduce legislation in both the House of Representatives and Senate to eliminate $50,000 of student loan debt for all Americans, which would cancel the student loan debt for 75% of borrowers, according to a release from both lawmakers. …