Student Loans

A group of 20 Democratic Senators, including four of whom are currently running for president, sent a letter on Monday to Kathleen Kraninger, the director of the Consumer Financial Protection Bureau, requesting an investigation into how a student loan servicer’s “widespread violations of federal law” is causing “harm” to public …

A federal judge in California has imposed a $100,000 fine on Education Secretary Betsy DeVos after ruling she was in contempt of court for continuing to collect on student loans even though a court order had prohibited her from doing so. The proceeds from the fine will be put toward …

A group of 7,200 former Corinthian College students, along with the attorney general of Massachusetts filed lawsuits yesterday against Education Secretary Betsy DeVos and the Department of Education, accusing it of not following the law by refusing to cancel fraudulent student loans that were made to the plaintiffs. A copy …

A Magistrate Judge in California decided to delay a determination of whether to hold Education Secretary Betsy DeVos in contempt of court yesterday, but did say she was “astounded” at the “gross negligence” of the department in collecting on prohibited loans made to former students of Corinthian College. “I’m not …

A hearing is being held today to determine whether Betsy DeVos, the Secretary of Education, should be held in contempt of court for allegedly continuing to collect on loans made to former students of the bankrupt, for-profit Corinthian College, in violation of a court order prohibiting those collection efforts. The …

A service that aims to help individuals pay off their student loans in the most efficient way possible has raised $10 million in venture capital funding. Called Summer, the service aims to give users a 360-degree analysis of their student loan situation and offer options, such as student loan forgiveness …

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 …