What the Tech? Student Loan Forgiveness May Lead to Scams
You can bet scammers will use the new Student Loan Forgiveness Program to take money from people who are hoping to get their loans forgiven.
Student Loans
President Biden announces long-awaited student debt forgiveness plan
Biden announced in a Wednesday tweet that borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness.
Pause on student loan payments is extended through May 1
This is the second extension from the administration. President Joe Biden says the administration understands that borrowers are still coping with the impact of the pandemic.
CFPB Fines Student Loan Holder, Debt Collector
The federal government has fined two groups it says illegally attempted to collect student loan debt and prohibited them from further action on recovering payments until audits on all its accounts are completed. The Consumer Financial Protection Bureau said Monday National Collegiate Student Loan Trusts, which owns more than 800,000 student loans, and their debt collector, Transworld Systems, sued borrowers…
US Consumer Credit Rose at Slower Pace in June
American consumers increased their borrowing at a slower pace in June, as the category that includes auto and student loans posted the smallest gain in a year. The Federal Reserve says overall consumer credit expanded by $12.4 billion in June, down from May’s $18.3 billion increase. Non-revolving credit, which includes auto and student loans, rose $8.3 billion, down from an…
Rule Aims To Ease Debt Relief To Students Who Were Defrauded
The Obama administration is trying to make it easier for students who have been misled or defrauded by their colleges to have their loans forgiven. The Education Department has proposed a new rule that lays out a clear relief process for borrowers who believe they were lied to about job prospects after college or otherwise deceived in order to enroll…
