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Student Loans

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  • CFPB, Senator Warren Urge Student Loan Reforms

      This week, a new report by the Consumer Financial Protection Bureau  found that student loan debt is having a long term damaging “domino effect” on the economy by making it even more difficult for young adults to purchase their first home, start a small business, and save for retirement. The report identifies a number Continue Reading

  • Student Debt Fastest-Growing for Consumers Over 60

    This week, the Chronicle of Education reported that older consumers are increasingly struggling with student loan debt.  Many of these older borrowers thought they could increase their chances of getting decent jobs by earning an advanced degree later in life, but are struggling to make ends meet instead. In fact, according to data from the Continue Reading

  • Borrowers More Wary of Student Loan Debt

    As some students face graduation and an uncertain job market this Spring, others are asking tough questions as they consider enrolling for college and taking out student loans. NPR reported yesterday that more students are taking steps to minimize their future debt burdens by asking about the loan process, interest rates, repayment plans and other Continue Reading

  • CU Releases “Seven Principles for Fair Student Lending”

    This week, we unveiled a bold agenda to make the student loan market work better for students and families trying to invest in their future by pursuing higher education. Our Seven Principles for Fair Student Lending call on policymakers, regulators and schools to take action in the following key areas: Transparency:  Lending options should be Continue Reading

  • NY Fed Study Finds Student Debt Tripled in Only 8 Years

    Today, the Huffington Post reported on a new study from the Federal Reserve Bank of New York that has shocking numbers about the ballooning student debt market.  In the years from 2004 to 2012, outstanding student loan debt has roughly tripled in size – all while other forms of debt have shrunk. For example, fewer Continue Reading

  • Know Before You Go: Comparing College Costs

    In his State of the Union speech this week, President Obama vowed to continue working to rein in the skyrocketing costs of college and help consumers get better information about the costs of attendance.  To aid in that effort, the White House has launched a College Scorecard website that allows users to retrieve the net Continue Reading

  • Collectors and Lenders Gear Up for CFPB Oversight

    While problems in the mortgage industry still dominate the news, some financial industry insiders are warning banks and debt collectors to get ready for more scrutiny over how they handle other types of debt – especially credit cards and student loans. A recent article in the American Bankers Association’s Banking Journal pointed out that since Continue Reading

  • CFPB Launches New “Paying For College” Website

    Today the Consumer Financial Protection Bureau launched a new interactive site that helps students make smarter decisions about paying for college.  From comparing costs at different colleges and applying for financial aid to choosing a bank account and managing student loans, the site offers crucial information about each step of a student’s financial journey through Continue Reading

  • Is the Student Loan Bubble About to Burst?

    More troubling news about student loans this week: according to the front page of yesterday’s Wall Street Journal, the student debt bubble is growing and more borrowers are struggling to repay their loans.  The article cites new numbers from the Federal Reserve Bank of New York showing disturbing trends in the student loan market: U.S. Continue Reading

  • Senators Call for End to Student Lending Abuses Hurting Our Troops

    Yesterday, Senator Barbara Boxer (D-CA) led a group of 24 Senators in writing to the Executive Director of the Student Loan Servicing Alliance, an industry trade group, urging them to establish best practices to ensure that service men and women have access to the full range of student loan benefits that they are entitled to Continue Reading

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