Fifteen former students have launched the first-ever student loan debt strike in U.S. history. The strikers, dubbed the “Corinthian 15” after the now-bankrupt network of for-profit schools they attended, announced the strike with a simple message directed at the Department of Education: “We owe you nothing.” Last year, Corinthian Colleges,… Read More»
The words “free” and “college” haven’t been uttered in the same sentence by a president in decades, until President Obama made a huge announcement last week: he’ll use his State of the Union address to share a plan for making community college free. The concept isn’t new. Across the country,… Read More»
Did you know that in two states not paying your student loans could mean your driver’s license can be revoked? That’s the harsh reality for those who have had to borrow to pay for college in both Montana and Iowa, where there are laws that allow the state to take… Read More»
The Consumer Financial Protection Bureau (CFPB) made a splash earlier this month by taking action against two student “debt relief” scam companies, banning one from the industry and suing another. While this isn’t the first time this year that these companies have come under fire for their predatory business practices,… Read More»
A new report released today by the Consumer Financial Protection Bureau (CFPB) reveals data that both federal and private student loan servicers are using illegal tactics to maximize their profits at the expense of borrowers. These illegal practices include charging unfair late fees and making harassing debt collection calls –… Read More»
An unreleased analysis by the Department of Education, recently revealed by Center for Investigative Reporting, shows as many as 133 for-profit colleges rely almost completely on taxpayers for revenue. “They range from small proprietary trade schools like Trendsetters of Florida School of Beauty & Barbering in Jacksonville to for-profit giants… Read More»
Watch John Oliver break down the student loan crisis:https://www.youtube.com/watch?v=P8pjd1QEA0c
We’ve all heard about the meteoric rise of student debt: it now totals over $1.2 trillion and affects more than 40 million Americans. And while stories often focus on the unsustainable rise in college tuition costs and the incredible pace at which this debt multiplies, we must also pay close… Read More»
Earlier today, federal regulators ordered Sallie Mae to pay $96.6 million in penalties and restitution to student loan borrowers harmed by the company’s lending practices. Sallie Mae agreed to settlements with both the U.S. Department of Justice (USDOJ) and the Federal Deposit Insurance Corp (FDIC) for violations of the following… Read More»
On Tuesday, Jane Timm published a piece on MSNBC.com titled, “Students seek loan forgiveness in overwhelming numbers.” The piece claims that student loan borrowers are enrolling in the Department of Education’s flexible student loan repayment plans, some of which include debt forgiveness, in “record numbers.” Unfortunately, Timm drastically misses the… Read More»