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Private Student Loans

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BUSINESS
Eileen Ambrose | March 5, 2012
The Consumer Financial Protection Bureau says it now wants to hear from borrowers who have had problems with their private student loans. The CFPB has oversight on these loans and even has a ombudsman who is supposed to help borrowers and review complaints. Students typically take out private loans once they have exhausted their federal loan options. Federal loans - which should be a student's first choice if they need to borrow - offer some friendly terms, particularly if a new grad can't land a job. In fact, you can have your federal debt wiped out if you work in certain fields after graduation.
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BUSINESS
Eileen Ambrose | October 16, 2012
Thousands of consumers have complained to the Consumer Financial Protection Bureau about loan servicing and loan modification problems. Gripes include mistakes by servicers in applying payments, trouble fixing errors, an overabundance of paper work and the inability to find anyone at the servicer to help. Another mortgage mess story? No, this is about private student loans - although the regulator notes that both industries share similar problems. The Consumer Financial Protection Bureau released its annual report on private loans.
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BUSINESS
Eileen Ambrose | October 16, 2012
Thousands of consumers have complained to the Consumer Financial Protection Bureau about loan servicing and loan modification problems. Gripes include mistakes by servicers in applying payments, trouble fixing errors, an overabundance of paper work and the inability to find anyone at the servicer to help. Another mortgage mess story? No, this is about private student loans - although the regulator notes that both industries share similar problems. The Consumer Financial Protection Bureau released its annual report on private loans.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 29, 2012
Borrowers overwhelmed by private student loan debt often discover an ugly truth too late — these loans can't be discharged in bankruptcy like other types of consumer loans. A new report on private student loans by the Consumer Financial Protection Bureau and the U.S. Department of Education suggests it may be time to change that. The agencies say these loans offer so little flexibility to struggling borrowers that Congress might consider revising the bankruptcy law given today's tough economy.
BUSINESS
Eileen Ambrose | July 20, 2012
The Consumer Financial Protection Bureau and the Department of Education issued a report on the status of private student loans. Americans owe more than $150 billion on such loans - much less than on federal loans - but these private loans don't have borrower-friendly repayment plans and they're poorly understood by those who take them out. When you hear graduates complain about the weight of student loans, it's the private kind they're typically talking...
BUSINESS
Eileen Ambrose, The Baltimore Sun | July 19, 2010
Could student loans be the next financial crisis? College costs have risen faster than inflation, and more students are borrowing and taking out bigger loans just to keep up. Defaults are on the rise. "Something is going to have to give if costs keep going up and people keep stretching themselves," says Deanne Loonin, a staff attorney with National Consumer Law Center. "It's not sustainable for borrowers. " For those whose student debt load has reached a crushing level, help is in the works.
BUSINESS
By JANE BRYANT QUINN | August 29, 1994
NEW YORK -- Sometime in September, everyone with a federally guaranteed student loan will have many more options for paying it off. That's when the government's new loan-consolidation program will open for business. You can take one or all of the loans you're repaying to private sources and refinance them with the government instead.Why might you want to switch? If the government offers better repayment terms and options than you can get in the private market. Here's what your standard choices are going to be:* 1. An extended repayment plan.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 9, 2012
To: Richard Cordray, Director Consumer Financial Protection Bureau Dear Mr. Cordray: First, congratulations on your appointment to lead the Consumer Financial Protection Bureau. Unless the banking interests have their way, your appointment is expected to last at least through the end of next year. And now with a director in place, the agency will be able to exercise its full powers to oversee such groups as payday lenders, credit bureaus and private education lenders. Granted, you have a lot on your plate, but here are a few suggestions on where to focus your attention: Payday lenders They provide advances on paychecks, and the fees charged are the equivalent of an annual interest rate of a few hundred percent.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 7, 2011
Tens of thousands of Marylanders could benefit from two initiatives by the Obama administration that are designed to ease the burden of federal student loans. Under one, borrowers with low pay and high education debt could see a big drop in their monthly loan payments starting next year. The other nudges borrowers to consolidate certain federal loans, and also offers a small reduction in their interest rate for doing so. Some criticize the White House for failing to provide more relief to students overwhelmed by loans, particularly private student loans.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 29, 2012
Borrowers overwhelmed by private student loan debt often discover an ugly truth too late — these loans can't be discharged in bankruptcy like other types of consumer loans. A new report on private student loans by the Consumer Financial Protection Bureau and the U.S. Department of Education suggests it may be time to change that. The agencies say these loans offer so little flexibility to struggling borrowers that Congress might consider revising the bankruptcy law given today's tough economy.
BUSINESS
Eileen Ambrose | July 20, 2012
The Consumer Financial Protection Bureau and the Department of Education issued a report on the status of private student loans. Americans owe more than $150 billion on such loans - much less than on federal loans - but these private loans don't have borrower-friendly repayment plans and they're poorly understood by those who take them out. When you hear graduates complain about the weight of student loans, it's the private kind they're typically talking...
BUSINESS
Eileen Ambrose | June 13, 2012
When borrowers complain about student loan debt it is most likely they are talking about private education loans. And the Consumer Financial Protection Bureau has been getting an earful of complaints about these types of loans that don't have the consumer-friendly repayment plans that federal loans do. The CFPB, which has oversight over private student loans, has been collecting comments from borrowers for months for a report to Congress next...
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 9, 2012
To: Richard Cordray, Director Consumer Financial Protection Bureau Dear Mr. Cordray: First, congratulations on your appointment to lead the Consumer Financial Protection Bureau. Unless the banking interests have their way, your appointment is expected to last at least through the end of next year. And now with a director in place, the agency will be able to exercise its full powers to oversee such groups as payday lenders, credit bureaus and private education lenders. Granted, you have a lot on your plate, but here are a few suggestions on where to focus your attention: Payday lenders They provide advances on paychecks, and the fees charged are the equivalent of an annual interest rate of a few hundred percent.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 7, 2011
Tens of thousands of Marylanders could benefit from two initiatives by the Obama administration that are designed to ease the burden of federal student loans. Under one, borrowers with low pay and high education debt could see a big drop in their monthly loan payments starting next year. The other nudges borrowers to consolidate certain federal loans, and also offers a small reduction in their interest rate for doing so. Some criticize the White House for failing to provide more relief to students overwhelmed by loans, particularly private student loans.
BUSINESS
Eileen Ambrose, The Baltimore Sun | July 19, 2010
Could student loans be the next financial crisis? College costs have risen faster than inflation, and more students are borrowing and taking out bigger loans just to keep up. Defaults are on the rise. "Something is going to have to give if costs keep going up and people keep stretching themselves," says Deanne Loonin, a staff attorney with National Consumer Law Center. "It's not sustainable for borrowers. " For those whose student debt load has reached a crushing level, help is in the works.
NEWS
By Richard C. Paddock and Richard C. Paddock,LOS ANGELES TIMES | October 25, 2006
The cost of obtaining a four-year university degree continues to outpace inflation, and in an era of declining federal aid students are increasingly relying on private bank loans to finance their education, the College Board said yesterday. The cost of tuition and fees at four-year public universities rose 6.3 percent from 2005 to 2006, capping an increase of 35 percent over five years, the nonprofit board reported. At the same time, the amount of federal financial aid available through Pell Grants hit a new low, the organization said.
NEWS
By Richard C. Paddock and Richard C. Paddock,LOS ANGELES TIMES | October 25, 2006
The cost of obtaining a four-year university degree continues to outpace inflation, and in an era of declining federal aid students are increasingly relying on private bank loans to finance their education, the College Board said yesterday. The cost of tuition and fees at four-year public universities rose 6.3 percent from 2005 to 2006, capping an increase of 35 percent over five years, the nonprofit board reported. At the same time, the amount of federal financial aid available through Pell Grants hit a new low, the organization said.
BUSINESS
By JANE BRYANT QUINN | August 29, 1994
NEW YORK -- Sometime in September, everyone with a federally guaranteed student loan will have many more options for paying it off. That's when the government's new loan-consolidation program will open for business. You can take one or all of the loans you're repaying to private sources and refinance them with the government instead.Why might you want to switch? If the government offers better repayment terms and options than you can get in the private market. Here's what your standard choices are going to be:* 1. An extended repayment plan.
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