CFPB to hold June 22 student loan servicing event
The CFPB will hold a public event on June 22, 2017 in Raleigh, N.C. about student loan servicing. The CFPB’s announcement provides no description other than that the event will feature remarks from Director Cordray and North Carolina Attorney General Josh Stein.
The CFPB may be labeling the event a “public event” rather than a “field hearing” because it is not inviting “witnesses” to provide “testimony” as it typically does for field hearings. However, similar to its field hearings, it is likely the CFPB will use the event as a venue for announcing a new development involving student loan servicing. Isaac Boltansky of Compass Point has suggested that that the CFPB may announce the release of either an update on the industry’s consumer complaint profile or an updated supervisory highlights report. It is also possible that the CFPB will discuss the comments it has received in response to the notice it published in the Federal Register in February 2017 regarding its plan to require student loan servicers to report quarterly data on aggregated servicing metrics and borrower outcomes.
Mr. Stein, the North Carolina AG, was among the group of state AGs who sent a letter to U.S. Department of Education Secretary Betsy DeVos in April 2017 criticizing the ED’s withdrawal of various memoranda issued during the Obama Administration regarding federal student loan servicing reforms. He also recently announced the settlement of a lawsuit involving an alleged student loan debt relief scam. Mr. Stein might discuss these developments at the CFPB event.
https://www.consumerfinancemonitor.com/2017/06/19/cfpb-to-hold-june-22-student-loan-servicing-event/
19 Haziran 2017 Pazartesi
Pay Off Your Student Loans, But Not Like This
Pay Off Your Student Loans, But Not Like This
Hey everyone! Today I have a great post for you from Jen over at SavingWithSpunk.com. Jen was one of my blogging students back in the day, and her site is doing really well. This post brings up one of the things that I think is probably discussed the least when it comes to paying off debt – high amounts of stress.
I have readers email me all the time that are so stressed out, but don’t know how to manage that feeling while they pay off their student loans. I think this post will really help! Enjoy! ~M$M
2015 Was a great year for me.
I got engaged, threw a fabulous wedding, and had a wonderful honeymoon in the Smoky Mountains. Then we made the decision to lean in and pay off my car and all our student loans as fast as possible.
That’s how I got shingles.
Well, I didn’t get them as much as I “developed” them because I’d had chickenpox. Everyone thought it was because of newlywed and holiday stress and I totally let them believe that. But truth is, I was stressed to the max about paying off those loans.
Out of the roughly $85,000 of debt we started our marriage with, $61K was mine. Knowing I carried over double the amount of debt my husband did gave me a lot of guilt and I felt pressure to work twice as hard to pay it off.
My sweet husband probably has no idea I thought this, I don’t even think I knew until recently. I worked three, sometimes four, jobs, I was up at 6 am and home after 10 pm, never had a day off, and I didn’t pick very easy side hustles.
https://millennialmoneyman.com/pay-off-your-student-loans-but-not-like-this/
Hey everyone! Today I have a great post for you from Jen over at SavingWithSpunk.com. Jen was one of my blogging students back in the day, and her site is doing really well. This post brings up one of the things that I think is probably discussed the least when it comes to paying off debt – high amounts of stress.
I have readers email me all the time that are so stressed out, but don’t know how to manage that feeling while they pay off their student loans. I think this post will really help! Enjoy! ~M$M
2015 Was a great year for me.
I got engaged, threw a fabulous wedding, and had a wonderful honeymoon in the Smoky Mountains. Then we made the decision to lean in and pay off my car and all our student loans as fast as possible.
That’s how I got shingles.
Well, I didn’t get them as much as I “developed” them because I’d had chickenpox. Everyone thought it was because of newlywed and holiday stress and I totally let them believe that. But truth is, I was stressed to the max about paying off those loans.
Out of the roughly $85,000 of debt we started our marriage with, $61K was mine. Knowing I carried over double the amount of debt my husband did gave me a lot of guilt and I felt pressure to work twice as hard to pay it off.
My sweet husband probably has no idea I thought this, I don’t even think I knew until recently. I worked three, sometimes four, jobs, I was up at 6 am and home after 10 pm, never had a day off, and I didn’t pick very easy side hustles.
https://millennialmoneyman.com/pay-off-your-student-loans-but-not-like-this/
Student loans are deeply unfair
Student loans are deeply unfair
In your piece about the Open University (Jobs put at risk as Open University seeks £100m in savings, 14 June) you mention the impact of the introduction of tuition fees. In fact, OU students have always paid tuition fees and these increased, in line with inflation, for over 40 years.
The hammer blow came when the government forced the OU to triple fees in line with conventional universities. The sweetener offered in return was access to student loans. However, this did not work out because many did not qualify for these loans due to previous experience of higher education or a low course workload. Many who would have qualified were strongly averse to student debt. Student numbers dropped by a third almost overnight.
The vice chancellor is looking for salvation in the cloud. He would perhaps be better employed praying for a Jeremy Corbyn victory. Corbyn is pledged to abolishing tuition fees and that must include part-time students, mustn’t it?
Alan Woodley
Northampton
• The student loan system has always been deeply flawed. Not only is the basis economically unsound, but the cost of this graduate tax falls heavily on women because of the higher proportion of female to male undergraduates.
In addition, as you have recently shown (Report, 14 June), women face a pay gap just one year after graduating, and will, over a working lifetime, on average earn £300,000 less.
High-earning male graduates repay the loan quickly with minimum interest, while women graduates, struggling to balance work with family responsibilities, are adversely affected because interest accrues during career breaks. This disadvantage, in turn, impacts on the next generation.
Dr Mark Ellis
Huddersfield
• Your article (Young people have spoken: will their voice be heard over university fees and grants?, 13 June) includes a reminder from David Green that student loans are now increasing at a rate of around 6% a year, which over the 25 years a loan is paid back will result in a substantial increase in the cost of the loan, well in excess of the rate of inflation.
When student fees were first introduced the basis was that increases would be in line with inflation. The rules have changed and this additional burden is the price students will have to pay for the privatisation of student loans by the Conservative government. Another reminder that privatisation and Tory government do not work in the interests of the many.
Peter Kayes
Reading
In your piece about the Open University (Jobs put at risk as Open University seeks £100m in savings, 14 June) you mention the impact of the introduction of tuition fees. In fact, OU students have always paid tuition fees and these increased, in line with inflation, for over 40 years.
The hammer blow came when the government forced the OU to triple fees in line with conventional universities. The sweetener offered in return was access to student loans. However, this did not work out because many did not qualify for these loans due to previous experience of higher education or a low course workload. Many who would have qualified were strongly averse to student debt. Student numbers dropped by a third almost overnight.
The vice chancellor is looking for salvation in the cloud. He would perhaps be better employed praying for a Jeremy Corbyn victory. Corbyn is pledged to abolishing tuition fees and that must include part-time students, mustn’t it?
Alan Woodley
Northampton
• The student loan system has always been deeply flawed. Not only is the basis economically unsound, but the cost of this graduate tax falls heavily on women because of the higher proportion of female to male undergraduates.
In addition, as you have recently shown (Report, 14 June), women face a pay gap just one year after graduating, and will, over a working lifetime, on average earn £300,000 less.
High-earning male graduates repay the loan quickly with minimum interest, while women graduates, struggling to balance work with family responsibilities, are adversely affected because interest accrues during career breaks. This disadvantage, in turn, impacts on the next generation.
Dr Mark Ellis
Huddersfield
• Your article (Young people have spoken: will their voice be heard over university fees and grants?, 13 June) includes a reminder from David Green that student loans are now increasing at a rate of around 6% a year, which over the 25 years a loan is paid back will result in a substantial increase in the cost of the loan, well in excess of the rate of inflation.
When student fees were first introduced the basis was that increases would be in line with inflation. The rules have changed and this additional burden is the price students will have to pay for the privatisation of student loans by the Conservative government. Another reminder that privatisation and Tory government do not work in the interests of the many.
Peter Kayes
Reading
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