Finally, Real Oversight For Student Loan Servicers

Some servicers that work with federal student loans will likely still fall under the threshold for getting the stepped-up oversight. Thats because, as weve noted , the Education Department has in the last few years expanded its stable of loan servicers to roughly a dozen. Shows that went on way too long “Californication” (seven seasons) This show is the current most-unlikely-to-still-be-on champ. Its perhaps the least-discussed show on Showtime, and has been for years. (David Duchovny won a Golden Globe for the show in 2008!) Since the shows mildly buzzed-about early years, the protagonist evidently got in legal trouble for statutory rape and, after that, wrote a musical!

Student Loans… But Only for Some

1, 2012 through Sept. 30, 2013. Repayment concerns included fees, billing, deferment, forbearance, fraud and credit reporting. Additionally the inability to repay was found to a pivotal factor in default, debt collection and bankruptcy. How borrowers incurred these PSL debts is also addressed by PIRG. In 2008, a majority of PSL borrowers took out less in federal student loans than they could have. Of these borrowers, a full quarter took out no my company federal student aid whatsoever.

Education Department Finds Numerous Problems At Sallie Mae, Levies No Fines

RT @SallieMae When Sallie Mae opened 1973, we had 7 employees. Today we employ 7,000 people nationwide. Christina Sutton RT @theonlyemanny: Sallie Mae is the greatest loan shark ever! QueenLinda83 RT @KDotOrian: 7,000 people destined for hell RT @SallieMae: When Sallie Mae opened 1973, we had 7 employees. Today we employ 7,000 people nationwide. Sentimientospr RT @1999FordRanger: When I saw Sallie Mae trending, I was hoping they were giving away debt forgiveness.

Private student loans no better than using a credit card for college

But as unsettling as that continues to be, its the direction in which the industry appears to be headed thats just as troubling. Rather than addressing the damage thats been doneby implementing a comprehensive solution to the existing debt problem, or by formulating an action plan for reducing the unsustainably high cost of higher education thats led to thatlenders, private equity firms and venture capitalists are turning their attention to other potentially lucrative ways of financing an upward cost spiral that wont be reversed any time soon. Im referring to loans that are being offered to a select few on the basis of the schools they attend, their areas of study and the income they can be expected to earn as a result, especially for financing arrangements that call for a share of that future payday in exchange for the upfront dollars. As a lender, I have no quarrel with credit underwriting methodologies that take into account, among other things, a given borrowers long-term repayment ability. But in this case, its also important to think as a taxpayer with a social conscience. In particular, I worry about adverse selection: how academically average students attending middle-of-the-road private and public institutions will have little choice but to finance their equally expensive educations with government-guaranteed loansthe same loans that may very well burden taxpayers when the borrowers are unable to find jobs that pay enough .

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s