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— - 2 Robert Cameron - 2 Cameron - 2 Federal Trade Commission's - 1 it's - 1 Biden - 1 Servicer MOHLEA - 1 servicers - 1
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☆ Some student-loan borrowers with private debt are being forced to make payments they don't owe, a federal watchdog says
  + stars: | 2023-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The CFPB released a report analyzing complaints from private and federal student-loan borrowers. AdvertisementAdvertisementSome lenders might be discouraging private student-loan borrowers from receiving relief to which they're entitled. In that time period, 9,284 student-loan borrowers submitted complaints — 6,934 of which were related to federal loans and 2,350 of which were related to private loans. The current private student-loan portfolio in the US has about $132 billion in outstanding debt, which is 8% of the total outstanding student debt. As Insider previously reported, private student-loan borrowers are more vulnerable than federal borrowers because they do not have the same avenues for federal debt relief and repayment, and it's harder to regulate private lenders that can set their own terms.
Persons: —, Robert Cameron, Federal Trade Commission's, it's, Cameron Organizations: Service, Consumer, Federal Trade
☆ Student-loan borrowers are being stripped of debt relief and cheaper monthly payments because of poor customer service, a federal watchdog says
  + stars: | 2023-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
A CFPB report analyzed over 9,000 complaints it received from student-loan borrowers in the past year. It found that poor customer service at servicers have kept borrowers without relief they deserve. In that time period, 9,284 consumers submitted student-loan complaints — 6,934 of which were related to federal loans and 2,350 of which were related to private loans. Over the summer, Biden rolled out a new income-driven repayment plan, known as the SAVE plan, intended to lower many borrowers' monthly payments. For example, one borrower complaint to the CFPB stated: "I cannot get ahold of my loan servicer.
Persons: —, Robert Cameron, Cameron, Biden, Servicer MOHLEA, servicers Organizations: Service, Consumer Financial, Bureau, Loan Ombudsman, Consumers, Education Department, Public, An Education Department Locations: servicers
☆ The young lawyer who became the 'Don Quixote' of canceling student debt
  + stars: | 2021-05-29 | by ( Cezary Podkul | ) www.businessinsider.com   time to read: +24 min
The victory marked the starting point for what's become Smith's raison d'être to help as many student loan borrowers as possible. But of those who did, around 60% managed to get a discharge of some portion of their student debt, Iuliano found. And thanks to a widely-held belief that student debt is categorically exempt from discharge, few are willing to take that chance. "I have $50k student debt, no degree, was a victim of attempted murder, out of work, and homeless," reads another. Austin SmithEventually, he says, he vowed to make it his life's cause to help the student loan borrowers.
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