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☆ After student loan forgiveness, the Education Dept. is sending some borrowers refunds. What to know
▼ + stars: | 2024-02-22 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

So far, almost 3.9 million borrowers have gotten their education debt erased, totaling $138 billion in relief . Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 or 25 years. The companies earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities. "Loan servicers were not tracking the number of qualifying payments, and the automatic forgiveness was not occurring," Kantrowitz said. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, denied that the companies benefit by veering from the government's orders.

Persons: Joe Biden, Culver City Julian, Mark Kantrowitz, servicers, Nadine Chabrier, Kantrowitz, he'd, Scott Buchanan, Buchanan, Biden, who've, Persis Yu Organizations: Culver City, Culver City Julian Dixon Library, Education Department, U.S . Department of Education, U.S . Department, Center for, Lending, The Education, Finance, IRS, Student Loan, Alliance, Student, Protection Locations: Culver City , California, U.S

☆ After 35 years, he got $119,500 in student debt forgiven. Then the government refunded him $56,801
▼ + stars: | 2024-02-16 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 years or 25 years. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, refuted that the companies benefit by veering from the government's orders. Shortly after Fox heard that his student loans were forgiven, he received a payment from the government for $56,801. When he told people he was still paying off his student debt, they scratched their heads. Over the decades, based on Fox's records which CNBC reviewed, he paid around $200,000 to his federal student loans.

Persons: Marlon, George, servicers, Nadine Chabrier, Fox, he'd, Scott Buchanan, Buchanan, I've, Marlon Fox, overpayments, Biden, Debbie Organizations: Biden, U.S . Department, Center for, Lending, The Education, Student Loan, Alliance, Palmer College of Chiropractic, CNBC Locations: forbearances

☆ Despite crackdown on junk fees, this banking surcharge just hit a record high
▼ + stars: | 2023-08-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

eclipse_images | E+ | Getty ImagesATM fees rise while overdraft, NSF fees fall"ATM fees are biting harder than ever," said Greg McBride, Bankrate's chief financial analyst. When factoring in the combined fees for using an out-of-network ATM, the average fee is $4.73, also a fresh high. On the upside, overdraft fees and non-sufficient funds fees are now significantly lower. watch nowHowever, few banks have done away with them altogether: 91% of banks still charge overdraft and 70% charge non-sufficient funds fees, Bankrate also found. "Despite recent progress in addressing overdraft fees, the job is far from complete," said Nadine Chabrier, the Center for Responsible Lending's senior policy counsel, in a statement.

Persons: Greg McBride, Bankrate, Nadine Chabrier Organizations: Getty, CFPB, Bank of America, Center

☆ Federal watchdog cracks down on Bank of America but 'junk fees' aren't going anywhere, expert says — it's a 'game of whack-a-mole'
▼ + stars: | 2023-07-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Junk fees are additional, often hidden, charges that can come from a range of lenders. Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees. Ted Rossman senior industry analyst at Bankrate"Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees," Rossman said. "The Consumer Financial Protection Bureau took a big step by banning surprise overdraft fees," she said. The average overdraft fee costs $29.80, Bankrate's research found, while the average nonsufficient funds fee is $26.58.

Persons: Ted Rossman, Rossman, surcharges, Bankrate, Joe Biden, Biden, Nadine Chabrier Organizations: Center, Financial

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