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Many borrowers with federal student loans also carry balances on loans owed to private companies. Students take out private loans to cover the cost of education, to pay for living expenses while in school, and in response to aggressive marketing by for-profit schools and private lenders. Unlike...
Persistent link: https://www.econbiz.de/10014244796
I wrote five years ago that “There is no amount of incremental reform that can fix the broken government student loan system. The time for tweaking is long past.” At that time, the Bipartisan Policy Center listed the following failings of student debt: “Too many students rely excessively...
Persistent link: https://www.econbiz.de/10014244797
Before the COVID-19 pandemic, there were approximately 7.7 million student loan borrowers in default on approximately $168 billion in federally-held student loans, including Federal Family Education Loans (“FFEL”) and Direct loans. Though borrowers have in theory been able to get out of...
Persistent link: https://www.econbiz.de/10014242973
This report investigates a decades-long scheme by the student loan industry to rob borrowers of their right to debt relief on many types of private student loans. Despite industry-perpetuated misconceptions, only a specific subset of private student loans face heightened scrutiny in bankruptcy....
Persistent link: https://www.econbiz.de/10014244794
The results of an investigation by the Student Borrower Protection Center offer new evidence that for-profit coding bootcamps and ISA companies may be systemically violating federal law by omitting a legally mandated term from the contracts underlying students’ ISAs—language required under...
Persistent link: https://www.econbiz.de/10013240374
A cornerstone of for-profit schools’ business model is to encourage students to borrow as much as possible to finance their college attendance. After drawing people in with misleading advertisements, for-profit colleges quickly hand prospective students off to financial aid officers who rush...
Persistent link: https://www.econbiz.de/10013240806
This report synthesizes research, public records, and largely-overlooked documentary evidence from the Department of Education to identify various glaring warning signs that Income-Driven Repayment (IDR) is failing millions of borrowers who have been in repayment for decades on federal student...
Persistent link: https://www.econbiz.de/10013211222
This report examines the role that the use of alternative documentation of income (ADOI) plays in driving racial disparities in access to Income-Driven Repayment (IDR) for student loan borrowers. In doing so, it underscores how breakdowns in IDR are a clear civil rights issue.In order to enroll...
Persistent link: https://www.econbiz.de/10013211223
This report examines the history of Income-Driven Repayment (IDR), identifies its key founding principles, the ways that policymakers have tried to meet them, and how the current design of the protection has fallen short of achieving its original goals. As a way to relieve the financial burden...
Persistent link: https://www.econbiz.de/10013211813
This report highlights how the payment formulas currently underlying Income-Driven Repayment (IDR) can harm low to middle-income borrowers, forcing them to choose between meeting basic needs and paying their monthly student loan bills. Using a series of hypothetical borrower scenarios, the...
Persistent link: https://www.econbiz.de/10013211814