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Student Loans: In the News

Everest's closing left many in limbo (Democrat & Chronicle)

When Everest was shut down, 462 full- and part-time students who had been attending the school on Portland Avenue in Irondequoit were left in limbo — having invested in their future and often going deep in debt. Read More

Why Is It So Hard for Corinthian Students to Get Their Promised Debt Relief? (The Nation)

Many former students of the disgraced diploma mill remain in a financial straitjacket, lacking the resources and legal savvy to navigate an opaque relief process. Read More

The Future of Wall Street Regulation Is in Andrew Cuomo's Hands (New Republic)

New York Governor Andrew Cuomo must soon appoint a replacement superintendent for the state Department of Financial Services (DFS), an obscure regulatory position that the current head, Benjamin Lawsky, elevated into a major national player over the past four years. Read More

Senate Bill Freezes Student Loan Rates for Two Years to Provide Time for Comprehensive Reform (The Institute for College Access & Success)

New legislation (S. 953) introduced by Senators Jack Reed and Tom Harkin, along with Majority Leader Harry Reid and nine other senators, prevents interest rates on subsidized student loans from doubling as scheduled this July and pays for itself by closing tax loopholes. Read More

Consumer Financial Protection Bureau Report Finds Private Student Loan Borrowers Face Roadblocks to Repayment (Consumer Financial Protection Bureau)

This week the Consumer Financial Protection Bureau's Student Loan Ombudsman released a report documenting problems faced by private student loan borrowers. Read More

Rare Discharge Is Granted in Case of Student Loan Debt (New York Law Journal)

A bankruptcy judge in Buffalo has wiped out the $56,299 debt of a woman who borrowed $16,900 25 years ago for an education she never completed. Read More

Obama Relies on Debt Collectors Profiting From Student Loan Woe (Bloomberg)

The debt collector on the other end of the phone gave Oswaldo Campos an ultimatum: Pay $219 a month toward his more than $20,000 in defaulted student loans, or Pioneer Credit Recovery, a contractor with the U.S. Education Department, would confiscate his pay. Campos, disabled from liver disease, makes about $20,000 a year. Read More

Student-Loan Debt Tops $1 Trillion (The Wall Street Journal)

The amount Americans owe on student loans is far higher than earlier estimates and could lead some consumers to postpone buying homes, potentially slowing the housing recovery, U.S. officials said Wednesday. Read More

Student Borrowers Lack Understanding of Loan Terms (Bloomberg News)

Almost two-thirds of U.S. student- loan borrowers misunderstood or were surprised by aspects of their loans or the student-loan process, a study shows. Read More

Some Lenders to Students Face Greater U.S. Scrutiny (The New York Times)

The Consumer Financial Protection Bureau is stepping up its scrutiny of nontraditional lenders to students at profit-making colleges and trade schools that have high rates of default, the newly appointed director of the bureau said Thursday. Read More