JPMorgan Will Stop Making Student Loans

By: Thursday September 5, 2013 10:24 am

Too Big To Fail bank JPMorgan Chase will stop making student loans according to documents reviewed by Reuters. According to the documents the megabank is leaving the student loan business out of concern that competition with the federal government will reduce profit opportunities. But given the state of the student loan market the move will [...]

Elizabeth Warren Wants Students To Have Same Privileges As Wall Street

By: Friday May 10, 2013 10:22 am

As a recent study indicates that college and universities are giving financial aid to rich students at the expense of poor ones Senator Elizabeth Warren is offering a bill to bring student debt relief. Warren says students should get the same rates as Wall Street. Sen. Elizabeth Warren introduced her first standalone piece of legislation [...]

Student Debt, Delinquencies Skyrocket

By: Wednesday November 28, 2012 10:00 am

The New York Fed released their household credit and debt report yesterday, and they show increases in student loan debt relative to other forms (mortgage, credit card, auto loan and others). To keep this in perspective, mortgage debt represents 71% of all debt, and student debt represents about 8-9%. So there’s still a wide gulf [...]

CFPB Report on Student Loan Servicing Shows Same Predatory Tactics as Mortgage Servicing

By: Monday October 22, 2012 7:45 am

The Consumer Financial Protection Bureau released an eye-opening report on student lending late last week that got me thinking about a simple truth I think I had overlooked previously. I’ve documented for well over a year the extent to which mortgage servicers make their profits almost entirely through ripping off their customers, adding on unnecessary [...]

Bernanke Says Student Debt Not a Crisis (Well, Not to Him, Anyway)

By: Wednesday August 8, 2012 10:18 am

Ben Bernanke came out with a statement yesterday that student loans won’t cause a crisis. Bernanke, of course, is a great judge of crises, considering his statements from 2005-2007 that housing was fine and the bubble was manageable. I particularly enjoyed his statement that “The Federal Reserve is not currently forecasting a recession” in January [...]

CFPB Report Lays Bare Private Student Loan Market

By: Friday July 20, 2012 11:05 am

The Consumer Financial Protection Bureau has delivered a report to the Senate Banking Committee on the rise of the private student loan industry. This industry took a hit after 2010, when the Affordable Care Act included a provision that ended the practice of private banks administering student loans guaranteed by the government, and just had [...]

More Indications of Rising Student Debt

By: Monday July 16, 2012 1:32 pm

Sallie Mae, the private student loan company, finds in a survey the unsurprising information that students are bearing more and more of the burden of higher education costs. While wages have largely stagnated over the past decade, college and university costs have soared. So there’s simply no other way this could go. In its annual [...]

Congress Passes Student Loan/Transportation Package

By: Friday June 29, 2012 12:58 pm

Congress has quickly passed a series of bills, consolidated into one package, that freezes federal student loan interest rates at 3.4% for one year, and extends surface transportation funding for two years. The package also reauthorizes the federal flood insurance program for five years. Congress was clearly eager to get out of town for the [...]

Environmentalists Don’t Like Concessions in Transportation Bill

By: Friday June 29, 2012 8:55 am

Lost in the shuffle yesterday amid the health care ruling and the contempt citation for Eric Holder was the deal reached on a minibus package for freezing student loan interest rates, extending surface transportation funding for two years, and reauthorizing for five years the flood insurance program. That package will get House and Senate votes [...]

In Bipartisan Deal, Congress to Package Student Loan, Transportation, Flood Insurance Bills

By: Thursday June 28, 2012 6:15 am

As we await the Supreme Court ruling on health care, two of the other major stories of the week have reached a conclusion. Congress has reached agreement on a compromise package that will avert three separate deadlines and deliver some of the more robust lawmaking of the entire year to date. The first bill averts [...]

Congress Nearing Compromise on Student Loan, Highway Bills, But Not There Yet

By: Wednesday June 27, 2012 8:59 am

House Speaker John Boehner assured reporters today that bipartisan deals are near on two pieces of legislation that must be passed before expiration on Saturday. The two bills, one to prevent the federal student loan interest rate from doubling, and the other to extend surface transportation funding for two years, have been tied up in [...]

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