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Student loan 'rescue' companies are no lifeline
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As the number of student loans and their amounts continue to rise, so does the number of borrowers looking to lower monthly payments, reduce interest rates, or resolve delinquency or default issues. Some so-called solutions charge high fees for services that borrowers could get elsewhere for free. Others are criminal operations looking to steal identities and money.
 
Fitch Publishes Updated Criteria for Rating U.S. FFELP ABS
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NEW YORK--(BUSINESS WIRE)--Fitch Ratings has published its updated criteria for rating U.S. Federal Family Education Loan Program (FFELP) ABS. The main changes to the criteria are highlighted below: --Revised standard default rate assumptions Page 6 of the criteria discloses the standard default rate assumptions Fitch uses in the cash flow modeling when issuer-specific data is not available ...
 
Singletary: New student-loan program encourages faster payments
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I volunteer at a correctional institution for women. During one financial literacy class, I was struck by something that was disturbing two inmates who were scheduled to be released within the next tw...
 
Watch for Warning Signs of Student Loan Company Scams
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Student loans can be confusing and complicated. Here are three warning signs to look out for when evaluating student loan services. Promising loan forgiveness and extremely low payments: While there are many lower payment and forgiveness options available, especially for federal student loans, they are all strictly regulated and you have to be eligible to benefit from them.
 
4 Changes Coming to Student Loan Interest Rates, Rules
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Most regulatory changes, including changes to student loan interest rates, are effective on July 1, despite the fact that the federal fiscal year doesn't begin until October 1. This is partially due to a requirement that the Department of Education give advance notice of any proposed regulatory changes, including those dealing with student loans. Federal law mandates that the Department of ...
 
Illinois Sues Student Loan Debt Settlement Firms for Illegal Practices
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NEW YORK ( MainStreet ) — Elected officials from Illinois have been at the forefront of seeking redress for its citizens with student loans they can't pay off.
 
First State Sues Over Student Loan Fraud
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The most frustrating part: Legitimate debt relief similar to that offered by bogus debt consolidators is usually available at no cost to borrowers.
 
Fitch: Obama Expansion of Pay-As-You-Earn Neutral for ABS
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NEW YORK--(BUSINESS WIRE)--The expansion of the Pay-As-You-Earn (PAYE) program remains too small to increase prepayments and reduce defaults in the Federal Family Education Loan Program (FFELP) trusts, says Fitch Ratings. Overall, we expect student loan trust delinquencies to be stable for the year as the modest improvement in job growth will likely continue. An April report by the U.S ...
 
What Obama Can And Can't Do About Student Loan Debt
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Student loan defaults are for the large part unnecessary. Federal loans have more options for student loan payment than nearly any other type of loan. You can?t take a year off from repaying your mortgage, but you can from student loan repayment when you have a financial problem.
 
Student debt companies are charging vulnerable borrowers for services they should get for free
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Illinois is the first state to sue companies that allegedly duped indebted college graduates into paying for student loan services they could have easily gotten for free.