Over the last few years, the federal government has spent $1 billion a year to pay debt collectors to help struggling borrowers out of their student loan debt and find money to make regular monthly payments. Based on new government data, however, the efforts may have...
With 44 million Americans currently in student loan debt, equaling just over $1.4 trillion, paying all of that back can seem like a daunting and never-ending feat to accomplish. The U.S. Department of Education says nearly eight million borrowers haven’t made payments in 12 months,...
The Consumer Financial Protection Bureau (CFPB) released a monthly complaint snapshot revealing that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may hinder the repayment process. According to a press release, as of April 1, 2017, CFPB has handled approximately 1,163,200 consumer...
Transparency cures all ills — especially in the online lending space where investors need certainty the pools of debt they’re buying are as represented. Global Debt Registry President Charlie Moore tells Karen Webster why it’s no longer good enough for investors to just buy a...
With over $1.3 trillion owed in just the United States alone, student debt is likely one of the largest pieces of financial stress weighing on the country. With U.S. authorities reporting one in four of the 44 million student debtors defaulting or struggling to keep...
In February 2013, Max Levchin launched Affirm — a point-of-sale (POS) lender that would provide creditworthy millennials, who lacked credit cards and credit scores, the ability to buy and finance items from online sellers at checkout. Today, Affirm is announcing its one millionth POS loan and...
Defaulting on student debt has never been a good idea. The collection process is intense and one’s credit rating will be utterly ravaged for a very long time. And if that loan came care of the Federal Department of Education, it will never go away....
