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Recent Posts in News Category

  • Nation's Largest Servicer of Student Loans Sued by CFPB

    || 24-Jan-2017

    Navient Corp, the nation’s largest servicer of student loans, was sued by the Consumer Financial Protection Bureau (CFPB), alleging that they cheated borrowers by failing to provide the basic functions of student loan servicing. As a result, borrowers struggled to pay the higher payments demanded of them. Navient, which was once part of Sallie Mae, deceived consumers for years, according to ...
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  • CFPB Proposes 3 Rules That Could Change the Payday Loan World

    || 2-Jun-2016

    Anyone who has ever had to use a payday advance knows that these short-term loans could have long-term implications. With sky-high interest rates (around 390% on average), one loan could spell years of repayments – essentially leaving a borrower already living paycheck-to-paycheck in an endless cycle of debt that is incredibly difficult to escape. In fact, the average payday loan borrower ...
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  • Government to Forgive Student Loans of 400,000 Disabled People

    || 19-Apr-2016

    The government has already begun sending letters to nearly 400,000 eligible people with permanent disabilities, informing them of the steps they can take to discharge their student loan debt. The letter campaign, which began yesterday and will continue over the next 16 weeks, included 387,000 people who have been identified as having permanent disability status – nearly 180,000 of which have ...
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  • While our nation’s economy has largely bounced back from the last recession, the majority of Americans are still living paycheck to paycheck and are struggling to save money for emergencies. An eye-opening study published by Bankrate.com has revealed that roughly 63 percent of Americans are one unexpected bill away from a major financial disaster. Two out of three people claim that they do ...
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  • Student Loan Debt Crisis Harming Senior Citizens

    || 22-Dec-2015

    An article published last week by Bloomberg Businessweek tells the story of Robert Murphy, a 65-year-old man who holds nearly $250,000 in student loan debt. The balance was amassed from seven different Parent PLUS loans, which he used to send his three children to college. After losing his job in 2002, Murphy was no longer able to make payments on these debts, and even faced foreclosure ...
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  • Ocwen Financial Apologizes for Thousands of Backdated Letters

    || 27-Oct-2015

    Mortgage-servicing company Ocwen Financial Corp. is currently investigating an error that led to potentially hundreds of thousands of backdated letters being sent to borrowers. This investigation is in response to a probe by New York’s superintendent of financial services, who claims that the company ignored the “pervasive” problem for months after a whistleblower initially ...
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