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Consumer protection bureau asks for public comment on predatory private student lenders
On Thursday Obama’s consumer protection bureau announced it would begin “gathering information” on how to reorganize private student loan repayment. The Consumer Financial Protection Bureau (CFPB), the brainchild of Sen. Elizabeth Warren (D-MA), asked to hear from teachers who “can’t afford to teach in their hometowns,” doctors who “feel forced to…
Report: ‘Subprime’ private student loan market explodes to $150 billion
The Consumer Financial Protection Bureau (CFPB) and the Department of Education jointly released a report to Congress on Friday that finds that the private student loan market has exploded in recent years to $150 billion in outstanding loans, many of which are risky and come with few borrower protections. “Subprime-style…
Student loans skyrocket, grants decline as college tuition spikes
It’s no secret that college is an expensive endeavor, one that continues to hit the wallet well after the graduation caps are tossed. Recent data shows that the student loan situation is growing worse every year: students are accruing more debt and not always paying it off on time. Mark…
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