You can find all the student loan statistics online, and they are at crisis level. Plus, they keep changing (for the worse) all the time, especially considering the U.S. Department of Education can’t seem to get them right. It’s a big time bubble, we’re just waiting for it to really
By: Laura Day DelCotto, Esq. I have written before in our blog on my perceptions of the coming “retirement crisis” facing Kentucky. As taxpayers, we may finally be given a miniature step towards transparency if Senate Bill 3—a bill to disclose Kentucky legislators’ retirement benefits—passes. However, another issue that too
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, which established the Consumer Financial Protection Bureau (CFPB). In January of 2012, President Barack Obama appointed Rich Cordray to be the first Director of the CFPB. The CFPB writes rules, supervises companies, and enforces federal
Once again, lenders are suing consumers without verification and knowledge of the fundamentals, like who owes how much and to whom. Residential mortgage market crisis, round 2. Since 2007, the federal student loan balance has more than doubled, to almost $1.2 trillion from $516 billion. That figure doesn’t include the
According to data compiled by the Federal Reserve, national student loan debt in the United States rose an astounding 275% from 2003 ($241 billion) to 2012 ($904 billion). This surge in student loan debt was no doubt spurred by the economic downturn, as people who lost jobs or could not
Recent 6th Circuit BAP Decision Shows the Brunner Test is Alive and Well On August 8, 2014, the 6th Circuit BAP reaffirmed a decision denying a student loan discharge for a 54 year-old-woman. The In re Trudel (citation unavailable) decision shows us that despite other districts turning away from the
Americans are finding out that the cost of pursuing a college degree is steadily on the rise. According to the College Board’s annual report, tuition and expenses for colleges have had the smallest annual increase this academic year. However, costs have increased over the past ten years by 34%! This
JP Morgan Chase recently announced that effective October 12, 2013, it will no longer make student loans. Wells Fargo is now the ONLY major US commercial bank still making student loans. Chase is the latest bank running for the exit doors. Moody’s reports that during the 2011-2012 academic year, private
Discharging student loans in bankruptcy has always been quite difficult under the standards that the debtor is required to prove a somewhat cost-prohibitive piece of litigation if the student lender is going to fight. Further, each case is quite fact-specific, so your facts may be slightly different from the next
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