Student loans will be the next huge financial crisis. There are problems both with the borrowers and the lenders. The borrowers do not understand the cost to repay the loan. The lenders, many are schools, profit from misleading the naive borrowers.
Announcement from the Consumer Financial Protection Bureau: WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers.
On March 10, 2015 the White House announced that President Obama would sign a Presidential Memorandum directing the Department of Education and other federal agencies to work across the federal government to do more to help student loan borrowers afford their monthly loan payments
Many people ask whether or not a student loan company or SBA creditor can garnish their wages without first obtaining a court order. The answer is “yes”.