In a large victory for consumers, The University of Phoenix agreed to pay $50 million in cash and cancel $141 million in debt owed to the school by students harmed by their deceptive ads. Phoenix’s ads touted job opportunities and relationships with top tech companies.
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.
By CFPB – MAR 16, 2020 (the following is a reprint from Consumer Financial Protection Bureau’s website) Federal, state, and local governments are working to respond to the growing public health threat of coronavirus, or COVID-19. As communities across the country are dealing with an increase in the number of reported cases, many areas may […]
Older student loan borrowers quadrupled since 2005 According to a report by the Consumer Financial Protection Bureau (CFPB.gov) The number of consumers age 60 and older with student loan debt has quadrupled over the last decade in the United States, and the average amount they owe has also dramatically increased. In 2015, older consumers owed […]
CFPB FILED LAWSUIT AGAINST CHOU TEAM REALTY, LLC, MONSTER LOANS, DOCUPREP CENTER, DOCS DONE RIGHT, AND SEVERAL MORE ENTITIES. ALSO, BILAI ABDELFATTAH, BILL ABDEL, THOMAS CHOU, SEAN COWELL, ROBERT HOOSE, EDUARDO MARTINEZ, JAWAD NESHEIWAT, FRANK ANTHONY SEBREROS and DAVID SKLAR As described in the complaint, the Bureau alleges that between 2015 and 2017, Monster Loans […]
IRS Ruling for certain discharged debts IR-2020-11, January 15, 2020 WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 (PDF) that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.
LAWGITIMATE Attorney Diane Drain and Bobby Zavala with University of Dubuque Diane Drain established her law firm in 1991 in order to provide education for those facing financial troubles. She believes that basic legal advice should be free and her commitment is to help her clients get their lives back on track. Her greatest reward […]
CFPB GOES AFTER STUDENT LOAN DEBT RELIEF COMPANIES FOR DECEPTIVE PRACTICES Who is the Consumer Financial Protection Bureau (CFPB) suing? They are: Consumer Advocacy Center Inc., which does business as Premier Student Loan Center; True Count Staffing Inc., also known as SL Account Management; and Prime Consulting LLC, which is known as Financial Preparation Services. […]
Never pay upfront for “help” with your student loans According to the Federal Trade Commission (FTC) scammers stole millions from innocent student loan borrowers who were doing their best to workout their student loans. These sleazes lied to innocent borrowers, saying that for $1,000 upfront, they could permanently reduce or eliminate the monthly payments. Lied […]
ITT Accused of Unfair, Deceptive and Abusive Acts or Practices The Consumer Financial Protection Bureau (Bureau) proposes settlement with ITT Educational Services, Inc. — ITT engaged in unfair and abusive practices in connection with its private loan program in violation of the Consumer Financial Protection Act of 2010. ITT Knew Students Could Not Afford and […]
CONSUMER FINANCIAL PROTECTION BUREAU SPOTLIGHTS BORROWER COMPLAINTS ABOUT STUDENT LOAN SERVICERS MISHANDLING PUBLIC SERVICE LOAN FORGIVENESS PROGRAM Consumer Bureau Launches “Certify Your Service” Campaign to Help Teachers, First Responders, and Other Public Servants Stay on Track June 22, 2017 – The Consumer Financial Protection Bureau (CFPB) today issued a report spotlighting complaints from borrowers about […]