Published On: August 18, 2017
CFPB – new report “Innovation Highlights: Emerging Student Loan Repayment Assistance Programs”
Consumer Financial Protection Bureau “CFPB” released a new data finding that nearly half of student loan borrowers leave school owing at least $20,000 – double the number of borrowers a decade ago. The Bureau also found that more borrowers are taking out student loans later in life, and fewer borrowers are paying down their student debt in five years.
Suggestion on saving for your child’s education and know the key changes in the way consumers borrow and repay student debt.
- More than 40 percent of student loan borrowers leave school owing $20,000 or more.
- Half of student loan borrowers are older than 34 when they start repayment.
- 30 percent of borrowers are not paying down their loan balances after five years in repayment.
- More than 60 percent of borrowers not reducing their balances are delinquent: Among these borrowers, those with less than $20,000 in student loans are even more likely to be in poor standing, with 75 percent delinquent on at least one of their loans. More information can be found in the Bureau’s explainer blog on this topic.
The CFPB provides a Repay Student Debt tool, which helps borrowers get unbiased tips on how to navigate student loan repayment, along with other sample letters they can send to their student loan servicers. More information is available at: consumerfinance.gov/students.
Plus CFPB has lots of other resources dealing with student loans, consumer credit card, car loans, payday loans and more.
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
“You folks are the BEST OF THE BEST in Arizona.” M.H.
You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
Related Posts
Published On: April 18, 2022
Education Loans Can Be Discharged in Bankruptcy Busting myths about bankruptcy and private student loans By Robert G. Cameron – APR 12, 2022 (Reprint from Consumer Financial Protection Bureau "www.CFPB.gov". The following is an [...]
Published On: May 17, 2021
Operators of Student Loan Debt Relief Scheme Banned From Providing Debt Relief Services as Part of Settlement with FTC (Reprint from Federal Trade Commission, May 17, 2021) The operators of [...]
-
Published On: January 6, 2021
CFPB Charges Performance SLC and Performance Settlement, Daniel Crenshaw, with Using Deceptive Tactics November 5, 2020 – The Consumer Financial Protection Bureau (Bureau) filed a complaint against Performance SLC, LLC [...]
Published On: January 1, 2021
CFPB Settles with Discover Bank, the Student Loan Corporation and Discover Products for violating a consent order and other unlawful practices December 22, 2020 Consumer Financial Protection Bureau issued a [...]
My intention is to put you back in control of your life
Start with $0 down*. We provide affordable payment plans.
