Student loan servicers might give you the wrong information

Our team was alarmed to learn that recently, the Consumer Financial Protection Bureau found that many loan servicers actually give student loan borrowers incorrect or insufficient information about public-service loan forgiveness. There are currently several money-saving options for many student loan borrowers. However, if borrowers are unaware of these options, these programs become useless, and the borrower is left missing out on potentially, significant savings on their monthly student loan payments.

In another alarming moment, in the student loan industry, the U.S. Consumer Financial Protection Bureau and the Illinois and Washington attorneys general sued Navient Corp, the nation’s largest student loan servicer, in January. They lawsuits are alleging that it harmed student loan borrowers throughout the repayment process.

Among other things, the CFPB alleges that since at least January 2010, Navient misallocated payments, steered struggling borrowers toward multiple forbearances instead of income-driven repayment plans, and provided unclear information about how to re-enroll in income-driven repayment plans and how to qualify for a co-signer release. The CFPB is asking Navient to compensate the borrowers the agency says were harmed.

The Illinois and Washington suits make similar claims to the CFPB’s allegations and also allege that Navient, when it was part of Sallie Mae, made subprime loans to students, particularly those attending for-profit schools. Navient broke off from Sallie Mae Bank, one of the largest private student loan lenders, in 2014.

Navient has filed motions to dismiss all three cases and says the suits are based on new servicing standards that are being applied retroactively, according to a March 2017 fact sheet.

The lawsuits could potentially take years to play out “because of the sheer amount of evidence” that the CFPB, Illinois, and Washington have gathered during their investigations, says Suzanne Martindale, a staff attorney at Consumers Union, the policy, and action arm of Consumer Reports.

Regardless of the outcomes, it’s a good idea for borrow’s to regularly check their student loan accounts and make sure their student loans are being serviced correctly. Luckily there are a lot of tools and services that can help borrowers get an overview of current loan balances and repayment options. For more information

 

 

 

 

 

 

Where the Presidential Candidates Stand on Student- Loan Debt

Where the Presidential Candidates Stand on Student- Loan DebIf you have student loans, there are likely a few areas you would like the next president to fix. Most Americans are looking for more refinancing opportunities and tax breaks for their student loans, as well as tuition free community colleges.
If student loan debt is one of your top issues on the ballot this year, here is what you need to know about the candidates’ proposals for dealing with the growing student loan crisis.

Seeking Personal Loans with Bad Credit: Why Your Application is Rejected…

Every individual desires to have credit in the form of mortgage loans, credit cards, car loans, home loans or any other personal loans at some point in life. Customers look out for ways to make the most out of the credit applied, but the banks and the other financial institutions operate to make profits and gain the maximum revenue. As such, customers with credit risks are straight away denied the personal loan request.
Deal with the bad credit situation
If you have a bad credit point, there is every possibility that your application will get rejected too, and you might have a very bad time dealing with the rejection. This definitely brings a lot of troubles and challenges in your life and you want to come out of it at the earliest. You need to find out ways and means to solve the problem. But before you come up with any conclusion, it is necessary to understand the reasons for your application getting rejected by the credit providers.What are the factors responsible for loan rejections?

When you have a bad income and a poor job history, the credit providers have the impression that you will be unable to repay the amount of loan.
The defaults on your credit report are one of the primary reasons for getting your loan application rejected.
The lack of possessing enough money in your saving account on the bank, which can prove that you have the potential or the caliber to make the loan payments.

These are the three main reasons related to bad credit that might lead your application getting rejected.
It is generally believed by individuals that once the loan application gets rejected there is no point of applying further in the future because in any way it will not get any approval. But this is not the reality. Who says you cannot get your personal loan application passed even with bad credits?
What are some of the improvements that you can bring in?

Minimize the debt amounts as much as possible at the earliest.
With the help of consolidating and refinancing your mortgage debt programs look for ways to shrink the debt amount.
Create a budget for your daily life and chalk out plans for the expenditure and stick to it.
Stop using the credit cards.
Pay your bills on time and improve the credit score.
If required seek the help and advice of a professional financial expert who can pave the right direction.

 
Click here for more information on credit and debt issues!

A Guide for Easy Access to Personal Loans

What do you understand by personal loan? It is basically a personal debt that is taken on by a borrower when he or she has shortage of money or needs to fulfill the demands and needs during an emergency situation. In every individual’s life, there comes a time when he/she requires extra or additional capital to buy a house, a car, pay the bills, school and college fees, house or car maintenance, etc.
Certain rules and regulations are to be followed
There are tons of banks, financial institutions, organizations and individual lenders who operate and help customers with such needs and requirements by providing personal loans. There are certain terms and conditions that are set between both the parties-one who is in need of the money and the other who is the lender.
Interest rates varyThe interest rates of the loan also vary depending on the type of loan you opt for. There are primarily two types of personal loans-secured and unsecured. The secured loan is granted on the basis of any valuable asset owned by the individual against the loan. This is considered low in risk because of the lower interest rate and you also get sufficient amount of time to repay the amount because of the borrower friendly repayment plan. On the other hand the unsecured loan is given based on an individual’s credit history and his/her ability to refund with the given period of time, which is comparatively very short (even 2-3 weeks) along high rates.
How to get access to loan approvals easily?
In order to get the personal loans easily you have to follow so many steps and methods. The first step that you need to execute is to hunt down a reliable and efficient payday loan company which is regarded as the perfect option to consider accomplishing all your needs and demands. It is always better to get hold of the company of your locality. Make sure that you posses legitimate proofs like age certificate, ID cards, bank account, employment certificate etc.
How about applying the online payday loan?
You also have the option of applying for a payday loan via online. This is known as the personal loans online which are extremely easy and fast to get and the best thing is that you will not be asked about your credit history. All you need to do is fill the form after which your bank account will be checked and scrutinized and then the desired amount of money is deposited.
Click here for more information on credit and debt services