Benefit store – Slimming Pills Review http://slimmingpillsreview.com/ Wed, 18 May 2022 17:28:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://slimmingpillsreview.com/wp-content/uploads/2021/10/icon-120x120.png Benefit store – Slimming Pills Review http://slimmingpillsreview.com/ 32 32 Bridger Valley Pioneer | The injustice of the massive cancellation of student loans https://slimmingpillsreview.com/bridger-valley-pioneer-the-injustice-of-the-massive-cancellation-of-student-loans/ Wed, 18 May 2022 17:20:39 +0000 https://slimmingpillsreview.com/bridger-valley-pioneer-the-injustice-of-the-massive-cancellation-of-student-loans/ “You want to borrow, you have to pay the man.” Rocky Balboa was right, even in Rocky I. Rocky didn’t break Bob’s thumb like Mr. Gazzo told him. Bob was behind on his payments and Gazzo didn’t like that. “How come you didn’t break that guy’s thumb like I told you?” “I guess if I […]]]>

“You want to borrow, you have to pay the man.” Rocky Balboa was right, even in Rocky I.

Rocky didn’t break Bob’s thumb like Mr. Gazzo told him. Bob was behind on his payments and Gazzo didn’t like that.

“How come you didn’t break that guy’s thumb like I told you?”

“I guess if I break the guy’s thumb he’s fired and he can’t make the payments…”

“Let me do the figurative rock!” Just let me do the math! These guys think we’re running some kind of charity or something.

Rocky, Philly palooka although he was, had a tender heart. Yet he collected the debt because he understood the deal. Whether you borrow from a loan shark on the docks or from a major lending institution – and the difference is sometimes negligible – a loan is an agreement, a contract.

“You want to dance, you have to pay the band,” Rocky reminded the terrified Bob.

President Biden, however, is working to subvert the basic tenets of borrowing, understood by everyone from ancient Mesopotamians to South Philadelphia legbreakers. He wants to massively cancel student loans. A terrible idea in the presidential pantheon of terrible ideas. It has already canceled some $17 billion in student loans for 725,000 borrowers through what the White House calls “targeted aid.” But it was clearly just an appetizer.

Biden appears to be considering canceling $10,000 in student debt per borrower. Who will pay for this? We’re going. And by “us” I mean those of us who paid cash the old-fashioned way, or who took out loans and paid them back, or who never even went to college. It’s such a bad idea that even Biden himself pooped it, which like many other things he apparently forgot.

“The idea that you go to Penn and pay a total of $70,000 a year and the public should pay for that? I disagree,” Biden told New York Times columnist David Brooks in an interview last year. Alright, Mr. Chairman. So what has changed?

For starters, Biden’s popularity is plummeting like Wile E. Coyote off a cliff and that little cloud of dust you see when he hits the ground is the fate of midterm Democrats unless something changes. In short, Biden needs a win and he seems willing to pursue it through executive action despite rising inflation and a shrinking economy. The timing for this will never be good, but it’s hard to imagine it being much worse.

If there’s any good news, it’s that Biden doesn’t seem ready — at least not yet — to go as far as Socialist Sen. Bernie Sanders (I-VT), who wants to forgive everything, yes everything, 1, $7 trillion in student loan debt. The whole scheme seems grossly unconstitutional and illegal.

My family was not wealthy at all, but my mother, who never attended college, managed our finances with ruthless efficiency. It operated by a simple axiom – don’t buy anything you can’t afford. She was also loath to take out loans unless she knew she could repay them in the short term. My parents put my sister and me through college, debt free. There was no magic involved. They sacrificed themselves. There were no vacations or expensive cars. They lived comfortably but simply, always within their means.

So the Biden administration is effectively saying to people like my mom and millions of others who have paid or are paying off student loans, “You did pretty well, so we want you to pay the loans back.” of strangers, like the kid who borrowed $70,000 a year to go to Penn.

It is first and foremost a wealth redistribution program straight out of the Sherwood Forest School of Economics. And really, Robin Hood and his Merry Men were just a bunch of thieves in ridiculous underwear anyway.

Tuition fees are too high and have increased at rates that far exceed inflation. Of course, one of the reasons tuition fees are so high is that virtually anyone can get a loan, regardless of their ability or intent to repay it. If this sounds familiar, it’s because similar lending practices led to the catastrophic bursting of the housing bubble in 2008. We tend to learn little from history.

Yet if you want to borrow, you have to pay the man. Rocky understood. Bob too. I wish politicians who advocate loan forgiveness in the name of “fairness” understand how unfair that is.

Copyright 2022 Rich Manieri, distributed by Cagle Cartoons Newspaper Syndicate.

Rich Manieri is a Philadelphia-born journalist and author. He is currently a professor of journalism at Asbury University in Kentucky. You can reach him at [email protected]

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May 16, 2022 – Lending Rates Drop – Forbes Advisor https://slimmingpillsreview.com/may-16-2022-lending-rates-drop-forbes-advisor/ Mon, 16 May 2022 15:36:08 +0000 https://slimmingpillsreview.com/may-16-2022-lending-rates-drop-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Last week, the average interest rate on private 10-year fixed-rate student loans fell slightly. This rate cut is good news for borrowers seeking private student loans to fill a gap in college […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Last week, the average interest rate on private 10-year fixed-rate student loans fell slightly. This rate cut is good news for borrowers seeking private student loans to fill a gap in college funding.

According to Credible.com, from May 9 to May 6, the average fixed interest rate on a 10-year private student loan was 5.56%. It was 4.34% on a five-year variable rate loan. This is for borrowers with a credit score of 720 or higher who have prequalified in Credible.com’s student loan marketplace.

Related: Best Private Student Loans

Fixed rate loans

Last week, the average 10-year private student loan fixed rate fell from 0.47% to 5.56%. The previous week, the average was 6.03%.

Borrowers looking for a private student loan can now qualify for a lower rate than they would have at this time last year. At this time last year, the average fixed rate on a 10-year loan was 6.34%, or 0.78% higher than the current rate.

If you were to fund $20,000 in student loans at today’s average fixed rate, you’d pay about $218 a month and about $6,118 in total interest over 10 years, according to Forbes Advisor’s student loan calculator.

Variable rate loans

Last week, the average five-year variable student loan rate fell to 4.34% on average from 5.23%.

Unlike fixed rates, variable interest rates fluctuate over the term of the loan. Variable rates can start lower than fixed rates, especially during times when rates are generally low, but they can increase over time.

Private lenders often offer borrowers the option of choosing between fixed and variable interest rates. Fixed rates may be the safest bet for the average student, but if your income is stable and you plan to pay off your loan quickly, it might be beneficial to choose a variable loan.

If you were to finance a $20,000 five-year loan at a variable interest rate of 4.34%, you would pay about $371 on average per month. In total interest over the term of the loan, you would pay approximately $2,284. Of course, since the interest rate is variable, it can fluctuate up or down from month to month.

Related: How to get a private student loan

The price you will receive

The rate you receive varies depending on whether you get a fixed or variable loan. Rates are partly based on your creditworthiness – those with higher credit scores often get the lowest rates. But your rate is also based on other factors. Credit history, income, and even the degree you’re working on and your career can all play a part.

Get a private student loan

Private student loans can be a decent option if you reach the annual borrowing limits for federal student loans or are not eligible. You should consider a federal student loan as your first option, as interest rates are generally lower and you’ll have more liberal repayment and forgiveness options than with a private loan. For example, the federal student loan interest rate for undergraduates is 3.73% for the 2021-22 school year.

Obtaining a private student loan usually involves applying directly through a non-federal lender, such as a bank, credit union, or online entity. You may also be able to obtain a private student loan through a nonprofit organization, state agency, or college.

It is important to note that you will need a qualified co-signer if you have a limited credit history, as undergraduate students often do.

Here’s what to consider when applying for a private student loan:

  • Make sure you qualify.Private student loans are credit-based, and lenders typically require a credit score over 600. That’s why having a co-signer can be especially beneficial.
  • Apply directly through lenders.You can apply directly on the lender’s website, by mail or by phone.
  • Compare your options.Look at what each lender is offering and compare the interest rate, term, future monthly payment, origination fees and late fees. Also check to see if the lender offers a co-signer release so that the co-borrower can potentially opt out of the loan.

Shop for Private Student Loans

When shopping for a private loan, consider the overall cost of the loan, including the interest rate and fees. You can also consider the type of assistance each lender offers if you are unable to make your loan payments.

If you have good or excellent credit, you are more likely to get the best interest rates.

Experts generally recommend that you don’t borrow more than you will earn in your first year of college. While some lenders cap the amount of money you can borrow each year, others don’t. When comparing loans, determine how the loan will be disbursed and what costs it will cover.

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Here’s what high inflation means for student borrowers https://slimmingpillsreview.com/heres-what-high-inflation-means-for-student-borrowers/ Sat, 14 May 2022 13:15:02 +0000 https://slimmingpillsreview.com/heres-what-high-inflation-means-for-student-borrowers/ Inflation reached a 40 year record 8.5% in March and fell slightly to 8.3% in April. In times of high inflation, such as now, your dollar is worth less. You may have also heard that there is an upside – that your student debt is now worth less. And while that’s technically true, that’s not […]]]>

Inflation reached a 40 year record 8.5% in March and fell slightly to 8.3% in April. In times of high inflation, such as now, your dollar is worth less. You may have also heard that there is an upside – that your student debt is now worth less. And while that’s technically true, that’s not the whole story.

The current pause on federal student loan repayments has been extended through August 31, marking the sixth extension since the pandemic began. While this freeze offered temporary relief to borrowers, when repayments begin inflation will play a key role.

What is the exact impact of inflation on your student debt? We caught up with student loan expert Mark Kantrowitz, author of How to Apply for More College Financial Aidto discuss the specifics of what inflation means for student loan holders.

What are inflation rates and interest rates?

Inflation rates are a measure of the purchasing power of money. The Federal Reserve, the central banking system of the United States, is responsible for keeping inflation around 2% each year, the standard annual growth rate of the economy. When inflation rises above the 2% mark too quickly, as it has in recent months, the prices of goods and services rise, requiring more money for basic necessities and housing. This indicates a period of high inflation.

For example, in 2018 you could buy about 2 gallons of milk for $6. Today, however, that same amount of money will only buy you about 1.5 gallons of milk.

Interest rates represent the cost of borrowing. An interest rate is the amount a lender charges a borrower, which is a percentage of the total loan amount. For example, if you borrow $1,000 with an annual interest rate of 5% for a four-year term, your total interest costs would be $105.41 over the four-year term.

As inflation rises, the The Fed raises the federal funds rate, which is the rate it costs banks to lend to each other. Banks then react by raising consumer interest rates on loans and other financial products. The Fed does this to contain inflation, which makes it less attractive for consumers to borrow money, which in turn helps balance the supply and demand scales, stabilizes the economy and , theoretically, reduces the rate of inflation.

How Inflation Affects Your Student Loans

The rate increases will not affect existing fixed rate student loans, such as federal loans. Private borrowers with adjustable rate mortgages, however, could see their rates increase.

Moreover, in times of high inflation, the value of fixed rate student loans also decreases. “Inflation dictates that a dollar ten years ago is worth more than a dollar today. So as long as your wages are rising with inflation, debt from a loan you borrowed in the past will be worth less. today,” Kantrowitz said.

Essentially, if your wages rise in line with inflation at the same rate or more, it can make it a little easier to pay off your debt. However, average wage increases are currently not keeping up with inflation. In March 2022, wages had only increased by 5.6% over the past 12 months. This means that most Americans will not currently benefit from devalued student debt.

Here’s a breakdown of the impact inflation could have on you depending on your loan type and whether or not you’re still in school:

If you have federal student loans:

Federal student loans are fixed rate. This means that the interest rate will remain the same throughout the term of the loans.

If you have a federal student loan, inflation could work in your favor if your salary increases in line with the rate of inflation, as this will devalue your debt.

However, if, like most Americans, your wages have not increased at the same rate of inflation and rising prices stretch your budget even furtherthat devalued debt won’t help you – and you might even find it harder to repay your loans.

If you have private student loans:

Private student loans can be variable or fixed rate. For those with fixed rate loans, you don’t have to worry about inflation raising interest rates on your existing student debt. But if you have adjustable rate loans, your interest rates could go up – and may have already.

When inflation rates rise, interest rates generally follow. This means that holders of variable rate private loans could see higher interest rates in the future.

If you are a new borrower in 2022:

Federal student loan interest rates reset annually on July 1, and Kantrowitz noted that federal and private student loan interest rates will be higher for the 2022-23 academic year. New federal student loan interest rates for the 2022-23 school year have been newly published this week, and are as follows:

  • Undergraduate loans: 4.99%
  • Direct unsubsidized loans to graduates: 6.54%
  • PLUS Loans: 7.54%

This is a big leap for students. For reference, last year a federal undergraduate student loan had an interest rate of 3.73%, about 1.25% less than the rate for the upcoming academic year.

Will inflation impact loan repayments after federal payment freeze ends?

Kantrowitz said he expects the student loan repayment pause to be extended again, with renewed payments beginning after the 2022 midterms. However, whether or not the repayment freeze is extended may depend on the House’s decision. white on widespread remission of federal student loans (President Joe Biden is expected to make a decision on this in the coming weeks). As anything can happen, it’s best to prepare for repayment now, so you won’t be surprised if loans are due again in September.

For many, paying off student debt in times of high inflation is a real concern. According to Student Debt Crisis Centerout of 23,532 borrowers, 92% of those working full time fear they will not be able to pay in the face of soaring inflation.

“I personally couldn’t save to pay off a student loan, and I don’t think I could have accounted for the growing gap between wages and the national cost of living,” said Jonathan Casson, recently graduated from Cornell University.

If you’re worried about paying off your student debt, here are some tips for planning ahead:

How can you prepare to repay federal loans?

1. Look into income-driven repayment plans

The government offers four income-based repayment plans that can help make monthly payments more affordable for borrowers who need to reduce the size of payments. Each plan caps payments at between 10% and 20% of your discretionary income (income after taxes and necessities paid for) and cancels your loan balance after 20 or 25 years of payment. Eligibility for these plans depends on family size and discretionary income.

2. Refinance private loans now

With many interest rate hikes expected this year, refinancing all the variable rate private student loans you have into fixed rate student loans could help you save hundreds, if not thousands, in interest – and could even reduce your monthly payment. You should refinance as soon as possible, however, if you want to lock in the lowest possible fixed interest rate.

3. Consider your budget carefully

If paying off a student loan isn’t feasible with your current budget, see if there are ways to cut expenses or pay off high-interest debt now to free up cash in September. While adjusting your budget can seem daunting, there are plenty of resources and apps to help you calculate and identify expenses you can reduce or eliminate.

4. Consider secondary agitation

A part-time job outside of your main job can help supplement your income when inflation spikes. Currently, about a third of American adults have a side job, according to a 2021 Harris poll commissioned by Zapier. Another source of income can help fill an income gap in your budget and give you some respite.

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Student loan relief is good for the economy, says Janet Yellen https://slimmingpillsreview.com/student-loan-relief-is-good-for-the-economy-says-janet-yellen/ Thu, 12 May 2022 16:14:39 +0000 https://slimmingpillsreview.com/student-loan-relief-is-good-for-the-economy-says-janet-yellen/ President Joe Biden (Photo by Oliver Contreras/for The Washington Post via Getty Images) The Washington Post via Getty Images US Treasury Secretary Janet Yellen says large-scale student loan relief could be good for the economy. Here’s what you need to know — and what it means for your student loans. Student loans During testimony on […]]]>

US Treasury Secretary Janet Yellen says large-scale student loan relief could be good for the economy.

Here’s what you need to know — and what it means for your student loans.

Student loans

During testimony on Capitol Hill on Tuesday, Yellen said:

  • “[Student loan relief] could be good for the economy”;
  • “Student debt is a significant burden for many people, especially those who find themselves on low incomes”;
  • “A lot of people don’t finish school, and that’s a huge problem”
  • “[Canceling student loans] would provide more resources [for entrepreneurs to start a business]”;
  • “There are compromises to be made [with student loan cancellation] that must be analysed”; and
  • “Certainly, we will support whatever policy President Biden decides, and he is considering how he wants to address student debt.”

Student loan relief: impact on the economy

Sen. Elizabeth Warren (D-MA), a leading congressional advocate for large-scale student loan forgiveness, has argued that student loan forgiveness stimulates the economy. The argument is this: if people don’t have to pay student loans, they can spend the money in other sectors of the economy. Warren says large-scale student loan cancellation is also freeing a generation of student borrowers from the shackles of student debt. Without crushing debt, Warren says, people can get married, start a family, buy a house, save for retirement and start a business. While progressive Democrats support the economic and social benefits of student loan forgiveness, not everyone agrees. For example, congressional Republicans say large-scale student loan cancellation will hurt the economy and increase inflation. (A new proposal would prevent Biden from canceling student loans). Senator Tom Cotton (R-AR

AR
) said the most recent extension of the student loan payment break is a “terrible idea.” Rep. Virginia Foxx (R-NC), the top Republican on the House Education and Labor Committee, said extending the student loan payment pause again is “outrageous.” Cotton and Foxx oppose large-scale student loan forgiveness for all or most student borrowers. (Bill Maher: Canceling student loans is a “losing question”),


Biden student loan forgiveness: What’s next for student loans

Biden, who has canceled $17 billion in student loans since becoming president, is considering enacting large-scale student loan cancellation. Importantly, Biden did not say he would cancel everyone’s student loans, or that he would cancel all student loans. If Biden cancels student loans, canceling student loans could mean the end of student loan relief. Biden could also limit student loan forgiveness in several ways. This leads many student borrowers to wonder if they will be eligible for student loan forgiveness. For example, Biden could limit student loan forgiveness only to federal borrowers, borrowers with student loans, low-income borrowers, borrowers who did not graduate, or Social Security recipients whose salaries are seized to pay student loans.

Notably, any student loan cancellation would be a one-time student loan cancellation. This means that many student borrowers will still have student loans after any student loan forgiveness. That’s why it’s essential to plan your student loan repayment now. Evaluate all of your options based on your financial situation. Consider these popular strategies for paying off student loans faster:


Student Loans: Related Reading

Bill Maher: Student Loan Forgiveness Is A ‘Loser’ Matter

Biden confirms he won’t forgive $50,000 in student loans – 5 key takeaways

Student loan forgiveness: 5 key takeaways from a major announcement

Student loan forgiveness: Who might qualify for Biden’s plan

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Student loan forgiveness ‘could be good for the economy’ https://slimmingpillsreview.com/student-loan-forgiveness-could-be-good-for-the-economy/ Tue, 10 May 2022 17:30:30 +0000 https://slimmingpillsreview.com/student-loan-forgiveness-could-be-good-for-the-economy/ Treasury Secretary Janet Yellen said student loan relief “could be good for the economy”. She added that there are “trade-offs” that should be analyzed, but she will support whatever Biden decides. Biden recently said a decision on canceling student loans would be made in the coming weeks. Loading Something is loading. The blanket student loan […]]]>
  • Treasury Secretary Janet Yellen said student loan relief “could be good for the economy”.
  • She added that there are “trade-offs” that should be analyzed, but she will support whatever Biden decides.
  • Biden recently said a decision on canceling student loans would be made in the coming weeks.

The blanket student loan relief remains controversial, but President Joe Biden’s Treasury Secretary has suggested the relief may not be a bad thing.

“They could be good for the economy,” Janet Yellen told Georgia Senator Raphael Warnock during a senate audience Tuesday, in response to a question about the potential benefits of student loan relief. “There are trade-offs involved that need to be analyzed.”

Yellen also said she agrees with Warnock that student debt is “a substantial burden” and that the Treasury “will support whatever President Biden decides as part of his policy, and he is in thinking about how he wants to tackle student debt.” .”

The trade-offs mentioned by Yellen could refer to who would benefit from the relief. Biden said during a speech last month that a decision on student loan forgiveness would be made in the coming weeks, and he added that he was not considering $50,000 in relief, suggesting that whatever that he would implement would be closer to his $10,000 rebate campaign promise. And publicist Jen Psaki also recently confirmed to reporters that the relief will be targeted to borrowers earning less than $125,000, as Biden had suggested during the campaign trail.

Since taking office, Biden has raised concerns about canceling student debt for wealthy students at Ivy League schools, even as progressive lawmakers and pundits have pushed back on the idea. that student loan relief will benefit the wealthy. Massachusetts Sen. Elizabeth Warren, for example, argued for the phased nature of debt cancellation during a Senate hearing last week.

“It’s clear that opponents of student loan forgiveness live in a privilege bubble completely disconnected from the reality of people who borrow money to get an education,” Warren said. “99.7% of borrowers haven’t graduated from the Ivy League. Heck, 40% of them haven’t graduated at all. The majority of these loans are held by people with no wealth. And the Black borrowers aren’t just treading water trying to keep up with their payments — they’re actually falling behind.”

When it comes to the economic consequences of student debt relief, both Republicans and Democrats have been vocal. Representative Virginia Foxx, the top Republican on the House Education Committee, has consistently said canceling student debt would exacerbate inflation and cost taxpayers, with some of her colleagues saying Biden was not considering lighten loans only to win votes for Democrats in the midterm elections. .

But proponents of loan forgiveness said the debt relief would stimulate the economy, allowing borrowers to put money they would have spent on their debt into other purchases. Biden has yet to comment on the amount of relief federal borrowers will receive, but recent data provided by Warren’s office revealed that if he stuck to $10,000, it would negate balances for a year. third of the borrowers.

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What are the income limits for student loan forgiveness? https://slimmingpillsreview.com/what-are-the-income-limits-for-student-loan-forgiveness/ Sun, 08 May 2022 20:51:46 +0000 https://slimmingpillsreview.com/what-are-the-income-limits-for-student-loan-forgiveness/ President Biden’s campaign pledge to forgive up to $10,000 in student loan debt for Americans may be getting closer. Although details of who exactly would benefit from the action were not presented, he said he would outline his plan in a few weeks. However, his publicist Jen Psaki Told press aboard Air Force One which […]]]>

President Biden’s campaign pledge to forgive up to $10,000 in student loan debt for Americans may be getting closer. Although details of who exactly would benefit from the action were not presented, he said he would outline his plan in a few weeks.

However, his publicist Jen Psaki Told press aboard Air Force One which the president is “taking action or considering action to help people earning less than $125,000 a year.” Despite constant pressure from members of his party, Biden reiterated that he was unwilling to forgive $50,000 in student loan debt as requested.

Also see:

After delaying Biden takes action

Biden has been reluctant to use executive action to write off student debt, instead urging Congress to pass legislation to provide relief to borrowers. White House aides said Bloomberg that Biden’s team is split on the merits of a broad pardon.

The biggest concern expressed by deficit hawks is that it could worsen inflationn that more than 40 percent of voters already blame the president. The rising cost of just about everything is expected to weigh on Democrats in the November midterm election results.

High inflation has helped bog down passage of the rest of his policy agenda to invest in families and make the US economy carbon-free. With a lack of momentum in Congress, Biden told the Congressional Hispanic Caucus in late April that he was prepared to use executive action to provide broader student debt relief.

His administration has already canceled $17 billion in student debt for about 725,000 borrowers. The Department of Education recently announced that Federal Student Aid will make a one-time loan adjustment for borrowers who have been improperly coerced into forbearance. It is estimated that this measure will result in immediate debt cancellation for tens of thousands of people and bring millions more closer to debt cancellation.

Cancellation of student loan debt has strong support

A recent survey from Morning Consult and Politico shows that Americans, even those without student debt, have a strong support the cancellation of certain student debts. The survey showed that 32% of respondents support the cancellation of some loans for Americans, shared equally between those who support such a measure for all and only for low-income borrowers.

Another 32% were in favor of canceling all student debt, with 19 percent believing the federal government should cancel the outstanding balance for all Americans. Of the respondents, 80% had no student debt.

Student loans suspended until September

Student borrowers have had vacations to pay off student loans or worry about accrued interest since March 2020. The payment freeze has been extended six times, most recently Biden extended the moratorium until August 31, 2022. Further lawsuits from the measure have not yet been ruled out.

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CFPB Obtains Bans Against Student Debt Relief Companies and Their CEOs | Hudson Cook, LLP https://slimmingpillsreview.com/cfpb-obtains-bans-against-student-debt-relief-companies-and-their-ceos-hudson-cook-llp/ Fri, 06 May 2022 23:18:07 +0000 https://slimmingpillsreview.com/cfpb-obtains-bans-against-student-debt-relief-companies-and-their-ceos-hudson-cook-llp/ STRONG POINTS: The CFPB has filed a proposal for final judgment stipulated to resolve the allegations against the debt relief affiliates and their senior executive regarding alleged abusive billing and deceptive telemarketing practices in violation of the Consumer Financial Protection Act and the telemarketing sales rule. Without admitting or denying liability, the defendants each consented […]]]>

STRONG POINTS:

  • The CFPB has filed a proposal for final judgment stipulated to resolve the allegations against the debt relief affiliates and their senior executive regarding alleged abusive billing and deceptive telemarketing practices in violation of the Consumer Financial Protection Act and the telemarketing sales rule.
  • Without admitting or denying liability, the defendants each consented to industry bans and the entry of a monetary judgment in excess of $11 million, although all but the $30,000 civil penalty were stayed.
  • This resolution is another example of the CFPB’s recent focus on potential wrongdoing by debt relief companies and student borrowers, and the imposition of industry bans is another example of the Director Chopra’s strict enforcement stance.

Case Summary

On April 29, 2022, the CFPB announced a proposed resolution set forth in a case it originally filed on November 5, 2020 in federal court in California against a general debt settlement company, a debt relief firm student debt and their co-CEO. The CFPB alleged that the student debt relief company charged more than 9,000 consumers about $10.5 million in illegal upfront fees. In addition, the CFPB alleged that the debt settlement company used deceptive sales tactics to enroll certain customers for debt relief services, including through a “ruse” in which sales agents falsely announced to clients that they were being considered for new loans. Finally, the Bureau alleged that the senior official participated directly in the violations and had the power to control them as CEO of the two companies, sole owner of the student debt relief company and majority owner of the general company. debt settlement.

In addition to $11 million in monetary relief, all of which is suspended, and a $30,000 civil penalty payable by the CEO, the order imposes industry prohibitions on each defendant.

Resources:

You can view all relevant court documents and press releases at The CFPB Application page..

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Reports of student loan scammers are on the rise; here’s what to look for https://slimmingpillsreview.com/reports-of-student-loan-scammers-are-on-the-rise-heres-what-to-look-for/ Thu, 05 May 2022 09:24:00 +0000 https://slimmingpillsreview.com/reports-of-student-loan-scammers-are-on-the-rise-heres-what-to-look-for/ (WXYZ) — Student loans have been a topic of conversation lately, between talk of blanket student debt forgiveness and President Joe Biden extending the student loan hiatus until August 31. Unfortunately, this may attract the attention of scammers One person targeted by scammers was Nicole Phillips of Madison Heights. The single mother of two has […]]]>

(WXYZ) — Student loans have been a topic of conversation lately, between talk of blanket student debt forgiveness and President Joe Biden extending the student loan hiatus until August 31.

Unfortunately, this may attract the attention of scammers

One person targeted by scammers was Nicole Phillips of Madison Heights. The single mother of two has been juggling student loans for 12 years. Since the pandemic, it has been inundated with consolidation offers it deems bogus.

“I get calls. I get texts constantly, at least 3-4 times a day,” Phillips said.

Mary Jo Terry, managing partner at Yrefy, a company that refinances delinquent student loans, said one of her clients received 43 calls.

“The caller ID appeared as a loan forgiveness. They had spoofed the 800 number of a major lender. So it appeared as a lender, whose usual name I won’t mention. And they finally picked up the phone and it was, “Give me $399 and I’ll get your student loan completely forgiven,” Terry said.

She advises anyone with a federal student loan to know your student loan officer. This is the company the Department of Education appoints to handle billing and other services related to the loan at no cost to you.

You can login to StudentAid.gov discover.

Second, she said to be aware of loan consolidation companies.

They say, “Hey, just give me some money, and I’ll cut your payments down to $25 a month. Under the federal loan program, you can participate in income-driven repayment programs as well as completely free repayment programs,” Terry said.

Third, do not give personal information over the phone. If a caller asks, that’s a huge red flag. Your federal loan officer already has your personal information.

If you think you’ve been scammed, file a complaint with your loan officer. Also, go to Experian, Equifax and Transunion and put a fraud alert on your account.

Generally speaking, most people are eligible to consolidate federal student loans after they graduate, leave school, or fall below halftime.

There are pros and cons to consider, the Federal Student Aid website walks you through it all.

The bottom line is never pay an outside company to help you with your federal student loans. Your loan manager will help you for free.

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Cotton demands transparency on Biden’s plan to shift student loan debt to taxpayers – SWARK Today https://slimmingpillsreview.com/cotton-demands-transparency-on-bidens-plan-to-shift-student-loan-debt-to-taxpayers-swark-today/ Tue, 03 May 2022 20:38:58 +0000 https://slimmingpillsreview.com/cotton-demands-transparency-on-bidens-plan-to-shift-student-loan-debt-to-taxpayers-swark-today/ washington d.c. – Today, Sen. Tom Cotton (R-Arkansas) sent a letter to Secretary of Education Miguel Cardona demanding transparency regarding the Biden administration’s deliberations on the transfer of more than $1.5 trillion from student loan debts to taxpayers. In part, Cotton wrote, “I am strongly opposed to the cancellation of student debt. It’s an insult […]]]>

washington d.c. – Today, Sen. Tom Cotton (R-Arkansas) sent a letter to Secretary of Education Miguel Cardona demanding transparency regarding the Biden administration’s deliberations on the transfer of more than $1.5 trillion from student loan debts to taxpayers.

In part, Cotton wrote, “I am strongly opposed to the cancellation of student debt. It’s an insult to the majority of Americans who chose not to go to college, a handout to the wealthy and well-connected, and a free prison pass for universities that charge tuition and fees. unduly high.

“Cancelling student debt would also exacerbate the rising inflation that is crushing working-class Americans – the very people who would be tasked with bailing out college-educated Americans under this policy,” The cotton continued.

The text of the letter can be found here and lower.


The Honorable Miguel Cardona

Education Secretary

Ministry of Education building

400 Maryland Ave, SW

Washington, D.C. 20202

Dear Secretary Cardona,

I am writing to demand transparency regarding the Biden administration’s deliberations on forgiveness of over $1.5 trillion in student loan debt.

Last April, the Department of Education’s General Counsel’s Office wrote an analysis of the legality of debt cancellation through an executive action titled “The Secretary’s Legal Authority for Cancellation large scale debt. More than a year later, the unredacted memorandum has still not been made public. I request that you please send me a fully unredacted copy of this legal memorandum by May 20, 2022.

I am strongly opposed to canceling student debt. It’s an insult to the majority of Americans who chose not to go to college, a handout to the wealthy and well-connected, and a free prison pass for universities that charge tuition and fees. unjustified. Canceling student debt would also exacerbate rising inflation that is crushing working-class Americans — the very people who would be tasked with bailing out college-educated Americans under this policy. With such fundamental justice issues and more than a trillion dollars at stake, Americans are entitled, at a minimum, to understand the legal justification for such action.

Thank you for your attention to this important subject.

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Act soon for the cancellation of public student loans https://slimmingpillsreview.com/act-soon-for-the-cancellation-of-public-student-loans/ Sun, 01 May 2022 13:03:15 +0000 https://slimmingpillsreview.com/act-soon-for-the-cancellation-of-public-student-loans/ David GardnerFor the camera Student loans have been in the headlines with the latest extension of President Biden’s suspension of interest and payments until July 31 due to economic disruptions associated with COVID-19. This means that borrowers have gone more than two years without repaying their loan or having to pay interest on their student […]]]>
David GardnerFor the camera

Student loans have been in the headlines with the latest extension of President Biden’s suspension of interest and payments until July 31 due to economic disruptions associated with COVID-19. This means that borrowers have gone more than two years without repaying their loan or having to pay interest on their student loan. Speculation is rife that Biden will extend the vacation again given the challenges of restarting the apparatus around loan servicing and the political pressures surrounding the midterm elections.

While borrowers may be content to hope that the payment and interest holiday never ends, some may be taking steps to help secure student loan forgiveness with a deadline later this year. This program does not apply to all student borrowers. Instead, it is limited to those applying for loan forgiveness through the Civil Service Loan Forgiveness Program.

Under this program, borrowers can apply for forgiveness once they have made student loan payments on time for ten years while working for a qualified employer. Even better, this loan discharge is not considered taxable income. So even if $100,000 of student debt can be wiped off the books, the borrower won’t have to pay tax on that windfall. Those in government employment can use the period between March 2020 and the end of the loan pause to qualify for ten years of payments, as borrowers are considered current during this period.

A surprising number of employers are included in the definition of the public service. Federal, state and local government employees are of course eligible. Also, people who work for most non-profit organizations, including many hospitals, will meet the requirement.

Although the program has been in place for many years, loan forgiveness applicants have historically had very little chance of applying successfully. Less than 3% of applications were accepted, in part due to the complexity of participating in the appropriate loan repayment program and documented barriers faced by student borrowers.

In response to these difficulties, a new temporary program has been put in place that allows borrowers to receive retroactive credit for student loan repayments even if they were not enrolled in one of the good loan repayment plans. . Until October 31, borrowers can go to studentaid.gov/pslf and claim credit for previous payments made while working for a qualified public service employer. You can also receive credit for late and partial payments. If after applying, you have 120 on-time payments, you may qualify for loan forgiveness.

If you still have payments remaining to qualify for the rebate, you must ensure that you are enrolled in an eligible student loan payment program in order to receive credit for future payments. It is important that you choose an “income-oriented repayment plan”. This is a student loan payment option that limits the amount you pay per month based on your income and family situation.

There are also loan forgiveness options for non-direct student loans, including Federal Family Education Loans Program loans, Federal Perkins Loans, or other types of Federal Student Loans, including Parent Loans. MORE. In these cases, it may be a good idea to consolidate your student loans to receive loan forgiveness. It may also be a good idea to consolidate loans if you have more years of repayment with one loan than another to benefit from the ten-year forgiveness period on the entire loan balance.

This is a very complex topic, but I encourage you to educate yourself on your options. Your first stop should be studentaid.gov. Plus, student loan expert Mark Kantrowitz lends his expertise to saveforcollege.com.

David Gardner is a Certified Professional Financial Planner with Mercer Advisors practicing in Boulder County. The opinions expressed by the author are his own and are not intended to serve as specific financial, accounting or tax advice. They reflect the author’s judgment at the date of publication and are subject to change.

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