5 Student Loan Questions For Secretary of Education Appointee Betsy DeVos.
Every week, Student Debt Relief posts a roundup of the latest happenings in all things student loan-related. This week we have four articles, each covering a different aspect of student loans.
Our first article offers an account of the recent stream of lawsuits filed against student loan collector Navient for gross misconduct and overcharging borrowers. Our second article presents five critical questions for Education Secretary nominee Betsy DeVos regarding her future plans for student loans. Our third article details some recent (and very shocking) information regarding the growing segment of student loans borrowers aged 60 and over. And finally, in the midst of the Navient scandal, our fourth article offers six tips for avoiding many of the common traps that student loan borrowers find themselves in.
Click on each article to learn more, and we hope you enjoy them!
This week, after numerous allegations of misconduct, student loan collector Navient was slapped with three separate lawsuits accusing the firm of cheating student loan borrowers on a massive scale. In fact, the accusations go as far back as 2010 and state that Navient overcharged borrowers by steering them into interest-accruing forbearance plans instead of readily available IDR plans that would’ve lowered their payments. The list of alleged wrongdoings is both long and detailed and any student loan borrowers having dealt with Navient will surely find this article worth the read.
While Trump has given us a broad view of what his plans are regarding student loans, his nominee for Secretary of Education, Betsy DeVos, has said very little. This Forbes article offers five critical questions that student loan borrowers will be looking to hear about from the current nominee in the near future. Questions regarding the role of private banks in student loans, risk sharing between the government and universities when it comes to loan defaults, the future of the Public Service and Teacher Loan Forgiveness programs, and much more are included. Anyone with student loans will want to hear the answers going forward!
This Market Watch article details how those 60 and older are now the fastest-growing group of student loan borrowers. And it’s not for reasons you might think. It turns out that many of these borrowers are not paying off their student loans, but those of their children (and even grandchildren). In fact, over the past ten years, the number of 60+ borrowers has quadrupled from 700,000 to 2.8 million with the average debt burden doubling from $12,100 to $23,500. This article provides, even more, evidence of how severe the student loan crisis has become.
In the midst of the recent allegations against student loan collector Navient, this NYT article offers some excellent suggestions to help student borrowers avoid many of the most common repayment traps. Tips such as knowing the basics about your particular loan, understanding your Income-Driven Repayment plan options, avoiding forbearance if possible, dropping cosigners, and much more. If you’re looking to prevent some of the current debacles that student borrowers find themselves in, this article is a must-read.
Be sure to check back every week at Student Debt Relief for our Weekly Roundups of the latest news and updates in the student loan industry