Too late for many, but at least a step in the right direction, Senator Al Franken (D-Minn) introduced the Understanding the True Cost of College Act on May 24, 2012. Were you aware that the Truth in Lending Act which requires disclosure of the cost of credit in home and…
Last month, it was well publicized that student loan interest rates were about to double unless Congress acted. Actually, this only involved subsidized Stafford loan interest rates. However, President Obama made the most of it and traveled around the country garnering support to help students. At the last minute, Congress…
What if I’ve co-signed my children’s student loan debt that is now in default? Here in Tampa, Florida, I just read an outrageous story today in Nation of Change that exemplifies the problems in the world of student loans. Basically, shortly out of college, this man’s son was killed in…
Debt collectors excel at taking advantage of student loan borrowers by misrepresenting the law and options available to borrowers. Common violations we see in Florida are: 1) Misrepresenting that the collector may use federal powers such as Social Security offsets or administrative garnishment of wages; 2) Providing inaccurate information about…
For the first time ever, student loan debt has surpassed credit card debt as student loan debt reaches the $1 trillion mark per a recent Bloomberg article. Student loan debt collection has become big business. Contracted student loan debt collectors’ profits surpass $1 billion in 2011 alone! Little wonder when…