Author: Linda DiProperzio

Navient Claims it Doesn’t Have to Act in the Best Interest of its Customers

One of Navient's employees speaking at a conference unrelated to their recent federal lawsuit.As many Americans are struggling with their student loan debt—the default rate is around 11 percent —most consumers would like to believe that their loan servicing company is acting in their best interests. But Navient customers might want to take note of the company’s recent court filing in response to a federal lawsuit filed against it in January.After being accused of "systematically and illegally" failing borrowers by the Consumer Financial Protection Bureau (CFPB), Navient responded by stating that there is no expectation that the servicer will...

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Possible Student Debt Burden Now Ranks as Top Concern Among College Applicants

Image of a building located on the campus of the University of Iowa.In 2006, the biggest worry among students and parents was that they would be rejected from their first-choice school. That information came from a recent Princeton Review survey released Tuesday; it covered more than 10,500 students and parents. The same survey revealed this once relevant fact to be outdated.Taking on student loan debt is now the top worry among college applicants. You'd think it would be getting into college in the first place, but with the total U.S. student debt climbing dramatically (now exceeding $1.4 trillion), students and parents are starting...

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Number of Borrowers with More Than $100k in Student Debt has Quadrupled in Past Decade

Image of the Department of Education building in Denver, Colorado.The student loan debt problem in the U.S. continues to grow. New data from the New York Federal Reserve shows that the number of borrowers owing more than $100,000 has more than quadrupled in the last 10 years. Additionally, the number of default and delinquency cases among these high debt borrowers has risen dramatically despite an overall stagnation in the default rate.In the past, it was believed that borrowers with six-figure debt were at a lower risk of default. Those with more student debt often attained higher levels of education and...

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Oregon Lawmakers Introduce New Student Loan Bill

Construction seen at Concordia University where students are currently graduating with the most student debt in Oregon.With the average college student in Oregon graduating with $16,453 in student loan debt, state lawmakers are trying to ease the burden on their constituents with a new student loan bill. Senate Bill 1034, which was introduced last week, would allow residents with federal and private student loans to deduct all of the interest and principal paid throughout the year from their taxable state incomes.The bill would cover anyone helping a student make monthly student loan payments including parents, grandparents, and employers. Currently,...

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NJ Lawmakers Aim to Repeal Law that Suspends Professional Licenses for Borrowers in Default

Second District Assemblyman Vince Mazzeo at the Aerospace Control Alert facility in Egg Harbor, NJ.There is good news for some New Jersey borrowers who are struggling with repaying their student loan debt. The New Jersey General Assembly unanimously approved legislation this week, Bill A-2926, that would repeal a law that suspends the professional licenses of those who fail to repay their student debt.The bill would revoke a law that allows for the suspension of various different licenses issued by the Division of Consumer Affairs ranging from occupations such as architecture and cosmetology to dentistry and social work (just to...

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