Author: Nicolas Chee

The Brown Promise Might Replace Student Loans with Scholarships

A building from Brown University can be seen above.Following the announcement in September of this year, Brown University’s campaign to eliminate student loans for “moderate-income” students appears to be a roaring success so far. The fundraising effort recently surpassed the initial $30 million goal, less than three months after launch. New and returning students will start receiving financial aid from Brown University in the form of scholarships for the next academic year.The moved was hailed as a solution to the challenges experienced by middle-class families when it comes to paying for college tuition. Students from these families often don’t...

Read More

Credible Raised $50 Million in IPO from Australia

In a somewhat surprising move, the San Francisco-based financial technology company Credible Labs Inc. went public, but not in the United States. The company raised $50 million USD during their initial public offering (IPO) - on the Australian Securities Exchange.Although not massive in comparison to other IPOs from similar tech companies in the United States, the Credible Labs Inc. offering represents the largest technology IPO on the Australian Securities Exchange this year. This is the second initial public offering for Credible, and the company’s value was listed at $300 million Australian dollars. This represents a 50% increase in the...

Read More

CFPB Freezes Personal Data Collection Including Consumer Complaint Database

Pictured above are protestors outside the CFPB following the news of Mulvaney's appointment as director.Student loan borrowers may lose access to a helpful tool provided by the Consumer Financial Protection Bureau, the Obama-era financial regulator and watchdog. In a recent move by the CFPB, consumer complaint data is no longer being collected because the complaint database will be shut down for some time. Collection of personal information data is also put on hold.In a “push to secure data,” Interim CFPB Director Mulvaney announced the move in early December. Concerns about data security spurred the decision. Mulvaney referenced concerns about...

Read More

Congressman Introduces Legislation That Would Impact Student Loan Repayment Plans

If passed, Congressman Ferguson's "Help Students Repay Act" would impact student loan repayment plans. Congressman Drew Ferguson has come up with the so-called ''Help Students Repay Act'' which would feature significant changes to the student loan repayment system.If passed, it would apply to new loans, but it wouldn’t impact old student loans. In Ferguson's view, the new bill would simplify the current complicated loan repayment legislation.House Resolution 4372 would limit the current wide variety of student loan repayment plans and programs. It would only allow two options: the standard, 10-year repayment and just one income-based repayment plan.Until now, student loan...

Read More

Sen. Warren Doesn’t Like Navient Acquisition of Earnest

Senator Warren (center) with a couple of colleagues at a campaign rally in Massachusetts.Democratic Senator Elizabeth Warren expressed her concerns about Navient's acquisition of Earnest and further involvement in the private student loan market according to an interview with The International Business Times. She even mentioned that Navient should not be allowed to service federal student loans.She suggested that the deal may negatively impact student loan borrowers in several ways. One of her concerns included fears that Navient would start pushing student loan refinancing to federal student loan borrowers, transitioning these federal loans into the private loan market.Under such...

Read More