Author: Drew Cloud

New Student Loan Scam Operating in Kansas

A new student loan scam in Brown County, Kansas is targeting student borrowers through phone calls that claim to be from the U.S. government.According to WIBW News, there is a new student loan scam running in Kansas, and law enforcement is taking the necessary steps to mitigate potential damages.The student loan scam is taking place in Brown County, Kansas; the Brown County Sheriff’s Office issued a warning regarding the scam operation.According to Sheriff John. D. Merchant, the scam is targeting specifically student loan borrowers. Merchant told WIBW News that multiple residents have gotten phone calls from individuals that claim...

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New Poll of Wisconsin Voters Picks Up On Student Loan Trends

Wisconsin Governor Scott Walker has been criticized for his handling of the student loan debt problem in his state.Yesterday, a poll of Wisconsin voters that was commissioned by the One Wisconsin Institute found that nearly two-thirds of poll participants would favor a student loan refinancing program similar to the process for refinancing mortgages.The poll asked 613 Wisconsin voters if they would support a state-based program that would allow Wisconsin’s one million student debtors to refinance their student loan debt, similar to how it is done for consumers with home mortgage loans. 64 percent of the respondents said they would...

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South African Student Loan Borrower Mistakenly Given $1 Million, Spends $60,000

Students hard at work at Walter Sisulu University in South Africa, where a recent financial error has people asking for answers.A college student loan borrower in South Africa accidently received a deposit of $1 million in her financial aid account and proceeded to spend over $60,000 of the funds, which she will very likely be held responsible for.The colossal error in financing took place at Walter Sisulu University (WSU) in the Eastern Cape province of South Africa. The student, who only was supposed to receive $100 for food and books, woke up to find $1 million loaded onto her...

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Student Loan Interest Rates in UK Soar to 6.1%

Students at the London School of Economics can now get used to 6.1 percent interest rates on student loans.Just as expected, student loan interest rates in the United Kingdom rose to 6.1 percent today, September 1st, 2017.A variety of factors led to the interest rate hike, but the main driving force was rising inflation in the UK. Student loan interest rates in the UK have been relatively low for some time, which is why this recent rise is hitting many students particularly hard. The Student Loan Report has covered the student loan debt crisis in the UK quite extensively. Most...

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Maxine Waters Calls for Public Hearing on SoFi’s Bank Charter Application

Congresswoman Maxine Waters (D-CA) has urged the FDIC to hold a public hearing regarding SoFi's bank charter application. On August 25th, Congresswoman Maxine Waters (D-CA) penned a letter to the Federal Deposit Insurance Corporation (FDIC) in which she urged the corporation to hold at least one public hearing regarding SoFi’s application for a bank charter.In June, Social Finance, Inc. formally applied to establish an Industry Loan Company (ILC) with the FDIC. If approved, the banking charter would help SoFi establish a presence in the banking industry by enabling the fin-tech company to offer customers an FDIC-insured NOW account, in addition...

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