Category Archives: Student Loan Debt

Is student loan debt dischargeable in bankruptcy? Learn about student loan debt information and the potential benefits of filing bankruptcy.

Why Are Complaints About Student Loan Debt on the Rise?

Student loan debt is an issue that affects the majority of college students in America today. According to the Consumer Financial Protection Bureau (CFPB), complaints that they have received regarding student loans increased 325% over the past year. What could be causing this? University prices have been a hot button issue in recent years. Students cannot afford to pay for college without taking on large student loans. Issues with sketchy loan providers such as Navient, and employment sponsored repayment plans that have gone bust, have created much difficulty for students trying to pay off their debt. Below are some issues the CFPB have cited against Navient. Navient is the largest student loan provider in the U.S., and is currently facing a lawsuit from the CFPB right now for the reasons listed below. Examples of Sketchy Student Loan Practices Blocking borrowers from lower payments: Navient allegedly disallowed qualified lenders from making…
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How to Protect Yourself from Predatory Student Loans

Student debt can accumulate fast, and knowing the inefficient nature of student lending corporations can help you avoid paying unnecessary fees and stop you from acquiring additional debt. Navient, the largest student loan company in the U.S., has just recently been sued for a laundry list of malpractices. The lender was cited for creating unnecessary obstacles for borrowers, incorrect payment processing, misinformation, and cost cutting at every corner. The importance of defending yourself is very high as your credit score is at stake. There are several steps you can take to ensure you’re not letting these companies lock you into paying predatory student loans. Ways to Avoid Getting Slammed by Predatory Student Loans Set up Autopay: Setting up autopay ensures that the lending company will get the payment on time every time, and no egregious late fees or additional debt will be accumulated. You can expect your loan provider to…
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4 Reasons You Shouldn’t Ignore Debt Collectors

There are several likely outcomes that stem from trying to ignore debt collectors, and none of them are advantageous. To put it frankly, ignoring your debt won’t make it go away. Here are the most likely scenarios that ignoring your debt will lead to, though. Why You Shouldn’t Ignore Debt Collectors Your credit suffers – A collection account is likely to appear on your credit reports whether you work with debt collectors or not. If you attempt to speak with a collector, however, you will at least have the chance to present your side of the story and maybe work something out with them. Your debt grows – Failure to pay your debts could result in the collector adding interest and collection costs to your debt. It all depends on the contract you agreed to when you took out the loan or signed up for the given credit card. Generally,…
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