Category Archives: Personal Loans

For-Profit School Scams and Student Loan Fraud

This article is about for profit school scams, slimy loans and students committing loan fraud by using mom’s identity to pay for multiple cosmetic surgeries. I know, it totally sounds like a bad script for an American trashy cable TV show. But this is a true story based on facts, rather than the imagination of a […]

Low Cost Energy Efficient Program Spreading Nationwide

( – The Warehouse for Energy Efficiency Loans (WHEEL) that has worked with over 200  residential and commercial clients nationwide since 2008 has made it clear  that homeowners in several states now have the benefit of an innovative public-private partnership that is making low cost home energy loans more practical. What this means is that […]

CFPB Analyzes Complaints from Private Student Loan Borrowers

(Source: CFPB) – WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report analyzing complaints the CFPB has received from private student loan borrowers. According to the report, private student loan borrowers face payment processing pitfalls that can lead to increased costs, prolonged repayments, and harm to their credit […]

Private Student Loan Lenders Encouraged to Provide Relief to Struggling Borrowers

The Federal Deposit Insurance Corporation (FDIC) is encouraging financial institutions to work with private student loan borrowers experiencing financial difficulties. Despite several economic gains so far this year, financial analysts are predicting that student loan borrowers may endure hardships for years to come. The FDIC stated that institutions who offer private student loan workout programs […]

Governor Rick Scott Calls Out Congress for Taking Recess During Extreme Student Loan Rate Hikes

(Source: Governor Rick Scott) – Governor Scott called Congress irresponsible for going on recess and allowing federal student loan interest rates to double. Starting today, federally-subsidized student loan rates will double from 3.4 percent to 6.8 percent because Congress was unable to reach a compromise.

California Congressman Thompson’s Address to Congress: Student Loan Rates Should Not Double

(Source: Congressman Mike Thompson) –  With student loan rates having been set to double this morning, U.S. Rep. Mike Thompson on Wednesday  called on the House to immediately bring up legislation he co-authored, H.R. 1595, the Student Loan Relief Act. Thompson’s bill would allow college students to benefit from historically low interest rates by freezing […]

Ohio Senator Brown Outlines Plan to Aid Students Facing Massive Student Debt Loads

(Source: Senator Sherrod Brown) – Following last week’s report showing that Ohio students who graduate with student loans hold an average debt of nearly $30,000, U.S. Sen. Sherrod Brown (D-OH) will outline a plan that would help Americans saddled with costly, private student loans refinance to more affordable options. During a news conference call today, […]

OCC: National Bank Examiner Discusses Private Student Lending During Senate Hearing

(Source: OCC) – Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner John C. Lyons discussed the supervision of private student lending conducted by national banks and federal savings associations during a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.  National banks and federal savings associations currently provide […]

Governor Cuomo Makes Move to Prevent Student Loan Interest Rates From Being Doubled

(Source: Governor Andrew M Cuomo) — Governor Cuomo today wrote a letter to New York’s Congressional Delegation, stressing the need for urgent action to prevent the impending major increase in interest rates for student loans. If action is not taken by July 1, interest rates on students in New York and across the country will […]

Using Home Equity to Pay Off Student Loan

( – We’ve recently come across many student loan borrowers who are thinking outside the box and researching various ways to pay off their student loans fast. It’s no surprise that debt has become a major financial burden on countless college graduates across the country, with approximately half of all student loans in “deferred” status. […]

Tips to Help Pay Back Multiple Student Loans

( – With tuition rates on the rise across the country, students are taking on multiple loans in hopes of paying them back while undergoing courses, or when they finish college and land a job in their field. In today’s economy, students are finding it very difficult to make their way through college without having […]

CFPB Answers Questions on Student Loan Refinancing

(Source: CFPB) – Last week, we published a report on student loan affordability, which discussed the low levels of activity in the student loan refinance market. Since that time, we’ve received a lot of questions from consumers about what to consider if they find a refinance option. We’ve uploaded these questions to Ask CFPB. Take […]

Revolving Payday Loans, Will it Ever Stop?

(Source: CFPB) – During the past year, the Consumer Financial Protection Bureau (CFPB) has engaged in an in-depth review of short-term small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by a small, but growing, number of depository institutions to their deposit account customers. This review began with a […]

Student Loan Deferment and High Unemployment Rates

( – Student loans have been a major burden on some students these last five years and many are finding it difficult to pay these loans back on time. With unemployment rates still extremely high in areas, studies show that about half of all student loans are in “deferred status.” This means that the student […]

Delaware-Based Online Payday Lender Banned from Providing Loans in Arkansas

(Source: Attorney General Dustin McDaniel) – LITTLE ROCK – Attorney General Dustin McDaniel announced today that the State has reached an agreement with a Delaware-based online lending company that prohibits that company from offering illegal payday loans to Arkansas consumers.

Equifax Report: Balances on Auto Loans Reach $782 Billion in 2012

(Source: Equifax) – ATLANTA, — According to Equifax’s latest National Consumer Credit Trends Report, at the end of January 2012, the balances on outstanding auto loans total $782 billion, the highest level since January 2009 for a 48 month high, while the total number of existing loans stands at 59 million, the highest level since […]

Auto Loan Modification Tips and Warnings

When looking to get a loan modification people can be in desperate need of assistance. Mortgage loan modifications are a huge hassle, and auto loan modifications can be an even bigger one. Scammers will offer modification services for fees that could rank up to the thousands. In many states, charging consumers upfront fees for this […]