Originally airing on Marketplace on July 2, 2023, Samantha Fields discusses the administrations plan to transition borrowers back into student loan repayment with Abby Shafroth. “Interest will be charged to borrowers accounts and … bills will be sent out. But if borrowers miss their payments, or there’s confusion, they pay the wrong amount … their credit…
Predatory lenders use rent-a-bank schemes to avoid the usury limits of the consumer’s state, by seeking to bootstrap onto federal rate exportation rights available only to banks. These predatory non-bank lenders claim that they are only arrangers or servicers of credit originated by a bank. NCLC’s Consumer Credit Regulation § 3.5.4 sets out several challenges to such arrangements—such as…
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"We are deeply disappointed by this decision: It is wrong on the law and threatens the financial security of millions of low-income Americans who are struggling with unaffordable student loan debt."
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6-3 Opinion Blocks President Biden’s Student Loan Cancellation Plan [NOTE: Advocates to hold virtual press briefing on ruling at 12 pm ET. Register here.] WASHINGTON – Today, in a 6-3 opinion, the U.S. Supreme Court ruled that President Biden’s student debt relief program, which would have offered up to $20,000 in relief to working and…
The U.S. Supreme Court’s radical decision dismantling affirmative action in higher education is outrageous and disheartening and will limit educational and economic opportunity for people of color. The decision disregards decades of federal precedent upholding the consideration of race in higher education admissions and ignores the legacy of discrimination in American society, and the daily…
NCLC Advocates Caution Consumers to Check ARMs and Private Student Loans for Servicer Mistakes WASHINGTON – This Friday, June 30, will be the last day for the LIBOR. Starting next week, loan servicers responsible for millions of consumer loans that use the LIBOR will switch borrowers to a new index. The LIBOR is a widely used…
Read More about Borrowers Must Beware of Payment Changes as LIBOR Ends Friday
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