Thousands of American students are using the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database to settle disputes about private student loans.
Sallie Mae, the student lending giant, generated the most private student loan complaints nationally, and ranked first or tied for first in every single state. Student loan borrowers in the U.S. carry $24,803 on average in total student loan debt.
This report is the second of several that will review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints in the private student loan sector with the aim of uncovering patterns in the problems consumers are experiencing with their student loans.
Having the facts can make all the difference when it comes to health insurance. To make the most of new choices, protections and financial help, you need good information. This guide can help you find quality coverage that won’t break the bank.
After sixty years of almost constant increases in the annual number of miles Americans drive, since 2004 Americans have decreased their driving per-capita for eight years in a row. Driving miles per person are down especially sharply among Millennials, America’s largest generation that will increasingly dominate national transportation trends. But some skeptics have suggested that the apparent end of the Driving Boom might be just a temporary hiccup in the trend toward more driving for Americans. By the time Americans took notice of the decline in driving, the economy was in deep recession. Would economic growth bring back rapid increases in driving? Doubts about whether the Driving Boom has ended make it easier to postpone choices about transforming our transportation system or enacting reforms that disrupt well-established interest groups.
PIRG In The News
Given the history of shady dealings between banks and colleges, Congress needs to take a hard look at the increasingly common practice of schools contracting with banks to disburse financial aiddollars to students.
Thought the student loan crisis was bad as it is? Now add hefty fees into that mix. Providers say students can avoid the fees that pile up when they elect to receive their financial aid on a debit card, but new research from a consumer advocacy group finds that these companies throw up roadblocks to keep the fee revenue rolling in, even as colleges make big bucks off their affiliations with these institutions.
Consumer advocates have long criticized the amount of fees associated with debit cards. Most recently, a report by the U.S. Public Interest Research Group Education Fund found that hundreds of colleges have partnerships with financial companies to put a student’s financial aid on debit or prepaid cards that carry hefty fees. Under some of these deals, official student photo ID cards can double as debit cards.
College students are finding their scarce dollars eaten up by fees on the cards, which many schools are using for student IDs and to disburse financial aid, according to a new study by U.S. Public Interest Research Group.
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