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Dear ED: Clarify Undue Hardship

On May 16, 2014, seven Congressmen/women sent a letter to Secretary of Education, Arne Duncan, asking for clarification of "Undue Hardship" to allow Federal student loans to be discharged in bankruptcy.  The signers of the letter were Senators Dick Durbin (D-IL), Jack Reed (D-RI) and Elizabeth . . .
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FDIC v Sallie Mae

On May 13, 2014, two consent orders were issued:  FDIC v Sallie Mae Bank and FDIC v Navient Solutions Inc. (formerly known as Sallie Mae, Inc.).  These are the results of the FDIC's investigation into Sallie Mae's alleged violations of the Servicemenbers Civil Relief Act (SCRA), Electronic Fund . . .
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“Bank on Students Emergency Loan Refinancing Act” in Plain English

Yesterday, Senator Elizabeth Warren (D-MA) introduced legislation aimed to help level the playing field for student loan borrowers.  The main goal is to lower interest rates on ALL student loans (Fed and Private) to a fixed amount for the duration of the loan term.  The theory being that if interest . . .
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What Happens to your Student Loans when you file Bankruptcy

If you've read anything on the internet about student loans, you know bankruptcy probably can't help you. Discharging student loan debt through bankruptcy is not impossible, but it is difficult, for two reasons: 1) The test is draconian with no objective standard, and 2) It is often cost . . .
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Private Student Loan Lender to the Rescue? Not Quite!

The Street ran an article today which I can only hope was their attempt at an April Fool's joke.  It's supposed to be a hopeful story about Sallie Mae creating a way for new borrowers to reduce their first year payments.  It's a crock! You see, what Sallie Mae offers is a year of interest only . . .
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My Response to Another One-Sided Opinion from Private Student Loan Lenders

An opinion in the December 26th issue of US News & World Report claims that stripping the current non-dischargability of Private student loans in bankruptcy would be counterproductive.  Um....no, try again. The author states several arguments that are so easy to poke holes in, its like trying to . . .
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