student loans

The letters "CFPB" may not be much more than alphabet soup to your average student loan borrower. They stand for Consumer Financial Protection Bureau, a new-ish federal agency — created in 2011 — with a unique mission and a big effect on student lenders and for-profit colleges accused of defrauding or otherwise mistreating Americans.

Give us five minutes, and we'll educate you with our weekly roundup.

Whiplash for would-be University of California, Irvine students

Facing overcrowding, UC Irvine withdrew the the acceptances of nearly 500 students last week, just two months before the start of the fall quarter. That was after about 800 more students than expected accepted UC Irvine's offer of admission this spring.

A legal motion the Department of Education filed yesterday could have big ramifications for half a million teachers, social workers, police officers and other public servants. The motion asserts that there has been no final decision on whether these people will have their student debt forgiven, as they had believed.

Five billion dollars in outstanding private student loan debt may be forgiven because of poor record keeping by financial companies, an investigation by The New York Times found this week.

On Adriene McNally's 49th birthday in January, she heard a knock on the door of her modest row-home in Northeast Philadelphia.

She was being served.

"They actually paid someone to come out and serve me papers on a Saturday afternoon," she says.

Brian Jackson/123rf Stock Photo

Attorney General Lisa Madigan is pushing legislation aimed at protecting Illinois students who take out college loans.

Imagine if one notice from the federal government could cause you to question your major life decisions.

More than half a million people may have found themselves in that situation after a new legal filing by the Education Department.

Under a program known as Public Service Loan Forgiveness, some student loan borrowers were supposed to be able to have the balance of their student loans forgiven after ten years of both on-time payments and eligible work in the public sector. Meaning, a qualifying nonprofit, federal, local, state, or tribal government.

Recent college graduates who borrow are leaving school with an average of $34,000 in student loans. That's up from $20,000 just 10 years ago, according to a new analysis from the Federal Reserve Bank of New York.

National K-12 and higher ed news came fast and furious this week. Here are our highlights to help you keep on top.

The president's "skinny budget" has cuts for education

The biggest story of our week happened early Thursday morning when President Trump released his budget outline, historically known as a "skinny budget" because it has few details.

The U.S. Department of Education came in for a $9 billion, or 13.5 percent, cut.

Brian Jackson, 123rf Stock Photo

A Franklin Circuit Judge has ordered Florida-based student loan company Liberty Tax and Student Loan Defense to stop operating in Kentucky. 

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