Smart Borrower Blog

Archive for the ‘Student Borrowing’ Category

CFPB Saves 2,000 Borrowers from Illegal Student Loan Lawsuits

Sep 20th, 2017 @ 12:08 PM by Amber Nelson

The Consumer Financial Protection Bureau has halted proceedings on illegal lawsuits filed by National Collegiate Student Loan Trusts, giving financial relief to roughly 2,000 student loan borrowers. The trusts pursued about 94,000 lawsuits against borrowers who defaulted between 2012 and 2016. The lawsuits were on student loans that were either too old to be collected (past […]

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American Household Debt Reaches All-Time High

Aug 23rd, 2017 @ 1:26 PM by Amber Nelson

Americans increased their debt loads enough for a record high in the second quarter, according to a new report from the Federal Reserve Bank of New York, with credit card delinquencies rising enough to cause concern. Total U.S. household debt rose to $12.48 trillion during the months of April, May and June, an increase of […]

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Education Department Changes Course on Student Loan Single-Servicer Plan

Aug 3rd, 2017 @ 4:18 PM by Amber Nelson

The U.S. Department of Education is reversing course on its earlier plan to give the servicing of all federal student loans over to one company, a move motivated by criticism from lawmakers and companies who would lose out on current contracts. In May, in an effort to reduce loan payment confusion and financial waste, Education […]

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Millennials Treat Credit Cards Differently Than Their Parents

Jul 26th, 2017 @ 9:47 PM by Amber Nelson

The millennial generation – those between the ages of 18 and 29 – have watched their parents financial habits, and are doing things differently in many cases, especially when it comes to credit cards. First of all, a majority (67%) of Millennials do not even have a credit card account. Perhaps that has something to […]

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Student Loan Delinquencies Outpace All Others

Jun 21st, 2017 @ 9:30 PM by Amber Nelson

While auto loan and credit card delinquencies are on the rise, they are extremely low compared to the rapid increase of student loans falling into delinquency. According to the Federal Reserve Bank of New York’s latest U.S. Economy in a Snapshot, “flows into serious delinquency for all loan types except student loans peaked during the […]

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Women Hold 64% of U.S. Student Loan Debt

May 24th, 2017 @ 9:42 PM by Amber Nelson

While women make up just over half (56 percent) of total U.S. college enrollment today, according to a new study, they carry almost two-thirds of the country’s student debt load. In the American Association of University Women’s (AAUW) recent report, several major gender discrepancies were found in student loan data. Currently, women owe $833 billion, […]

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Millennials Promise Job Loyalty for Student Loan Help

Mar 29th, 2017 @ 8:32 PM by Amber Nelson

Young American employees are finding it difficult to concentrate at work, according to a new survey by the American Student Assistance group, as they are constantly plagued by worries about how to repay their student loan debts. Millenials – those between the ages of 22 and 33 – have helped push the total amount of student […]

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U.S. Consumer Borrowing Growth Slows to 3-Year Low

Feb 15th, 2017 @ 1:39 PM by Amber Nelson

Even though American consumers continued to spend more money in December than they did in November, the increase was much lower than expected and the slowest pace since 2013. According to figures from the Federal Reserve, consumer debt increased by $14.2 billion in December 2016 from the month before. That is significantly below the $20 […]

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Number of Senior Citizens with Student Debt Quadrupled in Last 10 Years

Jan 18th, 2017 @ 9:38 PM by Amber Nelson

The past decade has conjured up a Mortgage Meltdown, a colossal Financial Crisis and the Great Recession. As a result more and more Americans in their golden years have taken on student loan debt for their children or grandchildren. According to a report from the Consumer Financial Protection Bureau, the number of people aged 60 […]

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Average Student Loan Debt Hits All-time High

Oct 19th, 2016 @ 12:34 PM by Amber Nelson

Last year, U.S. college graduates finished school with the highest average student loan debt to date, according to a new report from The Institute of College Access and Success and it is very likely the class of 2016 will have an even higher load. The class of 2015 had an average undergraduate borrower debt of $30,100, […]

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