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Ways to Spot and Avoid Student Loan Debt Relief

As a matter of fact, students in the United States have a collective loan debt of $1.5 trillion and with that the number of scammers is increasing. Recently the CFPB (Consumer Finance Protection Bureau) has taken the initiative to educate the masses by issuing warnings and has taken appropriate measures to shut down a few scamming companies too. Here is a list of top signs you need to notice in the company to know whether they are scammers.

Student Loan Forgiveness Program Rejected 99% of its Applicants

In 2018, The US Congress developed a fund to expand the student loan forgiveness program and help the public servants who were in debt and unsettled by the previous forgiveness program. However, this fund has had as many issues as the previous one. It didn’t deliver the results desired because a large number of the people who applied were rejected during the first 12 months – 99% of the applicants. Here, you will find out more about this program, the reasons for the rejections, and if you qualify for it. Let’s get right to it, shall we?

This is How Navient Lawsuit Will Affect Your Student Loans

Navient remains to be in the headlines as the student loan servicer is facing action in court brought by various states, the CFPB, and the American Federation of Teachers. Unending borrower complaints claim that the student loan service provider failed to process payments properly and didn’t inform their borrowers regarding payment options. 

Will You EVER Be Able to Pay off Your Student Loans?

While the obvious answer may be “yes”, there is a growing concern among many college students (current and former) that they will never be free of this burden.  The United States cannot count itself among the several developed countries that offer virtually free college education.  Crushing student loan debt is stopping many millennials from buying cars, homes, and even basic necessities.

Why You May Want to Refinance Your Student Loans

Student loans have become a hot topic in the United States of late.  Many feel overwhelmed by the term and size of their loan(s).  Some are trapped in sky-high interest rates and they believe this is permanent.  Unfortunately, in some cases, this is true, but in a lot of cases, student loans can be refinanced.  There may not be a better time to explore this option than right now.

Puerto Rico’s Ongoing Debt Restructuring Battle

Puerto Rico’s government is in significant financial disarray.  The country’s finances and fiscal policy are controlled by separate entities that cannot agree on what is best for the country.  The government is more than $123 billion in debt, and the country lacks the infrastructure to climb out the hole.  The citizens are shouldering much of the burden of the country’s bad fiscal management.

The New York City Taxi Driver Bankruptcy Crisis

When someone thinks about New York City, taxi cabs are often part of the mental image. What most people do not realize is that drivers and/or taxi operators must purchase the right to drive in NYC.  A “taxi medallion” is often purchased by investors or the drivers themselves.  These medallions are treated similarly to a stock.  The value goes up and down, but the market is much less regulated.  Over the last 20 years, drivers have been duped into terrible loans required to purchase their medallion and bankruptcies are on the rise.

The Realities of Debt Settlement

If you find yourself in a large amount of credit debt, the idea of using a debt settlement company to help you get out of the red may sound like a good idea. They make it seem like they are there for you and will work with you to manage your debt balance. In some cases, using a debt settlement company can be a good option, but make sure to know what you are getting yourself into before you make that choice. Credit card companies normally are just as willing to work with you even if you owe large sums, as it is ultimately in their best interest for you to be able to pay back as much of the balance as you can.

Nationwide Foreclosure Rates Are Down

CoreLogic Chief Economist Dr. Frank Nothaft’s most recent press release has revealed that the share of home mortgages in foreclosure has officially dropped to the lowest level it has been in the past twenty years. Already well below the average pre-crisis level of 6%, the United States went from sitting at 4.9% in January of 2018, down to 4% in January of 2019. This drop has been reflected across all delinquency rates and is indicative of a dramatic increase in stability since The Housing Market Crash of 2007.