In a blog post, the Federal Reserve Bank of New York asks, “Who Is More Likely to Default on Student Loans?” The question is relevant because the percentage of student debtors who have defaulted on their loans after five years has grown to 28 percent for 2010-11 grads, up from 19 percent for 2005-06 grads. …
Back in July, The New York Times ran a long article about abuses (and incompetence) of debt collectors trying to recover from private-student-loan debtors. The issue is important because unlike federally backed student loans, debtors with private loans have fewer options to deal with them when they become burdensome because those loans are ineligible for …
NYT Explores ‘Assembly Line’ of Student-Debt Lawsuits Read More »
The New York Fed is apparently very interested in the effects of college costs on young Americans’ home buying. The central bank branch explored the topic of student loans leading to lower homeownership rates in April, but in July it looked at it from a different angle: how public university tuition costs relate to homeownership. …
New York Fed: Higher College Costs Translates to Less Homeownership Read More »
Private student loans do not often make the news, primarily because the vast majority of student loans are made by or guaranteed by the federal government, and comparatively few people take them out these days. Currently only $108 billion out of the $1.34 trillion in student loans are originated by private lenders with no connection …
NYT: ‘Robo-Signing’ Strikes Private-Student-Loan Debtors Read More »
With a new presidential administration comes new priorities, and for the Trump government’s Department of Education that means revising recently instituted rules that were ostensibly designed to benefit student-loan debtors. If these rules are repealed, then debtors will need to explore either bankruptcy or non-bankruptcy options to resolve their financial problems. According to The New …
Education Department to Reconsider Rules Benefiting Student-Loan Debtors Read More »
The business press has been hyping a new type of employee benefit: student-loan payments by employers on behalf of their employees. The benefit is so newsworthy that articles have dubbed it “hot” since late 2015. However, only 3 percent of businesses in a survey of 450 offer to help pay for their employees’ student debts, …
The Federal Reserve Bank of New York issued a press briefing along with the update to its Household Debt and Quarterly Credit Report. It highlighted new research into the relationship between student loans and homeownership. At the same time, the update provides some insight into topics relating to New York bankruptcy. Beginning with the good …
NY Fed: More Student Loans Lead to Lower Homeownership Rates Read More »
A few years ago I wrote about the debts that are excluded from a discharge order in a chapter 7 New York bankruptcy. There are, however, a handful of debts that are not only nondischargeable but also not specified as such in the Bankruptcy Code. True, they are rarely seen, but debtors might want to …
Nondischargeable Debts the Bankruptcy Code Won’t Tell You About Read More »
Late last year, The Boston Globe ran an article touching on a difficult topic in New York bankruptcy: joint, nondischargeable debts. Normally, if a debt is jointly owed and dischargeable, then it’s unlikely to raise problems in bankruptcy, whether the borrowers are married or not. Once it’s discharged, the lender may demand payment from the …
Joint, Nondischargeable Debts: Few Options for Separated Couples Read More »
Income-driven repayment (IDR) plans came into prominence in 2007, and in the last decade the Obama administration has promoted them and broadened their scope, e.g. by proposing new ones like REPAYE. IDR plans reduce debtors’ monthly payments and ultimately forgive loans after a certain number of years, usually 20. For many years, federal student loans …
Will the Federal Government Reform Income-Driven Repayment Plans? Read More »
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