Rising tuition costs are leaving them with an average of $35,000 in debt, which is roughly twice the debt of previous generations.
On July 13, 2015 the company announced its intention to transfer the website FAFSA.com to the U.S. Department of Education, which manages the federal government’s Free Application for Federal Student Aid program.
“Discover created student debt stress for borrowers by inflating their bills and misleading them about important benefits,” said CFPB Director Richard Cordray.
The Consumer Financial Protection Bureau says it has uncovered “problematic industry practices” that may be disqualifying some consumers from securing a co-signer’s release from their private student loans.
This is very poor advise, according to just about every financial expert familiar with the pitfalls of lingering, defaulted debt from college loans that can haunt a borrower for decades.
A “streamlined process” will be formulated to discharge loans tied to any college found to have defrauded borrowers, according to a statement by the Department of Education.
A sharp rise in revolving credit, mostly from credit-card debt, to an 11.57 percent annual rate, represents the second-biggest jump since the recession ended nearly six years ago.
For recent college graduates, the unemployment rate is currently 7.2 percent (compared with 5.5 percent in 2007), and the underemployment rate is 14.9 percent (compared with 9.6 percent in 2007).
The total number of 529 accounts rose 4.1 percent in 2014 to 12.1 million. The average 529 account size surged to $20,474, a 4.5 percent increase from 2013.
Out of the 25 largest U.S. rental markets, less than 19 percent of all listings are affordable for recent college graduates, with the most affordable places including St. Louis, Dallas,…