New York To Roll Out Tough New Debt Collection Regulations

New York debt collection regulations 2015

  On December 3, 2014 New York State Governor Andrew M. Cuomo announced a series of new regulations aimed at curbing debt collection abuse in the state. “Here in New York we will not tolerate debt collectors who wrongfully take advantage of consumers,” Governor Cuomo said. “That’s why we’re rolling out tough new regulations that protect borrowers and help crack down on illegitimate debt collection practices. These new tools and disclosures will protect New Yorkers across the ...

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Two Student Loan Debt Relief Companies Sued By CFPB

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau, the government consumer protection watchdog, is taking action against two companies that allegedly scammed student loan borrowers. According to lawsuits filed on December 11, 2014 against College Education Services LLC and Student Loan Processing.US, the companies deceived people into paying upfront fees for federal student loan repayment benefits that are available for free. College Education Services LLC, claims the lawsuit filed by CFPB and the ...

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Is There Really A Downside to Steering Clear of Student Loans?

steer clear of student loans downside

It turns out there's a downside to declining the opportunity to dig yourself into a pit of student loan debt. You probably can't afford to pay for college any other way. But is that such a bad thing? At least, that's what the folks over at Money Magazine say in this article. With a scant 45% of people polled were willing to borrow no more than about $10,000 in student loans, most students wouldn't be able to cover a single year at many public four-year colleges, even after financial aid is ...

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Why You Should Opt For IBR Before Public Service Loan Forgiveness

income based repayment public service loan forgiveness

If you're angling towards qualifying for public service loan forgiveness, you should enroll your federal student loans into income-based repayment. If you don't, you're probably leaving money on the table. Public Service Loan Forgiveness is a program for federal student loan relief commonly called part of, "The Obama Plan," in spite of the fact that it was part of The College Cost Reduction and Access Act, passed by Congress and signed by President Bush in 2007. Under the program, Federal ...

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End Your Federal Student Loan Grace Period Early To Save Money

graduation day

When you leave school, you won’t have to begin repaying your federal student loan right away. That doesn't mean you shouldn't do just that. Stafford Loans come with a six month grace period that starts when you leave school or drop below half-time enrollment. During that six-month window, you won't be required to make payments on your federal student loans. But consider this: if you apply for income-based repayment, your student loan payment is set at 15% of your discretionary income (the ...

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How To Make Sure Your Checks Clear Faster

clear checks faster

When you deposit money into the bank, you want to access it as fast as possible. Here's why you may not always get what you want from the bank, and how to turn it around to your advantage. Before 2010, the banks were a mess when it came to new money. Sometimes you'd deposit money into your account and it would be available immediately, and other times it would take a few days to clear. With no clear rules on funds availability, consumers were perpetually confused. Expedited Funds ...

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