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CFPB Sues ITT for Allegedly Exploiting Students with Predatory Loans

The Consumer Financial Protection Bureau sent a jolt through the for-profit college industry this week when the federal agency sued ITT Educational Services Inc. for predatory lending practices, saying it would seek restitution for victims, a civil fine and injunctions against the company. The CFPB accused ITT, which owns and operates ITT Technical Institute, of [...]

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Woman looking at bills on the floor

Student Loans, Other Debts Are Stressing Americans More Than Ever

The American Psychological Association (APA) and the Federal Reserve Bank of New York aren’t working together on the mental and fiscal health of America — but they certainly could. The APA released its annual “Stress in America” survey on Feb. 11 and noted a slight increase in stress levels in 2013. The first uptick since [...]

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College classroom with professor and students

State Lawmakers Are Seeking Solutions to Rising Student Loan Debt

There is help available for some of the 40 million Americans dealing with $1 trillion in student loan debt, but the aid comes with a catch. You have to move to Maine, or maybe Michigan or Wisconsin. Those are the only states actively pursuing solutions for student loan debt problems, though each state would require [...]

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Senator Elizabeth Warren speaking

Politicians Scramble to Fix Broken Student Loan System as Write-Offs Soar

Americans are taking out more loans than ever to pay for college and defaulting on them in record numbers. Politicians, most notably U.S. senators Dick Durbin, D-Ill., Jack Reed, D-R.I. and Elizabeth Warren, D-Mass., have introduced legislation to address the growing problems with student loans, but their efforts have stalled short of reaching the Senate [...]

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Top Financial News Stories of the Year

Top 10 Debt-Related Stories of 2013

Some phase of the economy is the No. 1 news story almost every year, but 2013 offered an interesting twist: It was possible to argue that nearly every financial story had equal parts good and bad news attached to it. It all depends on how you view things. For example, the unemployment rate fell from [...]

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CashCall mortgage information

CFPB Files Lawsuit Against CashCall for Illegal Online Loan Servicing

The Consumer Financial Protection Bureau (CFPB) sounded the alarm about online loan services, filing a lawsuit against CashCall Inc., for collecting exorbitant amounts of money the bureau says consumers didn’t owe. It is the first time the CFPB has sued an online loan service. The CFPB alleges that CashCall Inc., tried to collect on loans [...]

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Speaker of the House John Boehner speaks before the budget deal

U.S. House Passes Budget Deal; Senate Likely to Follow Suit

Democrats finally scored a victory in the U.S. House of Representatives on Thursday, joining Republicans to pass the Bipartisan Budget Act by a stunning margin of 332-94. The unanticipated truce in the neverending battle among House members pushes the bill to the Senate floor, where passage is likely and would avoid another tedious holiday budget [...]

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People shopping on the holidays in a store

Holidays a Tough Time to Reduce Debt

The inevitable collision between year-end spending and budget restrictions is making this an uncomfortable holiday season for two vital groups in the American economy: Consumers and the federal government. American consumers, still wary of carrying debt — especially credit card debt — are spending at the lowest level in five years. Holiday sales were off [...]

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CFPB logo in green

CFPB Will Oversee Largest Student Loan Servicers

The millions of Americans facing problems with the companies servicing their student loans now have an angel looking over their backs. The Consumer Financial Protection Bureau (CFPB), a government watchdog agency, will start exercising its considerable oversight responsibilities on companies that collect payments on student loans to see if they are breaking any laws beginning [...]

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Education Secretary Arne Duncan talking to the media

Department of Education Nets $41.3B Profit in 2013 from Student Loans

A new government report shows the U.S. Department of Education generated $41.3 billion from federal student loans in the 2013 fiscal year, making it the third most profitable industry in the global economy behind Exxon and Apple. The Congressional Budget Office (CBO) released the report in November. Its figures, which track the fiscal year that [...]

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