Student Loans and the CFPB

08/28/2018
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Student Loans and the CFPB.  Do we really need them involved?

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12 thoughts on “Student Loans and the CFPB”

  1. Tom Havey says:

    Bankruptcy. When student loan borrowers are allowed to BK like any other debt that didn’t work out, then I will give some credence to today’s video. Until then, the Student Loan Industrial Complex, the main fuel stoking overpriced higher education, will keep running over and ruining the lives of naive teenagers and idealistic parents. I don’t have student loans but know people who have defaulted, with zero chance of resolution, except for BK.

  2. Bruce Kelly says:

    I think the most important point made today, was that when someone gets a loan, they know the terms. How many parents and Students even have a plan to pay the student loans back? My question is this: When did these student loans become a problem and why? How long have Student Loans been available?

  3. Truth B. Told says:

    I will be the one to say it….. What is truly criminal is that you don’t think that you should have person responsibility for the money that YOU chose to borrower for your son’s education. Instead you want ME and other tax payers to pay for YOUR obligations! That is criminal. And your son CHOSE to attend an expensive school instead of community college and state college. Your son also continues to CHOSE to leave YOU in a mountain of debt while he is out spending hundreds or thousands of dollars every month at bars and restaurants getting his drink on and eating avocado toast. So how about YOU take responsibility for YOUR own actions and quit whining about YOUR bad decisions.

  4. Leo Linn says:

    The tuition at my Alma Matter has increased 15 fold since I graduated. The price of gold is up about 5X. Student loan use increased quite a bit and it seems has become the primary source of funding for higher education, which has perhaps contributed to higher tuition. Is the problem student loans, or how much people are borrowing on them due to the high cost of higher education?

  5. John Bacon says:

    Student loans should be capped and the amount allowed to be borrowed should be based on a conservative amount of money that the student can annually earn based on the degree. Too many people getting a psychology degree that pays the student less than a job at McDonalds and no one brings this up to those students borrowing the money.

  6. Tom Burnett says:

    I totally agree with Truth B Known! Our society of “snowflakes” have been so overwhelmed by our education system that says obtaining a college degree is the key to a successful career and life. Why don’t parents suggest to their kids to do something worthwhile for our great Country by joining a military branch that will pay for college? Parents if you cosign the Student Loan documents, you’re as out of whack as your kid!!!

  7. John Sullivan says:

    I hate to unsympathetic but, it’s not about fair. Every person has an individual responsibility to read and review loan documents they obligate themselves to. They must guide their kids to pick the right college and not be bamboozled by the college label. The days of sending kids of to college without knowing the end goal is over. Junior may want to be an Art major so they better go to a local Jr college not a 30k/40k institution. The end occupation must equal the college chosen. Once we all take ownership of our decisions is when this proble will end.

  8. Barbara says:

    I have been paying my son’s student loans for years, and I’ve noticed that it’s almost impossible to pay extra on the principal to shorten the term that you actually end up paying and save interest. You pay extra, and it just goes towards the next payment.

  9. Dean Eshelman says:

    I was smart enough NOT to sign my daughters student loans. She completed the education, worked but became unable to perform Beauty care due to swelling strained tendons in her arm. So went deliquent until she was able to work again — 3 years later. Got the run around from the reinstatement people for another 1-1/2 years. Can not refi at a lower rate. Telling her to refi into her home (no way!!! Never take unsecured debt and convert to secured debt). What’s worse is payment is based on a percentage of What they think you should be earning!!!!! Not what you are earning. Based on her present earnings she could NEVER pay off. The interest is more than a payment. There is NO payment schedule outlined when you take these loans (unlike a mortgage) So you finish school and get a surprise!!!! SO on this one your guys have not done your home work and do not have a clue!!!

  10. Dan S says:

    I had a great education – private grade school and private HS. My parents sacrificed. But I didn’t have money for college so I went in the Navy. I learned more. But I didn’t get a chance to live the country club – I mean college lifestyle. And I was taught, if you take on debt, you pay your debt even if y9ou have to work multiple jobs and it takes you years to pay it back. Anything less is un-American. College is privilege – not a right. And paying 30 – 40k a year for college – really? It just means bad choices were made.

  11. Mike Petersen says:

    Wow — you guys are normally really on-point, but I completely disagree with your overall point here. Predatory lending practices are rampant in the student loan industry.

    If I go to a restaurant and order fish, and then I get food poisoning because the chef isn’t following safe food-storage practices, I want some group of my fellow citizens — maybe we can call them the “Health Department” — to stand up for me and say to that restaurant owner, “Hey pal. Either fix your walk-in fridge and make your product safe for people to use or you’re getting shut down.” And I want them to be able to enforce that, so the restaurant owner actually changes the behavior. What I don’t want, and what this video suggests I deserve, is to be told, “Quit complaining and take some personal responsibility!! You should have smelled that the fish was bad!! Nobody FORCED you to order fish!! Why are you even eating at a restaurant — you could have made food at home!!
    Why do we need a Health Department, anyway — we already have the DMV and the EPA, can’t they “pick up the slack” on this?? We need to get rid of all this regulation!! The big bad government wants to control my life!! I demand FREEDOM to be food-poisoned!!”

    If all companies behaved ethically at all times, we wouldn’t need our local Health Department, or the CFPB. But they don’t. So we do. And suggesting that the CFPB isn’t needed because student loan regulation could be done by… the Securities and Exchange Commission… the Federal Reserve… or the Comptroller of the Currency? Who’s taking bong hits, again? Come on guys.

  12. Craig D says:

    Brain cleans up well when he shaves his werewolf beard.

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