California Will Be Fourth State to Sue Navient Over Student Loans

California Will Be Fourth State to Sue Navient Over Student Loans

The legal problems facing Navient, one of the nation’s largest student loan debt collectors, mounted on Thursday as California’s attorney general said he would file a lawsuit accusing the company of widespread deceptions and mistakes that cost borrowers millions of dollars. The accusations echo those in a major enforcement case against Navientthat was started by the Consumer Financial Protection Bureau last year, in the final days of President Obama’s administration. The bureau is still pursuing the case, but consumer advocates fear it will be dropped or settled by Mick Mulvaney, the…

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What Happens If You Misuse Your Student Loans

What Happens If You Misuse Your Student Loans

Individuals can be legally prosecuted and face fines or imprisonment in financial aid fraud cases and instances of illegal borrowing. (Getty Images) Many college students make poor decisions with their student loan refunds – spending the money on noneducational purposes, such as spring break vacations and buying new clothes. Accounts of student loan misuse are easy to find – and usually don’t shock the Student Loan Ranger. However, we were surprised by one recently buzzed-about way to spend student loan funds: investing in cryptocurrencies. Such findings may be questionable, but many instances of student loan misuse…

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How to Get Student Loans When Returning to School

How to Get Student Loans When Returning to School

  If you’re looking to advance your career or increase your earning potential, going back to school for a master’s degree or professional certification can be an important step. However, the cost of returning to school can be expensive. According to education resource Peterson’s, tuition at a public university totals nearly $30,000. A private university could cost you close to $40,000. If you don’t have that much money in the bank, and few people do, you’ll likely have to turn to student loans to cover the bill. How to get student…

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7 Types of Student Loans Offered By the Department of Education

7 Types of Student Loans Offered By the Department of Education

Paying for school can feel like a huge burden, especially as the cost of college continues to increase. Even public universities — typically a much cheaper option than private schools — saw a 7.2 percent price hike during the 2015-2016 school year. With a higher education costing more than ever, finding affordable financing options is essential. One of the best places to start is the federal government. Department of Education student loans tend to have lower interest rates and more generous repayment terms than private loans, making them a smart way…

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India’s engineering graduates have loans to pay but no jobs – so who is clearing their debt?

India’s engineering graduates have loans to pay but no jobs – so who is clearing their debt?

  Four years after receiving his bachelor of technology degree in electronics and communication, B Jeyachandiran was forced to concede defeat. He had graduated in 2011 from the private Periyar Maniammai Institute of Science and Technology in Thanjavur, Tamil Nadu. He applied for engineering jobs but with no success. Between 2012 and 2013, he sold insurance in Chennai. The following year, he became a data-entry operator with a construction company in Thanjavur. But this job did not satisfy him and his salary was not enough to repay his education loan….

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Auxilo Finservice targets ₹50-crore education loans in 3 months

Auxilo Finservice targets ₹50-crore education loans in 3 months

HYDERABAD, DEC 22:   Mumbai-based Auxilo Finservice Private Ltd, a new NBFC on the block, is all set to begin disbursal of education loans. “We are now commencing loan disburals from Hyderabad and Mumbai. Before March 31, 2018, we will expand to Bengaluru, Chennai, Delhi and Pune,’’ Neeraj Saxena, Chief Executive Officer, told newspersons here. Target In the next three months, Auxilo hopes to disburse ₹50 crore and is targeting to lend ₹350 crore by the end of the next financial year. During the financial year 2016-17, eduction loans totalling ₹20,000…

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Education loans will count in credit ratings, says govt.

Education loans will count in credit ratings, says govt.

No exemption possible, Finance Ministry tells DMK MP The government has clarified that education loan defaults cannot be kept out of the ambit of credit rating bureaus such as the Credit Information Bureau of India (CIBIL). The government’s response was in reply to a question posed by DMK MP Tiruchi Siva. In a letter written to Finance Minister Arun Jaitley in August, Mr. Siva said student loans amounted only to 6.9 per cent of the total non-performing assets (NPAs), compared to industrial sectors such as steel that accounted for 36.4…

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SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

State Bank of India, country’s largest lender offers several types of educational loans for higher studies in India and abroad. The bank’s Student Loan Scheme, Scholar Loan Scheme, Loan Scheme For Vocational Education And Training and Central Scheme For Interest Subsidy are among the various loan schemes that are available for students. Education loans are tax effective as interest paid for an education loan qualify for tax deduction under section 80E of Income Tax Act. Here are all the details like eligibility, duration, security, repayment that you need to know…

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Dalits, tribals prefer loans for home than education

Dalits, tribals prefer loans for home than education

More Dalit and tribal families have been taking home loans over the past few years while the number of education loans has reduced, indicating a new pattern of investments among these communities. A note prepared by the department of financial services in the ministry of finance shows the amount disbursed in home loans in 2017-18 , Rs 2,849.36 crore, has gone up by nearly 50% compared to 2015-16, Rs 1,954.57 crore. Sources add that the rise coincides with the government’s renewed thrust on ‘Housing for all’ by 2022 and the…

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3 months for banks to claim subsidies for education loans

3 months for banks to claim subsidies for education loans

CHENNAI: Banks across India can now submit claims for the education loan interest subsidy for eligible accounts for the financial year 2016-17 from August 23 to November 23. Canara Bank is the nodal bank and they will be opening the portal. All the students who have availed education loanfrom the Banks under Indian Banks’ Association (IBA) Scheme to pursue professional / technical courses in India are eligible to avail the full interest subsidy, if the annual parental income is less than 4.50 lakhs. Many banks have failed to claim the interest subsidy from MHRD thereby…

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