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U.S. agency urges private lenders to ease automatic default rules on student loans
April 22, 2014 /
Some people who pay private student loans on time are being placed in default when the co-signer of their loans dies or declares bankruptcy, the Consumer Financial Protection Bureau said in a report due out Tuesday.
These "auto defaults" force borrowers to either immediately repay the full loan balance or ruin their credit, hurting their chances of getting a job, renting an apartment or buying a car.
By Danielle Douglas
MATR Supporters (view all)
Posted in: Education News
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