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Alan White
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David Graeber’s Debt, The First 5000 Years
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I’m just getting around to reading a 2014 book some Creditslips readers may be familiar with, Debt: The First 5000 Years. In this utterly fascinating work, Anthropologist David Graeber exhaustively recounts the history of debt and money. He begins by... Continue reading
Posted Jun 18, 2020 at Credit Slips
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California sues Devos over PSLF
California's Attorney General has filed a lawsuit against Betsy Devos challenging the failure to discharge student loans under the Public Service Loan Forgiveness program. The suit asserts that US Ed's failure to create a simple and effective application process injures... Continue reading
Posted Jun 4, 2020 at Credit Slips
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We Can Cancel Student Loans for Essential Workers Now
While the House HEROES bill's scaled-down student loan forgiveness is unlikely to become law, many essential workers are eligible for student loan cancellation now under existing law. The Public Service Loan Forgiveness program covers all police, firefighters, public school teachers,... Continue reading
Posted May 27, 2020 at Credit Slips
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PPP Loan Fees for Banks
$10 billion of CARES Act funds are going to the banks, especially megabanks, in fees for making “small” business PPP loans. The fees established by Congress, to be paid by the Small Business Administration, i.e. Treasury, range from 1% for... Continue reading
Posted Apr 27, 2020 at Credit Slips
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PSLF update
The success rate for Public Service Loan Forgiveness applicants has doubled. From 1% to 2%. Thinking they have completed their 10 years of payments, 140,000 student loan borrowers had applied for cancellation through February 29, and about 3,000 had received... Continue reading
Posted Apr 20, 2020 at Credit Slips
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11th Circuit: Student Borrower Consumer Claims not Preempted by HEA
An 11th Circuit panel ruled last week that student loan borrowers may assert state law misrepresentation claims against a student loan servicer that falsely told them their FFEL loans qualified for Public Service Loan Forgiveness. The servicer, joined by USED,... Continue reading
Posted Apr 14, 2020 at Credit Slips
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CARES Act Mortgage Foreclosure and Tenant Eviction Relief
The final text of the act is now available here. The foreclosure relief is in Section 4022 and the eviction moratorium is in Section 4024. Mortgage borrowers with federally related loans (FHA, VA, Farmer's Home, Fannie or Freddie) may request... Continue reading
Posted Apr 1, 2020 at Credit Slips
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CARES ACT Student Loan Relief
The CARES Act signed into law last week suspends payments and eliminates interest accrual for all federally-held student loans for six months, through September 30. These measures exclude private loans, privately-held FFEL loans and Perkins loans. The other five subsections... Continue reading
Posted Mar 31, 2020 at Credit Slips
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PSLF in the Time of Coronavirus
The rules for student loan borrowers hoping for Public Service Loan Forgiveness are changing rapidly, and information even on Education Department and CFPB web sites is confusing and rapidly outdated. The CARES Act, section 3513, signed into law on March... Continue reading
Posted Mar 29, 2020 at Credit Slips
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Student Loan Relief for Public Service Workers: Repeal the 15-day Rule
More than one million public servants – nurses, soldiers, first responders, teachers—should be eligible now or soon for student loan cancellation under existing law – the Public Service Loan Forgiveness program. Congress and the Administration can accelerate this process now.... Continue reading
Posted Mar 24, 2020 at Credit Slips
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600,000 student loan borrowers getting nowhere
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Student loan borrowers who plan to apply for Public Service Loan Forgiveness (PSLF) after ten years of income-based payments are simply not getting their https://fsaconferences.ed.gov/conferences/library/2019/2019FSAConfSession18.pdf payments counted. Between January 2012 and August 2018 nearly one million borrowers submitted an approved... Continue reading
Posted Dec 24, 2019 at Credit Slips
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What's Wrong with PSLF and How to Fix It
The Public Service Loan Forgiveness program has so far rejected roughly 99,000 out of 100,000 student loan borrower applicants. Poor Education Department oversight, poor contract design and implementation, and widespread servicing contractor failures are as much to blame as problems... Continue reading
Posted Nov 5, 2019 at Credit Slips
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USED could have seen PSLF Fail coming
The Department of Education (USED) knew by 2016 that hundreds of thousands of student loan borrowers planning to apply for public loan service forgiveness (PSLF) were headed for rejection as they started applying in late 2017. The Department conducted a... Continue reading
Posted Oct 31, 2019 at Credit Slips
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$5 to forgive public servant student loans
Five dollars is the contract payment the US Education Department makes to its servicer FedLoan for a borrower's first approved Public Service Loan Forgiveness (PSLF) employment certification. FedLoan is supposed to review employer certifications, track PSLF borrower payments for ten... Continue reading
Posted Oct 21, 2019 at Credit Slips
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Student Loan Crisis Driving Racial Wealth Gap
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Twenty years after taking out student loans, white borrowers have paid 94% of their debt (at the median.) Black borrowers, on the other hand, have paid 5%. While a disturbing 20% of white borrowers defaulted on student loans at some... Continue reading
Posted Sep 26, 2019 at Credit Slips
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Home Contract Financing and Black Wealth
A remarkable new quantitative study finds that over two decades, African American home buyers in Chicago lost between $3 and $4 billion in wealth because of credit apartheid. The study authors from research centers at Duke, UIC and Loyola-Chicago reviewed... Continue reading
Posted May 31, 2019 at Credit Slips
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The Student Loan Tax
Democrats’ policy proposals have sparked a vital and overdue debate on our system to pay for post-secondary education, and how that system burdens and redistributes income. The existing system combines a small share of taxpayer funding (via the Pell Grant)... Continue reading
Posted Apr 29, 2019 at Credit Slips
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Student Loan Fixes
While presidential candidates propose sweeping new policy initiatives, a few simple legislative fixes could go a long way to alleviate the student loan crisis. Three numbers set by Congress have a huge impact on the burden borne by millions of... Continue reading
Posted Apr 1, 2019 at Credit Slips
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Deleveraging Is Over
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An unsustainable run-up in consumer housing debt and other debt was a fundamental structural cause of the 2008 global financial c risis. Following four years of painfully slow decline, total U.S. consumer debt has now risen back above its 2008... Continue reading
Posted Feb 26, 2019 at Credit Slips
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Student Loan Servicing Fail (continued)
The U.S. Education Department is doing a lousy job of overseeing the private companies servicing $1.1 TRILLION of federal student loans. That is the gist of the Inspector General's findings in a new report. Among other problems, the IG found... Continue reading
Posted Feb 14, 2019 at Credit Slips
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Reflections on the foreclosure crisis 10th anniversary
Before it was the global financial crisis, we called it the subprime crisis. The slow, painful recovery, and the ever-widening income and wealth inequality, are the results of policy choices made before and after the crisis. Before 2007, legislators and... Continue reading
Posted Dec 3, 2018 at Credit Slips
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American Bar Association: exempt lawyers from FDCPA
The American Bar Association, at the urging of its debt collection lawyer members, is supporting HR 5082, which would partly exempt lawyers from the Fair Debt Collection Practices Act. Misrepresenting the bill as a technical clarification, the ABA is throwing... Continue reading
Posted Nov 19, 2018 at Credit Slips
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For-profit college chain files (for receivership)
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Education Corporation of America filed a legal action in federal district court last week claiming financial distress, seeing to enjoin its creditors and restructure its debt. Sounds like Chapter 11, right? But no. ECA can't file a bankruptcy petition, because... Continue reading
Posted Oct 22, 2018 at Credit Slips
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Trump socialism and housing finance
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Various tax law scholars have commented on the tax fraud allegations in the recent New York Times story. Equally important is the story's reminder that our housing finance system, and the real estate fortunes it has spawned, have depended for... Continue reading
Posted Oct 15, 2018 at Credit Slips
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More on PSLF fail
The US Education Department is assigning the complex task of monitoring the employment and the on-time payments of Public Service Loan Forgiveness aspirants to its worst-performing servicer. USED has contracted with servicing company FedLoan, affiliate of the Pennsylvania Higher Education... Continue reading
Posted Oct 10, 2018 at Credit Slips
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