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Alan White
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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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Million public servants counting on broken PSLF program
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This week we learn from the GAO that more than 1 million public servants have applied to certify their work and their student loan payments as qualifying for Public Service Loan Forgiveness. The number seems to be growing by about... Continue reading
Posted Sep 29, 2018 at Credit Slips
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Public Service Loan Forgiveness Fail
20,521 applications rejected as ineligible. 96 borrowers approved. Those are the early results for the Public Service Loan Forgiveness program. PSLF promised student borrowers with federal Direct Loans who worked in qualifying public service jobs that they would have their... Continue reading
Posted Sep 21, 2018 at Credit Slips
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Trump Administration's Student Loan Policy
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voanews Student loan debt has jumped from $1 trillion to $1.5 trillion in the last 5 years. The Education Department's official default rates seriously understate the share of young borrowers who default, or are not able to repay their loans.... Continue reading
Posted Sep 10, 2018 at Credit Slips
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Trump Administration's Student Loan Policy
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Student loan debt has jumped from $1 trillion to $1.5 trillion in the last 5 years. The Education Department's official default rates voanews seriously understate the share of young borrowers who default, or are not able to repay their loans.... Continue reading
Posted Sep 10, 2018 at CL&P Blog
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The Lexis privacy policy is less cavalier about sharing data with government enforcement agencies. Lexis will share personal data to "meet any applicable law, regulation, legal process or other legal obligation." The Westlaw data sharing language is quoted in the article.
Toggle Commented Aug 22, 2018 on Westlaw: A Digital Deportation Machine? at Credit Slips
Westlaw: A Digital Deportation Machine?
Lawyers and legal academics may be surprised to learn that Thomson Reuters, owners of the Westlaw electronic law library, sells its data to the Immigration and Customs Enforcement Agency, and reserves the right in its privacy policy to share browsing... Continue reading
Posted Aug 19, 2018 at Credit Slips
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Trump’s Bank Regulators
ProPublica’s new web site “Trump Town” tracks political appointees across federal agencies. In light of the president’s promises to “drain the swamp”, it is interesting to peruse some of the Treasury Department appointees responsible for bank regulation. I previously wrote... Continue reading
Posted Apr 13, 2018 at Credit Slips
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Counting the millions of evictions
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The Eviction Lab, a project led by sociologist Matthew Desmond (author of Evicted), have performed the invaluable and impressive task of gathering landlord-tenant eviction records from every county in the nation for the past 16 years. The sobering results, released... Continue reading
Posted Apr 7, 2018 at Credit Slips
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The underutilized student loan bankruptcy discharge
A common misconception is that student loans are never dischargeable in bankruptcy. There is a bankruptcy discharge exception for some qualified student loans and educational benefit repayment obligations. The discharge exception does not, however, apply to all loans made to... Continue reading
Posted Mar 28, 2018 at Credit Slips
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Fed chair Powell to Congress - make student loans dischargeable in bankruptcy
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Coverage of Federal Reserve Chairman Jerome Powell's Congressional testimony highlighted his optimism about economic growth and its implications for future interest rate hikes. Less widely covered were his brief remarks on the student loan debt crisis. Citing the macroeconomic drag... Continue reading
Posted Mar 10, 2018 at Credit Slips
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Preempting the states: US Ed to shield debt collectors from consumer protection
As if the power to garnish wages without going to court, seize federal income tax refunds and charge 25% collection fees weren't enough, debt collectors have now persuaded the Education Department to free them from state consumer protection laws when... Continue reading
Posted Feb 28, 2018 at Credit Slips
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