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Student Loans and the CFPB

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woozy
Contributor

Re: Student Loans and the CFPB

The loan wasn't co-signed, it's a Plus Loan.

 

I have plenty of company with no advocate. The last I heard, they were offsetting the checks of 600,000 people.

Message 11 of 14
InvincibleSummer3
Established Contributor

Re: Student Loans and the CFPB

I'm not sure all 600k had already paid the debt, however.

 

Wait, I looked it up. They had you listed as the parent and the student both. That's what I was remembering.

Message 12 of 14
woozy
Contributor

Re: Student Loans and the CFPB

Yes, they had me listed as the student, but the Promissory Note was correct.

 

There are supposed to be safeguards in place, such as requiring them to validate, and giving you a hearing. But there is nobody to make them do it. 

 

Nobody really knows how many of these offsets are valid, but the student loan system was horrid back then.

 

I'm not sure there is any justification for leaving a person with enough money for even a small apartment, for a 20 or 30 year-old debt, even if they do owe it. They voted away all consumer protections for this one category of debt. Why? Because they could, and they are bullies.

Message 13 of 14
woozy
Contributor

Re: Student Loans and the CFPB

I'm going to update this for future searchers.

 

The CFPB has absolutely no jurisdiction over federal student loans.

 

The DoEd has been subject to the FCRA (confirmed 1999), but they have not responded to the two FCRA, CMRRR letters I've sent in the last 18 months. They routinely tell people on the phone that they are not subject to the FCRA, that they have a "Congressional Mandate" (true) that overrides the FCRA (not true).

 

They are required by law to respond to Economic Hardship Appications, but I've sent 3 in 18 months, with no response from them.

 

Theoretically, there are oversight agencies, but in practical terms, I've been unable to get any of them to respond in any meaningful way.

 

They are absolutely horrific.

 

 

 

Message 14 of 14
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