Joseph de la Torre Dwyer - The CFPB vs. Student Loan Sharks
March 9, 2012 College students today take on more debt than ever with fewer prospects of paying that money back. The Federal Reserve Bank of New York reported that 27 percent of education borrowers have past due balances.
This stems from a few causes. For starters, average college tuition has more than doubled since the 1980s in inflation-adjusted dollars. This means that college costs have risen significantly faster than the average family’s income. At the same time, grant-based financial aid has remained virtually flat. As a result, most students and families find no other recourse but to use loans—a financial instrument about which, all too often, they possess incomplete, confusing, or inaccurate information.
Now those students and their families have a powerful ally: The new Consumer Financial Protection Bureau.
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http://www.policyshop.net/home/2012/3/8/the-cfpb-vs-student-loan-sharks.html
