How The Education Department Is Shielding Student Loan Services | NBC News Now


1-800-273-TALK. TALK IS 8255. TALK IS 8255. A LETTER BY A TOP ADVISOR TO A LETTER BY A TOP ADVISOR TO BETSY DEVOS eVOS REVEALS THEY HA BETSY DEVOS eVOS REVEALS THEY HA BEEN HELPING SERVICES BY BEEN HELPING SERVICES BY DECLINING TO TURN OVER DECLINING TO TURN OVER INFORMATION TO LAW ENFORCEMENT INFORMATION TO LAW ENFORCEMENT AGENCIES. AGENCIES. THAT HELPED IN SEVERAL STATES THAT HELPED IN SEVERAL STATES INVESTIGATING THE BUSINESSES. INVESTIGATING THE BUSINESSES. WE GO INSIDE THE EDUCATION WE GO INSIDE THE EDUCATION DEPARTMENT’S EFFORT TO OBSTRUCT DEPARTMENT’S EFFORT TO OBSTRUCT STUDENT LOAN INVESTIGATIONS. STUDENT LOAN INVESTIGATIONS.>>FOR THE PAST TWO YEARS,>>FOR THE PAST TWO YEARS, STUDENT LOAN COMPANIES HAVE BEEN STUDENT LOAN COMPANIES HAVE BEEN UNDER INVESTIGATION BY THE UNDER INVESTIGATION BY THE FEDERAL GOVERNMENT AS WELL AS FEDERAL GOVERNMENT AS WELL AS STATES’ ATTORNEYS GENERAL. STATES’ ATTORNEYS GENERAL. WHAT THEY ARE LOOKING FOR IS HOW WHAT THEY ARE LOOKING FOR IS HOW THE SERVICES ARE TREATING THE SERVICES ARE TREATING CUSTOMERS. CUSTOMERS. THAT AMOUNTS TO 45 MILLION THAT AMOUNTS TO 45 MILLION AMERICANS WHO HAVE STUDENT AMERICANS WHO HAVE STUDENT LOANS. LOANS. THOSE LOANS AMOUNT TO $1.6 THOSE LOANS AMOUNT TO $1.6 TRILLION AS WELL. TRILLION AS WELL. STUDENT LOAN COMPANIES ARE BEING STUDENT LOAN COMPANIES ARE BEING ACCUSED OF STEERING STUDENTS ACCUSED OF STEERING STUDENTS INTO HIGHER PAYMENT PLANS AS INTO HIGHER PAYMENT PLANS AS WELL AS OVERUSING FORBEARANCE. WELL AS OVERUSING FORBEARANCE. ESSENTIALLY, IT MEANS STUDENTS ESSENTIALLY, IT MEANS STUDENTS DON’T HAVE TO PAY OFF THEIR DON’T HAVE TO PAY OFF THEIR STUDENT LOANS FOR A TEMPORARY STUDENT LOANS FOR A TEMPORARY AMOUNT OF TIME. AMOUNT OF TIME. IN THE MEANTIME, THE COMPANIES IN THE MEANTIME, THE COMPANIES ARE ACCRUING INTEREST OFF OF THE ARE ACCRUING INTEREST OFF OF THE LOANS AND MAKING A LOT OF MONEY. LOANS AND MAKING A LOT OF MONEY. SOME GROUPS SAY IT’S WORTH AT SOME GROUPS SAY IT’S WORTH AT LEAST $4 BILLION OR MORE THAT LEAST $4 BILLION OR MORE THAT COMPANIES ARE MAKING. COMPANIES ARE MAKING. THE COMPANIES ARE BEING THE COMPANIES ARE BEING INVESTIGATED FOR ALLEGEDLY INVESTIGATED FOR ALLEGEDLY MISLEADING THESE BORROWERS AS MISLEADING THESE BORROWERS AS WELL AS REAPING PROFITS OFF OF WELL AS REAPING PROFITS OFF OF PAYMENTS THAT A LOT OF THEM PAYMENTS THAT A LOT OF THEM ESSENTIALLY DIDN’T HAVE TO MAKE. ESSENTIALLY DIDN’T HAVE TO MAKE. I LOOKED AT DOCUMENTS THAT WERE I LOOKED AT DOCUMENTS THAT WERE WRITTEN BY THE DEPARTMENT OF WRITTEN BY THE DEPARTMENT OF EDUCATION TO A COUPLE OF MEMBERS EDUCATION TO A COUPLE OF MEMBERS OF CONGRESS. OF CONGRESS. THESE STUDENT LOAN SERVICERS ARE THESE STUDENT LOAN SERVICERS ARE BEING FIELDED BY THE EDUCATION BEING FIELDED BY THE EDUCATION DEPARTMENT, THE EDUCATION DEPARTMENT, THE EDUCATION DEPARTMENT BASICALLY SAID THEY DEPARTMENT BASICALLY SAID THEY ARE NO LONGER GOING TO TURN OVER ARE NO LONGER GOING TO TURN OVER DATA OR INFORMATION TO THESE DATA OR INFORMATION TO THESE STATE ATTORNEYS GENERAL OFFICES STATE ATTORNEYS GENERAL OFFICES ARE WHO ARE DOING INVESTIGATIONS ARE WHO ARE DOING INVESTIGATIONS BECAUSE THEY BELIEVE THAT BECAUSE THEY BELIEVE THAT INFORMATION BELONGS TO THE INFORMATION BELONGS TO THE FEDERAL GOVERNMENT. FEDERAL GOVERNMENT. THE HOUSE FINANCIAL SERVICES THE HOUSE FINANCIAL SERVICES COMMITTEE MET THIS WEEK FOR THE COMMITTEE MET THIS WEEK FOR THE FIRST TIME IN AT LEAST TWO FIRST TIME IN AT LEAST TWO DECADES TO TALK TOSPECIFICALLY DECADES TO TALK TOSPECIFICALLY ABOUT STUDENT LOANS. ABOUT STUDENT LOANS. ONE OF THE LARGEST STUDENT LOAN ONE OF THE LARGEST STUDENT LOAN SERVICES IN THE COUNTRY HAS SAID SERVICES IN THE COUNTRY HAS SAID THAT THEY ARE HELPING MILLIONS THAT THEY ARE HELPING MILLIONS OF BORROWERS FIND THE BEST OF BORROWERS FIND THE BEST PAYMENT PLAN THEY CAN. PAYMENT PLAN THEY CAN. THE FEDERAL GOVERNMENT SAYS THEY THE FEDERAL GOVERNMENT SAYS THEY DON’T WANT TO TURN OVER THE DON’T WANT TO TURN OVER THE INFORMATION BECAUSE OF PRA VIEIV INFORMATION BECAUSE OF PRA VIEIV CONCERNS. CONCERNS. STATES ARE SAYING THAT, WE DO STATES ARE SAYING THAT, WE DO NEED THIS INFORMATION AS PART OF NEED THIS INFORMATION AS PART OF OUR INVESTIGATION. OUR INVESTIGATION. WHEN I HAVE SPOKEN TO STUDENT WHEN I HAVE SPOKEN TO STUDENT BORROWERS, THEY ARE NOT AS BORROWERS, THEY ARE NOT AS CONCERNED ABOUT THE STATE HAVING CONCERNED ABOUT THE STATE HAVING THIS BECAUSE THE FEDERAL THIS BECAUSE THE FEDERAL GOVERNMENT AND LOAN SERVICES GOVERNMENT AND LOAN SERVICES HAVE THIS DATA AND HAVE THEIR HAVE THIS DATA AND HAVE THEIR INFORMATION. INFORMATION. THE STUDENTS ARE PAYING THESE THE STUDENTS ARE PAYING THESE HIGH INTEREST RATES. HIGH INTEREST RATES. THEY ARE THE ONES SAYING, WE

2 thoughts on “How The Education Department Is Shielding Student Loan Services | NBC News Now”

  1. I think it's best to work full-time and go to school part-time so you can pay for your classes and books out of your pocket. It's also a good idea to buy used books.

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