Consumer Financial Protection Bureau Cites Illegal Student Loan Practices
For former students across the country who help to account for the billions of dollars in student loan debt currently owed, filing for consumer bankruptcy will most likely not make those payments go away. While it is not impossible to discharge student loans in bankruptcy , it tends to be a pretty arduous process. The difficulty of discharging student loans through personal bankruptcy doesn’t mean that lenders can treat those borrowers unfairly. According to a recent article in Forbes Magazine , the Consumer Financial Protection Bureau (CFPB) recently “slammed” Discover for its illegal student loan servicing practices. Getting the Right Information About Your Loans Many Chicagoans have first-hand knowledge of the burden of student loan payments. Most of us also know that mounting debt often leads Illinois residents to seek bankruptcy protection. Before you get to the point where you can’t make monthly payments, you need to know what your monthly payments are and how to...