Feedback from private student loan borrowers reveals they hold a host of common misconceptions about their loans. In comments and complaints submitted to the Consumer Financial Protection Bureau (CFPB), borrowers demonstrate a lack of knowledge about the difference between private and federal student loans, how bankruptcy can impact their loans, who holds and services their loans, what repayment options they have, and more. The consequences of these misunderstandings include unexpected default, forbearance fees, and ineligibility for repayment incentives.
California State University, Fresno, takes pride in its reputation as one of the leading public universities in the state, but last year the business staff discovered that Fresno State was lagging in one noteworthy area: the percentage of students electing to receive financial aid refunds electronically.
The issues of affordability and retention challenge colleges to develop sustainable tuition policies that address the current economic climate yet educate students on the importance of paying their tuition bills on a timely basis. This web seminar, originally broadcast on October 16, 2012, discussed how Nelnet’s solutions, combined with tighter school fiscal policy, can help students meet their tuition obligations even if they do not receive all the financial aid they anticipated.
More than 500 colleges and universities, enrolling more than 2.5 million undergraduate students (thirteen percent of all undergrads), have committed to adopting the Financial Aid Shopping Sheet during the 2013-2014 school year. The adoption of the Financial Aid Shopping Sheet is a big win for students already attending these institutions and those who are considering enrolling.
A new version of the income-based federal student loan repayment program that's more favorable to many borrowers will go into effect starting Dec. 21, according to regulations scheduled for publication Friday.