CFPB Monitor

DECEMBER 17, 2018

In a December 13 posting , the Department of Education announced that on December 14, it would begin sending emails to borrowers “to inform them that the company that handles billing and other services related to their federal student loans will discharge some or all of the borrower’s loans within the next 30-90 days.”.

Study 60

Study Report Payments Company 60

CFPB Monitor

MAY 20, 2019

In a letter sent to Senator Elizabeth Warren regarding the CFPB’s supervision of student loan servicers, CFPB Director Kathy Kraninger discussed the Bureau’s relationship with the Department of Education. ” ( Seth Frotman , the former Ombudsman and now a vocal critic of the Bureau, resigned in August 2018.).

US 68

US 68

CFPB Monitor

JANUARY 14, 2016

Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers. Chopra was highly critical of private student loan lenders and servicers. Culhane, Jr.

Leadership 60

Leadership System Report How To 60

PYMNTS

JULY 31, 2020

Universities are all about giving students learning experiences, but having one themselves isn’t usually standard operating procedure. How do you get students in classes while maintaining social distancing? How do you track students and manage them in heavy congestion points?”. After all, roughly 80 percent of U.S.

Payments 239

Payments New York Online Resources 239

PYMNTS

OCTOBER 7, 2020

Vertical payments firm Flywire has partnered with BELTA, the Brazilian Educational & Language Travel Association, in a move that grows the availability of its cross-border payment services for students from Brazil who are studying in other countries. Brazil is among the fastest expanding origination markets for global students.

Groups 200

Groups Study Fraud Leadership 200

PYMNTS

JUNE 25, 2020

With universities and students across the world struggling with a cash crunch amid the pandemic, digital payments company Flywire announced in a press release that it wants to help. Colleges and universities, in turn, can choose which payment methods to add or offer “based on student demand,” Flywire noted in the release.

Payments 162

Payments United States Boston Study 162

PYMNTS

JULY 21, 2020

Flywire has teamed with China’s international education industry association BOSSA to bring its cross-border payment services to more Chinese students traveling to other countries. China boasts the largest source of international students for educational institutions worldwide.

Payments 140

Payments Study Industry System 140

CFPB Monitor

APRIL 23, 2019

A Federal Register entry published last week details a proposed data-sharing arrangement between the Department of Defense (DoD) and the Department of Education (DoE) designed to reduce the amount of interest that certain active duty service members pay on federal student loans. ”

Data 68

Data 68

CFPB Monitor

FEBRUARY 6, 2019

The article highlights state and FTC enforcement actions against lead generators and suggests that these entities qualify as third-party servicers under Department of Education regulations. Institutions and third-party servicers are jointly and severally liable for a servicer’s violations of the Higher Education Act. See 34 C.F.R.

Groups 60

Groups Compliance Regulation Industry 60

CFPB Monitor

FEBRUARY 29, 2024

formerly Bridgepoint Education) for violations based on false and misleading statements to prospective students. On February 20, 2024, the California Court of Appeal largely affirmed an eight-figure judgment against Ashford University (“Ashford”), an on-line, for-profit college, and its parent company, Zovio, Inc.

California 78

California Company 78

CFPB Monitor

JULY 25, 2016

The Department of Education has released a memorandum to provide policy direction for the new federal student loan “state-of-the-art loan servicing ecosystem” that the ED is currently procuring. Culhane, Jr. ” Accurate and Actionable Information.

Policies 60

Policies Regulation Training System 60

Perficient

MAY 31, 2023

This is convenient for expert software engineers and is integral for educational purposes, as it allows students to learn through application. This education is also driven by the open-source community’s expectation that users will be active participants in its democracy.

Software 251

Software Study User Experience Innovation 251

Perficient

MARCH 1, 2021

BONUS: What Perficient Leadership Says About Driving STEM Education and Career Opportunities. Bright Paths, a program designed to advance STEM education and career opportunities for underrepresented constituencies and communities, is partnering with Strategic Education, Inc. , Welcoming Women to the World of Technology.

Detroit 520

Detroit Training Community Metro 520

CFPB Monitor

FEBRUARY 8, 2024

With federal student loans approaching $1.7 trillion, private student loans approaching $129 billion, strident consumer group advocacy, and national elections on the horizon, student loan origination and servicing continues to be a focal point for federal and state regulators. Continue Reading

National 78

National Regulation Groups 78

PYMNTS

SEPTEMBER 17, 2020

Higher education is not immune from pandenomics, and is undergoing its own reset as institutions of higher learning synthesize new market conditions. Universities must work swiftly to ensure they can keep up with both the needs and the growing expectations of a new, digital generation of students.”. billion this year to $15.3

Video 251

Video Resources Course Online 251

CFPB Monitor

SEPTEMBER 16, 2019

In less than a year, pre-dispute arbitration agreements will be clearly permissible again now that the Department of Education has finalized its proposal to rescind the Obama administration’s “Borrower Defense” rule issued in November 2016 and replace it with “Institutional Accountability Regulations.”

Regulation 60

Regulation Examples California Payments 60

PYMNTS

FEBRUARY 13, 2020

Checks may be cumbersome and flawed, but they persist as one of the top methods by which businesses, legal firms and universities pass refunds to consumers, clients and students. academic institutions are legally required to offer check refunds to students, despite the option’s well-documented security weaknesses.

Ohio 130

Ohio Security Payments Examples 130

PYMNTS

AUGUST 14, 2020

And in education, Google and Apple are facilitating students’ return to class with the help of technology. 140M: Number of students and teachers using G Suite for Education to stay connected during the pandemic. All this, Today in Data. 7.3K: Minimum number of Circle K stores in operation in the U.S.

Technology 230

Technology Retail Apple Google 230

PYMNTS

NOVEMBER 22, 2020

taxpayers stand to absorb a hit of about $435 billion from borrowers’ failure to repay student loans currently on the federal government’s book, the Wall Street Journal reported Saturday (Nov. Department of Education and two private consultants that helped the agency review the situation, the WSJ reported.

Report 283

Report Chicago Analysis Taxes 283

PYMNTS

NOVEMBER 26, 2019

Founded this year by Sim Shagaya, uLesson is working to lesson educational gaps in the region by integrating mobile platforms, SD cards, cultural curriculum and a network of tutors. To remedy this, uLesson is offering an app-based home education kit for students that includes a dongle, SD card and a set of headphones.

Video 178

Video Regional Cards Capital 178

PYMNTS

JUNE 15, 2020

We take a similar attitude when it comes basic math and science — but when it comes to financial literacy, only 21 states require financial education, Dr. Annamaria Lusardi recently told Karen Webster. These aren’t things that people just pick up without formal education. “No Clearing The Hurdles. Money is also typically an issue.

Fintech 258

Fintech America Washington Tools 258

CFPB Monitor

MAY 2, 2016

Last week, the CFPB announced that it had issued a Request for Information seeking comment on a set of prototype disclosures (the “Payback Playbook”) to assist federal student loan borrowers in selecting between alternative repayment plans. ” The fact sheet describes the elements of an updated credit reporting system.

Report 60

Report Training Data System 60

CFPB Monitor

JULY 5, 2022

On June 18, 2022, Louisiana’s Governor signed into law two new bills that impose new requirements for student loans. HB 610 creates the following new duties for student loan servicers: Response to Inquiries/Complaints. Any payment due by a student loan borrower. The terms and conditions of the student education loan.

Louisiana 78

Louisiana Payments Report Security 78

PYMNTS

AUGUST 20, 2020

For college students, the subject of fees — and how to pay for them — is notoriously thorny. But numerous schools have said that fees will not change, except perhaps for student activities, Forbes magazine reported. On the other hand, there’s the question of what students will be getting for their money.

Rhode Island 181

Rhode Island North Carolina Massachusetts Michigan 181

CFPB Monitor

JULY 8, 2022

Department of Education recently announced proposed regulations designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act. The Department’s purported justification for prohibiting arbitration comes from Section 454 of the federal Higher Education Act, 20 U.S.C.

Regulation 78

Regulation West Virginia Virginia Study 78

CFPB Monitor

AUGUST 8, 2023

Supreme Court held that President Biden lacked authority to advance his signature effort to forgive upwards of $430 billion in federal student loans, a new challenge has been filed to other major elements of his higher-education agenda.

Michigan 78

Michigan Policies 78

PYMNTS

NOVEMBER 13, 2020

Google is integrating its Expedition 360 virtual reality (VR) tools to Google Arts & Culture app to allow teachers to keep offering students digital adventures as remote learning continues. The original Expeditions Pioneer Program launched in 2015 for educators and in 2016 was made available on the Android operating system.

Google 222

Google Las Vegas Tools New York City 222

PYMNTS

DECEMBER 23, 2020

The Consumer Financial Protection Bureau (CFPB) has settled with student loan servicers Discover Bank , The Student Loan Corporation and Discover Products (collectively Discover) in a 2015 case for unlawful practices, and Discover will have to pay $10 million in customer redress, a press release says.

Taxes 285

Taxes Analysis Payments Report 285

PYMNTS

MAY 8, 2020

It isn’t alone — Delaware Valley University in Pennsylvania, Kansas City University and Central Michigan University are also considering similarly unchanged rates in order to offer an olive branch to students and families struggling due to the virus and the costly rates of higher education.

Michigan 150

Michigan Kansas City Delaware Kansas 150

PYMNTS

APRIL 23, 2020

To retain and fuel student enrollment for the 2020-2021 academic year, vertical payments company Flywire has unveiled a new framework. The coronavirus presents unique challenges to colleges and universities around the world,” Flywire EVP of Global Education Sharon Butler said in the announcement.

Guidelines 130

Guidelines Policies Community Study 130

PYMNTS

JULY 22, 2020

Institutions of higher education are taking strong measures to stay on an even keel as they encounter less state funding, decreased contributions and a falling number of students. In general, most faculty members are in positions that are not tenured, or on the path to becoming tenured, per the American Council on Education.

North Carolina 130

North Carolina Boston Houston Arizona 130

CFPB Monitor

SEPTEMBER 12, 2022

On September 9, 2022, the California Department of Financial Protection & Innovation (the “DFPI”) released a Notice of Proposed Rulemaking Action that proposes to adopt regulations implementing the Student Loan Servicing Act (section 28100, et seq.) and the Student Loans: Borrower Rights Law (Civil Code section 1788.100, et seq.).

California 78

California Regulation Innovation Payments 78

CFPB Monitor

AUGUST 3, 2023

Last year, Kentucky enacted the Student Education Loan Servicing, Licensing, and Protection Act of 2022 (the “Act”), which requires student loan services to be licensed in Kentucky. The Act took effect on July 13, 2023 (the “Effective Date”).

Kentucky 78

Kentucky System 78

PYMNTS

FEBRUARY 17, 2020

Here’s the rub: students (or parents if they’re signatories) must request that aid be sent electronically, or else paper check is the auto default. Ironically, there’s an educational component to this Gordian knot. The disconnect between student loan disbursements and digital payments is perhaps the most frustrating.

Arkansas 167

Arkansas Ohio Texas Regulation 167

PYMNTS

JUNE 18, 2020

As the pandemic continues to disrupt everyday life the world over, educational institutions are providing refunds. Students at Louisiana State University (LSU), in one case, are set to receive reimbursements for some charges. million to students, with the inclusion of dining plan and housing reimbursements, WDSU reported.

Louisiana 153

Louisiana Report 153

Payments Source

AUGUST 30, 2020

When the coronavirus pandemic forced teachers and students to move classroom learning online this year, school districts and educators suddenly faced a raft of challenges around handling new expenses for tools needed for cyber education.

Security 154

Security Data Tools Online 154

CFPB Monitor

MARCH 30, 2020

Higher Education and Student Lending. The CARES Act contains several provisions related to higher education, some of which pertain to student loan relief, which are described below: Section 3503 (Campus-Based Aid Waivers). Section 3504 (Use of Supplemental Educational Opportunity Grants for Emergency Aid).

Report 135

Report Study Lending National 135