Advertisements touting reverse mortgages often leave older consumers confused about the loan terms and unaware of the risks, according to a new report from the Consumer Financial Protection Bureau.
Borrowers struggling to repay private student loans say they have little choice but to default because lenders won’t revise payments to make them affordable, according to a new report by the Consumer Financial Protection Bureau.
Though a small percentage of older Americans carry student loans, those who do are incurring this debt faster, have a higher default rate and, as a result, can find themselves living in poverty in retirement, according to a new report from the U.S. Government Accountability Office.
Just as the Federal Reserve Bank of New York is raising concern about growing student loan debt and defaults, President Barack Obama is moving to expand a repayment program aimed at helping lower-income borrowers.
Many parents and grandparents are aware of the hazards of cosigning an education loan, putting themselves on the hook to repay if the student doesn't.
Parents who've taken out federal student loans to help pay for their children's college education are increasingly finding themselves in serious financial trouble. Default rates on Parent PLUS loans have tripled in the last few years, according to federal data released this month.
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