This Week’s Links

Student Loan Interest Rates to Rise With Treasury 10-Year Note

 – The Congressional Budget Office predicts that interest rates on new Stafford and PLUS Federal student loans will rise for the 2014-2015 school year because Congress tied the rates to the yield on the Treasury 10-year note.

Democrats Plan Push to Refinance Student Loans 

 – Roll Call’s blog says that Sen. Elizabeth Warren of Massachusetts will introduce a bill on refinancing student loans as part of the Democrats’ election-year, middle-class agenda.

 – More on Sen. Warren’s bill here: http://www.masslive.com/politics/index.ssf/2014/05/sen_elizabeth_warren_introduci.html

 – And a good analysis of Sen. Warren’s proposal on Josh Cohen’s blog: http://thestudentloanlawyer.com/705/bank-on-students-emergency-loan-refinancing-act-in-plain-english/

Bankruptcy filing fee increases effective June 1, 2014:  

– The Chapter 7 filing fee will increase to $335 and the Ch. 13 filing fee will increase to $310.  Perhaps the court system is losing revenue due to the precipitous decline in bankruptcy filings over the past few years.

The NY AG is getting two debt buyers to vacate $16 mil. in bad debt-collection judgments

 – The NY AG has settled with debt buyers Portfolio Recovery Associates and Sherman Financial Group (including Sherman’s affiliate, Resurgent) to pay penalties and stop collection activities on certain judgments that they obtained even though the debts were time-barred in the state where the cause of action arose, whether that state was NY or another state with a different statute of limitations.  Kudos to the AG of New York.  May New Jersey learn from your actions.

Map of average student loan debt burden

 – The Washington Post’s blog has an interesting map showing where the average student loan debt is largest.  New Jersey is among the states with the highest levels of student loan debt.

And in celebrity bankruptcy news, Mekhi Phifer has filed for bankruptcy.


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