I wanted to write this post to share with you a video I had recently seen, from the show “Last Week Tonight with John Oliver”. If you’ve never heard of this show it’s a late night talk show obviously featuring John Oliver (who would have guessed) that airs once a week on HBO and discusses current events that happened in the past week. I’m a pretty big fan of the Daily Show, though I don’t watch it that often I always find the satire on the news networks to be enjoyable. John Oliver came from the Daily Show originally where he played a “news” correspondent, and also being a big fan of the show Community where he also has a recurring role.
Back in May, I wrote about how it appeared to be set that student loan rates would be on the rise for anyone taking out loans for the 2014-15 school year and it now that has been officially announced. Undergraduated will now be paying 4.66%, up from last year’s rate 3.86%. Rates for graduate students now sit at 6.21%, up from the 5.41% they were at last year as well. Parents who took out loans at 6.41% last year will pay an interest rate of 7.21% this year for Parent Plus loans. This will likely also cause an increase in interest rates for private student loans as the risk for private loans usually is tied to the same sort of rates, but they normally carry a slight premium over federal loan rates. Continue reading
For all of my rants and frustrations against FedLoan Servicing, I must admit that while their practices may be annoying and not in your best interest – they have never done anything illegal. Another loan provider that is consistently rated the worst has recently been caught doing just that, and is now forced to pay the penalty. Could you have guessed which loan provider that was before you read the title? If you were thinking Sallie Mae, you would have guessed correctly. Sallie Mae has recently been ordered to pay around $96M in penalties and reimbursement for overcharging troops on loans. Continue reading