By BRADLEY D. McCORMACK People love to see patterns in life. Whether it be politics, sports or weather, people want to see if they can spot a recurring theme in everything they see. It is no different in law, specifically in bankruptcy. We attorneys get reports almost every week or month reporting if case filings are up or down. People wonder if these patterns are attached to the stock market, the Fed rates, inflation, government stimulus or any number of other possibilities. One factor people like to examine is whether bankruptcy filing patterns can rise or fall determining what time of year it is. Most know the quote “For every time there is a season.” So, is summer the season of bankruptcy? In true lawyer fashion, the answer is yes and no. Consumer debt is cyclical. People tend to incur more debt in the holiday season than any other time…
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The U.S. Department of Education recently announced plans to use a “secret shopping” program aimed at better protecting student borrowers and cracking down on postsecondary institutions deemed to be low-performing or predatory in lending practices. This aims to build on the current administration’s stated commitment to improve federal student loan programs. Detailed in a recent news release, the DOA’s plan calls for the Enforcement Office of Federal Student Aid (FSA) to monitor compliance with existing laws and regulations related to participation in all federal student aid programs. In retail terms, companies often employ “secret shoppers” to pose as a customer in order to evaluate the quality of service. The FSA will be tasked with evaluating recruitment, enrollment, financial aid, and other practices of lending offices in an effort to identify potentially deceptive or predatory practices related to intake and approval of student loan applications. “Secret shopping is another tool in…
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The U.S. Department of Education recently announced the pause on federal student loan payments has been extended to August 31, with plans being made to grant Individuals with federal student loans a “fresh start” on repayment. Borrowers can now have delinquencies and defaults eliminated, allowing them to reenter repayment in good standing when student loan payments resume. Student loan payments were set to resume in May before the new extension, the sixth of its kind since the start of the pandemic in March 2020. Loan relief will continue to be provided, including to those who have been defrauded by institutions and those who are eligible for the Public Service Loan Forgiveness program, the Department of Education said in a release. “This additional extension will allow borrowers to gain more financial security as the economy continues to improve and as the nation continues to recover from the COVID-19 pandemic,” U.S. Secretary…
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