What the midterm results mean for your finances 

Personal Finance


With a majority-blue House, proposals to repeal the popular public service loan forgiveness program will likely go nowhere, Kantrowitz said.

That program allows certain public servants to have their student debt cancelled after 10 years. “Democrats are strong proponents [of the program],” Kantrowitz said.

On that note, Democrats are likely to demand explanations from the U.S. Department of Education as to why so few borrowers have qualified for the relief, he said.

“They will also be critical of student loan servicing,” Kantrowitz said. One of the largest student loan servicers, Navient, is being sued by five states and the Consumer Financial Protection Bureau for misleading borrowers. (Navient disputes all allegations.)

However, any attempts by the Democrats to regulate lenders will likely collapse in the Republican-dominated Senate.

“The student loan companies continue to need aggressive oversight,” said Jack Gillis, executive director of the Consumer Federation of America. “But with a stronger pro-business, pro-Trump Senate, the concept of bipartisanship seems a distant hope.”

More from Personal Finance
How much the Mega Millions winner will get to save and spend
Are your finances better, worse or the same under President Trump?
Happy 100th birthday! Now, here’s why you may pay surprise taxes



Source link

Products You May Like

Articles You May Like

Daniel Loeb’s Third Point takes stake in American Express, sees shares rallying to $135
How to play Nvidia’s ‘best-in-show’ stock
Maersk earnings Q3 2018
Home Depot shares jump on earnings beat, raised outlook
Powell credits Fed policy for the US economy being ‘in a good place’

Leave a Reply

Your email address will not be published. Required fields are marked *