The latest on teacher lawsuits, debt-settlement scams, and getting kicked out of a bachelorette party
Here are my favorite personal finance reads from around the web this week.
One of the largest teachers unions in the country is suing the Department of Education over the Public Service Loan Forgiveness program. With only 1% of applicants getting approved for loan forgiveness, the lawsuit alleges the DOE knew that loan servicers were giving incorrect information to borrowers but did nothing to correct the issue. They’re asking the department to fix the program and to come up with an appeals process for people treated unfairly.
—The Washington Post
Freedom Debt Relief, the nation’s biggest provider of debt-settlement services, has agreed to pay a $5 million civil penalty and $20 million in restitution to affected customers. The company violated multiple laws by charging fees in advance and failing to settle their clients’ debts.
—The New York Times
One in three millennials is going into debt to attend destination bachelor or bachelorette parties. But if you say no, brides or grooms focused on a perfect Instagrammable wedding might kick you out of the party (and the matching pajama squad), as this writer explains.
Not only has college tuition soared, but so have room and board prices. In the past 40 years, they have nearly tripled, going from $4,812 a year to $11,140 for public four-year colleges. Some students have resorted to living with parents and commuting to school more than three hours a day to cut costs.
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The opioid crisis is leading to elder financial abuse. Older people are being exploited by strangers pulling online scams or by their own loved ones. Even when they choose to help addicted family members, the elderly can still suffer financially.
Is your kid off to college without the life skills necessary to live on a budget? This monthlong bootcamp covers all the basics, from laundry to food. Some tough love that’s sure to pay off in the short and long term.
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