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CFPB warns of ‘auto-default’ danger with some student loans
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Consumer Protection, Nonbank Financial
Friday, April 25, 2014
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Some student loan lenders are demanding immediate full repayment upon the death or bankruptcy of a borrower’s co-signer — even when the loan is current and being paid on time. That’s the finding of a new Consumer Financial Protection Bureau report highlighting complaints of so-called “auto-defaults” in private student lending. Read on to learn how student loan borrowers also face bureaucratic barriers to releasing co-signers from their loans.
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