Struggling With Student Loans? Watch - and Contribute - to the News

PHOTO: The pendulum could soon swing in favor or against students struggling with debt. Getty Images
The pendulum could soon swing in favor or against students struggling with debt.

When it comes to personal debt in this country, student loans now top credit card debt, and that seems to have brought increased scrutiny to a labyrinthine field. As a journalist, I consider sunshine and scrutiny good things. If you are one of the millions of Americans still toiling to pay off your college education, keep your eye on these developments to see if any of them will be financially meaningful for you.

• A Boston federal appeals court is considering a case which would allow the plaintiff to discharge student loan debts through bankruptcy, which is practically impossible now. The plaintiff argued that his loans constitute an undue hardship.

• The Consumer Financial Protection Bureau has put out a detailed report about problematic student loan servicing practices. The report includes recommendations for how to overhaul how the student loan servicing marketplace is regulated.

• In June the Department of Education announced that it would forgive student loans for students who attended Corinthian Colleges, which were for-profit schools that closed and went bankrupt, leaving students in the lurch.

Having problems with YOUR student loan? Your issue is on the nation’s radar. Contact the Consumer Financial Protection Agency to voice your concerns and you could be part of a reform movement that makes student loan problems passe.

Opinions expressed in this column are solely those of the author.

Elisabeth Leamy is a 20-year consumer advocate for programs such as "Good Morning America" and "The Dr. Oz Show." She is the author of Save BIG and The Savvy Consumer. Elisabeth is also a professional speaker, delivering talks nationwide on saving money, media relations, and career success. Elisabeth receives her best story tips from readers, so please connect with her via Facebook, Twitter or her website, to share your ideas.

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