Senior Citizens Owe Billions in Student Loans
CBSnews.com reports in a May 1, 2019 article that many senior citizens are burdened with almost insurmountable student loan debt.
"The fastest growing segment of student loan borrowers are actually older Americans," said Seth Frotman, a student debt expert who used to work at the CFPB. This should be a major concern for financial institutions.
Credit unions need to have policies and procedures in place that abide by regulations and still minimize losses due to loan defaults even among those who traditionally have been a low risk demographic.
TCT Risk Solutions provides Regulatory Compliance and Policy Creation services to client credit unions to help assure adequate risk management policies are in place that meet regulatory requirements.