Citizens Bank: We'll Refinance Student Loans
"With lenders under pressure from the Obama administration and the Consumer Financial Protection Bureau to help prevent more graduate students and other private-student-loan borrowers from joining the 850,000 who are already in default, Citizens Bank, the UK-owned Rhode Island company that's one of Pennsylvania's largest lenders, says it's preparing to be one of the first banks to offer student-loan refinancing: variable-rate loans into fixed-rate loans, interest rates starting below 3%, no fees, and other perks," Philly.com reports. "The Citizens Bank Education Refinance Loan is in part a response to a recent CFPB report on private student loans, which linked some students' difficultlies paying back to their loans to the fact that student loan debt -- since it can't be easily written off even by bankrupt people -- is hard to consolidate with other loans into refinancing loans. Bankers met last week with CFPB boss Richard Cordray to talk about the problem."
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