Discover to pay $16 Million back to student loan borrowers

 

Discover made it even more difficult for thousands of student borrowers to pay back their loans by misleading them on their statements, the Consumer Financial Protection Bureau said Wednesday.

The bank must refund $16 million to customers for illegal student loan practices and pay a $2.5 million penalty, as well as pledge to improve the way it bills and collects from student loan borrowers…

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CNN MONEY by Katie Lobosco

Read more about: banking, Business/Finance, CREDIT, Debt, Economics, Financial economics, LOANS, Student loan