Business Briefs: Student loans yield complaints

Business Briefs: Student loans yield complaints

October 17th, 2013 by Associated Press and Staff Report in Business Around the Region

Student loans yield complaints

Federal officials said Wednesday they have received more than 3,800 complaints in the last year from borrowers of private student loans, with common problems related to payment processing and requests for loan modifications.

"The inability of lenders and servicers to initiate alternative repayment plans that would benefit both the creditor and the borrower continues to be a sign that this market functions poorly," Rohit Chopra, the student loan ombudsman, said in a report released by the Consumer Financial Protection Bureau. But Chopra said he's seeing signs that private lenders, which collectively have about 13.7 million private student loans, are showing more of a willingness to work with borrowers.

Krystal hires top Arby's executive

The head of Southern operations for the Arby's restaurant chain has been hired as chief operating officer for the Krystal Co.

Gary Clough, formerly Arby's senior vice president of operations for the South, will be responsible for all Krystal store operations in 11 states. He previously had oversight of about one third of the Arby's system.

"It's an honor for me to join the Krystal team," Clough said.

Founded in Chattanooga in 1932, Krystal operates 350 restaurants in 11 states.