Nexa Collect

JUNE 27, 2023

Recovering unpaid student loans is a systematic process. Just like mortgage recoveries, the steps can vary depending on the jurisdiction and the terms of the loan. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S.,

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Credit Corp

MARCH 21, 2023

million Americans have student loan debt, which totals over $1.7 If you owe tens of thousands of dollars in student loan debt, you’re not alone. million Americans have some form of federal or private student loan debt. Table of contents: Average student loan debt How many Americans have student loan debt?

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Account Recovery

JUNE 15, 2021

Richard Cordray, the former Director of the Consumer Financial Protection Bureau who is now running the federal government’s student loan program, sat down for an interview with the Washington Post that was published a few days ago.

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Consumer Finance

JANUARY 4, 2024

In March 2020, the federal government announced that payments in connection with federal student loans owned by the U.S. Department of Education would be suspended, and interest would be waived for the duration of the suspension.

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Credit Corp

AUGUST 25, 2020

As of early 2020, student loan debt in the nation had reached more than $1.5 More than 44 million individuals have student loan debt, and the average person with student loans owes a bit over $32,000—which is more than half of the average household income in the United States. Looking for a Student Loan?

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Credit Corp

OCTOBER 31, 2021

If you feel burdened under the weight of student loan debt, you’re not alone. In 2019, the average student loan debt total per person was more than $31,000. The good news is that you may be able to get part or all of your student loans forgiven. Reduce Your Student Loan Payments. In This Piece.

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Collection Industry News

MARCH 22, 2024

“When I was told I couldn’t universally just change the way in which we dealt with student loans,” Biden said, “I fixed two student loan programs that already existed to reduce the burden of student debt for nearly 4 million Americans, including nurses, firefighters and others in public service.”

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Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

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Roths Child Law

JANUARY 2, 2023

If one of the reasons you’ve decided against bankruptcy is because you’ve heard that it’s nearly impossible to discharge student loan debt, the federal government has announced a plan that could change that for you. It’s been a confusing and frustrating time for Americans of all ages who are mired in student loan debt.

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Collection Industry News

APRIL 22, 2023

WASHINGTON — A settlement that will allow thousands of student loan debts to be canceled will go into effect after the Supreme Court on Thursday declined to block it. The case is unrelated to President Joe Biden’s broader effort to forgive student loan debt, which is also before the justices, with a ruling due in the next two months.

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Public Citizen

APRIL 14, 2021

There's a lot in the article worth reading, but here's a short excerpt: Senator Warren opened the hearing by highlighting how student loan debt exacerbates the racial wealth gap, noting that, “After 20 years, the median Black borrower still owes 95% of the original amount borrowed."  *  * *.

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Better Credit Blog

MAY 11, 2022

million people carry some form of student loan debt, with most averaging around $39,000 —although many of us have a lot more. Refinancing your student loans could help lower your monthly payments and reduce your overall repayment amount. Additionally, look at our best student loan companies to apply completely online.

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Troutman Sanders

JULY 19, 2021

Court of Appeals for the Second Circuit ruled that private student loans are not explicitly exempt from a debtor’s Chapter 7 bankruptcy discharge. The discharge order did not specify whether it applied to the borrower’s two private student loans, totaling $12,567. qualified private educational loans.

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Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. The Act also included assistance for most student loan borrowers who face financial hardship due to the economic impact of the COVID-19. Help Available for Borrowers with Student Loans.

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Collection Industry News

APRIL 11, 2022

The student loan crisis is a hot topic of conversation in Washington because student debt is felt by a lot of us, 45 million of us to be exact, for a total debt of 1.6 We often break our pink piggy bank that says student loan on it, in an attempt to pay back our debts. The history of student loans.

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Collection Industry News

SEPTEMBER 19, 2022

Student borrowers in New York state should be mindful of potential debt relief scams as the federal government moves to provide up to $20,000 in debt forgiveness, Gov. New Yorkers work hard for every dollar they earn and the student loan forgiveness plan will be critical to helping reduce the pressures of mounting debt,” Hochul said.

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Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs,” Chief Legal Officer Mark Heleen said in a statement. The company agreed to cancel $1.7

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Collection Industry News

JULY 18, 2022

A bankruptcy judge ordered student loan servicer Navient Corp. to suspend its efforts to collect payments from borrowers of certain private student loans who filed for bankruptcy and whose debts were likely eligible for a discharge. Government-backed…. Source: site. Judge Elizabeth Stong with the U.S.

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Collection Industry News

FEBRUARY 6, 2024

Unlike many Americans with crushing student loan debt, the 44-year-old father of three from Knoxville, Tennessee, thought his debt had been canceled. But when the pandemic-era hold on loan payments lifted, the hefty deduction popped up again on his balance. Education Department. Or the government isn’t sure if it has.

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Credit Corp

MAY 17, 2021

Student loans are by far some of the biggest issues most students are facing today when it comes to finances. To get the kind of education you want, you will probably need to take out a student loan to pay for the studies – and then spend years if not decades paying back such loans.

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Collection Industry News

JULY 18, 2022

A new poll shows 51% of Americans support the idea of President Joe Biden canceling $10,000 of student loan debt for each borrower, illustrating how split the public is regarding one of the president’s early campaign promises. trillion in student loan debt is a problem, according to an Economist/YouGov survey of 1,500 U.S.

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Credit Corp

AUGUST 4, 2020

Yet higher education can be expensive, seemingly putting that dream out of reach for many students and families. Tuition at American schools has steadily increased for decades, so it can be hard for your average student to afford it. Student loans, including private and federal loans , are also commonly used to fund college.

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Nerd Wallet

SEPTEMBER 23, 2021

The debate over student loan debt often neglects a significant group: parents. About 1 in every 3 dollars the federal government lent for undergraduate education last year were in a parent’s name. In total, federal parent loan debt is over $103 billion across more than 3.6 Cecilia Clark writes for NerdWallet.

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Collection Industry News

JULY 22, 2023

The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. The relief is a result of fixes to the student loan system’s income-driven repayment plans. Secretary of Education Miguel Cardona said in a statement.

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Nerd Wallet

OCTOBER 19, 2020

Key takeaways FFEL loans are federally backed loans that were originally funded by private companies. The FFEL Program ended in 2010, and some FFEL loans are now owned by the federal government. Borrowers with FFEL loans may want to consolidate to take advantage of more student loan benefits.

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True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. The federal government has projected that about 15 million people will lose coverage , including nearly seven million people who are expected to be dropped despite still being eligible. 9%) to $17.05

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Collection Industry News

SEPTEMBER 28, 2021

Student loan debt for older adults, their children, and their grandchildren has been rising for decades. Debt undermining retirement security is a sinister and under-appreciated problem, but the United States Government Accountability Office (GAO) is catching on. Low-Income Elders Hurt Worse By Student Debt.

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Fico Collections

JANUARY 4, 2021

Within the collection industry in the United States, State and Federal Governments imposed significant constraints because of COVID. In addition, many States and the IRS slowed or stopped the collection of tax debts, and the Federal Government gave significant deferrals for the repayment of student loans, mortgages, and rent.

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Troutman Sanders

OCTOBER 16, 2023

State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.

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Nexa Collect

JUNE 30, 2023

On 30 June 2023, the Supreme Court of USA ( SCOTUS), strikes down the Student Loan Forgiveness program proposed by the Biden administration. This could have tremendously helped borrowers but was unfair to taxpayers and students who paid their fees on time. Striking down a relief plan could exacerbate these disparities.

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ABI

JANUARY 13, 2022

Section 523 of Title 11 of the United States Code (the “Bankruptcy Code”) generally provides that a student loan cannot be discharged unless it would impose “undue hardship” on the debtor. [1] 4] Thereafter, Debtor filed a complaint against the United States Department of Education and Navient Solutions, Inc. 16] . . [1]

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Troutman Sanders

FEBRUARY 23, 2022

Federal Activities: On February 18, the Consumer Financial Protection Bureau (CFPB) released a bulletin, detailing student loan servicers’ obligation to halt unlawful conduct on borrowers’ eligibility and benefits under the Public Service Loan Forgiveness Waiver. Department of Education forgiving $71.7 State Activities.

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Troutman Sanders

SEPTEMBER 14, 2021

On September 7, the CFPB took action against an income share agreement (ISA) provider for mispresenting its product and failing to comply with federal consumer financial law that governs private student loans. For more information, click here. For more information, click here.

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Collection Industry News

FEBRUARY 1, 2022

Many times, the collection fees accessed on overdue accounts significantly increase the amount of money owed by students by as much as 30%, and Miyares’ office says he “knows that’s wrong.”. “As This is lower than the nearly 18% fee charged by the federal government for defaulted student loans.

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Titan Consulting

AUGUST 23, 2020

In addition to the fees you will pay to courts and your attorney, you will also incur fees for court approved financial education courses you must successfully complete to have your debts discharged. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt.

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Troutman Sanders

MARCH 28, 2023

Department of Education announced that it will hold virtual public hearings on April 11-13 to receive stakeholder feedback on potential issues for future rulemaking sessions. The final rule rescinds HUD’s 2020 rule, governing Fair Housing Act disparate impact claims and restores the 2013 discriminatory effects rule. and 682.416.

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Fico Collections

APRIL 28, 2023

government and financial institutions to implement significant guard rails and safety net programs for consumers such as the government stimulus, extended unemployment benefits, and payment accommodations. Credit Risk and FICO Score Trends? At the start of the pandemic, uncertainty surrounded where the U.S.

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