Account Recovery

FEBRUARY 23, 2024

The Department of Education announced this week that it is forgiving another $1.2 billion of student loans for 153,000 borrowers who are eligible for shortened time to forgiveness under President Biden’s Saving on a Valuable Education (SAVE) Plan.

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Account Recovery

MAY 15, 2023

The moratorium on student loan payments has cost the federal government $160 billion in lost assets and the federal government should be ordered to force individuals with unpaid student loan debts to start repaying them, according to a nonprofit think-tank that is seeking a preliminary injunction against the Department of Education.

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Student loans Student Loans Loans Education 244

Troutman Sanders

FEBRUARY 6, 2024

Department of Education (ED) recently announced the approval of an additional $4.9 billion in student loan forgiveness for 73,000 individuals. The relief was provided through several modifications to the income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PLSF) programs. million borrowers.

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Student loans Student Loans Education Loans 52

Account Recovery

AUGUST 31, 2022

The Department of Education yesterday announced it was discharging $1.5 ” The student loans will be discharged regardless … The post Ed. The Department of Education yesterday announced it was discharging $1.5 ” The student loans will be discharged regardless … The post Ed.

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Loans Student loans Student Loans Education 246

Account Recovery

AUGUST 23, 2023

The Federal Trade Commission on Monday announced it had sued and obtained a temporary restraining order against a number of corporate and individual defendants accused of pretending to be affiliated with the Department of Education so that they could market student loan forgiveness programs that made false promises and collected millions in illegal (..)

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Student loans Student Loans Loans Education 246

Account Recovery

DECEMBER 18, 2023

Nearly nine million people who have student loans have not yet made a payment after the moratorium on student loan payments ended three months ago, according to a published report that cited information from the Education Department.

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Student loans Student Loans Loans Education 147

Account Recovery

APRIL 29, 2024

It was announced on Friday that Richard Cordray is stepping down as the chief operating office of the Office of Federal Student Aid, the arm of the Education Department responsible for overseeing its $1.6 trillion student portfolio.

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Student loans Student Loans Loans Education 130

Account Recovery

OCTOBER 10, 2023

The Department of Education and the Biden Administration last week announced an additional $9 billion in student loan debt relief, bringing the total amount of student loans that have been canceled during the current administration to $127 billion. billion of […]

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Student loans Student Loans Loans Education 130

Account Recovery

AUGUST 16, 2021

The Department of Education will continue to reform how student loan debts are collected while strengthening oversight and enforcement, according to a published report citing a letter that was written by Education Secretary Miguel Cardona to a pair of leading Senate Democrats.

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Student loans Student Loans Loans Collections 246

Account Recovery

AUGUST 17, 2022

The Department of Education announced yesterday that it is canceling all the remaining federal student loans for anyone who attended ITT Technical Institute between 2005 and its closure in 2016. This will result in the cancellation of loans for 208,000 individuals who collectively owed $3.9 billion on those outstanding debts.

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Loans Student loans Student Loans Education 246

Account Recovery

JUNE 24, 2022

The Department of Education yesterday announced a settlement in a lawsuit that will see the debts of 200,000 individuals forgiven, wiping out $6 billion in unpaid loans owed by individuals who had filed borrower defense claims that were left pending for years by previous administrations.

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Student loans Student Loans Loans Education 246

Account Recovery

DECEMBER 28, 2023

A petition is being organized — and so far 35,000 individuals have signed it — asking the Department of Education to cancel their student loan debts. Issues with repayment and other concerns have led 40,000 individuals to go on a “student debt strike,” according to a published report.

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Student loans Student Loans Loans Education 130

Account Recovery

FEBRUARY 17, 2022

The Department of Education announced yesterday that it is canceling $415 million in student loan debt under the borrower defense to repayment plan, including the debts of 1,800 former students of DeVry University. Cancels More Student Loan Debts, Announces New Regs Coming appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans Education 245

Account Recovery

JULY 9, 2021

The Pennsylvania Higher Education Assistance Agency, one of the largest student loan servicers in the country, announced yesterday that it will stop servicing federal student loans by the end of this year, citing the increasing complexity and cost of handling loans on behalf of the Department of Education.

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Student loans Student Loans Loans Education 246

Account Recovery

NOVEMBER 13, 2023

The Department of Education has announced a new plan to hold student loan servicers accountable for not harming individuals with stiff penalties that the department has already shown it is willing to put into practice.

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Student loans Student Loans Loans Education 147

Account Recovery

APRIL 15, 2024

billion in student loan debt relief for nearly 300,000 borrowers, many of whom were signed up for the administration’s new income-driven repayment program. The administration touted that this latest round of relief raised the total loan forgiveness to $153 billion, for more […]

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Student loans Student Loans Loans Government 147

Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau has denied a petition from the Pennsylvania Higher Education Assistance Agency to set aside a civll investigative demand into whether the servicer maintained adequate policies and procedures to determine whether loans were dischargeable in bankruptcy and if attempts were made to collect on loans that had been (..)

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Student loans Student Loans Loans Bankruptcy 130

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. The striking down of a student loan relief plan will have various impacts on individuals and the economy at large. This can have long-term demographic and economic impacts.

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Student loans Student Loans Loans Education 130

Account Recovery

NOVEMBER 15, 2021

Less than five months after it announced it was exiting the student loan servicing business, the Pennsylvania Higher Education Assistance Agency — more commonly known as PHEAA — disclosed on Thursday that it had reached an agreement with the Education Department to extend its contract for one year to allow more time to transition students (..)

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Student loans Student Loans Loans Education 246

Account Recovery

JULY 12, 2021

The Department of Education on Friday announced it was canceling an additional $56 million in student loans for 1,800 individuals who were misled by three different for-profit institutions about their employment and salary prospects and the transferability of credits from the schools to other institutions.

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Loans Student loans Student Loans Education 246

Account Recovery

OCTOBER 19, 2021

The Department of Education is considering proposals that would give borrowers “new flexibility” like initial grace periods when its moratorium on student loan payments ends on January 31, according to a published report.

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Student loans Student Loans Loans Education 245

Account Recovery

JULY 17, 2023

The Department of Education announced on Friday that more than 804,000 borrowers will automatically receive a combined $39 billion in student loan forgiveness as part of an effort to rectify historical flaws in the the servicing of federal student loans.

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Student loans Student Loans Loans Education 130

Account Recovery

OCTOBER 25, 2023

An annual report released yesterday by the Consumer Financial Protection Bureau’s education loan ombudsman notes that three out of every four complaints filed by consumers about student loans had to do with how those loans are being serviced and collected, and references “coercive debt collection practices” related to the collection (..)

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Student loans Student Loans Loans Collections 130

Account Recovery

FEBRUARY 16, 2022

The Department of Education has announced it will suspend the seizure of tax refunds, Social Security payments, and other government payments to collect on defaulted student loans through November. Will Not Use Tax Refunds, Social Security to Collect on Defaulted Student Loans Until November appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans Education 246

Account Recovery

AUGUST 12, 2022

The only good thing that happens when an individual defaults on his or her student loan is that debt collectors make money, according to an Undersecretary at the Department of Education who was speaking during a virtual panel discussion earlier this week.

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Student loans Student Loans Loans Debt collector 246

Account Recovery

DECEMBER 23, 2021

That appears to be a lesson that the Biden administration and the Department of Education need to learn as well. Back in August, the government announced a … The post Student Loan Repayment Moratorium Extended Until May appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans Education 245

Account Recovery

AUGUST 23, 2021

The Chief Executive of one of the nation’s largest student loan servicing companies is being accused of lying in testimony before Congress, as the companies winds down its operations servicing student loans on behalf of the federal government.

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Student loans Student Loans Loans Education 246

Account Recovery

JUNE 2, 2022

The Department of Education yesterday announced it was canceling $5.8 billion of unpaid student loans taken out by individuals who attended Corinthian Colleges, wiping out the debts for more than 560,000 borrowers in what the department called the “largest single loan discharge” in its history.

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Loans Student loans Student Loans Education 246

Account Recovery

AUGUST 9, 2021

The Biden Administration on Friday announced that it will be extending the moratorium on collecting student loans for an additional four months, until Jan. The moratorium was scheduled to expire on September 30.

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Student loans Student Loans Loans Collections 246

Account Recovery

AUGUST 23, 2021

The Department of Education has announced that 323,000 individuals who have a total and permanent disability will have their unpaid student loans automatically discharged without having to file any paperwork or applications. billion in unpaid loans. The discharges will wipe out $5.8

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Student loans Student Loans Loans Education 246

Account Recovery

JUNE 17, 2021

The Department of Education announced yesterday that is canceling the student loan debts for 18,000 individuals who were scammed by a defunct for-profit college. The total amount of the loans being forgiven is about $500 million. Cancels $500M in Loans for Scammed Students appeared first on AccountsRecovery.net.

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Loans Student loans Student Loans Education 246

Account Recovery

SEPTEMBER 29, 2021

million student loan accounts that it was servicing on behalf of the Department of Education to Maximus, another loan servicing company. Navient yesterday announced it was transferring 5.6

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Student loans Student Loans Loans Education 246

Account Recovery

OCTOBER 11, 2021

The Department of Education on Friday announced the creation of a new enforcement office that will watch over postsecondary institutions to “vigorously” ensure that rules are being followed and named an individual that should be familiar to many in the accounts receivable management industry to run the office.

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Student loans Student Loans Loans Accounts Receivables Management 245

Account Recovery

AUGUST 27, 2021

The Department of Education yesterday exercised its authority to extend the window to discharge student loans for individuals who attended schools that closed to cancel $1.1 billion in unpaid student loans — 43% of which are in default — for former students of ITT Technical Institute. Cancels Another $1.1B

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Student loans Student Loans Loans Education 246

Account Recovery

SEPTEMBER 21, 2021

If anything, Richard Cordray understands that restarting a behemoth like federal student loan payments is not as simple as flipping a switch and the gravity of the importance in making sure that the restart is done properly is not lost on him, based on a speech that he gave last week before the Education Finance … The post Cordray Talks About (..)

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Student loans Student Loans Loans Education 241

Account Recovery

JULY 22, 2021

For the second time this month, a company that services federal student loans has announced it will not extend its contract with the Department of Education, choosing instead to focus its resources on its own private student loan product.

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Student loans Student Loans Loans Education 246

Account Recovery

JUNE 1, 2021

Previously, state attorneys … The post Cordray Signs Off on Policy Making it Easier for Student Loan Companies, Collectors to be Investigated appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans Education 246