Account Recovery

APRIL 26, 2023

who also worked at the Consumer Financial Protection Bureau has raised an additional $6 million in funding to work with employers, financial institutions, and other organizations help their employees plan for college and reduce their student loan burdens. Elizabeth Warren [D-Mass.]

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Account Recovery

AUGUST 17, 2021

A pair of national consumer advocacy groups are calling on the federal government to cancel student loan debts “across-the-board” as a means of helping individuals improve their financial futures, after analyzing more than 400,000 loans being serviced by Navient.

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Sawin & Shea

NOVEMBER 30, 2022

Student loan default can impact millions of Americans. Unfortunately, defaulting on a student loan can hurt your finances, credit, and other aspects of your life. If you fall behind on student loan payments, your loan won’t default immediately. What Are My Options After Defaulting on Student Loans?

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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. Offer Alternative Repayment Plans : Sometimes borrowers may be facing financial hardship. This can affect the borrower’s credit score.

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Credit Corp

JULY 14, 2023

As of Friday, July 14, however, the Biden-Harris Administration announced that over 804,000 borrowers will have a total of $39 billion in federal student loans automatically forgiven in the coming weeks. 1] Why Are These Loans Being Forgiven? But what does that mean for you? Department of Education When Will This Happen?

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Nerd Wallet

OCTOBER 7, 2022

Not everyone has to apply to get student loan cancellation. Nearly 8 million federal borrowers will receive relief automatically because they are enrolled in an income-driven repayment plan; their income information is on file with the Department of Education. The application for the Biden administration’s student.

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Collection Industry News

MARCH 22, 2024

In his State of the Union address Thursday night, President Joe Biden talked up his administration’s work to forgive the student debt of nearly 4 million people. Income-driven repayment plans Income-driven repayment plans, which date to 1994, set borrowers’ monthly payments based on a share of their discretionary income.

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Collection Industry News

FEBRUARY 22, 2024

US President Joe Biden has said that his administration was cancelling $1.2bn worth of student loans for almost 153,000 people. Biden, who is undertaking a three-day campaign swing through California, made the announcement on Wednesday as part of a new repayment plan that offers a faster path to forgiveness. More than 7.5

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Troutman Sanders

FEBRUARY 14, 2024

As federal student loan repayments resume after a three-year pause due to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) published an Issue Spotlight on student borrowers’ experiences, using consumer complaints to identify emerging problems. Key concerns include long hold times and abandoned calls.

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Nerd Wallet

SEPTEMBER 4, 2020

The student loan platform of President Donald Trump or former Vice President Joe Biden might not be the reason you vote for either in November. But the winning candidate’s policies could affect your financial future if you’re planning to attend college or have student loans to repay. Email: rlane@nerdwallet.com.

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Nerd Wallet

SEPTEMBER 9, 2022

The Biden administration announced plans for federal student loan relief last month. The plans include the cancellation of up to $10,000 in debt for borrowers who meet income requirements and up to $20,000 for Pell Grant recipients. Lauren Schwahn writes for NerdWallet. Lauren Schwahn writes for NerdWallet.

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Troutman Sanders

FEBRUARY 6, 2024

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. billion in student loans for more than 3.7 million borrowers. billion in forgiveness.

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Nerd Wallet

OCTOBER 26, 2022

The Department of Education is reconsidering what counts toward income-driven repayment forgiveness. Starting in November 2022, borrowers who have been paying their federal student loans for 20 years or longer can expect to see the remainder of their debt discharged, while millions more will move significantly closer to forgiveness.

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Sawin & Shea

OCTOBER 5, 2022

Student loan debt is a serious problem in the United States, and it’s an issue that impacts millions of Americans. As of January 2022, around 45 million people have student loan debt, which is 13.5% The total collective amount of federal and private student debt is around $1.75 of the US population.

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Credit Corp

SEPTEMBER 27, 2021

Almost 70% of students in North America take out student loans. Many students can’t afford post-secondary education without financial help. Loans are scary, and come with lots of disadvantages. Don’t fear, because we will be covering the most frequent student loan mistakes. Forgetting to Research.

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Collection Industry News

DECEMBER 22, 2023

Whether it has been a good or bad year for student loan borrowers depends on who you ask. While a large number of borrowers got life-changing emails this year saying their loans had been forgiven, plenty of others received bills in October that they would, in fact, be expected to pay.

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Collection Industry News

SEPTEMBER 30, 2023

After a three-and-a-half year pandemic-era pause, US federal student loans start accumulating interest again from Friday, with repayments set to cut the monthly take-home pay of millions of Americans by hundreds, and in some cases thousands, of dollars. trillion, according to data from the Department of Education. .

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Credit Corp

JANUARY 7, 2022

Christmas came early for millions of federal student loan borrowers courtesy of the federal government. So, for now, federal student loan borrowers may have 99 problems, but repayment isn’t one of them–at least until May 1. . Eventually, it’s going to happen, and it’s never too early to start planning.

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Better Credit Blog

JUNE 1, 2022

In those cases, student loans can be a valuable resource. If you’re looking for a loan to help fund your education, you have plenty of options. Read on to learn which types of student loan might work best for you. Table of Contents: Federal Student Loans. Private Student Loans.

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Nerd Wallet

FEBRUARY 1, 2022

Income-driven repayment plans — a safety net within the federal student loan repayment system touted as a solution for federal borrowers struggling to pay back their loans — promises lower monthly payments and forgiveness after 20 or 25 years. Among those who do eventually. Among those who do eventually.

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Collection Industry News

OCTOBER 6, 2023

President Joe Biden announced Wednesday that he approved $9 billion in student loan forgiveness for 125,000 Americans. The relief is a result of his administration’s fixes to a number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness.

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Sawin & Shea

APRIL 17, 2024

Instead, you pay a repayment plan over three to five years. This filing method is referred to as “the wage earner’s plan” because filers repay some of their debt balances with their regular income. After you file, you create a repayment plan based on your income and assets.

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Roths Child Law

AUGUST 14, 2023

Student loans are one of the primary ways graduates build up debt. College students are often also targets of credit card companies, which can lead to all kinds of debts. Many students use their credit cards to buy books, supplies, coffee, alcohol, clothes, rent and food. This can make it easier to pay your loans.

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Collection Industry News

AUGUST 6, 2023

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found.

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Collection Industry News

DECEMBER 6, 2023

billion in student loan debt, for 80,300 borrowers. Department of Education’s fixes to its income-driven repayment plans and Public Service Loan Forgiveness program. Before President Biden took office, it was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned,” U.S.

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Collection Industry News

SEPTEMBER 6, 2023

Department of Education has made to income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF), and granting automatic relief for borrowers with total and permanent disabilities. billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs. million Americans.

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Sawin & Shea

JULY 14, 2021

Student loan debt can be crippling. Trying to put money towards a house or a car, as well as paying all of your other bills on top of student loan debt, is often exhausting and can sometimes feel impossible. In America alone, the average student loan debt in 2021 comes to around $1.7

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Collection Industry News

OCTOBER 22, 2023

Amberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. She was done with her debt, or so she thought.

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Nerd Wallet

FEBRUARY 1, 2022

Student loan forgiveness through income-driven repayment sounds like the best of all worlds: a monthly payment sized to match your paycheck that disappears — along with any remaining balance — after a set number of years. Anna Helhoski writes for NerdWallet. Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com.

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Troutman Sanders

SEPTEMBER 15, 2023

On September 14, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report on Tuition Payment Plans in Higher Education. Ninety-eight percent of colleges now allow students to pay for their education in installments using tuition payment plans.

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Student loans Student Loans Legal Rights Education 52

True Accord

APRIL 12, 2022

The freeze on student loan payments has been a hot topic since the start of the pandemic—not just for borrowers, but for debt collection departments outside of the student loan debt sector. Debt collectors need to find ways to start engaging with borrowers now before student loans get added back on to the balance.

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Credit Corp

MARCH 21, 2023

Currently, individuals with outstanding student loan debt owe as much as $100,000 or more, with more than 40% owing between $20,000 and $99,999. If you’re struggling with student loan debt, you certainly aren’t alone. Understanding your loan is an important first step in creating a viable plan to pay it back.

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Direct Recovery

APRIL 24, 2023

Overwhelming student debt has quickly become one of the most significant problems plaguing the next generation of young people and simultaneously holding back the overall economy. The pandemic pause has given many American struggling with student loan debt a reprieve.

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Nerd Wallet

MAY 13, 2022

When payments resume on federal student loans, borrowers with loans previously in default will receive a fresh start and be allowed to reenter repayment in good standing. Department of Education plan to support borrowers to prevent them from defaulting again? But what does that entail for borrowers in default?

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Sawin & Shea

DECEMBER 28, 2023

Chapter 13 bankruptcy , also known as a wage earner’s plan, allows individuals with regular income to repay all or a portion of their debts over a 3 to 5-year period. Under Chapter 13, the filer works with their attorney to come up with a court-approved repayment plan showing how they will pay something back to creditors over time.

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True Accord

FEBRUARY 23, 2022

Many respondents shared their financial regrets over the years, from not setting up a retirement plan when they were younger (51%), to not paying close attention to their credit score (43%) and buying goods that were too cheap (41%). Three-quarters (76%) have made an average of five financial decisions they regret in the past five years.

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Nerd Wallet

JUNE 15, 2021

Income-driven repayment plans are a safety net for federal student loan borrowers having difficulty making payments on a standard 10-year repayment plan. They carry a bonus that no other type of repayment plan does: eventual forgiveness. Anna Helhoski writes for NerdWallet.

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