Collection Industry News
MARCH 6, 2024
The court said that the government exceeded its authority under federal law when it attempted to cancel up to $400 billion in student loans. Biden and his allies of the disappointment felt by his supporters — especially young voters — when the president’s first attempt to wipe out student debt was blocked by the Supreme Court last summer.
Titan Consulting
JUNE 7, 2020
The federal government is not making payments on student loan accounts, but rather suspending payments, which will extend the term of the loan. However, but due to the zero-interest provision through September 30, 2020, balances will not increase during this time. In total, the Act covers 88% of outstanding student loans.
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Collection Industry News
APRIL 25, 2022
The Public Service Forgiveness Program eliminates the debts of government and non-profit organizations’ workers, who have accrued at least 10 years of qualifying payments. Department of Education announced its expansion of student debt relief to thousands of government agency employees. million people.
Credit Corp
MAY 17, 2021
For instance, the federal government would be paying all or some of the accrued interest on income-driven student loans. This applies to unpaid interest. The federal government could be paying 50% or 100% (depending on the loan type) of unpaid accrued interest on subsidized loans during the first three years.
Collection Industry News
SEPTEMBER 2, 2023
Student loan balances have already begun accruing interest again, and soon, borrowers will be expected to start making regular payments. And another factor might make the increases more painful for some consumers: The pause on federal student loan payments ended Sept.
Credit Corp
MARCH 21, 2023
Private student loans aren’t provided by the federal government, and they often come with much higher interest rates. It’s also helpful to know that you may still accrue interest while in forbearance or deferment. If you’re facing financial hardships, you can apply for these services to pause your loan payments.
Fico Collections
FEBRUARY 21, 2023
Increasing of the fed funding rates leads to higher interest rates when seeking new credit or carrying balances on credit cards. For example, the average interest rate on credit cards accruing interest in Q4 2022 was 20.40% compared to 16.44% in Q4 2021 (Source: Federal Reserve G.19 19 report on Consumer Credit).
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