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

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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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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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Account Recovery

NOVEMBER 8, 2021

The Department of Education last week notified the private collection agencies it had been using to help recover payments on defaulted student loan debts that it would no longer be placing accounts with them. Cancels Contracts With Private Collection Agencies appeared first on AccountsRecovery.net.

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Account Recovery

JULY 8, 2021

To Rescind Guidance and Make it Easier to Investigate Student Loan Collectors appeared first on AccountsRecovery.net. The letter was written by … The post State Regulators Ask Ed. The letter was written by … The post State Regulators Ask Ed.

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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

OCTOBER 18, 2021

Hands Out Student Loan Contracts to Six Companies, Toughens Contract Terms appeared first on AccountsRecovery.net. The … The post Ed.

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Sawin & Shea

JANUARY 11, 2024

Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Since 2005, a debtor education course from an approved provider is mandatory for anyone who files for bankruptcy. Staring down mountains of debt can feel overwhelming.

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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. Employ a Collection Agency : If the borrower is unresponsive or unwilling to pay, employ the services of a collection agency.

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Fico Collections

JULY 21, 2022

Continuous Financial Education for Women Small Business Owners. FICO-hosted panel at NAWBO’s 2022 Advocacy Days discusses how financial education impacts access to capital and business growth for small businesses. There is a main asset that entrepreneurs use to start up their business and qualify for a small business loan.

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Account Recovery

APRIL 5, 2022

The Court of Appeals for the Third Circuit has affirmed the dismissal of a Fair Debt Collection Practices Act case against a student loan servicer for continuing to attempt to collect a student loan debt after it had been discharged in bankruptcy because the plaintiff failed to follow the proper procedure.

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Troutman Sanders

MARCH 16, 2023

On March 16, the Consumer Financial Protection Bureau (CFPB) released a compliance bulletin entitled Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts. The compliance bulletin focused on the treatment of certain private student loans following a bankruptcy discharge.

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Collection Industry News

AUGUST 8, 2022

15 provides the Private Student Loan Collections Reform Act, which is contained in Sections 1788.200 to 1788.211. Section 1788.203 requires all settlement agreements between a private education lender or private education loan collector and a debtor to be documented in open court or otherwise reduced to writing.

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Troutman Sanders

APRIL 20, 2022

On April 18, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post , scrutinizing the practice of withholding transcripts from students with delinquent accounts and who are attending an institute of higher education. Before that, he served as the CFPB’s student loan ombudsman under former Director Richard Cordray.

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Nexa Collect

JUNE 23, 2023

Collection agency letters can impact debtors, depending on factors such as the debtor’s financial situation, emotional state, and knowledge of their rights and responsibilities. Here are some potential impacts: Stress and Anxiety : Receiving a letter from a collection agency can cause significant stress and anxiety for debtors.

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ABI

JANUARY 13, 2022

Sallie Mae , the United States Court of Appeals for the Second Circuit held that private educational loans may be discharged under § 523(a)(8)(ii) of title 11 of the United States Code (the “Bankruptcy Code”). [1] 1] Homaidan funded his college education, in part, with two private tuition loans from Navient that totaled $12,567. [2]

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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.” It has now canceled debt for almost 3.9

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Public Citizen

JUNE 29, 2020

"A federal judge has ordered the Department of Education to cancel the student loans of all 7,200 former Corinthian Colleges students in Massachusetts. This is the first time a federal court has ordered a borrower defense discharge of federal student loans. "The victory in Vara v.

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Roths Child Law

APRIL 15, 2021

Taking out a student loan is supposed to be a financial investment in your future. It can be very difficult for college graduates to balance their daily financial needs with the obligation to repay massive student loans. Some of these borrowers will eventually end up defaulting on their loans.

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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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Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights , focusing on student loan servicing. It’s time to open up the books on institutional student lending to ensure all students with private student loans are not harmed by illegal practices.”.

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Collection Industry News

SEPTEMBER 19, 2022

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws. revising certain existing regulations to remove requirements deemed unnecessary to reduce regulatory burden on student loan servicers.

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Collection Industry News

APRIL 22, 2023

The justices declined to intervene over a class-action settlement that could lead to the cancellation of more than 200,000 loans based on claims that colleges misled students. 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.

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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. Source: site. Judge Elizabeth Stong with the U.S. Bankruptcy Court in Brooklyn, N.Y.,

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Collection Industry News

FEBRUARY 25, 2022

Annual fees will be frozen at £9,250 for another two years and student loan interest rates are being cut to match the retail price index (RPI). The flip side is that school leavers who go on to higher education will be making repayments for up to 40 years, rather than a maximum of 30 at present.

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Collection Industry News

OCTOBER 10, 2022

The CFPB released a special edition of Supervisory Highlights on student loan servicing practices of loan servicers and schools lending to students directly. This practice creates a powerful mechanism to enforce payment demands, as consumers who cannot obtain transcripts could lose future educational- and job opportunities.

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Collection Industry News

MAY 22, 2023

The Federal Trade Commission has stopped a pair of student loan debt relief schemes that it says bilked students out of approximately $12 million by using deceptive claims about repayment programs and loan forgiveness that did not exist. and SLA Consulting Services Inc. and SLA Consulting Services Inc.

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Credit Corp

MARCH 9, 2021

Going through student loan repayments can be a hassle. However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. This means you have more time to find ways to repay your student loans before you have a defaulted loan. Table of Contents.

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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. Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Help Available for Borrowers with Student Loans.

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Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 However, interest on the loan continues to accrue and can ultimately cause the amount paid over the life of the loan to be higher. In addition to forgiving tens of thousands of loans, Navient will pay $142.5

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ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” United States Dep’t of Educ. , 8]. United States Dep’t of Educ. , State Higher Educ. 1] In Hull v.

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Fico Collections

SEPTEMBER 15, 2022

Saudi Credit Bureau Delivers Access To Loans For Millions with Score. Vision, Advocacy And Education. This growth in Saudi financial inclusion was made possible by SIMAH’s advocacy efforts with financial institutions and a parallel education campaign with consumers. “We Educating Consumers And Addressing False Narratives.

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Troutman Sanders

APRIL 14, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Loans to a student attending school less-than-half-time.

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Collection Industry News

NOVEMBER 8, 2021

Department of Education said it is ending its relationship with private collection agencies that had been tasked with recovering payments from federal student loan borrowers in default to improve collections and provide borrowers with more support. Source: site. Photo: John Minchillo/Associated Press.

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Troutman Sanders

APRIL 2, 2021

The Sixth Circuit recently confirmed student loan servicers, who begin servicing debts after default and resale, are not liable to borrowers under the Fair Debt Collection Practices Act (FDCPA) because the servicers are not acting as “debt collectors.”. the Sixth Circuit affirmed summary judgment for student loan servicer Nelnet, Inc.

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Collection Industry News

FEBRUARY 22, 2021

Virginia Student Loan Servicers Can Apply for New Required Licenses March 1 Private and federal student loan servicers practicing in Virginia can begin applying for licenses through the Nationwide Mortgage Licensing System on March 1, 2021, as required by a new law in the state.

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Collection Industry News

MAY 9, 2022

As President Joe Biden considers using executive action to cancel some federal student loan debt , the financial burden on today’s students continues to rise. trillion in federal student loan debt, according to the Department of Education. To my knowledge, everyone with student loans voluntarily took them.

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