Account Recovery

MARCH 31, 2021

Expands Moratorium on Collection of Defaulted Student Loans appeared first on AccountsRecovery.net.

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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

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

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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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 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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Student loans Student Loans Loans Education 246

Account Recovery

DECEMBER 6, 2022

Individuals with student loans will be able to avoid facing collection attempts for one year once the moratorium on making student loan payments ends, according to guidance released by the Department of Education’s Federal Student Aid office last week. The post Ed.

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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

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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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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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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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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Student loans Student Loans Loans Garnishment 93

Collection Industry News

JUNE 13, 2022

Department of Education is not ready for student loan forgiveness — a top lawmaker says — and the results could be a disaster for student loan borrowers. . Here’s what you need to know — and what it means for your student loans. Student Loans. Student loan forgiveness: 7 questions.

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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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Troutman Sanders

AUGUST 25, 2021

The Department of Education (Department) has announced that individuals who have a total and permanent disability (TPD) will have their unpaid student loans automatically discharged without having to file any paperwork. billion in unpaid loan balances. Secretary of Education Miguel Cardona in a statement.

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Collection Industry News

JUNE 20, 2022

The Department of Education is preparing a major overhaul for the current student loan servicing systems. ( iStock ). The Department of Education recently announced that it will overhaul its current federal student loan servicing systems, giving more power to borrowers to easily manage their student loans.

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Account Recovery

SEPTEMBER 15, 2021

Lawmakers, state Attorneys General, and state regulators — including those that regulate collection agencies — are praising a decision by the Department of Education to undo a Trump-era rule regulating debt collectors and servicers of federal student loans.

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Collection Industry News

MAY 30, 2022

Chalk up another move in the right direction for student loans. Borrowers are understandably frustrated when they receive inconsistent information about something as important as their student loans. The post Education Department announces revamp of its student loan program appeared first on Collection Industry News.

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Collection Industry News

AUGUST 23, 2022

Department of Education is giving federal student loan borrowers who’ve fallen behind on their debt a chance to get into current standing. million student loan borrowers who are in default will be able to return to repayment without a past-due balance. Certain loans qualify, and others don’t. also qualify.

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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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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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Collection Industry News

OCTOBER 17, 2022

During the beta test, borrowers will be able to submit an application for student loan forgiveness. A preview of the application earlier this week suggested a full rollout could come as soon as next week, higher education expert Mark Kantrowitz said. Those will be processed once the site officially launches.

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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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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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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. The US leader had last year pledged to find other avenues for tackling debt relief after the Supreme Court blocked a broader plan to forgive $430bn in student loan debt.

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Collection Industry News

MARCH 6, 2024

President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday.

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Collection Industry News

OCTOBER 18, 2021

Student Loan Servicing Changes. Department of Education’s loan servicing system. Just weeks prior to that, FedLoan Servicing and Granite State Management & Resources — two other major loan servicers for the Department — had also announced their withdrawal. Other Student Loan Servicers.

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Student loans Student Loans Education Loans 40

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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Collection Industry News

AUGUST 8, 2022

Republicans have proposed a blockbuster new plan for student loan forgiveness. Here’s what you need to know — and what it means for your student loans. Student Loans President Joe Biden is days away from announcing his decision on broad student loan forgiveness. prevent the U.S.

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Collection Industry News

JULY 12, 2022

Discussion about whether President Biden will forgive $10,000 in student loans for all borrowers dominates headlines. But behind the scenes, Biden’s Department of Education has canceled tens of billions of dollars by turbocharging existing loan forgiveness programs. Source: site. These changes would cost $20 billion.

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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.

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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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Collection Industry News

JULY 6, 2023

WASHINGTON, June 30 (Reuters) – President Joe Biden on Friday announced new measures to provide student loan relief to Americans and condemned the U.S. Thwarted by the conservative-leaning court, Biden told reporters that his administration would pursue student loan relief through a different avenue, the Higher Education Act.

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Collection Industry News

JUNE 22, 2023

Supreme Court handed President Joe Biden a painful defeat on Friday, blocking his plan to cancel $430 billion in student loan debt – a move that had been intended to benefit up to 43 million Americans and fulfill a campaign promise. Secretary of Education Miguel Cardona. WASHINGTON, June 30 (Reuters) – The U.S

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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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Public Citizen

MAY 9, 2022

We received the following Call for Papers: On April 6, 2022, in addition to announcing an extension of the federal student loan payment pause, the White House announced that the U.S. The Department now has an opportunity to fix the broken student loan default and collection system.

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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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