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. Government-backed…. Source: site. Judge Elizabeth Stong with the U.S.

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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. . Follow these tips to help create an affordable student loan repayment plan.

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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

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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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

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

DECEMBER 7, 2021

.: Earlier this month, the federal Education Department announced it is canceling another round of student loan payments, adding that those eligible are now being notified via email. The new round will cancel loans worth $2 billion, reported Yahoo Money. Government Writes Off $2 Billion In Student LoansU.S.

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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. WASHINGTON, June 30 (Reuters) – The U.S “Today’s decision has closed one path.

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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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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

JANUARY 5, 2023

Student loan borrowers are starting 2023 with a lot of uncertainty. The fate of President Joe Biden’s major student loan forgiveness program lies with the US Supreme Court , and it could be as late as summer before the justices rule on whether the policy can take effect. When will the pandemic pause on payments end?

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Account Recovery

OCTOBER 20, 2021

Debt collection, student loan debt relief, payday loans, and government impersonators are just a few of the categories highlighted in a Federal Trade Commission report that analyzes the regulator’s effort at addressing fraud and consumer issues that are affecting communities of color, which was released earlier this week.

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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. The government has already started implementing the settlement. District Judge William Alsup approved in November in a case brought by borrowers.

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Collection Industry News

OCTOBER 21, 2022

Livingston County residents and others across the state are reminded to beware of scammers looking to take advantage of the Federal Student Loan Debt Forgiveness Program. Department of Education has made available the application for student loan debt relief announced by the Biden Administration.

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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

OCTOBER 3, 2022

Arkansas is one of seven states in which canceled student loan debt may be treated as taxable income, but whether it is, student loan forgiveness is expected to create a tax burden shift from the borrowers. According to Federal Student Aid, an office of the U.S. Jeff Della Rosa, September 29, 2022.

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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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Collection Industry News

NOVEMBER 6, 2023

The Biden-Harris Administration is fully committed to supporting student loan borrowers as they navigate return to repayment and fixing problems in the student loan system. Today, the U.S. FSA is committed to ensuring servicing contracts evolve to meet borrowers’ needs. “FSA

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Collection Industry News

FEBRUARY 21, 2022

Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. Despite one government estimate that 1.3

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Collection Industry News

APRIL 6, 2023

WASHINGTON — The Supreme Court on Thursday refused to block a class-action settlement that forgave $6 billion in federal loans for students at for-profit schools or vocational programs. A federal law allows the education secretary to cancel federal loans based on misconduct by the borrower’s school. There were no noted dissents.

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Collection Industry News

MAY 3, 2022

A number of people in the so-called “boomer” generation have hit out at President Joe Biden ‘s reported plans to forgive some student loan debt for millions of people. Mark Curtis , an television anchor for Arizona’s 12 News, added: “Cancelling accrued interest on a loan. Other bribe suggestions: Forgive auto loans?

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Collection Industry News

SEPTEMBER 19, 2022

Student borrowers in New York state should be mindful of potential debt relief scams as the federal government moves to provide up to $20,000 in debt forgiveness, Gov. Hochul this week approved a measure meant to simplify and expand the Public Service Loan Forgiveness program in New York. Kathy Hochul on Friday said.

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Collection Industry News

APRIL 11, 2022

The student loan crisis is a hot topic of conversation in Washington because student debt is felt by a lot of us, 45 million of us to be exact, for a total debt of 1.6 We often break our pink piggy bank that says student loan on it, in an attempt to pay back our debts. The history of 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. The post stated, in part: “Children of Congress members do not have to pay back their college student loans.”. billion in student debt forgiveness.

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Collection Industry News

SEPTEMBER 6, 2022

If Navient was your federal loan servicer, your loans have been transferred to Aidvantage. With the federal loan pause ending at the end of the year, you’ll want to know how to log into Aidvantage’s website to view your student loan account. Why did Navient exit the student loan industry?

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Collection Industry News

SEPTEMBER 27, 2022

The federal government this week unveiled how many student loan borrowers in each state, Washington, D.C., The state-by-state figures highlight the number of borrowers who qualify for the $10,000 in cancellation as well as the number of Pell Grant recipients eligible for an additional $10,000 in loan forgiveness.

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Collection Industry News

OCTOBER 21, 2022

It seems that some Americans simply cannot stomach the idea of student loan borrowers getting debt relief, as lawsuits keep pouring in challenging President Joe Biden’s loan forgiveness plan, which is already in the application stage. board loan??forgiveness, The Cato suit alleges that by providing across??the??board

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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

JULY 18, 2022

A new poll shows 51% of Americans support the idea of President Joe Biden canceling $10,000 of student loan debt for each borrower, illustrating how split the public is regarding one of the president’s early campaign promises. trillion in student loan debt is a problem, according to an Economist/YouGov survey of 1,500 U.S.

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Collection Industry News

MARCH 22, 2022

SoFi is one of the private student lenders lobbying to stop, or at least curtail, the pandemic-related moratorium on federal student loan payments that is now stretching into a third year. Justin Sullivan/Getty Images. The jockeying comes as President Joe Biden weighs whether to extend the moratorium past May 1.

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Collection Industry News

JUNE 28, 2022

About 2 million federal student loan borrowers, many of whom are seeking debt relief from the Public Service Loan Forgiveness program, will get a new federal student loan servicer as soon as early July. But a year ago, PHEAA decided to end its contract with the federal government. Source: site.

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Collection Industry News

AUGUST 9, 2021

WASHINGTON ( NewsNation Now ) — The pause on federal student loan payments has been extended until January, 31, 2022. The freeze was put in place at the start of the COVID-19 pandemic in 2020 as the federal government worried millions of debt holders would default on loans due to job loss and the down turned economy.

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Collection Industry News

AUGUST 23, 2022

Education Secretary Miguel Cardona on Sunday said the Biden administration is due to announce a decision on whether to extend a pause on federal student loan debt in the next week, butting up to an Aug. 31 deadline when the current moratorium on loan payments expires. Public Service Loan Forgiveness was broken,” he said. “We

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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. Loan Servicing Contract Extension for Navient.

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Collection Industry News

APRIL 18, 2022

trillion in student loan debt is a growing headache for Democrats at a time when families are struggling with higher costs but centrist Democrats led by Sen. billion in student debt his administration wiped out last year by reforming the Public Service Loan Forgiveness program. Source: site. Joe Manchin (D-W.Va.)

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Collection Industry News

JULY 28, 2020

Former Vice President Joe Biden, the presumptive Democratic nominee for President, released his student loan forgiveness plan in April, and reaffirmed his commitment to student loan forgiveness in June. But how does Biden’s plan compare to other student loan forgiveness proposals?

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Collection Industry News

APRIL 2, 2021

Education Department is canceling student debt for more than 40,000 Americans who were previously granted loan forgiveness because of disabilities but later had their debt reinstated after they failed to submit certain paperwork, the agency announced Monday. trillion in federal student loans.

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