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

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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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

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. “You just never know with the government,” she added.

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Better Credit Blog

MAY 11, 2022

million people carry some form of student loan debt, with most averaging around $39,000 —although many of us have a lot more. Refinancing your student loans could help lower your monthly payments and reduce your overall repayment amount. Additionally, look at our best student loan companies to apply completely online.

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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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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

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

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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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

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. Here’s what to watch out for.

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Collection Industry News

APRIL 22, 2023

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. The case is unrelated to President Joe Biden’s broader effort to forgive student loan debt, which is also before the justices, with a ruling due in the next two months.

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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

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

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. Therefore, fewer accounts lead to lower payments moving forward.

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Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs,” Chief Legal Officer Mark Heleen said in a statement. The company agreed to cancel $1.7

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Collection Industry News

APRIL 6, 2023

The case is not related to the Biden administration’s pandemic-related debt relief program, which involves $400 billion in student loans owed by 40 million Americans. The class action at issue in the new case was filed in 2019, seeking to require the government to reduce the backlog. There were no noted dissents.

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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 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

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. I can see or cutting interest rates to 0%… but forgiving ALL student loan debt? The student loan machine is predatory. Source: site.

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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.

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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

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

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. appeared first on Collection Industry News. Vance Cariaga, October 20, 2022.

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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

SEPTEMBER 6, 2022

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. Federal student loan repayments have been paused for more than two years, and President Biden recently announced a final extension through the end of 2022.

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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

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. Source: site.

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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

MARCH 19, 2024

And then we add student loans back into consumers’ repayment mix… The Impact of Resumed Student Loan Repayments Millions of people are resuming another financial obligation every month: their student loan payments. million borrowers missed their student loan payment, equating to 40% of loan holders.

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Fico Collections

JANUARY 4, 2021

Within the collection industry in the United States, State and Federal Governments imposed significant constraints because of COVID. In addition, many States and the IRS slowed or stopped the collection of tax debts, and the Federal Government gave significant deferrals for the repayment of student loans, mortgages, and rent.

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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 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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