Credit Corp

SEPTEMBER 27, 2021

Almost 70% of students in North America take out student loans. Many students can’t afford post-secondary education without financial help. Loans are scary, and come with lots of disadvantages. Don’t fear, because we will be covering the most frequent student loan mistakes. Abusing Your Loan.

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Credit Corp

OCTOBER 31, 2021

If you feel burdened under the weight of student loan debt, you’re not alone. In 2019, the average student loan debt total per person was more than $31,000. The good news is that you may be able to get part or all of your student loans forgiven. Reduce Your Student Loan Payments. In This Piece.

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Credit Corp

AUGUST 25, 2020

As of early 2020, student loan debt in the nation had reached more than $1.5 More than 44 million individuals have student loan debt, and the average person with student loans owes a bit over $32,000—which is more than half of the average household income in the United States. Looking for a Student Loan?

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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. Servicers also provided borrowers with inaccurate information about their entitlement to progress toward loan forgiveness during the pandemic payment suspension.

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Troutman Sanders

SEPTEMBER 12, 2022

On August 30, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act. In the last five years, education financing products, such as income share agreements and installment contracts, have emerged.

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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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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. But finding a good lender can feel intimidating when you don’t know what to look for.

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Credit Corp

APRIL 5, 2021

Student loans get a bit of a bad rep in the news related to the amount of debt they cause. But if you’re looking to advance your career with a necessary degree, student loans might offer a way to pay for your education so you can improve your future. So how do student loans work? PLUS loans.

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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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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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Credit Corp

JULY 30, 2020

As of February 2020, student loan debt in the United States reached a record total of $1.6 Many people are struggling to pay student loans and taking part in various deferment and other assistance programs. Find out more about stimulus help for student loans below. Try ExtraCredit.

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Troutman Sanders

SEPTEMBER 4, 2020

On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy. Thus, an educational benefit is different than a loan.

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Better Credit Blog

JULY 12, 2021

Student loans are a pressing issue for so many people who have put themselves through college and other higher education. Luckily, there are options for student loan forgiveness—which can wipe away some or all of what you owe. What is student loan forgiveness? The big federal loans.

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Troutman Sanders

APRIL 18, 2022

On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends. Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans. Multiple student loan servicers.

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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

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. Department of Education.

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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. The Act also included assistance for most student loan borrowers who face financial hardship due to the economic impact of the COVID-19. Help Available for Borrowers with Student Loans.

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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. The CFPB’s playbook appears to be the same here.

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Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 Forbearance is when lenders allow borrowers to pause or reduce payments for a limited time while they build back their finances. In addition to forgiving tens of thousands of loans, Navient will pay $142.5 The company agreed to cancel $1.7

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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

AUGUST 6, 2023

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found.

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Collection Industry News

AUGUST 30, 2022

The Biden administration has confirmed that student loan forgiveness won’t be a taxable event at the federal level for borrowers. President Biden announced last week a sweeping, wide-scale student loan forgiveness initiative. Student Loan Forgiveness and Taxation. Here’s what you need to know.

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Credit Corp

MARCH 21, 2023

According to the Federal Reserve, 4 in 10 people who go to college incur debt to pay for their education. Currently, individuals with outstanding student loan debt owe as much as $100,000 or more, with more than 40% owing between $20,000 and $99,999. Navient is a student loan servicer. Why Is Navient Calling Me?

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Collection Industry News

APRIL 11, 2022

Student loan companies will face consequences if they mislead borrowers and collect on private debt that has been discharged by a bankruptcy court , according to a letter sent by the country’s top consumer watchdog to Senator Dick Durbin (D-IL) that was obtained by Yahoo Finance. “I Source- site.

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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

MAY 23, 2022

and student loan servicer Navient Solutions agreed to a settlement that will result in the cancelation of more than $3.5 million in student debt for New Hampshire student loan borrowers, according to the state’s Department of Justice. BIDEN SAYS HE’S CONSIDERING CANCELING SOME STUDENT DEBT, BUT NOT $50K.

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Collection Industry News

APRIL 18, 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. The CFPB’s playbook appears to be the same here.

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Collection Industry News

MAY 16, 2022

Borrowing federal student loans is about to get more expensive. Federal student loan interest rates are tied to the 10-year Treasury note and determined using a formula set by federal law. The new fixed interest rates will be: 4.99% for direct subsidized and unsubsidized undergraduate loans. Source: site.

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Debt Guru

JANUARY 27, 2020

Higher education is a noble pursuit. In fact, The Institute for College Access & Success reported that 65 percent of 2017 grads carry student debt – at an average of $29,200. It’s no wonder, then, that defaulting on student debt has become rampant. Unfortunately, in the US, it’s also a pricey one.

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Collection Industry News

JULY 28, 2020

The federal government’s emergency relief for more than 40 million student loan borrowers is set to expire at the end of September, amid sky-high levels of unemployment and an overall economy still stifled by rising coronavirus cases. Lamar Alexander (R-Tenn.) said on the Senate floor this week.

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Troutman Sanders

JANUARY 20, 2022

On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices.

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Credit Corp

AUGUST 4, 2020

Yet higher education can be expensive, seemingly putting that dream out of reach for many students and families. Tuition at American schools has steadily increased for decades, so it can be hard for your average student to afford it. Student loans, including private and federal loans , are also commonly used to fund college.

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True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. Debt increases showed up across almost all categories, with larger balances for mortgages , home equity lines of credit, auto loans, student loans , retail cards and other consumer loans.

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Better Credit Blog

APRIL 2, 2022

In 2019 alone, Fiona originated more than $600 million in personal loans. The site uses built-in algorithms to offer you real-time, pre-qualified personal loan rates from about a dozen different lenders. Since it connects you with multiple loan offers simultaneously, Fiona could save you time and money. Loan Terms.

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Collection Industry News

AUGUST 30, 2022

Many student loan borrowers and consumer advocates breathed a sigh of relief Wednesday that the promise of student loan forgiveness was finally becoming a reality. But for businesses trying to turn a profit on managing these loans, the uncertainty looms large. trillion student loan balance in the U.S.,

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Credit Corp

SEPTEMBER 16, 2020

These loans often have low interest rates and are accessible to those with poor or nonexistent credit. That’s because you provide all of the collateral for the loan in cash, so it’s not a risk for the lender. Federal Student Loans. Most federal student loans don’t require any credit history.

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True Accord

AUGUST 11, 2022

In order to address this gap, lenders are in a unique position to help provide customers with educational content that not only improves customers’ financial literacy but helps with their own retention and acquisition strategies by building and maintaining customer trust and loyalty. Debt levels are on the rise again: according to the?

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