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Dept. of Education Announces Proposal to Change Repayment Plans on Student Loans

Account Recovery

The Department of Education yesterday announced a proposed rule that aims to lower the student loan payments being made by those with student loan debt, while completely pausing payments for individuals who make less than $30,600 per year. A copy of the proposed rulemaking can be accessed by clicking here. The post Dept.

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Employers Need Education on Student Loan Garnishments

Account Recovery

While still a few months off on the horizon, the date on which individuals with unpaid student loans may start seeing their paychecks and bank accounts garnished is approaching.

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Education Dept. Rolls Out New Loan Forgiveness Website

Account Recovery

The Department of Education has unveiled a new website aimed at helping individuals who are seeking debt relief after being defrauded by a college, but critics of the administration’s efforts say the changes are mostly cosmetic, according to a published report. For example, the site estimates … The post Education Dept.

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Cordray Lays Out Changes Coming to Student Loan Servicing Sites

Account Recovery

The Department of Education’s Federal Student Aid is planning to release “an entirely new federal student loan servicing environment” in 2024, according to FSA’s chief operating officer, Richard Cordray, who laid out the changes that are coming in a blog post yesterday.

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Ed. Dept. Cancels $1.2B More in Student Loans

Account Recovery

The Department of Education announced this week that it is forgiving another $1.2 billion of student loans for 153,000 borrowers who are eligible for shortened time to forgiveness under President Biden’s Saving on a Valuable Education (SAVE) Plan.

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Department of Education Cancels $5B More in Unpaid Student Loans

Troutman Sanders

Department of Education (ED) recently announced the approval of an additional $4.9 billion in student loan forgiveness for 73,000 individuals. The relief was provided through several modifications to the income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PLSF) programs. million borrowers.

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Millions Still Not Making Payments on Student Loans

Account Recovery

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.