Account Recovery

APRIL 16, 2024

The Department of Education has released data regarding repayment trends following the end of the student loan payment moratorium with the intention of noting how many borrowers are making their loan payments on time and how the average payment among those making payments has “nearly” returned to its pre-pandemic level.

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Account Recovery

JUNE 3, 2024

The Consumer Financial Protection Bureau on Friday announced it had filed a lawsuit against the Pennsylvania Higher Education Assistance Agency (PHEAA), alleging that PHEAA illegally collected on student loans that had been discharged in bankruptcy and provided false information to credit reporting companies.

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Student loans Student Loans Loans Collections 147

Account Recovery

JUNE 11, 2024

Bills have been introduced in the House of Representatives and the Senate seeking to hold servicers of federal student loans more accountable for their actions and to further protect consumers from lower credit scores and other abuses. The Student Loan Servicers Accountability Act of 2024 is being backed by Sen. Ron Wyden [D-Ore.]

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Student loans Student Loans Loans 130

Account Recovery

AUGUST 16, 2023

A District Court judge in Michigan has dismissed a lawsuit that challenged an initiative from the federal government seeking to forgive $39 million of student loan debt, determining the plaintiffs lacked standing to sue. Well, that didn’t take very long.

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Account Recovery

JUNE 20, 2024

Consumers’ views on student loan debt are going to play a major factor in who wins November’s presidential election, according to the results of a survey conducted by Bankrate.

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Student loans Student Loans Loans 130

Account Recovery

AUGUST 31, 2022

billion of student loans for all of the 79,000 individuals who attended Westwood College between 2002 and 2015, ruling that the school “engaged in widespread misrepresentations about the value of its credentials for attendees’ and graduates’ employment prospects.”

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Loans Student loans Student Loans Education 246

Account Recovery

DECEMBER 18, 2023

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.

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Student loans Student Loans Loans Education 147

Account Recovery

JUNE 6, 2024

However, a recent development covered by The New York Times highlights a significant, albeit under-publicized, initiative by Navient that offers a lifeline to borrowers with private student loans. This move is particularly relevant given the ongoing scrutiny and […]

Student loans 147

Student loans Student Loans Loans Collections 147

Account Recovery

DECEMBER 22, 2021

Three months after it was sued by the Consumer Financial Protection Bureau for violating a 2016 consent order for a number of alleged violations, LendUp Loans has agreed to stop making new loans and collecting on certain outstanding ones while also paying a fine of $100,000, the Bureau announced yesterday.

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Account Recovery

JULY 8, 2024

The Federal Trade Commission has taken action against a student loan debt relief scheme that is accused of fraudulently extracting more than $20.3 million from consumers.

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Student loans Student Loans Loans Trade 130

Account Recovery

JANUARY 15, 2024

Those debts include credit cards, auto loans, personal loans, mortgages, and student loans. Nearly 30% of consumers living in the 100 largest metropolitan areas of the United States were behind on at least one debt payment between July and September of last year, according to data released last week by LendingTree.

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Loans Student loans Student Loans Personal loans 147

Account Recovery

DECEMBER 9, 2021

The Attorney General of California announced that a group of individuals involved in a student loan debt relief scam have been sentenced — three of them receiving jail time — and paying more than $330,000 in restitution to victims who were “preyed on” because they were struggling to repay their student loans.

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Account Recovery

SEPTEMBER 8, 2022

is pushing the Department of Justice to implement new guidance related to how student loan debts are handled when individuals file for bankruptcy protection, saying the department needs “to do its part to ensure that borrowers who continue to struggle with student debt have a path toward additional relief.” Elizabeth Warren [D-Mass.]

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Student loans Student Loans Bankruptcy Loans 246

Account Recovery

AUGUST 23, 2023

The Federal Trade Commission on Monday announced it had sued and obtained a temporary restraining order against a number of corporate and individual defendants accused of pretending to be affiliated with the Department of Education so that they could market student loan forgiveness programs that made false promises and collected millions in illegal (..)

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Student loans Student Loans Loans Education 246

Account Recovery

OCTOBER 3, 2022

The legal challenges to the federal government’s plan to cancel student loan debt for individuals making less than $125,000 a year have started, with a pair of suits claiming the administration failed to take the proper steps before announcing the plan.

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Student loans Student Loans Loans Government 241

Account Recovery

MARCH 19, 2024

One of the nation’s largest servicers of student loans is being called before the Senate Banking Committee for a hearing about its performance, following a report that was critical of the servicer’s efforts.

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Student loans Student Loans Loans Banks 130

Account Recovery

JANUARY 11, 2023

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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Student loans Student Loans Education Loans 246

Account Recovery

MARCH 14, 2024

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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Student loans Student Loans Garnishment Education 130

Account Recovery

MAY 15, 2023

The moratorium on student loan payments has cost the federal government $160 billion in lost assets and the federal government should be ordered to force individuals with unpaid student loan debts to start repaying them, according to a nonprofit think-tank that is seeking a preliminary injunction against the Department of Education.

Student loans 244

Student loans Student Loans Loans Education 244

Account Recovery

JUNE 24, 2022

The Department of Education yesterday announced a settlement in a lawsuit that will see the debts of 200,000 individuals forgiven, wiping out $6 billion in unpaid loans owed by individuals who had filed borrower defense claims that were left pending for years by previous administrations.

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Student loans Student Loans Loans Education 246

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 billion on those outstanding debts.

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Loans Student loans Student Loans Education 246

Account Recovery

AUGUST 25, 2022

Surprising nobody yesterday, President Biden announced that the federal government will forgive up to $10,000 in student loan debt for anyone making less than $125,000 per year and up to $20,000 for anyone with a Pell grant, while also extending the moratorium on making student loan payments through the end of the year.

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Student loans Student Loans Loans Government 246

Account Recovery

OCTOBER 1, 2022

The Consumer Financial Protection Bureau yesterday published a special edition of its Supervisory Highlights, spotlighting the student loan servicing and collection markets and pointing out some of the issues it has uncovered when examining companies in that market. A copy of the report can be accessed by clicking here.

Student loans 245

Student loans Student Loans Loans Collections 245

Account Recovery

AUGUST 24, 2022

A Georgia man has been sentenced to six years in prison while also being ordered to pay $910,417 in restitution after pleading guilty in a scam that led to $48 million of federal student loans being fraudulently discharged through a program intended for disabled military veterans.

Student loans 246

Student loans Student Loans Loans Banks 246

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.

Student loans 245

Student loans Student Loans Loans Education 245

Account Recovery

JUNE 13, 2022

The … The post Report Calls for ‘Broad-Based’ Cancellation of Student Loans appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans 246

Account Recovery

FEBRUARY 21, 2022

The Consumer Financial Protection Bureau has launched another flare into the night sky, this time warning student loan servicers about making sure they are not making misrepresentations or making deceptive statements with respect to the Public Service Loan Forgiveness program, which offers individuals the opportunity to have their student loan debts (..)

Student loans 245

Student loans Student Loans Loans 245

Account Recovery

APRIL 19, 2024

The Federal Trade Commission has announced a settlement with the final defendant and “ringleader” of a student loan debt relief scam that bilked consumers out of nearly $9 million that will see the individual permanently banned from the debt relief industry and required to turn over assets to satisfy a $7.4 million judgment.

Student loans 130

Student loans Student Loans Loans Trade 130

Account Recovery

OCTOBER 14, 2022

The governor of New York yesterday signed a bill into law that will eliminate a 22% collection fee on student loans owed to the state. The fee was added when unpaid student loan debts were referred to the Office of the Attorney General’s Civil Recoveries Bureau.

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Student loans Student Loans Loans Collections 246

Account Recovery

APRIL 25, 2024

The California Department of Financial Protection and Innovation announced yesterday it had entered into a consent order with one of the nation’s largest student loan servicing companies after it failed to provide contact information in a timely manner for residents with older student loans who needed to apply by the end of the month for […] (..)

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Student loans Student Loans Loans 130

Account Recovery

MAY 7, 2024

The Consumer Financial Protection Bureau yesterday announced an enforcement action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education Assistance Agency (PHEAA) over a series of servicing failures, including mishandling borrower requests during the COVID-19 pandemic.

Student loans 130

Student loans Student Loans Loans Education 130

Account Recovery

SEPTEMBER 20, 2021

Student loan debt is keeping a lot of people from accomplishing their financial objectives, according to a report released by the National Association of Realtors, including buying a home, taking a vacation, and starting a family, while also forcing more individuals to take second jobs or work where they are not happy to be able … The post Student (..)

Student loans 246

Student loans Student Loans Loans 246

Account Recovery

SEPTEMBER 1, 2022

Individuals with higher incomes are likely to get more bang for their buck following last week’s announcement that individuals making under $125,000 are eligible to have up to $20,000 of their outstanding student loan debt forgiven, but lower income households are more likely to have all of their debts forgiven, according to a report released (..)

Student loans 244

Student loans Student Loans Loans 244

Account Recovery

JULY 9, 2021

The Pennsylvania Higher Education Assistance Agency, one of the largest student loan servicers in the country, announced yesterday that it will stop servicing federal student loans by the end of this year, citing the increasing complexity and cost of handling loans on behalf of the Department of Education.

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Student loans Student Loans Loans Education 246

Account Recovery

DECEMBER 28, 2023

A petition is being organized — and so far 35,000 individuals have signed it — asking the Department of Education to cancel their student loan debts. Issues with repayment and other concerns have led 40,000 individuals to go on a “student debt strike,” according to a published report.

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Student loans Student Loans Loans Education 130

Account Recovery

JUNE 22, 2022

A bill has been introduced in the House of Representatives that, if enacted, would prohibit the federal government from cancelling or forgiving federal student loans because the government does not have the authority to do so and because it’s “unfair for taxpayers who paid student loans or did not attend college to pay for those … (..)

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