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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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

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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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 […]

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Student loans Student Loans Loans Collections 147

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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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

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.”

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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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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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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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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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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.

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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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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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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.

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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

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.

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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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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.

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Student loans Student Loans Loans Education 245

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

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

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Consumer Finance

MAY 30, 2024

The CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies.

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Student loans Student Loans Loans Bankruptcy 145

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 (..)

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Student loans Student Loans Loans 244

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 (..)

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Student loans Student Loans Loans 245

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.

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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 (..)

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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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Student loans Student Loans Loans Government 246

Account Recovery

DECEMBER 20, 2021

Even before the COVID-19 pandemic struck the United States, the burden of repaying student loans was weighing heavily on individuals, including those living in New York City, according to a report that was issued by the city’s Department of Worker and Consumer Protection.

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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

SEPTEMBER 26, 2022

A bill has been introduced in the Senate that seeks to hold universities accountable for paying a portion of student loans that go into default while also allowing student loans to be discharged when an individual files for bankruptcy protection. 4912 was introduced last week by Sen. Josh Hawley [R-Mo.],

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Account Recovery

OCTOBER 17, 2022

While the federal government still works out all the kinks related to its plan to forgive student loan debt for individuals, the rest of the country is already moving on to the next type of debt they want to see forgiven — medical debt.

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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

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

NOVEMBER 13, 2023

The Department of Education has announced a new plan to hold student loan servicers accountable for not harming individuals with stiff penalties that the department has already shown it is willing to put into practice.

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Student loans Student Loans Loans Education 147

Account Recovery

FEBRUARY 17, 2022

The Department of Education announced yesterday that it is canceling $415 million in student loan debt under the borrower defense to repayment plan, including the debts of 1,800 former students of DeVry University. Cancels More Student Loan Debts, Announces New Regs Coming appeared first on AccountsRecovery.net.

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Account Recovery

DECEMBER 6, 2023

A bill has been introduced in the Senate to create a student loan borrower bill of rights, which would limit the circumstances in which late fees can be applied, prohibit the use of mandatory arbitration provisions, and force servicers to create units that are dedicated to keeping at-risk borrowers from defaulting, among other requirements.

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