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

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

NOVEMBER 4, 2022

Individuals with student loans that had their payments paused during the pandemic are now falling behind on other credit products, according to data released this week by the Consumer Financial Protection Bureau.

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Student loans Student Loans Loans Collections 244

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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Student loans Student Loans Loans 246

Account Recovery

SEPTEMBER 28, 2022

The Biden Administration’s student loan debt cancellation plan will cost the government $400 billion, according to a report released yesterday by the nonpartisan Congressional Budget Office.

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Student loans Student Loans Loans Government 241

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

APRIL 13, 2023

A pair of individuals have been indicted by a grand jury in Colorado for their role in running an alleged student loan debt settlement scam. Torres, 45, was the registered agent for Student … The post Pair Indicted for Running Student Loan Debt Settlement Scheme first appeared on AccountsRecovery.net.

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Account Recovery

MARCH 8, 2023

Candidly, a platform that aims to help individuals pay off their student loans while saving and building wealth at the same time, yesterday announced it had raised $20.5 The post Student Loan Debt Repayment Platform Raises $20M appeared first on AccountsRecovery.net. million in a Series B round of financing.

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Account Recovery

APRIL 19, 2022

… The post Student Loan IDRs Go Under the Microscope appeared first on AccountsRecovery.net. … The post Student Loan IDRs Go Under the Microscope appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans 246

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

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

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

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

APRIL 14, 2023

The Supreme Court yesterday decided not to block a settlement that will cancel as much as $6 billion in unpaid student loans, after three colleges sought the high court’s intervention to detail the settlement. The three schools — Everglades College, Lincoln Educational Services Corp.,

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Student loans Student Loans Loans Education 130

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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Student loans Student Loans Loans Government 245

Account Recovery

MARCH 31, 2023

Not content with hoping that the Supreme Court will strike down a program started by the federal government to wipe out as much as $20,000 in student loan debt for individuals, a number of Republicans have started the process of using the Congressional Review Act to keep the program from ever being implemented.

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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

SEPTEMBER 14, 2022

Nearly two dozen governors — all of them Republicans — have sent a letter to President Biden, saying they “fundamentally oppose” the plan to cancel up to $20,000 of student loans for individuals across the country, saying that the price each American is going to have to pay to cover that amount of money will … The post (..)

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Student loans Student Loans Loans 245

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

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

MAY 3, 2022

A bill has been introduced in the Senate that would prohibit President Biden from canceling outstanding federal student loan obligations due to a national emergency while also ending the current moratorium on federal student loan payments. 4094, the Stop Reckless Student Loan Actions Act, was introduced by Sen.

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Student Loans Student loans Loans 245

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

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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Account Recovery

DECEMBER 2, 2022

The Supreme Court yesterday agreed to hear arguments this term in a lawsuit over the Biden administrations plan to cancel up to $20,000 of student loan debt, while another appeals court issued a ruling upheld a lower court’s decision to temporarily halt the program, after 26 million individuals had applied for loan forgiveness.

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Student loans Student Loans Loans 246

Account Recovery

AUGUST 24, 2022

Because an announcement is expected from the White House today regarding how it will address the topic of student loan debt cancellation, the timing is coincidental to report that a bill has been introduced in the House of Representatives that would prevent the Biden Administration from “enacting blanket student loan forgiveness.”

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Student loans Student Loans Loans 246

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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Student loans Student Loans Loans 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

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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Student loans Student Loans Loans Education 245

Account Recovery

OCTOBER 20, 2022

A group fighting to block a plan to forgive student loan debt has submitted a petition to the Supreme Court seeking an emergency injunction after a website went live this week accepting applications for the program.

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Student loans Student Loans Loans 246

Account Recovery

JULY 1, 2022

” A … The post Groups Call on Biden to Extend Student Loan Payment Pause appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans 244

Account Recovery

AUGUST 12, 2022

The only good thing that happens when an individual defaults on his or her student loan is that debt collectors make money, according to an Undersecretary at the Department of Education who was speaking during a virtual panel discussion earlier this week.

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Student loans Student Loans Debt collector Loans 246

Account Recovery

APRIL 7, 2022

As expected, the federal government yesterday announced that it was extending the moratorium on making student loan payments for an additional four months — to August 31 — but added in an extra wrinkle that will impact those in the accounts receivable management industry: The 7 million borrowers who are in default on their student … (..)

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Account Recovery

DECEMBER 23, 2021

Back in August, the government announced a … The post Student Loan Repayment Moratorium Extended Until May appeared first on AccountsRecovery.net. That appears to be a lesson that the Biden administration and the Department of Education need to learn as well.

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Student loans Student Loans Loans Government 245

Account Recovery

JANUARY 11, 2023

Judge Dismisses FDCPA Class Action; DoE Announces Student Loan Repayment Proposal first appeared on AccountsRecovery.net. Judge Dismisses FDCPA Class Action; DoE Announces Student Loan Repayment Proposal appeared first on AccountsRecovery.net. The post Daily Digest – January 11.

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Student loans Student Loans Fair Debt Collection Loans 246

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

MAY 31, 2022

There are more than 7 million individuals who have defaulted on their federal student loans, and the current moratorium on making student loan payments is those individuals’ best shots at getting back in good standing, especially with published reports indicating that another extension of the moratorium is likely and that the federal government (..)

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Student loans Student Loans Loans Government 243

Account Recovery

JANUARY 27, 2022

The Attorney General of Virginia announced yesterday that it is reducing the fees it will charge when collecting on unpaid student loans for individuals who attended certain state colleges or universities. And the AG’s office is asking other colleges and universities to lower their collection fees, too.

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Student loans Student Loans Loans Collections 244