Troutman Sanders

JANUARY 9, 2024

Alleged errors include listing premature due dates before the end of the payment pause, inflating monthly payment amounts due to the servicer using outdated poverty guidelines, or using the incorrect income when calculating a borrower’s new income-driven repayment plan payment. For more information, click here.

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Better Credit Blog

JUNE 1, 2022

In those cases, student loans can be a valuable resource. If you’re looking for a loan to help fund your education, you have plenty of options. Read on to learn which types of student loan might work best for you. Table of Contents: Federal Student Loans. Private Student Loans.

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Credit Corp

MARCH 21, 2023

million Americans have student loan debt, which totals over $1.7 If you owe tens of thousands of dollars in student loan debt, you’re not alone. million Americans have some form of federal or private student loan debt. Table of contents: Average student loan debt How many Americans have student loan debt?

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Sawin & Shea

OCTOBER 5, 2022

Student loan debt is a serious problem in the United States, and it’s an issue that impacts millions of Americans. As of January 2022, around 45 million people have student loan debt, which is 13.5% The total collective amount of federal and private student debt is around $1.75 of the US population.

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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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Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

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Collection Industry News

AUGUST 22, 2023

That’s why, from day one, President Biden and Vice President Harris have been working to fix the broken student loan system and make college more affordable. Borrowers can sign up today by visiting StudentAid.gov/SAVE Specifically, the SAVE plan will: Cut payments on undergraduate loans in half. million Americans.

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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. Here’s what to know when you’re digging into attempting to get your student loan forgiven.

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Sawin & Shea

JULY 14, 2021

Student loan debt can be crippling. Trying to put money towards a house or a car, as well as paying all of your other bills on top of student loan debt, is often exhausting and can sometimes feel impossible. In America alone, the average student loan debt in 2021 comes to around $1.7

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Collection Industry News

MARCH 6, 2024

President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday.

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PBWT

JULY 1, 2021

Supreme Court declined to revisit the rigid Brunner standard for determining “undue hardship” capable of discharging student debt. Harner applied the Brunner standard , discharging $178,000 of student debt. The Plaintiff reported surplus income, but it depended on her working 40-100 hours of overtime per pay period.

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Collection Industry News

AUGUST 8, 2022

Republicans have proposed a blockbuster new plan for student loan forgiveness. Here’s what you need to know — and what it means for your student loans. Student Loans President Joe Biden is days away from announcing his decision on broad student loan forgiveness. prevent the U.S.

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Credit Corp

JULY 10, 2023

Here is how to pay off debt fast with low income. This includes credit card balances, student loans, medical bills, and other outstanding obligations. This knowledge empowers you to make informed decisions and prioritize debt repayment strategies. It’s crucial to set realistic goals that consider your income.

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Credit Corp

JUNE 12, 2023

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan? Why Would I Need a Personal Loan?

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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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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? Subsidized loans.

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Collection Industry News

OCTOBER 22, 2023

Amberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. She was done with her debt, or so she thought.

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PBWT

JUNE 22, 2021

1] The Bankruptcy Code generally excludes student loan debt from the general discharge individual debtors are entitled to receive upon the conclusion of their case. McCoy might be able to repay some of her student loan debt in the future, which they treated as dispositive under Brunner’s second prong. 11 U.S.C. §

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Troutman Sanders

NOVEMBER 22, 2022

As discussed here , last month, the Eighth Circuit granted an emergency motion by Republican officials in six states to temporarily pause the Biden administration’s student loan forgiveness program while they appeal the dismissal of their challenge by a Missouri federal judge, who found that they do not have standing to sue.

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Credit Corp

MAY 17, 2021

Student loans are by far some of the biggest issues most students are facing today when it comes to finances. To get the kind of education you want, you will probably need to take out a student loan to pay for the studies – and then spend years if not decades paying back such loans.

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Collection Industry News

NOVEMBER 6, 2023

The Biden-Harris Administration is fully committed to supporting student loan borrowers as they navigate return to repayment and fixing problems in the student loan system. Today, the U.S. FSA is committed to ensuring servicing contracts evolve to meet borrowers’ needs.

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Collection Industry News

NOVEMBER 10, 2023

After only moderate growth in the second quarter, total household debt balances grew $228 billion in the third quarter across all types, especially credit cards and student loans. In this post, we focus on which groups have fallen behind on debt payments and discuss whether rising delinquencies are narrowly concentrated or broad based.

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Credit Corp

MAY 1, 2024

The most surefire way to get out of debt is to create a detailed budget, prioritize paying off debts with the highest interest rates first while making minimum payments on others, and consistently allocate extra funds toward debt repayment until all balances are cleared. You need to set aside funds to care for a child with special needs.

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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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Sawin & Shea

MARCH 6, 2024

Before making a decision, you should carefully evaluate your options based on your financial situation, income level, credit history, and types of debt. Understanding Debt Consolidation Debt consolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts.

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Collection Industry News

NOVEMBER 8, 2021

Of the 43 million Americans who hold student debt, roughly a fifth were in default this summer, writes Sarah Sattelmeyer. More than eight million Americans were in default on their student loans as of June. They represent roughly one-fifth of the 43 million Americans who held federal student debt. Dreamstime.

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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. How to Find the Best Student Loan Refinance. Ads by Money.

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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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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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Sawin & Shea

APRIL 17, 2024

Instead, you pay a repayment plan over three to five years. This filing method is referred to as “the wage earner’s plan” because filers repay some of their debt balances with their regular income. After you file, you create a repayment plan based on your income and assets.

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ABI

JANUARY 12, 2022

In general, student loan debt is not dischargeable in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of undue hardship. A court will typically consider a debtor’s potential for future employment in determining whether student loan debt may be discharged.

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ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” All three of the elements must be satisfied for the discharge of the student loan debts to be granted. [11].

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Roths Child Law

APRIL 15, 2021

Taking out a student loan is supposed to be a financial investment in your future. Unfortunately, many college graduates learn the hard way that even after graduating, they can't find a job offering the kind of income that they had once hoped to earn. Some of these borrowers will eventually end up defaulting on their loans.

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Collection Industry News

FEBRUARY 7, 2022

Democrats tweet that student loans should be cancelled, but opponents say student loan forgiveness has major problems. Student Loans. Another week and another day in which a progressive member of Congress tweets at President Joe Biden to cancel student loans. Source- site.

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Student loans Student Loans Loans Education 52

Sawin & Shea

JANUARY 4, 2024

Chapter 13 bankruptcy involves entering into a reorganization plan to protect assets, catch up on arrears on houses or cars, and force unsecured creditors to take reduced amounts based on what the bankruptcy law requires that you pay them. A student loan is an example of a nondischargeable debt under federal law.

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Collection Industry News

SEPTEMBER 28, 2021

Student loan debt for older adults, their children, and their grandchildren has been rising for decades. The median debt amount for Americans older than age 50 was three times more in 2016 than it had been in 1989, especially for home, credit card, and student loan debt. Low-Income Elders Hurt Worse By Student Debt.

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Troutman Sanders

JANUARY 17, 2024

The FAQ address the following topics: (1) reporting on loans to businesses owned by socially and economically disadvantaged individuals; (2) regulatory treatment for loans using certain SSBCI-supported credit enhancements; (3) considerations for loans in Indian Country; and (4) Community Reinvestment Act considerations.

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