Collection Industry News

MARCH 22, 2024

In his State of the Union address Thursday night, President Joe Biden talked up his administration’s work to forgive the student debt of nearly 4 million people. Income-driven repayment plans Income-driven repayment plans, which date to 1994, set borrowers’ monthly payments based on a share of their discretionary income.

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Troutman Sanders

FEBRUARY 14, 2024

As federal student loan repayments resume after a three-year pause due to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) published an Issue Spotlight on student borrowers’ experiences, using consumer complaints to identify emerging problems. Key concerns include long hold times and abandoned calls.

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Nerd Wallet

OCTOBER 26, 2022

The Department of Education is reconsidering what counts toward income-driven repayment forgiveness. Starting in November 2022, borrowers who have been paying their federal student loans for 20 years or longer can expect to see the remainder of their debt discharged, while millions more will move significantly closer to forgiveness.

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Credit Corp

SEPTEMBER 27, 2021

Almost 70% of students in North America take out student loans. Many students can’t afford post-secondary education without financial help. Loans are scary, and come with lots of disadvantages. Don’t fear, because we will be covering the most frequent student loan mistakes. Forgetting to Research.

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Nerd Wallet

FEBRUARY 1, 2022

Income-driven repayment plans — a safety net within the federal student loan repayment system touted as a solution for federal borrowers struggling to pay back their loans — promises lower monthly payments and forgiveness after 20 or 25 years. Among those who do eventually. Among those who do eventually.

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Collection Industry News

OCTOBER 6, 2023

President Joe Biden announced Wednesday that he approved $9 billion in student loan forgiveness for 125,000 Americans. The relief is a result of his administration’s fixes to a number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness.

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Roths Child Law

AUGUST 14, 2023

Student loans are one of the primary ways graduates build up debt. College students are often also targets of credit card companies, which can lead to all kinds of debts. Many students use their credit cards to buy books, supplies, coffee, alcohol, clothes, rent and food. This can make it easier to pay your loans.

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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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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

SEPTEMBER 6, 2023

Department of Education has made to income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF), and granting automatic relief for borrowers with total and permanent disabilities. billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs. million Americans.

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Nerd Wallet

FEBRUARY 1, 2022

Student loan forgiveness through income-driven repayment sounds like the best of all worlds: a monthly payment sized to match your paycheck that disappears — along with any remaining balance — after a set number of years. Anna Helhoski writes for NerdWallet. Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com.

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Troutman Sanders

SEPTEMBER 15, 2023

On September 14, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report on Tuition Payment Plans in Higher Education. Ninety-eight percent of colleges now allow students to pay for their education in installments using tuition payment plans.

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Credit Corp

MARCH 21, 2023

Currently, individuals with outstanding student loan debt owe as much as $100,000 or more, with more than 40% owing between $20,000 and $99,999. If you’re struggling with student loan debt, you certainly aren’t alone. Understanding your loan is an important first step in creating a viable plan to pay it back.

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Nerd Wallet

MAY 13, 2022

When payments resume on federal student loans, borrowers with loans previously in default will receive a fresh start and be allowed to reenter repayment in good standing. Department of Education plan to support borrowers to prevent them from defaulting again? But what does that entail for borrowers in default?

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Sawin & Shea

DECEMBER 28, 2023

Chapter 13 bankruptcy , also known as a wage earner’s plan, allows individuals with regular income to repay all or a portion of their debts over a 3 to 5-year period. Under Chapter 13, the filer works with their attorney to come up with a court-approved repayment plan showing how they will pay something back to creditors over time.

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True Accord

FEBRUARY 23, 2022

Many respondents shared their financial regrets over the years, from not setting up a retirement plan when they were younger (51%), to not paying close attention to their credit score (43%) and buying goods that were too cheap (41%). Three-quarters (76%) have made an average of five financial decisions they regret in the past five years.

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Nerd Wallet

JUNE 15, 2021

Income-driven repayment plans are a safety net for federal student loan borrowers having difficulty making payments on a standard 10-year repayment plan. They carry a bonus that no other type of repayment plan does: eventual forgiveness. Anna Helhoski writes for NerdWallet.

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Credit Corp

MARCH 9, 2021

Going through student loan repayments can be a hassle. However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. This means you have more time to find ways to repay your student loans before you have a defaulted loan.

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Collection Industry News

JULY 22, 2023

The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. The relief is a result of fixes to the student loan system’s income-driven repayment plans. Working people have been made collateral damage by a dysfunctional student loan system.”

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Better Credit Blog

JUNE 1, 2022

When your scholarships, grants, and federal student loans aren’t enough to cover the cost of college, it may be time to turn to a private lender. Private student loans can help you bear the weight of tuition. The key to finding the right student loan with the lowest rates and best terms is to shop around.

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Sawin & Shea

MARCH 6, 2024

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. Pros & Cons of Debt Consolidation Debt consolidation can be great if you qualify for a loan with a low enough interest rate. How Does Debt Consolidation Work?

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Collection Industry News

FEBRUARY 25, 2022

A stealth tax on students in England, said Labour of the government’s planned reforms of student financing, and that is indeed what it amounts to. Annual fees will be frozen at £9,250 for another two years and student loan interest rates are being cut to match the retail price index (RPI). Source- site.

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Roths Child Law

NOVEMBER 16, 2020

Many college graduates in Tennessee are struggling with student loan repayments, and you might be among them. Is public service loan forgiveness for you? Is public service loan forgiveness for you? However, the program has been plagued with problems. Challenges in dealing with the program.

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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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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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True Accord

APRIL 5, 2023

Home equity loans and lines of credit continue to be an attractive option to homeowners , though high interest rates may make opening a new account less appealing in 2023. The student loan forgiveness debate continues into 2023 as the nearly 19% of Americans with student loans wait to see how the case shakes out with the Supreme Court.

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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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Credit Corp

AUGUST 4, 2020

Yet higher education can be expensive, seemingly putting that dream out of reach for many students and families. Tuition at American schools has steadily increased for decades, so it can be hard for your average student to afford it. Student loans, including private and federal loans , are also commonly used to fund college.

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Collection Industry News

MARCH 17, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. quarterly increase while auto loan balances rose by $13 billion and now stand at $1.6

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Credit Corp

JULY 25, 2023

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off. Good credit is important because it tells lenders you’re not a risk and that you pay loans on time.

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Collection Industry News

MAY 16, 2022

Borrowing federal student loans is about to get more expensive. Federal student loan interest rates are tied to the 10-year Treasury note and determined using a formula set by federal law. The new fixed interest rates will be: 4.99% for direct subsidized and unsubsidized undergraduate loans. PLUS loans.

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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. You must show that your current plan can’t be modified, so you need a hardship discharge.

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FFGN COLLECT NY

JANUARY 10, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 However, interest on the loan continues to accrue and can ultimately cause the amount paid over the life of the loan to be higher.

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Credit Corp

JULY 26, 2020

These steps include making a plan to repay personal debts, saving up for a down payment on a house, and planning for the unexpected. According to CNBC , the average personal debt amount hit $38,000 in 2018—accounting for things like credit cards, personal loans, and student loans. Start Budgeting.

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