Student Loan Collections Resume Today
Account Recovery
MAY 5, 2025
After a five-year hiatus, the Department of Education will resume involuntary collections on federal student loans today, impacting millions of borrowers already in default.
Ed. Dept. Delays Start of Student Loan Collections Until 2025
Account Recovery
OCTOBER 23, 2024
The Department of Education is making its student loan collection on-ramp a little longer, announcing that it will start reporting late or missed student loan payments to credit bureaus in early 2025, a delay from the originally planned start date this month.
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CFPB Supervisory Highlights Report Details Issues with Student Loan Debt Collection
Account Recovery
DECEMBER 17, 2024
The Consumer Financial Protection Bureau yesterday released a special edition of its Supervisory Highlights report, sharing its findings from examinations related to student loan refinancing, private lending, servicing, and debt collection. Why it matters:Student loans represent $1.77 trillion in U.S.
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Daily Digest – May 5. Student Loan Collections Resume Today; Judge Imposes $43M Judgment Against Owner of Debt Relief Company
Account Recovery
MAY 5, 2025
Student Loan Collections Resume Today Judge Imposes $43M Judgment Against Owner of Debt Relief Company N.J. Appeals Court Affirms Dismissal of Hunstein Class Actions Bankruptcy Filings Continue to Climb, Rising 13.1%
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N.Y. AG Vows to Overhaul Student Loan Collection Practices
Account Recovery
SEPTEMBER 3, 2021
The Attorney General of New York is seeking ways to overhaul how unpaid student loans are collected, especially those incurred by individuals attending State University of New York schools, because a little-known regulation allows the AG to file suit in State Supreme Court in Albany, N.Y.,
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Ed. Secretary Commits to Further Student Loan Collection Reforms
Account Recovery
AUGUST 16, 2021
The Department of Education will continue to reform how student loan debts are collected while strengthening oversight and enforcement, according to a published report citing a letter that was written by Education Secretary Miguel Cardona to a pair of leading Senate Democrats.
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Judge Dismisses Most Claims in FDCPA Class-Action
Account Recovery
OCTOBER 10, 2024
A District Court judge in Virginia has dismissed the majority of claims against several defendants in a Fair Debt Collection Practices Act class-action lawsuit, but allowed one key claim against a collection agency to proceed. The ruling: In the ruling, Judge M. Bank National Association. Learn more.
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Virginia AG Halves Fees Charged For Collecting Student Loan Debt
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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N.Y. Gov Signs Bill Eliminating Certain Collection Fees on Unpaid Student Loans
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 Loan Debt Collection System Driving People Into ‘Deeper Hole’, Says Ed. Dept. Official
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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Ed. Dept. Will Not Use Tax Refunds, Social Security to Collect on Defaulted Student Loans Until November
Account Recovery
FEBRUARY 16, 2022
The Department of Education has announced it will suspend the seizure of tax refunds, Social Security payments, and other government payments to collect on defaulted student loans through November.
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Ed. Dept. Expands Moratorium on Collection of Defaulted Student Loans
Account Recovery
MARCH 31, 2021
Expands Moratorium on Collection of Defaulted Student Loans appeared first on AccountsRecovery.net.
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Colo. AG to Hold Meeting to Discuss Rules Related to New Student Loan Servicing and Collection Law
Account Recovery
JULY 9, 2021
The Attorney General’s office of Colorado will be holding a virtual meeting next week to discuss components of a new student loan servicing and collection law and draft rules that it has issued which are open to feedback from interested stakeholders. The meeting will take place on Wednesday, July 14 at 10am MT via Zoom.
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Proposed Colo. Student Loan Collection Overhaul Being Considered
Account Recovery
FEBRUARY 9, 2021
Student Loan Collection Overhaul Being Considered appeared first on AccountsRecovery.net. The bill … The post Proposed Colo.
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Daily Digest – February 17. Student Loan Collection Bill Introduced in Colorado; Bill Introduced in Maryland to Overhaul Collection of Medical Debts
Account Recovery
FEBRUARY 17, 2021
STUDENT LOAN COLLECTION BILL INTRODUCED IN COLORADO Legislators in Colorado are moving forward with a bill aimed at overhauling student loan collection in the state, which, if enacted would create several conflicts with the Colorado Fair Debt Collection Practices Act for debt collectors.
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Report Shares Details of Student Loan Restart Proposals
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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CFPB Publishes Supervisory Highlights Report on Student Loan Servicing
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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Student Loans Remain in Limbo As President, Congress Seek Solution
Account Recovery
AUGUST 3, 2020
There appears to be a disconnect between the President and members of Congress about what to do with student loan payments that have been paused since the coronavirus shutdown occurred in March. The President last week proposed extending the forbearance program, which is scheduled to expire on Sept.
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Navient to Cancel $1.8B in Student Loans Under Deal with State AGs
Account Recovery
JANUARY 14, 2022
A deal was announced yesterday between student loan servicer Navient and 39 state attorneys general that will see the company pay $145 million in restitution and cancel $1.7 billion in delinquent private student loans to settle claims it took advantage of individuals when servicing and collecting on their student loans.
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PHEAA Agrees to One-Year Extension of Servicing Student Loans
Account Recovery
NOVEMBER 15, 2021
Less than five months after it announced it was exiting the student loan servicing business, the Pennsylvania Higher Education Assistance Agency — more commonly known as PHEAA — disclosed on Thursday that it had reached an agreement with the Education Department to extend its contract for one year to allow more time to transition students (..)
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Ed. Dept. Hands Out Student Loan Contracts to Six Companies, Toughens Contract Terms
Account Recovery
OCTOBER 18, 2021
Hands Out Student Loan Contracts to Six Companies, Toughens Contract Terms appeared first on AccountsRecovery.net. The … The post Ed.
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Calif. DFPI Assesses $1.4M in Fines and Refunds to Student Loan Debt Relief Provider
Account Recovery
AUGUST 10, 2021
million in fines and penalties against a student loan debt relief company that was accused of collecting illegal advance fees that are prohibited under federal law. in Fines and Refunds to Student Loan Debt Relief Provider appeared first on AccountsRecovery.net. DFPI Assesses $1.4M
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Lawmakers Ramping Up Calls to Extend Student Loan Payment Moratorium
Account Recovery
DECEMBER 10, 2021
As the clock continues to count down toward the restart of individuals having to make payments on their student loans, lawmakers are pulling out all the stops to keep that from crippling the financial situations of millions of borrowers as the country deals with record inflation and a rising number of COVID-19 cases across the … The post Lawmakers (..)
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Student Loan Debt Leads to Higher Chance of Heart Problems Later in Life: Study
Account Recovery
MAY 18, 2022
A study that has been published in the American Journal of Preventive Medicine gives companies in the accounts receivable management industry that collect on student loan debt another arrow in their quiver to convince individuals to pay off their debts — if you don’t do it, you have a higher risk of being diagnosed with … The post (..)
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FTC Sues, Gets TRO to Stop Student Loan Debt Relief Scam
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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Gov’t Extends Student Loan Moratorium, Wipes Out All Existing Defaults, Delinquencies
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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CFPB Secures Settlement with NCSLTs Over Debt Collection Lawsuits
Account Recovery
JANUARY 17, 2025
The Consumer Financial Protection Bureau yesterday announced a settlement with the National Collegiate Student Loan Trusts (NCSLTs) to resolve allegations of defective debt collection practices. If approved by the court, the stipulated judgment will require the NCSLTs to provide $2.25
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Student Loan Debt a Major Factor in Racial Wealth Inequality: Report
Account Recovery
AUGUST 12, 2020
Individuals with student loans who are living in neighborhoods that are primarily made up of Black and Latinos are twice as likely to have their debt in collections as those living in neighborhoods that are primarily made up of white individuals, according to research that has been published by the New York City Department of … The post Student (..)
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State Regulators Ask Ed. Dept. To Rescind Guidance and Make it Easier to Investigate Student Loan Collectors
Account Recovery
JULY 8, 2021
To Rescind Guidance and Make it Easier to Investigate Student Loan Collectors appeared first on AccountsRecovery.net. The letter was written by … The post State Regulators Ask Ed. The letter was written by … The post State Regulators Ask Ed.
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Performant Recovery Penalized $700,000 for Delayed Loan Relief Scheme
Account Recovery
DECEMBER 10, 2024
a debt collection agency accused of delaying student loan rehabilitations to increase fees. Performants practices, which cost individual borrowers thousands of dollars, have resulted in a $700,000 penalty and a ban on the company from servicing or collecting any student loan debt. Learn more.
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Daily Digest – January 11. Judge Dismisses FDCPA Class Action; DoE Announces Student Loan Repayment Proposal
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 first appeared on AccountsRecovery.net. The post Daily Digest – January 11.
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California Appeals Court Overturns Ruling in Debt Collection Case
Account Recovery
NOVEMBER 29, 2024
A California Appeals Court has reversed a lower court’s ruling in favor of a collection law firm and debt collection operation that were sued for violating the Fair Debt Collection Practices Act (FDCPA), ruling that the public interest exception to the state’s anti-SLAPP law applies to the case.
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Daily Digest – February 9. Bedard Breaks Down Location Information Provisions; Student Loan Collection Overhaul Being Discussed in Colorado
Account Recovery
FEBRUARY 9, 2021
BEDARD BREAKS DOWN RULE’S PROVISIONS RELATED TO LOCATION INFORMATION In issuing its debt collection rule, the Consumer Financial Protection Bureau had the opportunity to update a rule that had been left largely untouched since it went into effect more than 40 years ago.
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Daily Digest – April 4. Appeals Court Overturns $350k Damages Award Against Collector; CFPB Fines Student Loan Servicer $1M
Account Recovery
APRIL 4, 2022
APPEALS COURT OVERTURNS $350K DAMAGES AWARD AGAINST COLLECTOR The Court of Appeals for the Seventh Circuit on Friday reversed a jury award of $350,000 against a collector in a Fair Debt Collection Practices Act case over the collection of a time-barred debt, ruling the plaintiff lacked standing.
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Ohio Bill Would Place Moratorium on Some Student Loan, Healthcare Debt Collection
Account Recovery
FEBRUARY 9, 2021
A bill is moving through the legislature in Ohio that would halt the collection of all debts owed to any state college or university and any hospital operated by a college or university while also pausing the accrual of interest and collection fees on those debts. The bill was introduced by Rep.
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Daily Digest – January 8. New Guide Offers Insights into Debt Collection Rule; Mass. Legislature Passes Student Loan Servicing Bill
Account Recovery
JANUARY 8, 2021
NEW GUIDE OFFERS INSIGHTS INTO COMPLYING WITH CFPB’S DEBT COLLECTION RULE I am excited to announce the launch of a new section of AccountsRecovery.net, which aims to help the ARM industry better understand the Consumer Financial Protection Bureau’s debt collection rule and to help make the decisions and changes needed to comply with it.
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Daily Digest – November 11. Class-Action Over Not Using MVN; Judge Blocks Student Loan Debt Cancellation
Account Recovery
NOVEMBER 11, 2022
Class-Action Over Not Using MVN; Judge Blocks Student Loan Debt Cancellation appeared first on AccountsRecovery.net.
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America’s Financial Reality: Rising Income but Burdensome Debt
Account Recovery
NOVEMBER 25, 2024
While income gains outpaced inflation for many, especially younger generations, rising debt — particularly credit card and student loans — continues to weigh heavily on households across the country. Understanding these consumer behaviors and trends is crucial for collections professionals looking to assess repayment potential.
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Daily Digest – December 10. Judge Denies MTD in FDCPA, TCPA Class Action; Lawmakers Making Waves Over Student Loans
Account Recovery
DECEMBER 10, 2021
Judge Denies MTD in FDCPA, TCPA Class Action; Lawmakers Making Waves Over Student Loans appeared first on AccountsRecovery.net.
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Daily Digest – October 19. Judge Grants MTD in FDCPA Hunstein Case; Report Shares Details of Student Loan Restart Proposals
Account Recovery
OCTOBER 19, 2021
Judge Grants MTD in FDCPA Hunstein Case; Report Shares Details of Student Loan Restart Proposals appeared first on AccountsRecovery.net.
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Daily Digest – October 18. Judge Remands FDCPA Case Back to State Court; Ed. Dept. Hands Out Student Loan Contracts
Account Recovery
OCTOBER 18, 2021
Hands Out Student Loan Contracts appeared first on AccountsRecovery.net. Judge Remands FDCPA Case Back to State Court; Ed.
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Daily Digest – August 9. Utah Judge Grants MTD in FDCPA Case Over Lack of License; Student Loan Moratorium Extended Into 2022
Account Recovery
AUGUST 9, 2021
UTAH JUDGE GRANTS MTD IN FDCPA CASE OVER LACK OF LICENSE A District Court judge in Utah has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class action case, ruling that it did not need a license to collect in that state in order to file collection lawsuits against the two … The post Daily Digest – August 9.
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CFPB Sues PHEAA For Collecting on Discharged Student Loans
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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Daily Digest – October 11. Judge Awards Plaintiff $70k in Damages, Fees; Ed. Dept. Creates Student Loan Enforcement Unit
Account Recovery
OCTOBER 11, 2021
Creates Student Loan Enforcement Unit appeared first on AccountsRecovery.net. Judge Awards Plaintiff $70k in Damages, Fees; Ed.
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