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. With fewer borrowers making payments, the ripple effect will likely extend beyond student loan servicers, impacting industries that rely on consumer spending.
Account Recovery
NOVEMBER 16, 2020
The Department of Education has unveiled a new website aimed at helping individuals who are seeking debt relief after being defrauded by a college, but critics of the administration’s efforts say the changes are mostly cosmetic, according to a published report. For example, the site estimates … The post Education Dept.
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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.
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.
Account Recovery
JANUARY 20, 2025
On its way out the door, the Department of Education has published a memo outlining the steps that the new administration should take to prevent individuals from defaulting on their student loan payments and the importance of continuing the actions that have been taken by the outgoing administration.
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.
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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