Account Recovery

DECEMBER 18, 2023

Nearly nine million people who have student loans have not yet made a payment after the moratorium on student loan payments ended three months ago, according to a published report that cited information from the Education Department.

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Student loans Student Loans Loans Education 147

Account Recovery

SEPTEMBER 10, 2024

A new study released by Intuit Credit Karma reveals that a large majority of individuals with student loans have not made any payments following the end of the pandemic moratorium and many are worried about their financial stability going forward.

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Account Recovery

AUGUST 1, 2024

Starting today, the Department of Education is going to begin informing 30 million individuals with unpaid student loans about their options, letting them know they have until the end of the month to notify their servicers if they wish to opt out of the forgiveness programs.

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Student loans Student Loans Loans Education 130

Account Recovery

APRIL 16, 2024

The Department of Education has released data regarding repayment trends following the end of the student loan payment moratorium with the intention of noting how many borrowers are making their loan payments on time and how the average payment among those making payments has “nearly” returned to its pre-pandemic level.

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Student loans Student Loans Loans Education 130

Account Recovery

JULY 24, 2024

The American Federation of Teachers (AFT) has filed a lawsuit against the Higher Education Loan Authority of the State of Missouri (MOHELA), accusing the loan servicer of widespread mismanagement and failure to fulfill its responsibilities to student loan borrowers.

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Student loans Student Loans Loans Education 130

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

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

APRIL 15, 2024

billion in student loan debt relief for nearly 300,000 borrowers, many of whom were signed up for the administration’s new income-driven repayment program. The administration touted that this latest round of relief raised the total loan forgiveness to $153 billion, for more […]

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Student loans Student Loans Loans Government 147

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

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

AUGUST 16, 2023

A District Court judge in Michigan has dismissed a lawsuit that challenged an initiative from the federal government seeking to forgive $39 million of student loan debt, determining the plaintiffs lacked standing to sue. Well, that didn’t take very long.

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Student loans Student Loans Loans Government 246

Consumer Finance

MAY 30, 2024

The CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies.

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Student loans Student Loans Loans Bankruptcy 143

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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Student loans Student Loans Loans Education 246

Account Recovery

MAY 7, 2024

The Consumer Financial Protection Bureau yesterday announced an enforcement action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education Assistance Agency (PHEAA) over a series of servicing failures, including mishandling borrower requests during the COVID-19 pandemic.

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Student loans Student Loans Loans Education 130

Account Recovery

DECEMBER 28, 2023

A petition is being organized — and so far 35,000 individuals have signed it — asking the Department of Education to cancel their student loan debts. Issues with repayment and other concerns have led 40,000 individuals to go on a “student debt strike,” according to a published report.

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Student loans Student Loans Loans Education 130

Account Recovery

NOVEMBER 13, 2023

The Department of Education has announced a new plan to hold student loan servicers accountable for not harming individuals with stiff penalties that the department has already shown it is willing to put into practice.

Student loans 147

Student loans Student Loans Loans Education 147

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 Loans Debt collector 246

Consumer Finance

MAY 5, 2024

The Consumer Financial Protection Bureau (CFPB) today took action against National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.

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Student loans Student Loans Education Loans 110

Account Recovery

AUGUST 23, 2021

The Department of Education has announced that 323,000 individuals who have a total and permanent disability will have their unpaid student loans automatically discharged without having to file any paperwork or applications. billion in unpaid loans. The discharges will wipe out $5.8

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Student loans Student Loans Loans Education 246

Account Recovery

OCTOBER 11, 2021

The Department of Education on Friday announced the creation of a new enforcement office that will watch over postsecondary institutions to “vigorously” ensure that rules are being followed and named an individual that should be familiar to many in the accounts receivable management industry to run the office.

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Student loans Student Loans Loans Accounts Receivables Management 245

Account Recovery

AUGUST 23, 2021

The Chief Executive of one of the nation’s largest student loan servicing companies is being accused of lying in testimony before Congress, as the companies winds down its operations servicing student loans on behalf of the federal government.

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Student loans Student Loans Loans Education 246

Account Recovery

SEPTEMBER 29, 2021

million student loan accounts that it was servicing on behalf of the Department of Education to Maximus, another loan servicing company. Navient yesterday announced it was transferring 5.6

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Student loans Student Loans Loans Education 246

Account Recovery

JULY 22, 2021

For the second time this month, a company that services federal student loans has announced it will not extend its contract with the Department of Education, choosing instead to focus its resources on its own private student loan product.

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Student loans Student Loans Loans Education 246

Account Recovery

SEPTEMBER 21, 2021

If anything, Richard Cordray understands that restarting a behemoth like federal student loan payments is not as simple as flipping a switch and the gravity of the importance in making sure that the restart is done properly is not lost on him, based on a speech that he gave last week before the Education Finance … The post Cordray Talks About (..)

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Student loans Student Loans Loans Education 241

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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Student loans Student Loans Loans Education 246

Account Recovery

OCTOBER 25, 2023

An annual report released yesterday by the Consumer Financial Protection Bureau’s education loan ombudsman notes that three out of every four complaints filed by consumers about student loans had to do with how those loans are being serviced and collected, and references “coercive debt collection practices” related to the collection (..)

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Student loans Student Loans Loans Collections 130

Account Recovery

JULY 19, 2021

The Court of Appeals for the Second Circuit has upheld a lower court’s ruling allowing a plaintiff’s private student loans to be discharged as part of his bankruptcy filing, ruling that the provision of the bankruptcy code that prohibits the discharge of “an obligation to repay funds received as an educational benefit” does not apply … (..)

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Student loans Student Loans Loans Bankruptcy 246

Account Recovery

MAY 4, 2021

Yesterday, it was announced that Richard Cordray — the former director of the Consumer Financial Protection Bureau — has been hired as the Chief Operating Office of the Department of Education’s Federal Student Aid, which oversees $1.6 trillion of student loans.

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Student loans Student Loans Loans Accounts Receivables Management 200

Account Recovery

JUNE 22, 2021

A majority of Americans are in favor of blanket student loan forgiveness, according to the result of a nationwide survey released last week.

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Student loans Student Loans Loans Education 211

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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Student loans Student Loans Loans Education 246

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

MARCH 31, 2021

Expands Moratorium on Collection of Defaulted Student Loans appeared first on AccountsRecovery.net.

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Student loans Student Loans Loans Education 214

Account Recovery

MAY 19, 2022

There is a lot to unpack in today’s episode of “The Young and the Indebted” with the Secretary of Education, the chair of the House Financial Services Committee, and a former presidential candidate all making comments or taking action to address the issue of student loan debt forgiveness.

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Student loans Student Loans Loans Education 246

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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Student loans Student Loans Loans Collection Agencies 246

Account Recovery

AUGUST 7, 2023

A lawsuit was filed on Friday by the New Civil Liberties Alliance against the federal government, seeking to block a plan that would forgive $39 billion of student loan debt, claiming the violates the Appropriations Clause of the Constitution because only Congress has the authority to cancel debts owed to the Treasury Department.

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Student loans Student Loans Loans Government 130

Account Recovery

APRIL 29, 2024

It was announced on Friday that Richard Cordray is stepping down as the chief operating office of the Office of Federal Student Aid, the arm of the Education Department responsible for overseeing its $1.6 trillion student portfolio.

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Student loans Student Loans Loans Education 130

Account Recovery

AUGUST 31, 2022

The Department of Education yesterday announced it was discharging $1.5 ” The student loans will be discharged regardless … The post Ed. The Department of Education yesterday announced it was discharging $1.5 ” The student loans will be discharged regardless … The post Ed.

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