Account Recovery

DECEMBER 9, 2021

The Attorney General of California announced that a group of individuals involved in a student loan debt relief scam have been sentenced — three of them receiving jail time — and paying more than $330,000 in restitution to victims who were “preyed on” because they were struggling to repay their student loans.

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Student loans Student Loans Loans 246

Account Recovery

AUGUST 31, 2022

billion of student loans for all of the 79,000 individuals who attended Westwood College between 2002 and 2015, ruling that the school “engaged in widespread misrepresentations about the value of its credentials for attendees’ and graduates’ employment prospects.”

Loans 246

Loans Student loans Student Loans Education 246

Account Recovery

JUNE 14, 2024

With all the talk about medical debt this week as a result of the Consumer Financial Protection Bureau’s proposed medical debt credit reporting rule, it’s perhaps interesting to note that a majority of consumers feel forgiving medical debt is more important than forgiving student loan debt, according to the results of a new poll.

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Student loans Student Loans Loans Healthcare 264

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.

Student loans 245

Student loans Student Loans Loans Education 245

Account Recovery

SEPTEMBER 20, 2021

Student loan debt is keeping a lot of people from accomplishing their financial objectives, according to a report released by the National Association of Realtors, including buying a home, taking a vacation, and starting a family, while also forcing more individuals to take second jobs or work where they are not happy to be able … The post Student (..)

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Student loans Student Loans Loans 246

Account Recovery

JUNE 13, 2022

The … The post Report Calls for ‘Broad-Based’ Cancellation of Student Loans appeared first on AccountsRecovery.net.

Student loans 246

Student loans Student Loans Loans 246

Account Recovery

SEPTEMBER 8, 2022

is pushing the Department of Justice to implement new guidance related to how student loan debts are handled when individuals file for bankruptcy protection, saying the department needs “to do its part to ensure that borrowers who continue to struggle with student debt have a path toward additional relief.” Elizabeth Warren [D-Mass.]

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Student loans Student Loans Bankruptcy Loans 246

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 21, 2022

The Consumer Financial Protection Bureau has launched another flare into the night sky, this time warning student loan servicers about making sure they are not making misrepresentations or making deceptive statements with respect to the Public Service Loan Forgiveness program, which offers individuals the opportunity to have their student loan debts (..)

Student loans 245

Student loans Student Loans Loans 245

Account Recovery

OCTOBER 29, 2021

Figuring out the interest rate on auto loans is a blurry process that may take factors other than the applicant’s creditworthiness into question and will likely lead to a spike in delinquency and default rates in the coming years as forbearance and deferment programs put in place for the COVID-19 pandemic expire, according to a … The post (..)

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Account Recovery

AUGUST 17, 2022

The Department of Education announced yesterday that it is canceling all the remaining federal student loans for anyone who attended ITT Technical Institute between 2005 and its closure in 2016. This will result in the cancellation of loans for 208,000 individuals who collectively owed $3.9 billion on those outstanding debts.

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Loans Student loans Student Loans Education 246

Account Recovery

AUGUST 25, 2022

Surprising nobody yesterday, President Biden announced that the federal government will forgive up to $10,000 in student loan debt for anyone making less than $125,000 per year and up to $20,000 for anyone with a Pell grant, while also extending the moratorium on making student loan payments through the end of the year.

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Student loans Student Loans Loans Government 246

Account Recovery

OCTOBER 3, 2022

The legal challenges to the federal government’s plan to cancel student loan debt for individuals making less than $125,000 a year have started, with a pair of suits claiming the administration failed to take the proper steps before announcing the plan.

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Student loans Student Loans Loans Government 241

Account Recovery

DECEMBER 20, 2021

Even before the COVID-19 pandemic struck the United States, the burden of repaying student loans was weighing heavily on individuals, including those living in New York City, according to a report that was issued by the city’s Department of Worker and Consumer Protection.

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Student loans Student Loans Loans 241

Account Recovery

AUGUST 30, 2024

million civil penalty against New Day Financial for deceiving veterans and active-duty servicemembers in connection with cash-out refinance loans. The CFPB’s findings indicate that this practice, which made the new loans appear cheaper than existing ones, affected over 3,000 borrowers. ” Learn more.

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Lender Loans 230

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

Student loans 246

Student loans Student Loans Loans Education 246

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 Student Loans Loans Collections 245

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.

Student loans 245

Student loans Student Loans Loans Education 245

Account Recovery

AUGUST 24, 2022

A Georgia man has been sentenced to six years in prison while also being ordered to pay $910,417 in restitution after pleading guilty in a scam that led to $48 million of federal student loans being fraudulently discharged through a program intended for disabled military veterans.

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Student loans Student Loans Loans Banks 246

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

OCTOBER 11, 2021

Creates Student Loan Enforcement Unit appeared first on AccountsRecovery.net. The Office of Enforcement within Federal Student … The post Ed.

Student loans 245

Student loans Student Loans Loans Accounts Receivables Management 245

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.

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Student loans Student Loans Education Loans 246

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 (..)

Student loans 242

Student loans Student Loans Loans Collections 242

Account Recovery

JULY 1, 2022

” A … The post Groups Call on Biden to Extend Student Loan Payment Pause appeared first on AccountsRecovery.net.

Student loans 244

Student loans Student Loans Loans 244

Account Recovery

JUNE 22, 2022

A bill has been introduced in the House of Representatives that, if enacted, would prohibit the federal government from cancelling or forgiving federal student loans because the government does not have the authority to do so and because it’s “unfair for taxpayers who paid student loans or did not attend college to pay for those … (..)

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Student loans Student Loans Loans Government 246

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

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.

Student loans 244

Student loans Student Loans Loans Collections 244

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.

Student loans 246

Student loans Student Loans Loans Collections 246

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 … (..)

Student loans 245

Student loans Student Loans Loans Accounts Receivables Management 245

Account Recovery

SEPTEMBER 1, 2022

Individuals with higher incomes are likely to get more bang for their buck following last week’s announcement that individuals making under $125,000 are eligible to have up to $20,000 of their outstanding student loan debt forgiven, but lower income households are more likely to have all of their debts forgiven, according to a report released (..)

Student loans 244

Student loans Student Loans Loans 244

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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Student loans Student Loans Loans Collections 240

Account Recovery

JUNE 3, 2022

A trio of bills have been introduced in the Senate aimed at making student loan debt more easily forgiven and more easily repaid. The bills were all introduced in the past week by Sen. Sheldon Whitehouse [D-R.I.].

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Student loans Student Loans Loans 246

Account Recovery

FEBRUARY 10, 2022

LAS VEGAS — One of the characteristics of what makes Buy Now, Pay Later loans such an attractive option for a growing number of consumers is also what makes it a difficult asset class for debt buyers to purchase and sell, a panel of experts shared during a session yesterday at RMA International’s Annual Conference.

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Loans 245

Account Recovery

JANUARY 26, 2022

A report that has been published by the Student Borrower Protection Center suggests that there are “tens of billions” of dollars in unpaid student loans that are eligible to be discharged via the bankruptcy process and that “industry schemes have robbed borrowers of their right to discharge.”

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Student loans Student Loans Bankruptcy Loans 241

Account Recovery

OCTOBER 17, 2022

While the federal government still works out all the kinks related to its plan to forgive student loan debt for individuals, the rest of the country is already moving on to the next type of debt they want to see forgiven — medical debt.

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Student loans Student Loans Loans Government 245

Account Recovery

JUNE 14, 2022

A bill has been introduced in the House of Representatives that would allow students to take over debts that were incurred on their behalf under the Parents PLUS loan program. 7982, the Parent PLUS Loan Fairness and Responsibility Act, can be accessed by clicking here. A copy of H.R.7982,

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Loans Student loans Student Loans 245