Account Recovery

DECEMBER 18, 2020

The Attorney General of Pennsylvania has stopped a company offering student loan debt relief services from operating in the state, forced it to repay $74,000 to individuals who were scammed, and pay a $50,000 fine as part of an announced settlement. AG Bans Student Loan Debt Relief Company appeared first on AccountsRecovery.net.

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Student Loans Student loans Loans 246

Account Recovery

JULY 7, 2021

A new law went into effect last week requiring anyone servicing student loans in Massachusetts to be licensed, and the definition of student loans as well as the types of companies required to be licensed are broader than one might expect. Now in Effect appeared first on AccountsRecovery.net.

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Student Loans Student loans Loans 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

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 (..)

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Student Loans Student loans Loans 245

Account Recovery

MARCH 15, 2024

The Department of Education’s Federal Student Aid is planning to release “an entirely new federal student loan servicing environment” in 2024, according to FSA’s chief operating officer, Richard Cordray, who laid out the changes that are coming in a blog post yesterday.

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Student Loans Student loans Loans Education 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

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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Student Loans Student loans Loans Collections 245

Account Recovery

NOVEMBER 24, 2020

A group of consumer advocacy organizations have published a guide to help individuals with student loans navigate their way through the COVID-19 pandemic and beyond, offering a “roadmap” to provide “substantial relief” to the 44 million individuals who have student loan debt.

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Student Loans Student loans Loans 246

Account Recovery

FEBRUARY 11, 2021

AG Settles Lawsuit With Student Loan Servicer appeared first on AccountsRecovery.net.

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Student Loans Student loans Loans 241

Account Recovery

MAY 19, 2021

The Federal Trade Commission has banned those behind a student loan debt relief scam from providing debt relief services as part of a settlement that the agency announced earlier this week.

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Student Loans Student loans Loans Trade 246

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 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.

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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

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

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

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

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

OCTOBER 11, 2021

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

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Student Loans Student loans Loans Accounts Receivables Management 245

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

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 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.

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Student Loans Student loans Loans 244

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

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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Student Loans Student loans Loans Collections 244

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

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

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 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 … (..)

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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 (..)

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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

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

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 31, 2022

There are more than 7 million individuals who have defaulted on their federal student loans, and the current moratorium on making student loan payments is those individuals’ best shots at getting back in good standing, especially with published reports indicating that another extension of the moratorium is likely and that the federal government (..)

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Student Loans Student loans Loans Government 243

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

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

SEPTEMBER 26, 2022

A bill has been introduced in the Senate that seeks to hold universities accountable for paying a portion of student loans that go into default while also allowing student loans to be discharged when an individual files for bankruptcy protection. 4912 was introduced last week by Sen. Josh Hawley [R-Mo.],

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Student Loans Student loans Loans Bankruptcy 242