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Report Examines Massive Overhaul of Student Loan Servicing System

Diverse: Issues in Higher Education

A new National Consumer Law Center (NCLC) report analyzes a Unified Servicing and Data Solution (USDS) contract, set to go live in the spring, and its potential impact on student loan borrowers’ rights and experiences. Alpha Taylor The U.S.

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Education Department Announces Framework for Student Loan Servicer Accountability

Diverse: Issues in Higher Education

The Biden-Harris Administration has announced a new framework to better hold student loan servicers accountable and protect borrowers from servicer errors. FSA COO Richard Cordray “The Biden-Harris Administration has made clear that we will not allow borrowers to pay the price for unacceptable servicing failures,” said U.S.

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U.S Department of Education Announces Withholding of Payment to Student Loan Servicer

Diverse: Issues in Higher Education

The actions we've taken send a strong message to all student loan servicers that we will not allow borrowers to suffer the consequences of gross servicing failures. “We took immediate actions to protect borrowers from the fallout of this error and hold the responsible servicers accountable, including by withholding $7.2

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Supreme Court Rules Student Loan Forgiveness Unconstitutional

Diverse: Issues in Higher Education

Supreme Court dashed the hopes of 40 million student borrowers Friday, striking down President Joe Biden’s student loan forgiveness program. The Student Borrower Protection Center (SBPC) struck an angrier tone. That authority kicks in only under exceptional conditions,” wrote Kagan. Secretary of Education Dr. Miguel A.

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Four Million Student Loan Borrowers Enrolled in SAVE Plans

Diverse: Issues in Higher Education

President Joe Biden "Millions of borrowers are already benefitting from enrollment in the SAVE plan, and I'm thrilled to see so many Americans submitting applications every day so that they, too, can take advantage of the most affordable student loan repayment plan in history," said U.S. Secretary of Education Dr. Miguel A.

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Student Loan Forgiveness Preview for 2024

Student Loan Planner

This year has been somewhat of a mixed bag for student loan borrowers. On the one hand, President Biden’s signature mass student loan forgiveness plan – which would have erased up to $20,000 in federal student loan debt for millions – was struck down last summer by the Supreme Court.

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Administrative Forbearance for Student Loans

Student Loan Planner

Federal student loan borrowers have access to a new income-driven repayment plan, the SAVE plan. This gives the servicer time to get a borrower’s payment calculated […] The post Administrative Forbearance for Student Loans appeared first on Student Loan Planner.