US Department of Education cuts ties with private collection agencies for unpaid student loans
THE WALL STREET JOURNAL — The U.S. Department of Education said it is ending its relationship with private collection agencies that had been tasked with recovering payments from federal student loan borrowers in default to improve collections and provide borrowers with more support.
Read More about US Department of Education cuts ties with private collection agencies for unpaid student loansUS Department of Education will allow borrowers a second chance to access Public Service Loan Forgiveness
NPR WAMU — The U.S. Department of Education says it will reach out to federal student loan borrowers who may have been prematurely denied loan forgiveness under the revamped Public Service Loan Forgiveness (PSLF) program and will reprocess their applications. The move comes after an NPR review of borrower documents, as well as information provided by people…
Read More about US Department of Education will allow borrowers a second chance to access Public Service Loan ForgivenessUnderstanding recent loan forgiveness moves by the US Department of Education
FORBES — Over the last 10 months, the Biden administration has announced billions of dollars in student loan cancellation. The administration has relied on executive authority, some of it emergency-based, to expand available relief under existing federal student loan forgiveness programs. According to the Department of Education, these initiatives are expected to provide over $11.5 billion in…
Read More about Understanding recent loan forgiveness moves by the US Department of EducationCollege graduates and lenders struggle to understand recent Public Service Loan Forgiveness program changes
YAHOO!NEWS — Three weeks after the Education Department announced a temporary expansion of a popular debt-relief program for public servants, the contractors charged with guiding borrowers are still awaiting guidance themselves. People familiar with the matter, who spoke on the condition of anonymity because they were not authorized to speak publicly, said federal student loan servicers –…
Read More about College graduates and lenders struggle to understand recent Public Service Loan Forgiveness program changesFederal student loan official testifies on changes to Public Service Loan Forgiveness program
NPR WAMU — The head of the U.S. Department of Education’s federal student lending office, Richard Cordray, testified before a House panel Wednesday, about changes to the Public Service Loan Forgiveness program. A quick update now on new changes to the troubled public service loan forgiveness program and what borrowers should know. Richard Cordray heads the Office…
Read More about Federal student loan official testifies on changes to Public Service Loan Forgiveness programUCLA graduate students and faculty look at recent changes to Public Service Loan Forgiveness program
DAILY BRUIN — UCLA graduate students and professors said changes to the Public Service Loan Forgiveness Program are exciting but more improvements can still be made. The U.S. Department of Education announced Oct. 6 that all federal loan payments will be counted toward loan forgiveness under the PSLF Program until Oct. 31, 2022. The department will also make…
Read More about UCLA graduate students and faculty look at recent changes to Public Service Loan Forgiveness programSome colleges are replacing student loans with grants to lessen impact of debt crisis
YAHOO!NEWS — A growing number of colleges are taking the $1.7 trillion student debt crisisinto their own hands by making it impossible for students to take out loans in the first place. Colgate University, a private college in New York, recently announced it’s using its $1.3 billion endowment to make a four-year education significantly more affordable for…
Read More about Some colleges are replacing student loans with grants to lessen impact of debt crisisFederal student loan payments to resume early next year
NPR WAMU — Student borrowers, take note. In testimony before a House subcommittee, the head of the office of Federal Student Aid told lawmakers that his agency is preparing for federal student loan repayments to resume early next year. Richard Cordray, FSA’s chief operating officer, oversees the federal student loans of roughly 43 million borrowers. In a…
Read More about Federal student loan payments to resume early next yearPanel discussion explores student debt of HBCU graduates
DIVERSE ISSUES IN EDUCATION — While the Biden Administration has pushed over $9.5 billion in student loan relief since taking office earlier this year, it’s still not enough to yield a significant difference given that $1.7 trillion Americans are saddled with debt. The burden of student loans also falls more heavily on Black borrowers and students…
Read More about Panel discussion explores student debt of HBCU graduatesReport looks at the experience of Black student loan borrowers
THE CHRONICLE ON HIGHER EDUCATION — In 1990, a woman borrowed $24,000 in student loans. Thirty years later, she owes $125,000.The 62-year-old does not qualify for the federal Public Service Loan Forgiveness program, has worked at a nonprofit for the majority of her professional career, and has no idea when she will retire. Her story echoes that…
Read More about Report looks at the experience of Black student loan borrowers