Student Loans

The Attorney General of New Jersey yesterday filed a lawsuit against student loan servicing giant Navient, accusing the company of engaging in “unconscionable” practices, “deceptive” conduct, and making misrepresentations when collecting on loans owed by residents of The Garden State. A copy of the complaint can be accessed by clicking …

Sen. Chuck Schumer [D-N.Y.], and Sen. Elizabeth Warren [D-Mass.], have announced a resolution that aims to cancel $50,000 of student loan debt for all federal student loan borrowers. The resolution calls on President Trump “to take executive action” to forgive the debt as a means of helping individuals during the …

The Consumer Financial Protection Bureau, along with 48 attorneys general, have reached a settlement that will see the owner of $330 million in private student loans forgive all of that amount after being accused of engaging in unfair acts and practices in violation of the Consumer Financial Protection Act. A …

The Attorney General of New York has reached a settlement with Transworld Systems which will see the collector pay $600,000 in restitution to affected individuals and make changes to how it collects on student loans. A copy of the settlement agreement can be accessed by clicking here. The allegations centered …

Individuals with student loans who are living in neighborhoods that are primarily made up of Black and Latinos are twice as likely to have their debt in collections as those living in neighborhoods that are primarily made up of white individuals, according to research that has been published by the …

President Trump on Saturday signed a number of executive orders related to the coronavirus pandemic, including one that will extend a forbearance plan on student loans through the end of the year, taking action while Congress continues to debate another stimulus package. The president also indicated that the program will …

There appears to be a disconnect between the President and members of Congress about what to do with student loan payments that have been paused since the coronavirus shutdown occurred in March. The President last week proposed extending the forbearance program, which is scheduled to expire on Sept. 30, while …

A continued pause by the Department of Education in its collection of student loans has led a company to lay off half of its staff, according to a published report. Central Research, Inc., based in Lowell, Ark., is looking to pivot toward contact tracing as a means of offsetting some …

A trio of companies and two individuals have been permanently banned from offering debt relief services nationwide and will repay $250,000 out of a $5.5 million judgment to settle claims brought by the Attorney General of New York that they perpetrated a student loan debt relief scam that cheated thousands …

A coding error by a student loan servicer has resulted in incorrect information being applied to the credit reports of nearly 5 million individuals, according to a published report. Great Lakes Educational Loan Services accidentally reported to the major credit bureaus — Equifax, Experian, Innovis, and TransUnion — that the …