Student Loans

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 …

A number of states — California, Colorado, Connecticut, Illinois, Massachusetts, New Jersey, Virginia and Washington — enacted additional collection regulations aimed at providing expanded relief for individuals with private student loans, including prohibitions against certain collection activities, which will remain in place during the coronavirus pandemic. The relief package has …

The Department of Education announced yesterday that it has stopped collecting on defaulted student loans and has ordered private collection agencies working on its behalf to halt collection activities “until further notice,” according to a published report, which cites a memo that was sent to collection agencies. Individuals with defaulted …

The city of Chicago, state of Colorado, and the House Financial Services Committee all either took steps or proposed taking steps to address debt collection during the coronavirus outbreak, joining a growing number of governments across the country to do so. Among the proposals floated by Rep. Maxine Waters [D-Calif.], …

The state of New York announced yesterday that it is suspending all debt collection activities on debts that are owed to the state, including student loans and medical debts, for 30 days while residents deal with the coronavirus pandemic. The 30-day suspension may be extended, depending on the situation at …