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In March 2010, the company was the target of data theft. The personal information on 3.3 million student-loan borrowers was taken. [15] In March 2018, ECMC Foundation launched its Education Innovation Ventures portfolio. [16] In February 2018, ECMC Group moved its headquarters to Minneapolis, MN. [17]
Federal student loan interest rates are established by Congress and listed in § 20 U.S.C. § 1087E(b). Because the interest rates are established by Congress, interest rates are a political decision. In 2010, the federal student loan program ran a multibillion-dollar "negative subsidy", or profit, for the federal government.
In 2021, student loan servicers began dropping out of the federal student loan business, including FedLoan Servicing on July 8, Granite State Management and Resources on July 20, and Navient on September 28. [41] According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all ...
This proposal is separate from the Education Department's second attempt at broader student-loan forgiveness, which is blocked in court following challenges from a group of GOP state attorneys ...
Around 44% of federal student loan borrowers who begin repayment in October have a new loan service provider, according to the Consumer Financial Protection Bureau, after three loan service ...
Cultura RF/Getty Images Student loan debt has become a huge burden on recent college graduates, with figures from credit-reporting agency TransUnion showing that the average student loan balance ...
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