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8 million student-loan borrowers who remain blocked from cheaper payments and debt cancellation are getting a step closer to a final decision on Biden's new repayment plan Ayelet Sheffey October ...
On October 6, 2021, the Biden administration announced a temporary waiver allowing past payments to qualify even if they had the wrong loan type or payment plan. [11] As of March 2022 100,000 people have had over $6.2 billion of student loans canceled as a result of the waiver, [ 12 ] however, many problems still persist.
A major student-loan company is being punished for preventing over 460,000 borrowers from accessing cheaper monthly payments Ayelet Sheffey Updated October 18, 2024 at 11:25 AM
The Washington Post noted that student borrower complaints against MOHELA spiked from 2021 to 2022: The Consumer Financial Protection Bureau (CFPB) went from receiving seven official complaints regarding MOHELA in the last quarter of 2021, to receiving over 500 complaints in the last three months of 2022 over MOHELA's loan servicing practices. [13]
Additionally, a group of student-loan borrowers in California filed a lawsuit on September 5 that accused MOHELA of failing to deliver debt discharges to borrowers who have faced school misconduct ...
Any person employed full-time by a 501(c)(3) non-profit group, or another qualifying public service organization, or serving in a full-time AmeriCorps or Peace Corps position, [70] qualifies for discharge after 120 qualifying payments. [71] [72] However, loan discharge is considered taxable income. [73] Loans discharged that were not the result ...
Key takeaways. FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. After the decision, FedLoan accounts were transferred to MOHELA, Edfinancial, Aidvantage and ...
The Department of Education is penalizing one of its student loan servicers for failing to send billing statements on time to 2.5 million borrowers.