News Clips

Jan 20, 2022

$50 Billion of Student Debt Could be Wiped Away in Bankruptcy, Report Says

“A new report indicates that as much as $50 billion in debt, colloquially referred to as private student loans and held by 2.6 million borrowers, could actually be wiped away in bankruptcy court. The findings come from an analysis published Thursday by the Student Borrower Protection Center, an advocacy group.”

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Jan 14, 2022

President Biden’s Student Loan Reforms Fails After Repayment Plan Approves Only 32 Borrowers Out Of Millions

As of March, however, only 32 borrowers have been forgiven out of millions, according to Insider. Persis Yu, Policy Director and Managing Counsel at the Student Borrower Protection Center, said millions of borrowers are still struggling to make payments, and the Biden Administration needs to help them.

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Jan 13, 2022

Student-Loan Giant Navient Agrees to $1.8 Billion Deal With 39 States, Denies Wrongdoing

According to Shapiro, Navient allegedly originated predatory subprime private loans to students attending for-profit schools and colleges with low graduation rates, even though it knew that many borrowers would be unable to repay the loans. Shapiro called the practice similar to the subprime mortgage crisis that led to the 2008 financial collapse.

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Jan 13, 2022

Navient Reaches a $1.85 Billion Deal to Settle Claims of Predatory Behavior.

The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution. The private loans were crucial to Navient’s ability to make a large volume of lucrative federal loans, prosecutors said.

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Jan 13, 2022

Navient, El Administrador de Préstamos Estudiantiles, Cancelará $1,7 Mil Millones en Deudas

La fiscal general de Nueva York, Letitia James, declaró que la empresa “contribuyó a la crisis nacional de la deuda estudiantil al atrapar de forma engañosa a miles de estudiantes en más deudas”.

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Jan 13, 2022

Navient Will Cancel $1.7 Billion in Student Loans—Here’s When Borrowers Will See Relief

The student loan cancellation will impact approximately 66,000 private student loan borrowers. Eligible private student loan borrowers should receive a notice from Navient by July 2022, along with refunds of any payments made on the canceled private loans after June 30, 2021.

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Jan 13, 2022

Thousands of Student Loans to be Canceled in $1.85 billion Navient Settlement. Many More Borrowers Can Expect $260.

The agreement would cancel the outstanding student loan balances of roughly 66,000 borrowers with private education loans that were started between 2002 and 2010, when Navient was known as Sallie Mae.

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Jan 12, 2022

Only 32 Student-Loan Borrowers Ever Have Qualified for Full Debt Forgiveness Under Income-Driven Repayment. Here Are 3 Ways Advocates Say Biden Could Change That.

According to Education Department data, 4.4 million borrowers have been in repayment under IDR for 20 years or longer, but complexities in the program, like burdensome paperwork and deceptive practices by loan companies, have kept borrowers stuck in repayment, the organizations’ report said.

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Jan 12, 2022

Income Based Repayment: Advocates Call On Biden To Enact Sweeping Reforms For Student Loan Borrowers

A coalition of advocacy groups is calling on President Biden to enact sweeping changes to income-driven repayment plans for federal student loan borrowers.

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Jan 5, 2022

Biden Promised Student Debt Relief for Public Service Workers. The Reality Has Been Painful.

“Borrowers are not aware of what all their rights are. The student loan system is complicated,” says Persis Yu, policy director at the Student Borrower Protection Center. “I think we need to see a remedy to acknowledge the fact that there has been a longstanding problem of borrowers getting steered into forbearance and deferments.”

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$50 Billion of Student Debt Could be Wiped Away in Bankruptcy, Report Says

President Biden’s Student Loan Reforms Fails After Repayment Plan Approves Only 32 Borrowers Out Of Millions

Student-Loan Giant Navient Agrees to $1.8 Billion Deal With 39 States, Denies Wrongdoing

Navient Reaches a $1.85 Billion Deal to Settle Claims of Predatory Behavior.

Navient, El Administrador de Préstamos Estudiantiles, Cancelará $1,7 Mil Millones en Deudas

Navient Will Cancel $1.7 Billion in Student Loans—Here’s When Borrowers Will See Relief

Thousands of Student Loans to be Canceled in $1.85 billion Navient Settlement. Many More Borrowers Can Expect $260.

Only 32 Student-Loan Borrowers Ever Have Qualified for Full Debt Forgiveness Under Income-Driven Repayment. Here Are 3 Ways Advocates Say Biden Could Change That.

Income Based Repayment: Advocates Call On Biden To Enact Sweeping Reforms For Student Loan Borrowers

Biden Promised Student Debt Relief for Public Service Workers. The Reality Has Been Painful.

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