Media Type: News Clips

Consumers take issue with Aidvantage’s management of federal student loans

“We’re very concerned,” said Persis Yu, policy director and managing counsel at the Student Borrower Protection Center, an advocacy group. “The company is taking over a large portfolio of student loans at a time when borrowers are especially vulnerable. And there’s a real question about whether they’re prepared.”

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The US Government Pushed Hundreds of Married Couples Into Disastrous Student Loans

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Millions of Student Loan Borrowers Could Wipe Out Debts But ‘Predatory’ Firms ‘Lied and Continued to Collect Payments’

The Student Borrower Protection Center (SBPC) released a report on Thursday, January 20 identifying more than 2.6 million people who collectively owe around $50 billion.

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$50 Billion of Student Debt Could Be Entitled to Automatic Cancellation in Bankruptcy But Borrowers May Not Know About It

“The SBPC, a Washington D.C.-based advocacy group for student borrowers, estimates that a total of about $50 billion of such loans are out there, and they may be as easy to cancel in bankruptcy as credit card debt or other consumer loans.”

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2.6 Million Student-Loan Borrowers Could Get Rid of Their Debt by Declaring Bankruptcy — But Major Companies are Blocking That

“On Thursday, the Student Borrower Protection Center (SBPC) released a report that found 2.6 million borrowers with private student debt could be eligible for as much as $50 billion in loan cancellation through bankruptcy.”

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$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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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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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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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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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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