Collingswood, NJ: MyGovWatch.com has made available for download a free copy of a report the U.S. Department of Treasury (Treasury) provides annually to the U.S. Congress on Federal non-tax government receivables and debt collection activities of U.S. government agencies. MyGovWatch.com offers subscribers insider access to the past, present, and future of government and student loan […]
Student loan guaranty agency USA Funds (USA) filed suit last week in federal court against the Department of Education over a letter the Department sent on July 10, 2015 prohibiting agencies from imposing collection fees on borrowers who default on their loans but initiate payment arrangements within 60 days. The agency claims the letter amounts to capricious and irrational rulemaking that will harm consumers.
Earlier this month The New York Times ran an Opinion piece by Lee Siegel, who tells his story of committing to expensive student loans for two degrees and what it did to his family. When faced with the choice of what to do, he decided to default on his loans rather than pursue a job/career in a field that was not his passion. His story is not a unique one at all.
Collingswood, NJ: Fed Cetera has announced it is seeking veteran-owned, small-business collection agencies to respond to a Request for Information (RFI) to compete for new business collecting Federal student loans in 2015 and beyond. Such firms may be selected to work as Federal subcontractors on United States Department of Education (ED) Private Collection Agency (PCA) […]
Philadelphia, PA – Revenue Collection Bureau, Inc. (RCB), based in Philadelphia, PA, today announced it has achieved Historically Underutilized Business Zone (HUBZone) certification through the U.S. Small Business Administration (SBA). The HUBZone program helps small businesses in urban and rural communities gain preferential access to Federal procurement opportunities. The program was enacted into law as […]
Collingswood, NJ: Fed Cetera has announced it is seeking small business collection agencies operating primarily from urban or rural communities to respond to a Request for Information (RFI) to compete for new business collecting Federal student loans in 2015 and beyond. Such firms may be selected to work as Federal subcontractors on United States Department […]
Republican and Democratic contenders alike recognize the issues associated with the rise in college costs, but they have different viewpoints when it comes to the culprit and solutions to this problem.
Lockport, NY: National Recovery Solutions, LLC (NRS www.nrsolutionsllc.com), based in Lockport, NY, today announced it is a woman-owned small business (WOSB) following a company restructuring in which Kinda Baker, a company founder in 2006, took a majority ownership in the firm and assumed CEO responsibilities. This ownership change enables creditors and government contractors to retain […]
On the same day that the Consumer Financial Protection Bureau (CFPB), the Department of Education, and Department of Treasury release a joint Request for Information (RFI) about student loan servicing, the website MagnifyMoney.com has released the results of a survey of student loan borrowers about their finances. They surveyed 1,000 adults under age 35 who […]
Today the CFPB announced it is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. They are seeking information on industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service.