Yesterday the White House hosted a call together with the Dept. of ED and the CFPB to announce actions to ensure that student loan borrowers are aware of their options for repayment. The actions are wide-ranging, but don’t address material post-default issues.
WASHINGTON, District of Columbia – As the buzz around the insideARM 2016 Larger Market Participant Summit grows, conference registrants and those considering registering who have interests in government and higher education markets should consider the breakout session entitled Best Practices in Gov’t & Higher Ed Contracting Compliance: A New Era in “Getting it Right.” This session […]
An Order granting partial summary judgment in favor of a plaintiff in a TCPA case against Navient and its affiliate, Student Assistance Corporation, was entered on April 6. The summary judgment order translates to an award of over $360,000, with the potential for additional liability once the case proceeds to trial on the issue of whether the defendants should be liable for treble damages under the statute. The case presents several interesting facts and issues.
The Silver case is important to the entire ARM industry for a number of reasons. Any positive decision in a TCPA case is a good decision and should be reviewed. However, the case is especially important to that segment of the ARM industry that collects on federal government-backed student loans.
Today on the official blog of the U.S. Department of ED, plans were announced to launch “one of its biggest initiatives to date” – the creation of a software system to manage all Direct Student Loans, including both servicing and debt collection. This effort will be an incredibly heavy lift for the department.
The ACLU and the National Consumer Law Center (NCLC) filed suit yesterday in the US District Court in Massachusetts against the Department of ED under the Freedom of Information Act (FOIA), related to practices affecting student-borrowers. They want to see procedures manuals, which have only been provided with heavy redaction. The question is, why?
Private collection agencies have played a critical role in sustaining the Federal Student Loan programs for the past 40 years. Whether in support of the over 2,000 colleges and universities managing Federal Campus programs for their students, or the U.S. Department of Education and its guaranty agency partners, private collection agencies (PCAs) provide valuable assistance […]
Last Friday Boston College held a one day conference entitled “Student Debt Crisis: Issues and Solutions.” A keynote address was delivered by Deputy Secretary Sarah Bloom Raskin, U.S. Department of the Treasury. Also on the agenda were three panel discussions: Did privatization of the Student Loan Marketing Corporation (Sallie Mae) Work? The panel included: Moderator: […]
Last week Federal Student Aid (FSA), an office of the Department of ED, released a series of quarterly reports reflecting activity through December 31, 2015. The reports cover the Federal Student Aid portfolio, including information such as outstanding balance by loan type, application submissions, and default status.
COLORADO SPRINGS, Colo. – A new survey of 1,000 teens by Junior Achievement USA and Voya Foundation shows that nearly two-thirds of teens, or 65 percent, believe borrowers are ultimately responsible for paying off their student loans, even if they borrowed more money than they are able to pay off, while 11 percent believe the […]