Search for: "Direct Loans, Borrower Services"
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8 Apr 2019, 6:46 am
A borrower’s instructions on how to apply nonconforming payments remains in effect for future nonconforming payments until the borrower provides different directions. [read post]
15 Jul 2020, 11:08 am
A number of the remaining provisions have been refined since their prior publication: Assessments (which are in addition to annual renewal fees) would be based on the proportion of Illinois borrowers serviced by each licensee (not the proportion of Illinois loans) (1010.120(f)) The requirement to provide a secure website and toll-free telephone service to handle borrower and cosigner communications regarding existing loans no longer extends to… [read post]
1 Aug 2017, 8:18 am
The PSLF program allows borrowers with Direct Loans who work full-time in qualifying jobs to have their remaining balances forgiven after making 120 consecutive payments. [read post]
7 Aug 2019, 10:06 am
The law defines servicing as engaging in one or more of the following activities : Receiving any scheduled periodic payments from a student loan borrower or notification of such payments, and applying payments to the borrower’s account pursuant to the terms of the student education loan or the contract governing the servicing of the loan During a period when no payment is required on the student education loan, maintaining… [read post]
26 Oct 2015, 9:30 pm
Likewise, the department fails to notify all borrowers eligible for Public Service Loan Forgiveness (PSLF), which offers loan forgiveness on federal student loan balances to borrowers who serve for a minimum of ten years in “public service organizations. [read post]
20 Apr 2017, 7:30 am
The Consumer Financial Protection Bureau (CFPB) has accused student loan servicers of failing to enroll borrowers into income-based repayment programs. [read post]
11 Jul 2016, 10:00 am
Federal direct loans, Perkins loans and Parent PLUS loans are eligible for discharge. [read post]
9 Jul 2015, 6:05 am
According to the CFPB, it has handled more than 1,300 complaints from military borrowers relating to the servicing or collection of student loans since it published its last report on this topic in October 2012. [read post]
5 Dec 2018, 1:01 pm
The SBPC continues Frotman’s rehetoric with the accusations that when borrowers default, “it is often as a direct result of widespread illegal practices by student loan servicers” and that servicers “use the full weight of the government to wreak havoc on borrowers. [read post]
7 Mar 2014, 1:13 pm
Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers." [read post]
15 May 2017, 10:00 am
A second option is to sign up for a Direct Consolidation Loan. [read post]
15 May 2017, 10:00 am
A second option is to sign up for a Direct Consolidation Loan. [read post]
24 Aug 2020, 11:05 am
At the end of last week, the Department of Education announced that Education Secretary Betsy DeVos has directed Federal Student Aid (FSA) to extend until December 31, 2020 the relief that was provided to federal student loan borrowers by the CARES Act. [read post]
10 Nov 2013, 10:42 pm
According to the complaint, the defendant falsely inflated the income of a borrower on a loan application submitted to JP Morgan Chase Bank. [read post]
3 Apr 2017, 10:00 am
You can also convert your FFEL loans to Direct loans to avoid possible risks. [read post]
6 Jul 2021, 11:06 am
The report, which contains 48 pages of supervisory observations, discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination and servicing, private student loans, payday lending, and student loan servicing that were completed between January 1, 2020 and December 31, 2020 (which was the last full year of Kathleen Kraniger’s tenure as CFPB Director).… [read post]
18 May 2020, 8:52 am
In terms of affirmative requirements, servicers are required to do each of the following except to the extent Virginia’s requirements are “inconsistent with any provision of federal law or regulation, and then only to the extent of the inconsistency”: Evaluate a borrower for eligibility, if applicable, for an income-driven repayment program prior to placing the borrower in forbearance or default; Respond to a written inquiry from a borrower or… [read post]
15 Aug 2020, 6:32 am
The House also included an interesting fix to the Public Service Loan Forgiveness program so that borrowers will not have to restart their ten-year clock towards loan forgiveness when they consolidate federal loans. [read post]
25 Jan 2017, 9:51 am
CitiFinancial Servicing must also investigate direct disputes from borrowers within 30 days. [read post]
19 Aug 2016, 2:04 pm
How to Receive a Total and Permanent Disability Discharge The TPD discharge only applies to Direct loans, Federal Family Education Loans (FFEL), Federal Perkins Loans and Teacher Education Assistance for College and Higher Education grants. [read post]
