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2 mins read
Biden's Education Dept. just announced a new office to 'vigorously investigate' schools' student-loan and federal aid abuses
In Biden's latest action cracking down on the student-loan industry, the Office of Enforcement will…
Ayelet Sheffey
3 mins read
$100,000 monthly student-loan bills, late statements, and erroneous banking fees: here's everything that's gone wrong for borrowers with the return to repayment
Millions of student-loan borrowers have faced errors at the hands of their servicer since payments …
Ayelet Sheffey
3 mins read
Student-loan borrowers struggling with repayment need more help than what the Education Department has offered — and they might not get it
Student-loan company MOHELA lost $7 million in pay, the first servicer to get punished for repaymen…
Ayelet Sheffey
2 mins read
Student-loan borrowers could take legal action against their servicers or the Biden administration if repayment mistakes aren't fully fixed, a new federal memo says
An internal memo from Federal Student Aid said that if repayment mistakes for student-loan borrower…
Ayelet Sheffey
2 mins read
A for-profit school that 'deceived' student-loan borrowers and pushed them to take on 'unexpectedly high levels' of debt got hit with a $37 million fine, Biden's Education Department says
Grand Canyon University's fine is the largest enforcement action the Education Department has ever …
Ayelet Sheffey
3 mins read
February's student-loan payment restart will run into a 'psychological hurdle' as many borrowers thought their debt would be forgiven, Biden official says
"The stakes are extremely high" for borrowers who have gotten used to not making any payments on st…
Ayelet Sheffey
2 mins read
Another student-loan company is shutting down its services, bringing total number of borrowers in limbo to nearly 10 million
Granite State Management and Resources, which holds 1.3 million borrower accounts, said it would no…
Ayelet Sheffey
2 mins read
Student-loan borrowers are facing 'excessively long' wait times for help from their servicers, Biden's Education Secretary says — and it'll take more money from Congress to fix it
"We recognize there's bottlenecking in some places," Education Sec. Miguel Cardona told Insider on …
Ayelet Sheffey
2 mins read
Tackling student debt may have just gotten easier as 4 more advocates join Biden's ranks
The new hires came from the Consumer Financial Protection Bureau that Elizabeth Warren spearheaded …
Ayelet Sheffey
2 mins read
Student-loan borrowers struggling with repayment should not be required to pay their debt until their account issues are resolved, 19 state attorneys general say
"We believe the Department can and should do more to mitigate harm" to student-loan borrowers, the …
Ayelet Sheffey
8 mins read
Why paying off your student loans won't get easier anytime soon
Student-loan borrowers are struggling with an unprecedented repayment. But their challenges go back…
Ayelet Sheffey
2 mins read
A major student-loan company says 'extensive servicing delays are a likely outcome' as borrowers transition back into repayment — and it could 'last well into 2024'
Student-loan company MOHELA told Democratic senators the "extreme nature" of repayment will bring v…
Ayelet Sheffey
3 mins read
Elizabeth Warren says student-loan companies can't use lack of funding as an excuse for bad customer service — and she's 'deeply worried' they're not ready for repayment starting next week
Some student-loan borrowers "are waiting three or four hours before connecting with a representativ…
Ayelet Sheffey
3 mins read
Student-loan borrowers' federal balances are now growing every day from interest but technical issues are delaying some of them from paying it off
Interest on direct student loans grows daily, but servicers' call center and website outages have k…
Ayelet Sheffey
4 mins read
Why student-loan borrowers could face a 'perfect storm' of obstacles once payments resume next month
From bureaucratic hurdles to a lack of broad student-loan forgiveness, experts told Insider borrowe…
Ayelet Sheffey
5 mins read
A $49,000 monthly student-loan bill and incomplete debt relief: Borrowers are facing confusion as repayment looms
Student-loan companies are making mistakes, and with the clock ticking toward repayment, borrowers …
Ayelet Sheffey
3 mins read
A student-loan company's call center briefly shut down because of 'technical issues' after it started notifying borrowers of their monthly payment amount in October
Student-loan borrowers took to X, formerly Twitter, to vent about issues reaching Nelnet, which sai…
Ayelet Sheffey
3 mins read
Student-loan borrowers might face even more hurdles resuming payments if Republicans end up passing their new proposal to cut funding for the Education Department
The GOP budget proposal for the upcoming year includes a $265 million budget cut for the agency tha…
Ayelet Sheffey
2 mins read
Over 14 million student-loan borrowers will resume payments this year under new companies — and that'll further 'complicate' the repayment process, a federal consumer watchdog says
Student-loan payments are resuming in October after a years-long pause, and the CFPB found it likel…
Ayelet Sheffey
3 mins read
Biden's plan to give millions of student-loan borrowers who fell behind on payments a fresh shot at debt relief is working
The New York Fed found less than 1% of total student debt in the US is in default or delinquency in…