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3 mins read
A major student-loan company is being punished for preventing over 460,000 borrowers from accessing cheaper monthly payments
The Education Department placed a second penalty on student-loan company MOHELA over failure to pro…
Ayelet Sheffey
3 mins read
Student-loan companies that don't do their jobs should be fired, Elizabeth Warren says. Her next target is one that manages 8 million borrowers.
After Navient was banned from federal student-loan servicing, Elizabeth Warren told BI it's a warni…
Ayelet Sheffey
3 mins read
Student-loan borrowers should no longer be serviced by a major company that's been scrutinized for bad behavior, a group of Democratic lawmakers and advocates say: 'It's time to fire MOHELA'
The Education Department has already punished MOHELA, but Rep. Ilhan Omar said that "it is time to …
Ayelet Sheffey
2 mins read
Key student-debt relief programs are at risk if Congress doesn't boost Education Department funding, 25 Democratic lawmakers say
Following a botched FAFSA rollout and rocky return to student-loan repayment, Elizabeth Warren is c…
Ayelet Sheffey
2 mins read
More than 1 million student-loan borrowers could soon be transferred to a new company after their servicer requested a lighter load, the Education Department says
The Education Department agreed to student-loan company MOHELA's request to transfer some of its bo…
Ayelet Sheffey
2 mins read
Biden's top student-loan official says he's 'pushing hard' to give public servants more time to apply for debt relief
Student-loan borrowers have until October 31 to use the Public Service Loan Forgiveness waiver — bu…
Ayelet Sheffey
2 mins read
Biden's top student-loan official details how he plans to fix 'confusing' and 'inconsistent' debt repayment plans that have pushed millions into default
While Federal Student Aid head Richard Cordray wants to fix student-loan servicing, many borrowers …
Ayelet Sheffey
3 mins read
A student-loan company just got hit with a $1 million penalty for 'breaking the law' by lying to borrowers about loan forgiveness, Biden's top consumer watchdog says
"When student loan companies lie about cancellation and repayment programs for borrowers, they are …
Ayelet Sheffey
2 mins read
3 ways Biden is budgeting for 'better support to student-loan borrowers' without the debt forgiveness he pledged
The president's budget proposal includes $2.7 billion for Federal Student Aid to improve customer s…
Ayelet Sheffey
2 mins read
Veterans are being misled into taking out student loans 'they didn't need,' a Biden official says — and 'offending schools' will face consequences
Federal Student Aid's Richard Cordray issued schools a warning: be upfront about student loan costs…
Ayelet Sheffey
3 mins read
A student-loan company that just took over 5 million borrowers' accounts has 'a growing list of scandals and abuses,' report says
Maximus, which took over Navient's portfolio, says it's just "back-end IT support" for federal loan…
Ayelet Sheffey
4 mins read
All 4 major student-loan companies have now gotten punished for customer service issues as borrowers struggle with repayment — and it might not be the end
Since student-loan payments resumed, millions of borrowers have encountered issues with their servi…
Ayelet Sheffey
2 mins read
Under pressure to cancel student debt, a top federal aid official points to Biden: 'It is a decision for the White House to make'
Federal Student Aid head Richard Cordray made clear broad student-debt cancellation is Biden's job …
Ayelet Sheffey
2 mins read
Biden's top student-loan official vows students defrauded by defunct for-profit colleges will get help - and top execs will pay the price
Federal Student Aid head Richard Cordray told Rep. Bobby Scott that execs of schools like Corinthia…
Ayelet Sheffey
3 mins read
Millions of student-loan borrowers don't know who they'll be paying when the payment freeze lifts in 100 days
Three student-loan companies announced plans to shut down this year, but some negotiations are stil…
Ayelet Sheffey
2 mins read
Biden's Education Dept. sends a message to 6 student-loan companies: 'Meet the tougher standards or face consequences'
Three other student-loan companies announced plans to shut down their loan services before borrower…
Ayelet Sheffey
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
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
3 mins read
Student-loan companies explain why they're not to blame for borrowers' repayment challenges. A group of Democrats said it's still 'deeply concerning.'
Sen. Elizabeth Warren joined three of her colleagues in saying student-loan servicers failed to exp…