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June 10, 2014

Details About Obama’s New Student Loan Initiatives to Develop Over Time

Yesterday, President Obama set out three actions he is taking to help people pay off student debt.  We all have lots of questions about exactly who will get help and how and when.  PAYE expansion requires changes to regulations and the president has given the Department of Education one year to complete the regulations and ordered that they take effect on December 31, 2015.  I'll be advocating for the best interests of student loan borrowers throughout the regulatory process and I'll post details as they develop.  President…

June 9, 2014

Obama: Borrowers with Older Student Loans to Qualify for Reduced Payments

President Obama today announced plans to qualify an additional five million borrowers for lower student loan payments.  The president says individuals with older loans—those who borrowed before October 2007 or stopped borrowing by October 2011—will gain access to payments capped at 10 percent of their income. The president also announced plans to renegotiate contracts with student loan servicers widely criticized failing to notify borrowers of all their repayment options. But borrowers will have to wait until the end of 2015 for…

June 9, 2014

President Obama to Take New Action for Student Loan Borrowers

Looks like the White House is tired of waiting on Congress and will move forward to expand the availability of Pay As You Earn to more student loan borrowers!  I'm on the edge of my seat waiting to hear details about the President's plans! POTUS will be answering questions about reducing student loan debt on Tuesday, June 10, 2014 at 4:00 Eastern on Tumblr: http://obamairl.tumblr.com/ask

May 20, 2014

NCLC Sues Dept of Education for Debt Collection Records

The National Consumer Law Center, a consumer advocacy group that we love, is suing the Department of Education under the Freedom of Information Act (FOIA) over the department's refusal to release documents showing how the federal government awards bonuses to debt collection companies it hires to recover defaulted student loans. In its lawsuit filed yesterday, the NCLC asserts that the department violated FOIA by withholding records relating to the performance and incentive pay for the government’s contracted debt collectors. The NCLC…

May 15, 2014

Sallie Mae to Pay $97 Million Fine for Overcharging Troops

As some of you may know, in addition to being Heather's Communications Director (and husband), I am also a retired U.S. Marine Corps officer, so this story hits a little close to home.  Sallie Mae and Navient, previously a loan servicing unit of Sallie Mae, have agreed to pay $97 million to settle allegations by federal regulators that military service members were charged excessive interest and fees on student loans, according to an article by Tara Siegel Bernard in Tuesday's New York Times.   The U.S. Justice Department…

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