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☆ 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
▼ + stars: | 2024-01-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Read previewIt hasn't been easy for student-loan borrowers since payments restarted a few months ago — and for the companies that manage their debt. The Education Department is aware of those errors and highlighted them in an internal Federal Student Aid memo in November. AdvertisementIn the past fiscal year, Congress did not boost funding for Federal Student Aid, which oversees all student-loan operations. And in the current round of budget negotiations, House Republicans have proposed steep cuts for Federal Student Aid. One servicer, MOHELA, told Democratic lawmakers in response to queries on repayment preparation that "millions of borrowers resumed repayment simultaneously after a multi-year pause."

Persons: —, Joe Biden's, MOHELA, servicers, Miguel Cardona, that's, servicer, I'm, Harris, Cardona Organizations: Service, Business, Joe Biden's Education Department, Education Department, Department, Education, Federal, Aid, The Education, Federal Student Aid, House Republicans, Democratic, Biden, Harris Administration

☆ Biden administration to forgive $4.9 billion in student debt for 73,600 borrowers
▼ + stars: | 2024-01-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration announced on Friday that it would forgive $4.9 billion in student debt for 73,600 borrowers. The relief is a result of the U.S. Department of Education's fixes to its income-driven repayment plans and Public Service Loan Forgiveness Program. "The Biden-Harris Administration has worked relentlessly to fix our country's broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved," U.S. Secretary of Education Miguel Cardona said in a statement. In addition, 43,900 borrowers who have worked in public service for a decade or more will receive $3.2 billion in loan cancellation, the U.S. Department of Education said. Borrowers in the Public Service Loan Forgiveness program have also struggled to get the debt erasure they've been promised due to errors in their payment counts and other issues.

Persons: Joe Biden, Biden, Harris, Education Miguel Cardona, servicers Organizations: Community Center, U.S . Department, Public, Biden, Harris Administration, Education, Finance, U.S . Department of Education Locations: Raleigh , North Carolina

☆ 74,000 student-loan borrowers are getting $5 billion debt wiped out in Biden's latest batch of repayment reforms
▼ + stars: | 2024-01-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The relief is going to public servants and those on income-driven repayment who made their qualifying payments. AdvertisementMore student-loan borrowers are on track to get debt relief following President Joe Biden's repayment reforms. On Friday, Biden announced that his administration approved another 74,000 borrowers for $5 billion in debt relief. In December, for example, the department approved another $5 billion in relief for 80,000 borrowers on PSLF and income-driven repayment plans. Advertisement"This level of debt relief is unparalleled, and we have no intention of slowing down," Education Secretary Miguel Cardona said in a December statement.

Persons: —, Joe Biden's, Biden, servicers, Biden's, Miguel Cardona Organizations: Service, Public, Department, Education Department Locations: forbearance

The U.S. Department of Education has approved the cancellation of $4.9 billion in federal student loan debt for close to 74,000 borrowers, officials announced on Friday. The announcement – the latest in a series of cancellation efforts that span the last four years – brings the total amount of student loan debt relief under the Biden administration to $136.6 billion for more than 3.7 million borrowers. The additional $1.7 billion in debt relief announced on Friday is the result of fixes to the federal income-driven repayment plan. In the wake of the high court’s decision to strike down the loan cancellation plan, Education Department officials hatched a new strategy to provide large-scale student loan debt cancellation. “In the wake of the Supreme Court’s decision on our student debt relief plan, we are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible,” Biden said in a statement.

Persons: –, Biden, “ The, Harris, Miguel Cardona, ” Cardona, “, Joe Biden, Biden’s, ” Biden Organizations: U.S . Department of Education, “ The Biden, Harris Administration, Public, Valuable Education, Biden, Education Department

☆ Some student loan borrowers will get their debt canceled early, with their balances wiped out next month
▼ + stars: | 2024-01-12 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

Student debt forgiveness is coming faster than expected for some borrowers who have been chipping away at their loans. A key feature of President Joe Biden's new student-loan repayment plan is shortening the forgiveness timeline for some borrowers, particularly those with lower borrowing amounts. "I am proud that my administration is implementing one of the most impactful provisions of the SAVE plan nearly six months ahead of schedule," Biden said in a statement. "Starting next month, borrowers enrolled in SAVE who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining student debt cancelled immediately." He added: "We don't want to go back to the days when a million people defaulted on their student loans every year.

Persons: Joe Biden's, Biden, Education Miguel Cardona Organizations: SAVE, Education Department, Education

☆ Federal agency: Student loan company errors could 'pose serious risks' to borrowers, the economy
▼ + stars: | 2024-01-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Dec. 15, 2022. When student loan servicers make errors by cutting corners or sidestepping the law, it can "pose serious risks to individuals and the economy," said Consumer Financial Protection Bureau Director Rohit Chopra. Borrowers experienced long phone hold times with their servicers, significant delays in the processing of their repayment applications, and inaccurate and untimely billing statements, the bureau found. The U.S. Department of Education announced Friday that it would withhold payments to three student loan servicers as part of its efforts to hold the companies accountable. "Today's actions make clear that the Biden-Harris Administration will not give student loan servicers a free pass for poor performance and missteps that jeopardize borrowers," Secretary of Education Miguel Cardona said in a statement.

Persons: Rohit Chopra, servicers, Mark Kantrowitz, Harris, Education Miguel Cardona Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, U.S . Department of Education, Finance, Biden, Harris Administration, Education Locations: Washington ,, EdFinancial, Nelnet

☆ 4 groups of borrowers may be eligible for student loan forgiveness under Biden's latest proposal
▼ + stars: | 2023-12-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The Biden Administration is moving forward in its negotiated rulemaking process to try to forgive student debt for federal borrowers. The Supreme Court struck down President Joe Biden's initial plan to forgive up to $20,000 of student debt per borrower in June. On Monday, the administration released a draft regulation proposal outlining what its new forgiveness rules would look like. "This rulemaking process is about standing up for borrowers who've been failed by the country's broken student loan system and creating new regulations that will reduce the burden of student debt in this country." The negotiated rulemaking committee will meet later in December to discuss the proposal and aim to reach a consensus on the proposed changes.

Persons: Joe Biden's, Miguel Cardona, who've Organizations: Biden, Department, Education

Released Tuesday, it finds the average international math score fell by the equivalent of three-quarters of a year of learning. Reading scores fell by the equivalent of half a year. Reading scores fell by 10 points. A national study in the U.S. last year found math scores fell by more than ever, with reading scores dropping to 1992 levels. It was joined in the upper echelons by other East Asian countries including Japan and China.

Persons: ”, Peggy Carr, “, didn’t, Jordan, Miguel Cardona, Joe Biden’s Organizations: WASHINGTON, —, Program, Organisation for Economic Co, OECD, Reading, National Center for Education Statistics, U.S . Education Department, Associated Press, Carnegie Corporation of New, AP Locations: United States, Germany, Iceland, Netherlands, U.S, Belgium, Finland, Canada, France, Sweden, Brazil, Ireland, Singapore, Japan, China, Estonia, Albania, Norway, Saudi Arabia, Dominican Republic, Cambodia, Carnegie Corporation of New York

The results of the Program for International Student Assessment – the first assessment to examine the academic progress of students in math, reading and science in dozens of countries since the outset of the pandemic – marked historic setbacks for children globally. Students hadn’t recorded a change of more than five points in either subject since the exam was first administered in 2000. The COVID-era setbacks spared none, affecting wealthy countries and poor countries and even those long recognized as academic powerhouses. The slumping scores among American students largely mirror results seen on national assessments in recent years. “At an extremely tough time in education, the United States moved up in the world rankings in reading, math, and science – all three categories PISA measures – while, unfortunately, many other countries saw declines.”

Persons: ”, Peggy Carr, hadn’t, Jordan, ” Carr, Miguel Cardona, Donald Trump, “, ” Cardona Organizations: Program, National Center for Education Statistics, U.S . Education Department, “, Organization for Economic Cooperation, Development, Education, Republican Party Locations: U.S, PISA, Albania, Iceland, Norway, Finland, Poland, Singapore, Japan, China, Estonia, Canada, Ireland, United States, –

☆ Former Harvard disinformation scholar says she was pushed out of her job after college faced pressure from Facebook
▼ + stars: | 2023-12-04 | by ( Donie O'Sullivan | Clare Duffy | ) edition.cnn.com time to read: +2 min

CNN —A nationally recognized online disinformation researcher has accused Harvard University of shutting the project she led to protect its relationship with mega-donor and Facebook founder Mark Zuckerberg. The allegations, made by Dr. Joan Donovan, raise questions about the influence the tech giant might have over seemingly independent research. Beginning in 2018, Dr. Donovan worked for the Shorenstein Center at Harvard University’s John F. Kennedy School of Government, and ran its Technology and Social Change Research Project, where she led studies of media manipulation campaigns. But last year Harvard informed Dr. Donovan it was shutting the project down, Donovan claims. The Chan Zuckerberg Initiative is the philanthropy run by Zuckerberg and his wife, Priscilla Chan, who both attended Harvard.

Persons: Mark Zuckerberg, Joan Donovan, Donovan, Harvard University’s John F, Dr, Miguel Cardona, Chan, Chan Zuckerberg, Zuckerberg, Priscilla Chan, ” Libby Liu, Frances Haugen, “ We’ve, ” Liu Organizations: CNN, Harvard University, Meta, Shorenstein, Harvard University’s, Kennedy School of Government, Technology, Research, Harvard, US Education, University, Initiative, The Washington Post, Post, Big Energy, Big Pharma

☆ These student-loan borrowers could qualify for up to $20,000 in debt cancellation through Biden's second attempt at relief
▼ + stars: | 2023-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department released new details on its second attempt at debt relief. On Monday, the Education Department released updated regulatory text for its proposal to cancel student debt using the Higher Education Act of 1965. Advertisement"Student loans are supposed to be a bridge to a better life, not a life sentence of endless debt," Education Secretary Miguel Cardona said in a statement. AdvertisementWhile this plan for relief is more narrow than Biden's first attempt, many borrowers experiencing different forms of hardship hope they'll qualify. "I have to pay for my wife's car, plus food, plus utilities, plus the mortgage, plus the car payment," one 63-year-old borrower previously told Business Insider.

Persons: —, Joe Biden's, Biden's, Miguel Cardona, who've, There's Organizations: Education Department, Service, Higher, Public, Department

☆ Student-loan borrowers are facing 'serious risks' to their credit scores following the 'chaotic' payment resumption, 4 Democratic lawmakers say
▼ + stars: | 2023-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Four Democrats recently wrote a letter that raised concerns about student-loan repayment challenges. They said they're worried servicer errors could hurt borrowers' credit scores. AdvertisementIt's been just over two months since federal student-loan payments resumed and millions of borrowers have already faced a range of difficulties with the transition. Elizabeth Warren, Bernie Sanders, Richard Blumenthal, and Chris Van Hollen sent a letter to Education Secretary Miguel Cardona expressing concerns about challenges student-loan borrowers have faced over the past few months. "For example, we are concerned that ED's credit reporting processes may expose borrowers' credit scores to unanticipated consequences," the letter said.

Persons: they're, —, It's, Elizabeth Warren, Bernie Sanders, Richard Blumenthal, Chris Van Hollen, Secretary Miguel Cardona, it's Organizations: Education Department, Service, Democratic, Secretary, Department, Democrats, Federal Student Aid, House Republicans Locations: Sens

☆ How a boomer just got $50,000 in student debt wiped out after making payments for 25 years
▼ + stars: | 2023-11-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

It's a result of an account adjustment for borrowers who made the required 20 or 25 years of payments. AdvertisementGeorge Tucker thought he would be resuming student-loan payments alongside millions of other borrowers this fall. Tucker, 63, owed just under $50,000 on his student loans when the more than three-year pause on federal payments ended in October, per documents reviewed by Insider. Although PSLF was intended to forgive student debt after ten years of qualifying payments, Tucker said paperwork challenges with the program threw him off track, and he was not anticipating debt relief. George Tucker got $50,000 in student debt wiped out.

Persons: George Tucker, It's, Tucker, —, Little, he's, PSLF, MOHELA, Harris, Joe Biden's, isn't, Miguel Cardona, servicers, Jason Harmon, Harmon couldn't Organizations: Service, Public, Harris Administration, Biden, Joe Biden's Education Department, Department, Education, Education Department, MOHELA

☆ A boomer on short-term disability isn't required to make student-loan payments right now. Her servicer took out $200 from her bank anyway.
▼ + stars: | 2023-11-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Amy, 59, is not required to make any student loan payments while pursuing her teaching certificate. It comes as the Education Department is working to strengthen oversight over servicers. AdvertisementAdvertisementWhile federal student-loan payments resumed for most borrowers in October, Amy, 59, knew she was not expected to make any payments. "But that's not the case with student loans. "It's ridiculous these companies get contracts for federal student loans," Amy said.

Persons: Amy, servicer, —, MOHELA, Joe Biden's, servicers, Amy —, she's, that's, it's, Harris, Education Miguel Cardona Organizations: Education Department, Service, Joe Biden's Education Department, The Education Department, Aid, Biden, Harris Administration, Education

☆ Student-loan borrowers facing bad customer service could be transferred to a 'high-performing' company if issues persist, Biden's Education Department says
▼ + stars: | 2023-11-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department released new guidance on holding student-loan servicers accountable. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementPresident Joe Biden's Education Department just warned student-loan companies that they can't keep getting away with bad behavior. On Thursday, the Education Department announced a new framework for holding services accountable as the transition back into repayment for millions of borrowers continues. The framework outlines how the department will monitor the quality of customer service borrowers are receiving from their servicers, along with punishments when servicers do not fulfill their contractual obligations.

Persons: servicers, —, Joe Biden's, Harris, Education Miguel Cardona Organizations: Education Department, Service, Joe Biden's Education, Biden, Harris Administration, Education, MOHELA Locations: servicers

☆ Civil rights complaints allege UPenn and Wellesley allowed antisemitism to ‘run rampant’
▼ + stars: | 2023-11-10 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —A Jewish legal rights advocacy group has alleged that the University of Pennsylvania and Wellesley College have violated federal civil rights law by allowing for discrimination against Jews. The Brandeis Center, a Jewish civil rights legal organization, filed civil rights complaints with the US Department of Education on Thursday, alleging both schools failed to adequately respond to harassment of Jews. “These colleges and universities have failed to keep Jewish students safe and are in clear violation of well-established federal civil rights law,” Kenneth Marcus, founder and chairman of the Brandeis Center, said in a statement. The complaints argue both schools have violated Title VI of the Civil Rights Act of 1964, which protects people from discrimination in programs or activities that receive federal financial assistance. The 27-page complaint alleges “Penn’s nurturing of a hostile environment toward Jewish students is a patent violation of” Title VI.

Persons: ” Kenneth Marcus, “ There’s, ” Marcus, ”, UPenn, Wellesley, “ Penn, Brandeis, Liz Magill, Magill, ” Magill, Paula Johnson, ” Johnson, “, RAs, Wellesley’s, CNN’s Rene Marsh, Miguel Cardona, wouldn’t, Cardona, ” Cardona, Henry Swieca, Swieca Organizations: New, New York CNN, University of Pennsylvania, Wellesley, Brandeis Center, US Department of Education, Civil, College, FBI, Ivy League school’s, of Pennsylvania, Penn, CNN, of Education, Ivy League, Columbia Business School, Wall Street, Board, School, ” Locations: New York, Israel, UPenn, Palestine, Wellesley, Gaza, Columbia

☆ A major student-loan company is giving millions of borrowers 'inadequate' information as it works to solve billing inaccuracies, 4 Democratic lawmakers say
▼ + stars: | 2023-11-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department withheld pay from student-loan company MOHELA over repayment errors. AdvertisementAdvertisementSeveral Democratic lawmakers aren't happy with the way a major student-loan company is resolving account errors for millions of borrowers. @MOHELA has failed to provide borrowers with accurate, timely information about their loans, forcing millions into forbearance. The Education Department said it will continue oversight over servicers to crack down on mistakes that are putting borrowers at risk. Are you experiencing challenges with student-loan repayment?

Persons: MOHELA, —, aren't, Elizabeth Warren, Ed Markey, Chris Van Hollen, Richard Blumenthal, Scott Giles, forbearance, @MOHELA, yKdYeyTfV3 — Ed Markey, Giles, MOHELA's, Miguel Cardona Organizations: Department, Service, Democratic, Education Department, MOHELA, Federal Locations: Sens

WASHINGTON (AP) — The Biden administration is warning U.S. schools and colleges that they must take immediate action to stop antisemitism and Islamophobia on their campuses, citing an “alarming rise” in threats and harassment. In a Tuesday letter, the Education Department said there's “renewed urgency” to fight discrimination against students during the Israel-Hamas war. “Hate-based discrimination, including based on antisemitism and Islamophobia among other bases, have no place in our nation’s schools,” wrote Catherine E. Lhamon, assistant secretary for civil rights at the department. The Education Department offered few specifics on how colleges should respond, and it did little to answer questions about where to draw the line between political speech and harassment. Last week the Education Department added language to a federal complaint form clarifying that certain forms of antisemitism and Islamophobia are prohibited by federal civil rights law.

Persons: —, Biden, there's “, “, ”, Catherine E, Lhamon, Miguel Cardona Organizations: WASHINGTON, Education Department, Universities, Tulane University, Cornell University, The Education Department, Civil, Department, Associated Press, Carnegie Corporation of New, AP Locations: Israel, Baltimore, Carnegie Corporation of New York

☆ 3,500 student-loan borrowers got $109 million in debt wiped out after being 'cheated' by their schools. Top Democrats want relief for taxpayers, too.
▼ + stars: | 2023-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some Democrats want the Education Department to recoup funds from Ashford and University of Phoenix. The department previously accused those schools of fraud, granting thousands of borrowers debt relief. The lawmakers want the schools to pay up so taxpayers don't foot the bill for the relief. The Democrats referenced two recent actions to provide relief for borrowers who went to for-profit schools accused of predatory behavior: $72 million in relief for 2,300 borrowers "cheated" by Ashford University, and $37 million in relief for 1,200 borrowers "deceived" by the University of Phoenix, according to the Education Department. AdvertisementAdvertisement"This would send a strong warning signal to other predatory for-profit colleges that there are substantial financial consequences for defrauding students," the Democrats wrote.

Persons: —, Joe Biden, Sen, Dick Durbin, Rosa DeLauro, — Sen, Elizabeth Warren —, Secretary Miguel Cardona, ike, hoenix, J ames Organizations: Education Department, Ashford and University of Phoenix, Service, Secretary, Ashford University, University of Phoenix Locations: Ashford, Phoenix

☆ 800,000 student-loan borrowers missed payments because their servicer failed to meet its 'basic obligation.' Here's what happens now.
▼ + stars: | 2023-11-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department withheld pay from MOHELA over failure to deliver on-time billing statements. AdvertisementAdvertisementPresident Joe Biden's Education Department revealed that a major student-loan company made errors with millions of borrowers' accounts. The Education Department instructed MOHELA to place all affected borrowers on forbearances until the issues are resolved. Borrowers enrolled in Public Service Loan Forgiveness or an income-driven repayment plan will have any month spent in forbearance counted toward their forgiveness progress. The Education Department said that it will continue to monitor servicers' performance "and ensure they are meeting their basic contractual obligations to the Department and to borrowers.

Persons: —, Joe Biden's, Miguel Cardona, MOHELA, Will, I'm, What's, servicers Organizations: Department, Service, Joe Biden's Education Department, MOHELA, Education Department, The Education Department, Federal Student, Federal Student Aid Locations: forbearance

☆ A top GOP lawmaker is taking legal action to scrutinize the Education Department's authority to cancel student debt for defrauded borrowers
▼ + stars: | 2023-10-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

GOP Rep. Virginia Foxx issued a subpoena to the Education Department on Tuesday. AdvertisementAdvertisementA top Republican lawmaker is turning to legal action to get answers from the Education Department on student-debt relief. Borrower defense claims are forms a borrower can submit if they believe they were defrauded by the school they attended, and if approved, their loans from that school would be discharged. AdvertisementAdvertisement"This is the first time the Committee has subpoenaed the Education Department, and it is a measure that I do not take lightly. Biden's Education Department has consistently stood by its legal authority to approve borrower defense claims for defrauded borrowers.

Persons: Virginia Foxx, Foxx, —, Secretary Miguel Cardona, Foxx isn't, Secretary Cardona, Cardona, Donald Trump, Aaron Ament Organizations: Education Department, Service, Republican, Secretary, Biden's, Department, Higher, Student Defense Locations: Cardona

Tensions between pro-Israel and pro-Palestinian groups have sprung up on some U.S. campuses, including several in New York, prompting university officials to tighten security. "There is no place for hate in America, and we condemn any antisemitic threat or incident in the strongest terms," White House spokesperson Karine Jean-Pierre told a regular briefing. The Jewish leaders included representatives of the campus Jewish organization Hillel, the Anti-Defamation League and the National Council of Jewish Women, the White House official said. Cardona and White House domestic policy adviser Neera Tanden will visit a university and meet with Jewish students later this week, the official said. Over the weekend, threats were posted online to Jewish students and the Center of Jewish Living at Cornell, according to the student newspaper and the campus Hillel group.

Persons: Karine Jean, Pierre, Biden, Kamala Harris's, Douglas Emhoff, Education Secretary Miguel Cardona, Deborah Lipstadt, Israel, Hillel, Cardona, Neera Tanden, Kathy Hochul, Hochul, Doina Chiacu, Andrea Shalal, Trevor Hunnicutt, Howard Goller Organizations: Columbia University, REUTERS, Rights, Biden, White, Israel, Cornell University, Defamation, Education Secretary, Department of Education's, Civil Rights, Defamation League, National Council of Jewish Women, White House, Islamic Relations, Center of Jewish, Cornell, Hillel, FBI, New, Jewish, Twitter, Thomson Locations: Gaza, New York City, U.S, New York, America, Israel

☆ Biden's Education Department reveals the 4 groups of student-loan borrowers it's prioritizing for its second attempt at debt relief
▼ + stars: | 2023-10-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department released the draft text of its second attempt at student-debt relief. AdvertisementAdvertisementPresident Joe Biden's Education Department just released the latest details on its second attempt at student-loan forgiveness. On Monday, the department released the draft text of its proposal to cancel student debt for federal borrowers using the Higher Education Act of 1965. The high court ruled Biden did not have the authority to cancel student debt broadly using that law. AdvertisementAdvertisementA senior department official also told reporters that the amount of student debt canceled could vary by each group.

Persons: —, Joe Biden's, Biden, Harris, Miguel Cardona, Education James Kvaal, Tamy Abernathy, it's, Ashley Pizzuti Organizations: Education Department, Service, Joe Biden's Education Department, Higher, Education

☆ A major student-loan company failed to send on-time billing statements to 2.5 million borrowers. Biden's Education Department is punishing it.
▼ + stars: | 2023-10-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced it's withholding $7.2 million in pay from student-loan company MOHELA. It's a result of MOHELA failing to deliver on-time billing statements to 2.5 million borrowers. AdvertisementAdvertisementPresident Joe Biden's Education Department just enacted its first punishment on a student-loan company for its repayment mistakes. MOHELA and the Education Department have previously expressed concerns with limited resources due to Congress failing to increase funding for Federal Student Aid in the previous fiscal year. The Education Department did not immediately respond to Insider's request for comment on whether there might be any adverse effects of withholding MOHELA's pay.

Persons: —, Joe Biden's, MOHELA, Miguel Cardona, Richard Cordray, Cordray Organizations: Education Department, Service, Joe Biden's Education Department, Public, Department, Federal Student Aid, Democratic Locations: It's, forebearance

Energy Secretary Jennifer Granholm will be in Arizona to talk about power grid and clean energy investment in the rural Southwest. Veterans Affairs Secretary Denis McDonough plans to visit Iowa to discuss improving access to medical care for veterans in rural areas. Health and Human Services Secretary Xavier Becerra will be in North Carolina talking about health care access in rural areas. Acting Labor Secretary Julie Su will be in Pennsylvania to discuss boosting employment opportunities in rural areas. U.S. Trade Representative Katherine Tai will head to Indiana to discuss how international trade can benefit rural farmers and producers.

Persons: Joe Biden, Dean Phillips of, Biden, Phillips, Tom Vilsack, White, Vilsack, Deb Haaland, Jennifer Granholm, Denis McDonough, Isabel Guzman, Miguel Cardona, Xavier Becerra, Julie Su, Katherine Tai Organizations: WASHINGTON, Democratic Rep, Dean Phillips of Minnesota, Administration, White, Smart Commodities, Agriculture Department, Farmers of, Energy, Southwest . Veterans, Small Business Administration, Education, Human Services, Labor, U.S . Trade Locations: Minnesota, America, Indiana, Farmers of America, Wyoming, Colorado, New Mexico, Arizona, Southwest, Iowa, Georgia, New Hampshire, North Carolina, Pennsylvania, U.S

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