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☆ A major student-loan company is 'improperly' rejecting some borrowers for debt cancellation they qualify for, 35 Democratic lawmakers say
▼ + stars: | 2024-08-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA group of Democratic lawmakers wants answers from a major student-loan company on its debt relief process for the borrowers it services. The issue at play: There's a process for borrowers with federal student loans to apply for a debt discharge if they can prove they were defrauded by their school. President Joe Biden's Education Department has canceled debt for millions of borrowers over the past few years under that process. But the lawmakers have said they're concerned Navient is continuing to narrowly define qualifications for discharge, resulting in borrowers being denied relief without sufficient explanations.

Persons: —, Sen, Elizabeth Warren, Madeleine Dean, Bernie Sanders, Ayanna Pressley —, Joe Biden's, Navient —, Warren, Navient, Holder, Leandro Pucci, Pucci, it's, who'd Organizations: Service, Democratic, Business, Joe Biden's Education Department, BI, Navient Locations: Navient

☆ These student-loan borrowers qualify for debt cancellation through the government, but they're struggling to get the same relief on their private balances: 'I feel so defeated. I feel trapped.'
▼ + stars: | 2024-06-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +13 min

Every paycheck I get goes to Navient," Pucci, 59, told BI. I feel trapped, and this has been so traumatic, especially the last couple of months, it's been really, really difficult." The lender, instead, can decide how it wants to craft a relief process, if at all. AdvertisementBut Linssen's efforts paid off — she got $70,000 in private loans discharged in May. While Nave also eventually got her private loans relieved after filing complaints with the CFPB, she doesn't understand why it has to be this way.

Persons: —, Leandro Pucci, Joe Biden's, hasn't, Pucci, it's, " Pucci, Sen, Elizabeth Warren, Holder, Warren, Navient, he's, Julia Barnard, Barnard, Theresa, Christman, Theresa Christman Theresa Christman, Eileen Connor, PPSL, haven't, Connor, I've, Victoria Linssen, Jennifer Nave, Linssen, aren't, Brooks, Victoria, Victoria Linssen Victoria Linssen, Nave, they're, — Navient, Nick Eucker, Eucker Organizations: Service, Art Institute, Business, Joe Biden's Education Department, Navient, Education Department, Consumer Financial, Bureau, Education, BI, International Academy of Design, Technology, Brooks Institute, DeVry University, Victoria Linssen Victoria Locations: Venezuela, California, Navient, Cardona

☆ Some student-loan borrowers with private debt have a chance to get their balances wiped out — but they have to ask for it
▼ + stars: | 2024-06-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThere's a process for some private student-loan borrowers to get debt relief — but many of them might not know about it. In April, Business Insider first reported that Sen. Elizabeth Warren, along with eight of her Democratic colleagues, were calling on Navient — a major private student-loan company — to cancel "decades-old predatory private student loans" under consumer protection law. While some borrowers have started to receive the application from Navient, Warren and her colleagues still urged the company to automate the process and give private borrowers the same relief federal borrowers may have already received. Still, Warren wrote on X that the process should not be "wildly confusing" — and all private borrowers who qualify for debt relief if they were defrauded should have no problem getting it. Have you received an application for private student-debt relief from Navient, or are you still struggling to get relief?

Persons: —, Sen, Elizabeth Warren, Holder, Navient, Eileen Connor, We're, Warren Organizations: Service, Business, Democratic, Navient's, Consumer Financial, The New York Times Locations: Navient

☆ Elizabeth Warren is asking a major student-loan company to cancel debt for borrowers with 'decades-old predatory private' loans. Here's how.
▼ + stars: | 2024-04-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

A major private student-loan company is leaving the servicing industry. But before that happens, a group of Democratic lawmakers want it to give some borrowers debt relief. On Wednesday, Sen. Elizabeth Warren led eight of her Democratic colleagues in sending a letter — first reviewed by Business Insider — to Navient's CEO David Yowan, requesting that the company cancel "decades-old predatory private student loans" using a consumer protection law established by the Federal Trade Commission. AdvertisementBut there might be an avenue to still get those borrowers debt cancellation. "Navient should stop making borrowers apply for relief and instead automatically cancel student debt using information the company already has about whether borrowers attended schools that would entitle them to relief," they wrote.

Persons: Sen, Elizabeth Warren, David Yowan, Navient, Warren, Holder Organizations: Service, Democratic, Business, Federal Trade Commission, Family Education, Education Department, Minnesota Attorney Locations: Minnesota, MOHELA, Navient

☆ Student loan payments restart in October — here are changes borrowers can expect
▼ + stars: | 2023-08-31 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

A new servicer, for someMillions of federal student loan borrowers will have a different servicer when payments resume in October. Impacted borrowers should get emails about the change, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Another repayment optionFederal student loan borrowers can now sign up for the Biden administration's new loan repayment plan, and they could be enrolled in it by the time the bills resume. If your student loan servicer can't process your application for the SAVE plan by the time payments resume, it should place you in a temporary forbearance.

Persons: Julia Amaral, they'll, Granite State —, Scott Buchanan, Buchanan, FAFSA, Mark Kantrowitz, Kantrowitz, servicer, Biden, they're, Joe Biden Organizations: Istock, Pennsylvania Higher Education Assistance Agency, Student Loan, Alliance, Finance, Missouri Higher Education Loan Authority, EdFinancial Services, Lakes Higher, Federal Services, Biden, Valuable Education, Public, Education Department Locations: That's, Pennsylvania, Granite State, MOHELA, Missouri, StudentAid.gov

☆ When student loan payments restart, many borrowers may have a different servicer
▼ + stars: | 2023-08-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Mementojpeg | Moment | Getty ImagesLook out for notices about the changeScott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, said impacted borrowers should get emails about the change. Higher education expert Mark Kantrowitz has been tracking the transfers. Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Accounts with Great Lakes Higher Education, Kantrowitz said, should be managed by Nelnet going forward. Also, Kantrowitz said, "whenever there is a change of loan servicer, there can be problems transferring borrower data."

Persons: Scott Buchanan, servicers, Buchanan, Mark Kantrowitz, Kantrowitz, You'll Organizations: Student Loan, Alliance, Missouri Higher Education Loan Authority, EdFinancial Services, Lakes Higher, Federal Services Locations: MOHELA, Missouri, Granite State, StudentAid.gov

☆ Millions of student loan borrowers will have a new servicer when payments restart
▼ + stars: | 2023-06-12 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Borrowers who are being transferred to a different servicer should receive alerts via email, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. These notices will explain any steps you'll need to take, he said, and include information on your new servicer. watch nowBorrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Borrowers can check who their new servicer is by logging in to StudentAid.gov., Kantrowitz said. Also, Kantrowitz said, "whenever there is a change of loan servicer, there can be problems transferring borrower data.

Persons: Berk, Scott Buchanan, Kantrowitz, Buchanan, You'll Organizations: Istock, Student Loan, Alliance, Missouri Higher Education Loan Authority, EdFinancial Services, Lakes Higher, Federal Services Locations: MOHELA, Missouri, Granite State, StudentAid.gov

☆ The CEO of a major student-loan company says he won't sue Biden on debt cancellation even though he 'clearly' has standing
▼ + stars: | 2022-09-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Navient CEO Jack Remondi said he won't sue Biden on his student-loan forgiveness plan. However, he did note his company would have standing to bring forth legal action. Remondi addressed those threats and said that Navient would "clearly" have the legal standing to challenge the policy because it owns loans within the Federal Family Education Loan (FFEL) program. But in terms of whether Navient will actually sue, Remondi said: "It won't be us." "It's pretty clear that the precedent here requires someone to have standing in order to sue.

☆ The young lawyer who became the 'Don Quixote' of canceling student debt
▼ + stars: | 2021-05-29 | by ( Cezary Podkul | ) www.businessinsider.com time to read: +24 min

The victory marked the starting point for what's become Smith's raison d'être to help as many student loan borrowers as possible. But of those who did, around 60% managed to get a discharge of some portion of their student debt, Iuliano found. And thanks to a widely-held belief that student debt is categorically exempt from discharge, few are willing to take that chance. "I have $50k student debt, no degree, was a victim of attempted murder, out of work, and homeless," reads another. Austin SmithEventually, he says, he vowed to make it his life's cause to help the student loan borrowers.

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