Student Loan Professor

153k borrowers with $12k or less in Federal student debt just had their loans discharged under the SAVE plan’s expedited 10 year forgiveness feature.

Read more at https://finance.yahoo.com/news/heres-whos-getting-student-loans-wiped-out-in-latest-round-of-debt-cancellation-154746853.html

We are excited to present to Indiana University School of Medicine today!

We are excited to present to Alabama College of Osteopathic Medicine today!

SLP is excited to present to Indiana University today!

I honestly thought this was a Babylon Bee story when I first read it. Unfortunately, it’s true. Navient is unloading its student loans (at least the servicing of them), and they chose Mohela as the recipient. No doubt there were bids for the business and Mohela offered the most money. But what a lousy choice for the borrowers, as Mohela is inundated with fines, personnel issues, processing delays, and client complaints. If you are impacted by this, please keep a sharp eye on your loan statements and payment plans to ensure everything is accurate. And if issues arise, we’re here for you!

https://ow.ly/ypH250Qy6fp

Let’s face it, you can never make everyone happy. But it seems the relief efforts from the recent negotiated rulemaking sessions (which aren’t even finalized yet) were not enough to appease all of the president’s supporters. So, negotiators will be back at it on Feb 22nd to see if they can drum up more relief for borrowers with “hardships”. The stated goal is to define what “hardship” really means in terms of student loan repayment obligations. The challenge here, in addition to finding something the majority of negotiators can agree upon, is to not offer so much relief that it will trigger lawsuits and end up back in the hands of the Supreme Court. Biden and Cardona are well aware of this. But it seems that some of those pushing for more relief have forgotten that the (conservative) SCOTUS is a major factor in all of this. We’re very interested to see what comes of these new negotiations, and will certainly keep our readers informed. Stay tuned!

https://www.washingtonpost.com/education/2024/01/31/biden-student-debt-relief-hardship/

For those with Federal debt, this is a nothing-burger. But for those needing private relocation loans, attending schools without Federal funding, or current Discover customers, this is a big deal. Discover was a major player in the student loan space. Government initiatives are driving out private competition. That may be good in the short-term, but less competition is always a bad thing long-term!

https://money.usnews.com/loans/student-loans/articles/discover-is-exiting-the-student-loan-business

We are excited to present to University of South Florida today!

Struggling to decipher Income-Driven Repayment (IDR) certification? SLP's latest blog article breaks down the confusion caused by recent changes and gives you a handy step-by-step guide to find your recertification date. Get clarity and gain control of your student loans, read our full update at https://www.studentloanprofessor.com/understanding-income-driven-repayment-certification-rules-and-dates/ , link in story!

The January student loan update is here:

→ Early SAVE Forgiveness Feature – if you have under $12k in undergrad debt, forgiveness kicks in February!

→ Servicer issues? Get a 3-month forbearance for relief.

→ Use Caution with Online Payment Calculators.

Read the full update at https://www.studentloanprofessor.com/january-2024-student-loan-updates/

Update for Student Loan Borrowers: The Department of Education has announced early implementation of student loan forgiveness for those in the SAVE plan starting February. Eligible borrowers with at least 10 years of repayment history can see their federal student loans forgiven. Don’t get too excited. This is only for undergrads with $12k debt or less.

For more details, read the full article at https://ow.ly/vHAl50QrVMw

The Biden-Harris Administration is withholding payments from three student loan servicers, Aidvantage, EdFinancial, and Nelnet, for failing to meet contractual obligations to send timely billing statements to a total of 758,000 borrowers, with amounts withheld totaling $2 million, $161,000, and $13,000, respectively. More details on this update are available at https://ow.ly/jotB50QpgGB.

🎄 Get ready for winter coziness - grab a hot cocoa and escape into your favorite holiday movies! ❄️ You may not feel like “It’s a Wonderful Life” if you’re burdened with the stress of student loan debt, but fear not! We're here to turn your debt story into a heartwarming tale filled with financial clarity and lower payments.

Check out the latest on major loan cancellation proposals and SECURE Act 2.0, bringing potential retirement benefits for those balancing student loans. Discover the pros and cons of opting for automatic renewals on your Income Driven Repayment plan. Read all the details in the latest blog update: https://www.studentloanprofessor.com/yuletide-greetings-and-student-loan-updates/

As we wrap up the year, consider us your holiday elves spreading financial joy! 🎁 Here's to a debt-reduced New Year!

Are you sick of having the student debt blues? Student Loan Professor has the remedy! Say goodbye to confusion and say hello to savings. Affordable payments, expert advice, and a roadmap to financial freedom. Get 20% off your consult today at https://www.studentloanprofessor.com/jingle20/

Student debt is complicated, but our solutions aren't. Student Loan Professor can simplify your journey to financial freedom with a personalized roadmap. Schedule a consultation today at https://www.studentloanprofessor.com/jingle20/.

First time clients use promo code JINGLE20 for 20% off!

'Tis the season of gratitude! 🍂 While student loans may not be at the top of your Christmas wish list, they're a tool that helps us achieve our dreams.

In recent news, the Department of Education takes action against Mohela, withholding a $7.2M payment due to account problems. Despite the challenges, the Department directs servicers to provide relief for affected borrowers and announces new oversight rules for colleges. Read the full updates here: https://www.studentloanprofessor.com/thankful-for-student-loans/

As we navigate these updates, we're grateful for your stories and resilience. Wishing you all an enjoyable Thanksgiving holiday! 🦃

This week, the White House confirmed there will not be “mass” loan forgiveness based on income. Stay tuned!

Read full article: https://www.ed.gov/news/press-releases/biden-harris-administration-continues-efforts-provide-debt-relief-more-student-loan-borrowers

We are excited to present to Alabama College of Osteopathic Medicine 4th year students!

We are excited to present to University of Arizona College of Medicine - Tucson today!

🚨 Enough is enough! 🚨 The loan repayment chaos in recent months is simply unbearable. Countless borrowers are stuck in incorrect payment plans with incorrect amounts, and the issues keep piling up. Since September 1st, we've received hundreds of pleas for help, and our team is burning the midnight oil to assist as many as possible.

We understand that loan servicers weren't given much notice about the new SAVE plan and didn't get the budget increase they needed from Congress. Long hold times aren't a surprise, but what is unacceptable is the generic response most servicer reps are giving: "Recertify your IDR plan."

❗ Don't let them pressure you into recertifying if it means higher payments. Also, numerous IDR applications and recertifications are being wrongly denied. It's time for action! Until we apply pressure on these servicers, things won't get better. They must admit to their system issues, communicate with customers, and provide real solutions.

📢 Here's where you come in! We've listed the four major servicers and relevant government offices and organizations that can influence them. If you're facing payment issues, file formal complaints using this info. Be sure to share your specific problem and highlight the stress and frustration you've endured. Spread the word to your peers too! Our elected reps and government agencies need the full picture.

Student Loan Professor had some success getting servicer reps to take the right steps for personalized assistance, but it's not a 100% success rate. If you want our help, click the link to register for a consultation. Please be flexible with scheduling when dealing with servicers and waiting on hold. We're in this together! 💪

See the full list of reps to contact at https://www.studentloanprofessor.com/its-time-to-hold-student-loan-servicers-accountable/

It's Time to Hold Student Loan Servicers Accountable - Student Loan Professor This is a call to action. Until there is more outside pressure applied to the loan servicers, things are not going to improve anytime soon. They need to admit they have system issues, communicate with their customers, and provide educated and honest solutions to their problems.

We are excited to present a webinar to American Osteopathic Association member residents and practitioners today!

We are excited to present to 4th year medical students at UC Davis today!

The U.S. Department of Education is penalizing student loan servicer Mohela for failing to send timely billing statements to 2.5 million borrowers. This error resulted in over 800,000 borrowers becoming delinquent on their loans.

The Education Department withholds $7.2 million in payment to Mohela for October and has instructed the servicer to place affected borrowers in forbearance until the issue is resolved. This situation marks one of the first instances of the government penalizing a student loan servicer.

While borrowers are penalized for late payments, this action reflects the need for loan servicers to be held accountable for their errors.

Read the full article at https://www.cnbc.com/2023/10/30/education-dept-penalizes-student-loan-servicer-mohela-for-errors.html.

The federal government is investigating student loan processing companies for poor customer service amid the resumption of student loan repayments after a three-year pandemic hiatus. Borrowers have faced long wait times and unhelpful guidance from these companies, leading to frustration.

The Consumer Financial Protection Bureau (CFPB) is conducting the inquiry. The investigation coincides with significant changes in the federal student loan system, including the resumption of loan payments and attempts to cancel debt on a large scale.

Read more at https://www.msn.com/en-us/money/personalfinance/student-loan-payment-processors-draw-probe-on-wait-times-borrower-advice/ar-AA1iW4ZQ

Individuals burdened by student loans can now seek unconventional financial relief: free pizza. Domino's has allocated a staggering $1,000,000 worth of pizza to offer, and this generous gesture is open to anyone with student loan debt. To apply for this unique opportunity, visit https://www.dominos.com/emergency-pizza-for-student-loans/.

We are excited to present to the Indiana Society of Physician Recruiters today!

Finally, the story is getting out, and a pseudo-solution is being implemented. Don’t believe the explanation, though. This issue is way bigger than using the wrong poverty level. More to come in our monthly newsletter on Friday!

Read the full article here: https://www.nytimes.com/2023/10/16/your-money/student-loans-save-mistakes.html