Congress’ new student loan plan contingent on the market
August 27, 2013
Congress recently approved a plan that will amend the federal student loan interest rates from a fixed percentage to a rate that fluctuates with the market. The approved plan, the Bipartisan Student Loan Certainty Act of 2013, took effect on July 1. This came after Congress failed to reach an agreement ...
Student loan debt collectors may lose out on commission rates
April 3, 2013
Private collection agencies and the U.S. Department of Education remain unclear about the specifics on their new contract conditions that began in March to limit private debt collection agency commissions. According to a representative of the U.S. Department of Education, who wished to remain on back...
Senators reintroduce legislation to make private student loans forgivable in bankruptcy discharge
February 12, 2013
Six senators from the Midwest and East Coast have reintroduced legislation to forgive private student loan debt when an individual files for bankruptcy protection. The Fairness for Struggling Students Act of 2013 was reintroduced Jan. 23, aiming to reverse legislation enacted in 2005 that allows ...