Great news on the IDR Recount/Audit. The student loan ombudsman Bonnie Latreille said the Department of Education are almost done processing the One-Time Account Adjustment and that should be done very soon. She also said that borrowers who have multiple consolidations might see a delay—just because it’s trickier to calculate…
NEW – If you cannot get through to Default Resolution Group or FFEL Guarantor so client can enroll in Fresh Start by midnight Eastern on 9/30, THERE IS A NEW WAY TO ENROLL BY EMAIL! ON https://myeddebt.ed.gov/borrower/ SKIP WHITE BUTTONS, and READ LIGHT BLUE BANNER ACROSS TOP OF PAGE. CLICK ON THE SMALL click here “to…
The SBA is sending out e-mails that seem to indicate that even though the signature block for the borrower is a corporate entity or LLC, the individual signing is also somehow liable in a personal capacity. But they also confirm that loans up to $200,000 require no personal guaranty. The…
Call me jaded, but the Florida Uniformed Servicemembers’ Protection Act is a junk consumer law. The Florida Uniformed Servicemembers’ Protection Act was enacted by the Republican led legislature over twenty years ago to make a lot of noise about how much the GOP loves veterans. Like most consumer statutes…
It’s free, it’s easy, it’s a way to get IDR credit for the Covid period, and to show your federal student loans were in good standing for the past 3.5 years during Covid. Don’t let your federal loans remain in default, there is no win in doing so. They don’t…
Section 524(c) of the Bankruptcy Code sets forth the procedures in which a discharged debt may be reaffirmed. Creditor’s solicitation to reaffirm a discharged debt which does not comply with 524(c) is a violation of the discharge injunction. In re Latanowich, 207 BR 326, (Bankr.D.Mass.1997). Any time you are asked…
Servicers (mostly Mohela at this time) are saying that borrowers should submit their recertification paperwork on time (You can upload it and/or mail it in), but it will not be processed until the injunction is lifted. If you don’t recertify on time, you will get booted to the standard repayment…
Fresh Start Ends Sept. 30: What Borrowers Need to Know
A few things I was thinking of today. First, we received notice from Nelnet of a client approval for Total and Permanent Disability. This particular client was pretty healthy, but was of advanced age of 76. I’m pretty sure no employer would be interested at age 76. He’s been retired…
The Federal Reserve is meeting today and widely expected to start to reduce interest rates. I last heard that there was a 55% likelihood for a .50 cut. Frankly, I’d expect a .25 cut. But if they want to reach a goal of 100 basis points cut by year end,…