Forbes recently published the article “Nonsensical State Laws Yank Licenses From Student Loan Defaulters”. It brings to light that in 18 states, student loan borrowers who default on their federal student loans risk having their professional licenses revoked. These laws were enacted under pressure from the Department of Education to get default rates under control. …
Tag Archives: student loan default
New Policy On Student Loan Rehabilitation Could Escalate Already High Default Rate
The Trump administration announced on March 16 that the U.S. Department of Education is allowing lenders to charge up to 16% of the principal loan plus interest on defaulted student loans. This policy does not apply to those who took out Federal Direct Loans with the U.S Department of Education, but does affect those who …
What Do I Do If I Default On My Student Loans?
CNBC reported today that more than 1.1 million borrowers defaulted on their federal student loans last year. If you have been struggling to pay your student loans, you are not alone. According to a Consumer Federation of America analysis of U.S. Department of Education data, the number of people who have defaulted on their federal student …
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How to Get Out of Default
Private student loans are not unlike credit cards. If you find that you can’t pay your private student loan, your loan will go into default and you will need to find a way how to get out of default. According to Motley Fool, 43 million Americans collectively owe $1.3 trillion in student loans. Students who …