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Navient Banned From Servicing Federal Student Loans

BestColleges

A former student loan servicing giant will no longer be allowed to service federal student loans. A federal watchdog has banned Navient from participating in the federal student loan system and levied a $120 million fine on the loan servicing company. billion in private student loan debt.

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Report: Education Dept. Illegally Took Wages From Student Loan Borrowers

BestColleges

Wage garnishments are withheld wages from loan borrowers who have defaulted. Department of Education (ED) had collected wages from student loan borrowers after it was illegal to do so. According to the report, when a student loan borrower falls 270 days behind on repaying debt, they enter into default.

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$100,000 per Year! Rising College Costs and Student Loans

Discovery College Consulting

King Alexander, explained that in 2008, 70% of the school’s funding came from the state government, with just 30% coming from students in the form of tuition and fees. But, for those who take out student loans to afford college, the outcome can be less than ideal. Students can spend 20 plus years paying off these loans.

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President Biden Forgives Another $5.8B in Student Loans for Public Servants

BestColleges

billion in federal student loan debt for 77,700 borrowers. The forgiveness comes in part thanks to a temporary fix to the Public Service Loan Forgiveness program. billion in student loan debt for 3.96 billion in federal student loan debt for 77,700 borrowers. billion in federal student loan debt for 3.96

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Social Worker Loan Forgiveness Legislation Reintroduced in Congress

BestColleges

Senate would offer up to $250,000 in loan forgiveness for certain behavioral health providers, including some social workers. The legislation would repay a sixth of a qualifying individual's eligible loans each year. A bipartisan bill in the U.S. Tina Smith (D-Minn.), Lisa Murkowski (R-Alaska), and Maggie Hassan (D-N.H.)

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Update: What the Federal Student Loan Servicing Shake-Up Means for Borrowers

Admitted

In 2010, the federal government eliminated the bank-based student loan program (formerly the Federal Family Education Loan Program, or FFELP) in favor of originating loans directly from the Department of Education). As a result, some companies have decided not to continue serving as student loan servicers.

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Colleges That Offer Complete Financial Aid

College Essay Guy

These schools ensure that your education costs are fully covered so you can focus on your studies without worrying about student loan debt. Some colleges even offer a "no-loan" policy. This means they replace loans with grants and scholarships. This makes subsidized loans more affordable in the long run.