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In return, the U.S. government has retrieved billions of dollars from student loan debtors. [1] From 1994 to 2015, according to ECMC, they returned $4.3 billion to the U.S. Treasury. [2] According to ECMC the company works to reduce student-loan default rates and provide resources to help students repay their loans, and promotes financial ...
The U.S. Department of Education selected Sallie Mae in 2009 to service federal loans on its behalf. [ 10 ] In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010 , which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP) , under which banks and companies like ...
Key takeaways. CornerStone was previously one of eight approved federal student loan servicing agencies that provided loans nationwide. Although Cornerstone was contracted to service loans through ...
SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans.
The White House said Friday it approved another $4.28 billion in student debt cancellation for 54,900 additional public service workers in what could be one of the Biden Administration's final act ...
Each year Federal Student Aid's staff processes approximately 22 million FAFSAs. Additionally, Federal Student Aid is responsible for enforcing the financial aid rules and regulations required by the Higher Education Act of 1965 and the U.S. Department of Education and managing the outstanding federal student loan portfolio.
There were around 7.5 million federal student loan borrowers in default, the Education Department said in 2022, when it launched its mulligan program. That grim figure led to comparisons with the ...
The Virginia Department of Education is the state education agency of the Commonwealth of Virginia.It is headquartered in the James Monroe Building in Richmond. [1] The department is headed by the Secretary of Education (currently Aimee Guidera), who is a member of the Virginia Governor's Cabinet, and the Superintendent of Public Instruction (currently Lisa Coons), a position that is also ...