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Student borrowers with certain types of private loans inched closer to being able to discharge that debt in bankruptcy after a New York court ruling.
According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all college costs. [41] In July 2021, the U.S. Second Circuit Court of Appeals ruled that private student loans are dischargeable in bankruptcy, [42] following two other cases. [43]
More student loan borrows have successfully received debt relief through bankruptcy after the Biden administration made a policy change to make the process easier nearly two years ago, according ...
Alrena Dale, 61, was working multiple jobs to afford her monthly student-loan payments. Then came Biden's new bankruptcy guidance. How a student-loan borrower got $155,000 in debt wiped out ...
Private student loan borrowers who filed for bankruptcy are finally getting some relief from student loan provider, Navient Corp. (), to the tune of $198 million.Navient settled a lawsuit with ...
Since then, about half of private student loans offer death and disability discharges. In 2011, The New York Times published an editorial endorsing the return of bankruptcy protections for private student loans in response to the economic downturn and universally increasing tuition at all colleges and graduate institutions. [18]
How Justice Department changes have made student loan bankruptcy easier On Nov. 17, 2022, the Departments of Justice and Education announced changes in how student loan discharge will be treated ...
Since 1994, ECMC has operated in the areas of student loan bankruptcy management and loan collection. ECMC is one of a number of guaranty agencies that oversee student loans for the United States Department of Education. As a guarantor working on behalf of the U.S. Department of Education, ECMC charges fees to debtors and earns commissions from ...