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In October 2017, Great Lakes Higher Education Corporation reached an agreement to sell off 100% of the stock of its subsidiary, the Great Lakes Educational Loan Services, Inc. to Nelnet. [8] The company was to be sold for $150 million, initially keeping CEO Jeff Crosby in charge, but with a plan of consolidating the companies together. [9]
American student loan debt is sky-high, with some estimates putting the total number over $2.19 trillion—that’s higher than all U.S. credit card and auto loan debt combined.
The Voluntary Flexible Agreement (VFA) was created by the United States Congress in 1998 during a reauthorization of the Higher Education Act of 1965.The VFA enables Federal Family Education Loan Program (FFELP) guarantors to develop programs and techniques to help borrowers avoid student-loan default and all of its negative consequences.
The Student Borrower Protection Center, a nonprofit that advocates for student loan borrowers, said in a statement Tuesday that despite the administration saying student loans would not be ...
President Biden’s Education Department is canceling the borrowers’ loans because they made 10 years of payments while working in public […] The post Student loans to be canceled for 78,000 ...
In October 2021, the Biden administration used the HEROES Act to reform a student debt forgiveness program for public workers. [15] In August 2022, the administration used the Act again to announce student debt cancellation of up to $20,000 and several other reforms.
According to the White House, more than 40 million borrowers would have qualified for the now-defunct debt relief program, with nearly 90% of the benefits of the relief going to borrowers earning ...
President Obama's 2015 budget proposed substantial changes to the Pay as You Earn program. In addition to extending the program to all borrowers, regardless of when their first loans were disbursed, it proposed certain limits to PAYE that are designed to "protect against institutional practices that may further increase student indebtedness, while ensuring the program provides sufficient ...