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admin | Category: Ed 1000 Treatment In Australia | 05.05.2016
Starting today, more than 387,000 people are about to find out that they qualify for complete forgiveness of their existing federal student loan debt.
Since 2012, people certified by the Social Security Administration as “Totally and Permanently Disabled” can use that finding to qualify for discharge of their federal student loans. As part of the implementation of President Obama’s Student Aid Bill of Rights, the Department compared Social Security Administration data to student loan records to proactively identify qualifying borrowers.
The Department of Education will be reaching out to each individual borrower who qualifies, letting them know that their federal student loans may be forgiven, and including an application for the discharge. Around 179,000 of these people are currently in default, with over 100,000 already in the Treasury Offset Program—meaning some of their Disability benefits, tax refunds, and other federal benefits may be seized every month for payment on their defaulted student loans. Unfortunately, student debt that is discharged or forgiven by the government can be included in an individual’s taxable income for federal tax filing purposes, so the administration can’t simply automatically discharge the debt. The Obama administration has called for exclusion of forgiven student debt from taxable income, but Congress has yet to act. In December 2014, the CFPB filed a lawsuit against Student Loan Processing.US and Krause in federal district court in California alleging that the defendants charged consumers illegal upfront enrollment fees before providing any services, deceived customers about the costs of their services, and falsely represented an affiliation with the Department of Education. The Department of Education offers numerous plans to borrowers with federal student loans to make payments more affordable.
According to the CFPB lawsuit, Student Loan Processing.US illegally marketed and sold services promising to advise and assist borrowers applying for Department of Education student loan repayment programs. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is authorized to take action against certain institutions engaged in deceptive acts or practices, or that otherwise violate federal consumer financial laws.
Cancel all contracts with consumers and stop charging them: The company must immediately stop charging customers any fees for its services. Ensure student loan borrowers do not miss important repayment benefits:The Department of Education requires that student loan borrowers recertify their income-driven repayment plans every year. Affected Student Loan Processing.US customers may need to take action to maintain their enrollment in certain Department of Education repayment or forgiveness plans. The Department of Education will provide enhanced assistance to the borrowers who were affected by the illegal practices of Student Loan Processing.US and Krause. In recent years, many consumers have borrowed significantly to pay for postsecondary education. The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. Americans collectively owe more than $1.2 trillion in student debt, a burden that experts say is creating a drag on the overall economy.
The Education Department has faced pressure in recent years to promote repayment programs for federal student loan borrowers.
A group of labor unions, consumer advocacy, youth, and student debt-relief organizations create the site to inform borrowers of their available options, including applying for government programs and enforcing their legal rights, and provide resources such as referrals to student loan attorneys and vetted credit counselors. Many borrowers do not know which type of loans they have – federal or private,  or even, how many loans they have in their name.
Even though these 387,000 people qualified for discharge of their student loans, they continue to struggle with their federal student loans—often because they just don’t know they are could have their debt discharged. Letters will begin going out next week and will continue to be sent over the next 16 weeks. Department of Education seal in the top right corner and include the recipient’s name and Federal Student Aid account number. These include options that let borrowers set their monthly payment based on their income. The Department of Education does not charge any fees to apply for or enroll in these plans, for which millions of student loan borrowers qualify. The company charged consumers an initial enrollment fee for its services of 1 percent of the borrower’s federal student loan balance plus a monthly maintenance fee of at least $39 per month for the entire repayment term of the borrower’s federal student loan. During initial enrollment calls with customers, the company’s representatives failed to disclose the recurring monthly fee before collecting payment information from the customer. All contracts between Student Loan Processing.US and its customers would also be cancelled. A significant portion of that payment, however, is suspended based on the defendants’ inability to pay.
For consumers who have recertification or renewal deadlines for these programs that are within 30 daysof the entry of the judgment, the company must prepare, process, and mail to the Department of Education all paperwork necessary for recertification or renewal. 5, 2016 court ruling in favor of the CFPB on its claim that the defendants violated the Telemarketing Sales Rule by charging customers an advance fee before providing the debt relief service they advertised. It establishes that companies offering to enroll students in Department of Education repayment programs may be running afoul of federal consumer financial laws if such companies collect upfront fees, or do not clearly disclose all fees for their services before the consumer supplies any payment account information.
They should contact their student loan servicer as soon as possible for more information and to ensure they are enrolled in the repayment plan that is best for them. This assistance includes additional outreach to ensure that these borrowers are able to retain low monthly payments under an income-driven repayment plan that is free under federal law. Earlier this year, the Bureau estimated that outstanding student debt totals nearly $1.3 trillion.
Department of Education will get help from a new website and hotline being launched by activists and labor unions. The hotline will be staffed May 19, 20 and 21 from the AFL-CIO’s Washington headquarters. The department emailed millions of borrowers in late 2013 in an effort to boost enrollment of income-based repayment options. From Tuesday to Thursday this week, borrowers can call a free hotline to find out what they can do to ease their financial burden.
If approved by the court, the proposed judgment would ban the company, Student Loan Processing.US, and its sole owner, James Krause, from any future involvement in debt relief and student loan services. The complaint alleges that the defendants also misrepresented the amount and duration of that fee. Under the terms of the order, a payment of approximately $326,000 would be sent to the Bureau and would be distributed to compensate victims of the defendants’ illegal activities. The company must also mail a notice informing customers that it is shutting down and reminding them of the steps that must be taken to remain enrolled in the Department of Education’s student loan repayment programs. That ruling also found in favor of the CFPB on its claims that the defendants violated the Telemarketing Sales Rule and the Dodd Frank Act’s prohibition against deceptive acts or practices by collecting payment information from customers before disclosing the total cost of the company’s services.
Individuals who are unsure of their student loan servicer should contact the Department of Education at 800-4-FEDAID (800-433-3243) for more information. Most of this debt is from federal student loans made or guaranteed by the Department of Education. The order would also require the company to pay refunds to thousands of harmed consumers and a civil money penalty.
The student debt relief company has been in operation since at least May 2011 and its customers are located throughout the United States. The Bureau also estimatesthat more than one-in-four student loan borrowers are past-due or in default on a student loan. Borrowers who run into trouble with companies offering debt relief services when repaying student loans can submit a complaint.



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