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WSJ: Student Loan Servicers Told to Hold Off on Sending Billing Statements
Posted on 7/26/22 at 8:26 am
Posted on 7/26/22 at 8:26 am
Looks like another freeze on loan payments is in the works; at least for another couple of months beyond August.
quote:
Student Loan Servicers Told to Hold Off on Sending Billing Statements
WSJ
WASHINGTON—The federal government’s student loan servicing contractors have been instructed to hold off on sending billing statements ahead of an Aug. 31 deadline for ending the pandemic freeze on loan payments, giving companies little time to start loan collection processes if payments resume.
The future of the federal student loan portfolio is in limbo as President Biden considers whether to cancel a limited amount of debt for borrowers whose incomes fall under a certain threshold. The president and his advisers have been debating the issue for more than a year, frustrating activists and progressive Democrats, and putting borrowers, loan servicers and other stakeholders on edge about what happens next.
Scott Buchanan, the head of a loan servicer industry group, said the Education Department has told loan servicers that they shouldn’t be communicating with borrowers about resuming payments. That message was reiterated in a call in recent weeks between department officials and a servicing company, Mr. Buchanan said, prompting speculation in the industry that the administration will further extend the pause on payments.
“The situation is that we’re almost 30 days away from the planned resumption and the department has been telling servicers to hold off on resumption communications for the last few months,” said Mr. Buchanan, the executive director of the Student Loan Servicing Alliance. “Maybe the department expects that the White House will yet again kick the can down the road.”
Posted on 7/26/22 at 8:27 am to goofball
is the $10,000/borrower forgiveness even happening?
This post was edited on 7/26/22 at 8:32 am
Posted on 7/26/22 at 8:27 am to goofball
Have we ever suspended student loan payments before Covid?
Posted on 7/26/22 at 8:28 am to goofball
This has become a political football. No payments until at least 2024.
Posted on 7/26/22 at 8:28 am to goofball
They are definitely extending the freeze beyond mid terms.
Posted on 7/26/22 at 8:30 am to GreatLakesTiger24
Doesn’t look like it
Looks like they’re going to re-do the income based plans and call it a day. Twitter is going to melt in about four months.
Looks like they’re going to re-do the income based plans and call it a day. Twitter is going to melt in about four months.
Posted on 7/26/22 at 8:31 am to goofball
quote:
President Biden considers whether to cancel a limited amount of debt for borrowers whose skin colors fall under a certain threshold.
FIFY. Anyone with two functioning brain cells can see this is how it'll go.
Posted on 7/26/22 at 8:32 am to goofball
There is a 0.000000000% chance they restart payments prior to midterms. It's all one big game.
Posted on 7/26/22 at 8:33 am to goofball
I would rather another year of freezes over any kind of debt forgiveness.
I’m also biased to another pause because wife is done with masters but still 6 months out from gaining certification and getting the big salary.
I’m also biased to another pause because wife is done with masters but still 6 months out from gaining certification and getting the big salary.
Posted on 7/26/22 at 8:34 am to NIH
i don't get why they said they would do that if it wasn't a sure thing. terrible politics
Posted on 7/26/22 at 8:34 am to dewster
If these idiots were smart they would be paying down the principle on their loans for the last couple of years.
Posted on 7/26/22 at 8:34 am to goofball
I don't believe this, I've been getting my monthly bill from Navient all through this. Also, I've been paying mine, never missed a payment.
Posted on 7/26/22 at 8:36 am to Tiger Attorney
quote:
If these idiots were smart they would be paying down the principle on their loans for the last couple of years
Not necessarily.
Posted on 7/26/22 at 8:38 am to GreatLakesTiger24
quote:
is the $10,000/borrower forgiveness even happening?
I doubt it, but they'll make sure people keep that hope until after the mid-terms.
Posted on 7/26/22 at 8:41 am to goofball
They’ll wait until after Nov to send out the bills
Posted on 7/26/22 at 8:44 am to goofball
There’s absolutely no way the left is going to let payments resume before the elections. If they get trounced, you’ll see payments resume with the tag line “Look, the right won and now you have to start paying again”
It’s all a big, dumbass game.
It’s all a big, dumbass game.
Posted on 7/26/22 at 8:46 am to LSUnation78
quote:
They’ll wait until after Nov to send out the bills
They'll wait until after Nov '24 to send out the bills
Posted on 7/26/22 at 8:47 am to GreatLakesTiger24
quote:
is the $10,000/borrower forgiveness even happening?
someone probably told them that free money is inflationary
or they are waiting until october.
This post was edited on 7/26/22 at 8:48 am
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