New Developments for School Loans
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School Loan News: 2/10/2012
It’s important to keep up on the news in this ever changing climate. Join us as we take a quick look at the latest news and announcements affecting students and parents seeking student loans and financial help.
Sallie Mae Agrees to Change Forbearance Fee Policy on Private Student Loans
What this means in a nutshell: For years, Sallie Mae had required unemployed students with private loans who could not afford their monthly payments to pay a $50-per-loan fee every three months to suspend their payments temporarily, even as interest charges mounted.Sallie Mae called this forbearance fee a “good faith deposit” — but it was neither credited to the borrower’s account nor refunded. IN response to the hardship brought about by this, Salie Mae officials have announced they have been “Giving careful consideration to our policy for some time, and we are changing it to apply the good-faith payment to the customers’ balance after they resume a track record of on-time payments.”
Department of Education Posts Public Service Forgiveness Certification Form and Public Service
What this means in a nutshell: The Feds http://studentaid.ed.gov updated the information that describes the Public Service Loan Forgiveness Program (PSLF) for federal loans. It includes the eligibility requirements and the process for tracking your progress toward qualifying for a PSLF. It also updated information regarding loan forgiveness with the updating of the Forgiveness Fact Sheet (January 2012)
NCLC Files Comments to the CFPB on Private Student Loans (January 2012)
What this means in a nutshell: The NCLC Discussed their opinion on private loans and federal loans especially as they relate to students and parents from low income families in the US.
Department of Education Posts Information for Borrowers Experiencing Problems with Direct Loan Website
What this means in a nutshell: The department has addressed recent connectivity issues with the call center and website at http://www.ed.gov/ and assured students and parents that no impact if any would result from this when they released this statement: Please be assured that no borrower impacted by access issues experienced during the transition will be penalized for late payments or lose any benefits to which they are entitled.