Private Student Loan Debt at All-Time High – Until Tomorrow

According to a recent report by the Institute for College Access and Success (TICAS), the 2020 class of college graduates has amassed $136 billion in private student debt. When this amount is added to the total student debt from federal student loans–about $1.8 trillion, Americans are on the hook for almost $2 trillion in student … Read more

105 Organizations Want Biden to Cancel All Student Loan Debt: It Ain’t Happenin’

More than one hundred public interest groups sent a letter to President Biden this week urging him to cancel all student debt. How much are we talking about? Close to $2 trillion. I will say upfront that I support wholesale student-loan forgiveness. As numerous studies have pointed out, burdensome student debt has kept millions of … Read more

What to Do When Aidvantage Screws Up Your Student Loan Account

Aidvantage is the fictitious name of the registered company Maximus Education LLC. It was recently announced Aidvantage would take over the servicing and maintenance of federal student loan accounts currently managed by Navient. Navient currently says, “This winter, Aidvantage will begin servicing your student loans owned by the Department of Education (ED) instead of Navient.” … Read more

So Who is Maximus Education Taking Over Navient Loans as Aidvantage?

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Navient has announced federal student loans they service, well not all of them, will be transferred to a company named Aidvantage that is part of Maximus Education, LLC. Navient says, “Aidvantage is the federal loan servicing unit of Maximus Education, LLC, a company that has one mission – to help you manage the repayment of … Read more

College Goes Bankrupt But Your Student Loans Are Problematic

Vista College, a chain of for-profit college campuses, closed and went bankrupt a few days ago. Most Vista campuses are in Texas, but the chain filed its bankruptcy proceedings in Delaware. Who Owns Vista College? Education Futures Group (EFG), a Chicago-based private equity firm, holds a majority interest. Jim Tolbert, Vista’s CEO, owns 16.7 percent. … Read more

Education Halts Collections. Garnishment Continue Anyway.

In response to the COVID pandemic, the Department of Education allowed student-loan debtors to skip their monthly loan payments without penalty until September 30, 2021. That pause was recently extended to January 30, 2022. Thanks to the Department’s forbearance, millions of college-loan borrowers are enjoying a respite from making loan payments, knowing that DOE will … Read more