Some loan forgiveness programs are taxable and some are not. Under current law, the amount forgiven generally represents taxable income for income tax purposes in the year it is written off. There are, however, a few exceptions. Generally, student loan forgiveness is excluded from income if the forgiveness is contingent upon the student working for a specific number of years in certain professions. Read more
Regarding the May 18 news article “School choice is a priority in proposed budget”:
President Trump’s latest shortsighted and slipshod budget proposal twists the knife on Americans struggling with extortionate student loan debt and disincentivizes pursuing careers serving the public interest. Read more
Days after a report on federal student loans revealed a double-digit rise in defaults, President Trump’s administration revoked federal guidance Thursday that barred student debt collectors from charging high fees on past-due loans. Read more
A new analysis of federal student loans reveals that the number of people severely behind on repaying their debt has soared in the past year, painting a bleak picture of one of the largest government programs. Read more
The Trump administration has taken its first shot at rules designed to protect students from expensive, low-quality colleges and career training programs.
Less than a month after Betsy DeVos was sworn in as its top official, the U.S. Department of Education announced Monday evening that it would delay until July 1 an effort to crack down on career training programs that load students up with unpayable debt. Read more
Navient is accused of making billions of dollars in risky, subprime student loans to borrowers who have little hope of repaying them. Here are some of those borrowers’ stories.
HUMBERTO TAPIA, 28
‘We’re stuck’ : Owes Navient around $35,000 on 27 separate loans Read more
By STACY COWLEY and JESSICA SILVER-GREENBERG
Navient, the nation’s largest servicer of student loans, has for years misled borrowers and made serious mistakes at nearly every step of the collections process, illegally driving up loan repayment costs for millions of borrowers, according to lawsuits filed on Wednesday by a federal regulator and two state attorneys general.
Navient handles $300 billion in private and federal loans for some 12 million people — touching about one in four student loan borrowers. Every customer may have been affected by Navient’s misdeeds, said Lisa Madigan, the attorney general of Illinois, announcing her own lawsuit with the one filed by the Consumer Financial Protection Bureau. Read more
Students who need to borrow from the federal government to pay for college this fall will get hit with significantly higher interest rates. And the financial burden on lower-income students could increase even more if Congress approves President Donald Trump’s plan to eliminate subsidized student loans.
After decades of rising college costs and tepid income growth, student debt has become a drag on graduates’ hopes and a threat to economic growth.
The cost of a four-year college education, adjusted for inflation, is two and half times as much as it was in the 1978-79 school year, while median family income has increased only 20 percent. Read more
Below are consumer complaints and reviews from the consumer affairs government website of one of the country’s leading guarantors and servicers of student loans, Great Lakes Higher Education Corp.
Don’t let this happen to you. Contact American Student Loan Forgiveness today 800-743-9469.
Consumer Complaints and Reviews of Great Lakes Higher Education Corp.
“I have had a college loan from Great lakes for about 4 or 5 years and when I refinanced my mortgage and paid the loan off it created a credit balance. The check for the payoff was from the mortgage company. Great Lakes refused to remit the credit balance to me and held my money for 30 days. They want their money on time or they will harass you, but they will hold your money as long as they legally can! We had the payment automatically deducted from our bank account for all those years and were never late for a payment. I paid off 11 accounts, college loans/credit cards/personal loans, all in the same manner and all the other companies sent me a refund check as soon as they received their money.
I would never again use Great Lakes as a servicing agent for college loans or any loans. When I called customer service and asked for an estimate refund date they kept saying, “It is pending call back next week.” I did this for 3 weeks before I could talk to a supervisor that told me that they would hold my money for 30 days because this is the length of time a bank could wait to cancel their check. No customer service is better than the joker I spoke to. They simply do not care about their customers!!” Read more
American Students Loan Forgiveness and Debt Relief is committed to helping its Client base rebuild their financial future – One Student Loan At A Time!
American Student Loan Forgiveness & Debt Relief
1100 West Town & Country Road, Suite 1250
Orange , CA 92868
Toll Free Phone: 855-875-3696
Direct Line: 657-235-5046
Fax Line: 800-572-5159
M-F: 8:00 am-5:00 pm