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Dear ED: Clarify Undue Hardship

On May 16, 2014, seven Congressmen/women sent a letter to Secretary of Education, Arne Duncan, asking for clarification of "Undue Hardship" to allow Federal student loans to be discharged in bankruptcy.  The signers of the letter were Senators Dick Durbin (D-IL), Jack Reed (D-RI) and Elizabeth . . .
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FDIC v Sallie Mae

On May 13, 2014, two consent orders were issued:  FDIC v Sallie Mae Bank and FDIC v Navient Solutions Inc. (formerly known as Sallie Mae, Inc.).  These are the results of the FDIC's investigation into Sallie Mae's alleged violations of the Servicemenbers Civil Relief Act (SCRA), Electronic Fund . . .
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“Bank on Students Emergency Loan Refinancing Act” in Plain English

Yesterday, Senator Elizabeth Warren (D-MA) introduced legislation aimed to help level the playing field for student loan borrowers.  The main goal is to lower interest rates on ALL student loans (Fed and Private) to a fixed amount for the duration of the loan term.  The theory being that if interest . . .
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Does the Government Shutdown affect Student Loan Collections?

VinothChandar / Foter / CC BYNow that the government is shut down, there is a great concern about how this affects collections of student loans, default or not.  We first need to clarify that the shutdown only affects government agencies.  Guarantee agencies like ECMC, Great Lakes, etc. are not . . .
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Sallie Mae in the News…Again!

I was trying to find a witting opening, but all I could come up with for a reference was Mustang Sally.  It's not on target, but some of the lyrics could be made relevant, "All you want to do is ride around Sally, ride, Sally, ride." What's that?  Sallie Mae is riding around?  Well yes, if we . . .
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3 Questions You Need To Answer To Get Help With Your Student Loans

What you need to know to tackle your student loans on your own and how to recognize when you need help. When you're looking for help with your student loan problems, you've got three questions you need to answer before you can get help with your student loan problems. Some of these questions . . .
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Private Student Loan Lender to the Rescue? Not Quite!

The Street ran an article today which I can only hope was their attempt at an April Fool's joke.  It's supposed to be a hopeful story about Sallie Mae creating a way for new borrowers to reduce their first year payments.  It's a crock! You see, what Sallie Mae offers is a year of interest only . . .
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