The U.S. Department of Education recently announced plans to use a “secret shopping” program aimed at better protecting student borrowers and cracking down on postsecondary institutions deemed to be low-performing or predatory in lending practices. This aims to build on the current administration’s stated commitment to improve federal student loan programs. Detailed in a recent news release, the DOA’s plan calls for the Enforcement Office of Federal Student Aid (FSA) to monitor compliance with existing laws and regulations related to participation in all federal student aid programs. In retail terms, companies often employ “secret shoppers” to pose as a customer in order to evaluate the quality of service. The FSA will be tasked with evaluating recruitment, enrollment, financial aid, and other practices of lending offices in an effort to identify potentially deceptive or predatory practices related to intake and approval of student loan applications. “Secret shopping is another tool in…
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Sader Law Firm attorney James Boyce provided legal insight into President Biden’s student loan relief announcement in an on-camera interview with KSHB 41 News in Kansas City. In the interview, Boyce noted to the reporter the importance of knowing who your provider is, what type of student loan you have and how much you owe. “The formula is going to be lower, meaning that your payment is going to be lower, and if your balance was lower, it will last for only 10 years instead of 20,” Boyce told KSHB 41 News regarding the new repayment options. “So that means lesser payments over a shorter period of time. If you legitimately can’t afford a thing, you can probably get a $0 payment plan.” The full story can be viewed and read here. If you’re concerned about outstanding student loan debt, Sader Law Firm can assist in working to resolve your…
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Millions of student loan borrowers nationwide with federally backed student loans breathed a sigh of relief when The White House announced that $10,000 of student loan debt can be forgiven to individual borrowers who make less than $125,000 per year or married couples who bring in less than a combined $250,000, and $20,000 forgiven for those with Pell Grants. It was also made known that the federal student loan pause was extended a final time, through December 31. Along with this news, the U.S. Department of Education will cut monthly payments in half for undergraduate loans and propose a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive credit toward loan forgiveness. Borrowers who qualify for student loan debt relief can sign up at this link to be notified when more information becomes available. However, for those who…
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