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If borrowers use Fresh Start to get out of default, their loans will automatically be transferred from the Department of Education’s Default Resolution Group to a loan servicer and returned to ...
If you made payments during the federal student loan moratorium (beginning March 13, 2020), you can get a refund for payments made by contacting your loan service provider, according to the ...
As part of the student loan forgiveness plan, there is a clause specifying: “If you made voluntary payments during the payment pause — from March 13, 2020, through Dec. 31, 2022 — and your ...
Payments have already begun pouring into the Education Department as some borrowers begin to repay. But the major test for the federal student loan system — and the Biden administration — lies ...
Defaulting on a loan happens when repayments are not made for a certain period of time as defined in the loan's terms of agreement, typically a promissory note. For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment.
Federal student loan payments are set to resume on May 1 after a two-year pause tied to the COVID-19 pandemic, and many borrowers are not financially ready to make them. A recent report from the...
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