department of education student loan account number

The National Student Loan Data System (NSLDS) is the U.S. Department of You can retrieve the FSA ID using the email or phone number you provided when. This is the U.S. Department of Education's central database for student aid, and it keeps track of all your federal student loans.2. The U.S. Department of Education allows you to temporarily suspend payments if you are experiencing financial difficulties. If you choose to use postponement.

Department of education student loan account number -

Loan Repayment Information

How do I repay my Perkins or Health Professions Student Loan?
How do I access my loan information, including how much I owe and who to pay?
What will show on my credit report?
Can I consolidate my loans?
What are the repayment options for my Department of Education loans (Direct, PLUS)?
How do I request a deferment or forbearance?
I am finishing my program; do I have to do a Loan Exit Interview?


How do I repay my Perkins or Health Professions Student Loan?

Federal Perkins and Health Profession Student Loans borrowed by LIU students are administered by ECSI.

What does this mean? LIU has contracted with Heartland ECSI to assist in the administration and billing of Federal Perkins and Health Profession Student Loans.

ECSI acts on behalf of Long Island University for the billing and repayment of your student loans. As an agent for LIU, Heartland ECSI will assist you in meeting your repayment obligation for your student loan(s).

Monitor your Perkins and Health Professions Student Loans online at heartlandecsi.com.

Payments, correspondence and questions may be directed to:

Long Island University c/o ECSI
100 Global View Drive, Suite 800
Warrendale, PA 15086

Phone: (888)-549-3274

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How do I access my loan information, including how much I owe and who to pay?

All Loan and Grant History at LIU: Access through the MyLIU Student Portal

Use your MyLIU portal to access your full loan and grant history at LIU.

  • Login to the MyLIU portal, click Campus Finances, and then click View Financial Aid.
  • You will be able to view your loan and grant history broken out by aid year.
  • This site will not reflect any payments you may have already made toward your loans. Your award history reflects the total initial paid amount of each award in each year.

Federal Loan and Grant Information: Access through the National Student Loan Database

Use the National Student Loan Data System (NSLDS), nslds.ed.gov, to access your federal loan and grant information (amount borrowed, servicers, etc.).

  • NSLDS is the U.S. Department of Education's central database for student aid.
  • NSLDS contains information on all Title IV programs, which includes Direct Loans, PLUS, Perkins, Pell Grants, and SEOG.
  • You will need your FSA ID to access your information on NSLDS. If you do not remember your FSA ID, go to Federal Student Aid to 'Request a Duplicate'.
  • Your loan information on NSLDS will include contact information for the servicer for each loan.

Perkins and Health Professions Student Loan Information: Access through ECSI

Perkins and Health Professions Student Loans are administered by ECSI. This means that repayment is handled through ECSI (heartlandecsi.com).

  • ECSI acts on behalf of LIU for the billing and repayment of your Perkins and Health Professions Student Loans. As an agent for LIU, ECSI will assist you in meeting your repayment obligation for these loans.
  • To find out about your loan balance, make a payment, or get answers to questions, contact ECSI directly: (888)-549-3274

Private Loan Information

A private (non-federal) loan may be a financing option for students who are not eligible for federal aid or who need additional funding beyond the maximum amounts offered by federal loans. These loans are not guaranteed by the federal government. LIU urges all students and parents to research any lender they are considering for this type of funding and to specifically ask a number of key questions, including: current interest rates; co-signer requirements; repayment options, both in school and out; and whether or not the loan may be sold to another provider.

The university does not have a preferred lender for private loans; each student has the right to select the educational loan provider of his or her choice. To see your choice of lenders, log onto www.elmselect.com and select Long Island University.

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What will show on my credit report?

It is important to maintain a good understanding of your credit. There are three nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. These companies can have different information, so it is good to check all three annually. Visit AnnualCreditReport.com to learn about accessing your credit reports.

Loans in deferment (even while in school) and in repayment will be listed on your credit report. Loans in deferment/forbearance may be questioned if you are trying to access new credit (buying a car, home, etc.), especially if the deferment is not due to an in-school status.

It is very important to stay current with loan payments so that your credit is not negatively affected. Making late payments can have a very negative impact on your credit history and score. It is important to know that a negative entry on your credit report due to a late payment can remain on the report for up to seven years, according to the Fair Credit Reporting Act. Loan default happens when a borrower becomes 270 days delinquent on a loan (the time count starts on the day after payment is missed). Communication is the key to avoiding loan default. If you are having trouble making payments, contact the servicer for your loans to find out about your options. Loan default is not good for anyone (including schools and lenders), so your lenders will work with you to prevent default if you communicate actively with them, and take all requested steps.


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Can I consolidate my loans?

Some federal student loan borrowers may be eligible to consolidate into a Direct Consolidation Loan. Please review the information below, and go to studentloans.gov for additional information.

  • Consolidation combines different types of federal student loans, including Subsidized/Unsubsidized Direct Loans, Perkins Loans, and Graduate PLUS Loans.
  • To qualify for a Direct Consolidation Loan, a borrower must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is in grace, repayment, deferment, or default status.
  • Loans that are in an in-school status cannot be included in a Direct Consolidation Loan.
  • The interest rate on a consolidation loan is set to the weighted average of the interest rates of the loans being consolidated.
  • Consolidation extends repayment 120-360 months, which means there is the potential of paying more interest over the repayment period.

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What are the repayment options for my Department of Education loans (Direct, PLUS)?

There are several repayment options for your Federal Direct and PLUS Loans. Please review the information below and use the links provided to get more details.

Direct Loan Information

  • Direct Loan repayment begins 6 months after a student graduates, withdraws or drops below half-time enrollment.
  • Subsidized Direct Loans do not typically accrue interest while a student is enrolled at least half-time. The interest subsidy may be limited for students who fail to complete their program within 150% of its published program length. Interest does accrue while in repayment.
  • There are several repayment plan options: standard, graduated, extended, income-based, income-sensitive (not available for Direct Loans), and income-contingent.
  • Students are automatically set on the standard repayment plan, and must contact the servicer to change the repayment plan. Repayment plans can be changed once per year.
  • Visit studentaid.ed.gov to view detailed information about repayment options.

PLUS Loan Information

  • PLUS Loan repayment begins after the loan is fully disbursed. The first payment is due within 60 days of the final disbursement, unless the borrower requests a deferment.
  • A Graduate PLUS Loan borrower can defer repayment while enrolled at least half-time.
  • Parent PLUS Loan borrowers whose loans were first disbursed on or after July 1, 2008, may choose to have repayment deferred while the student for whom the loan is borrowed is enrolled at least half-time and for 6 months after the student is no longer enrolled at least half-time.
  • Parent PLUS Loan borrowers who are also students, can defer repayment while enrolled at least half-time.
  • Interest that accrues during deferment periods will be capitalized if not paid by the borrower during the deferment.
  • There are several repayment options for PLUS Loans. Please visit studentaid.ed.gov for detailed repayment information.

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How do I request a deferment or forbearance?

  • To request deferment or forbearance, you need to contact your loan servicer. If you are unsure of the servicer, you can login to the National Student Loan Data System (NSLDS) at nslds.ed.gov to get the information.
  • Be sure to contact your servicer as soon as possible if you find that you are having trouble making payments or have an upcoming life change (entering military service, going back to school, etc.).

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I am finishing my program; do I have to do a Loan Exit Interview?

Graduating students who have borrowed Federal loans must complete Loan Exit Counseling for those loans.  Student who fail to complete loan exit counseling will be unable to receive official transcripts and diplomas from the University.

Federal Perkins and Health Professions Student Loans

  • Exit Interviews are done online at heartlandecsi.com.
  • ECSI is the administrator for all Perkins and Health Professions Student Loans.
  • Graduating students will receive an email from ECSI in their final semester with login information and instructions for completing the Exit Interview.
  • If you are graduating but have lost your ECSI login information, contact ECSI at 1-888-549-3274.

Federal Direct and PLUS Loans

  • Exit Counseling for federal loans (Direct and PLUS) are done online at studentloans.gov.
  • The FSA ID is required to access NSLDS. If you have forgotten your FSA ID, go to Federal Student Aid.



Источник: https://liu.edu/enrollment-services/financial-aid/loan-repayment-information
College Rankings and Data

Make a PaymentU.S. Departmentof Education


We are required under some state laws to notify consumers of certain rights as detailed below.
This list does not contain a complete list of the rights consumers have under State and Federal Law.

CALIFORNIA
The State Rosenthal Fair Debt Collection Practices Act and the Federal Fair Debt Collection Practices Act require that, except under unusual circumstances, collectors may not contact you before 8:00 a.m. or after 9:00 p.m. They may not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or misleading statements or call you at work if they know or have reason to know that you may not receive personal calls at work. For the most part, collectors may not tell another person other than your attorney or spouse, about your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more information about debt collection activities, you may contact the Federal Trade Commission at 1-877-FTC-HELP or www.ftc.gov

COLORADO
FOR INFORMATION ABOUT THE COLORADO FAIR DEBT COLLECTION PRACTICES ACT, SEE WWW.COAG.GOV/CAR.
A consumer has the right to request in writing that a debt collector or collection agency cease further communication with the consumer. A written request to cease communication will not prohibit the debt collector or collection agency from taking any other action authorized by law to collect the debt. Colorado Address: 700 17th Street, Suite 200, Denver, Colorado 80202, 1-866-436-4766

MASSCHUSETTS
NOTICE OF IMPORTANT RIGHTS
You have the right to make a written or oral request that telephone calls regarding your debt not be made to you at your place of employment. Any such oral request will be valid for only ten (10) days, unless you provide written confirmation of the request postmarked or delivered within seven (7) days of such request. You may terminate this request by writing to the debt collector.

MINNESOTA
This Collection Agency is licensed by the Minnesota Department of Commerce.

NEW YORK
We are required by regulation of the New York State Department of Financial Services to notify you of the following information. This information is NOT legal advice. This information does not contain a complete list of the rights consumers have under State and federal law.

Debt collectors, in accordance with the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et seq., are prohibited from engaging in abusive, deceptive, and unfair debt collection efforts, including but not limited to the use or threat of violence; the use of obscene or profane language; and repeated phone calls made with the intent to annoy, abuse, or harass.

If a creditor or debt collector receives a money judgment against you in court, state and federal laws may prevent the following types of income from being taken to pay the debt:

1. Supplemental security income, (SSI);
2. Social security;
3. Public assistance (welfare);
4. Spousal support, maintenance (alimony) or child support;
5. Unemployment benefits;
6. Disability benefits;
7. Workers’ compensation benefits;
8. Public or private pensions;
9. Veterans’ benefits;
10. Federal student loans, federal student grants, and federal work study funds; and
11. Ninety percent of your wages or salary earned in the last sixty days.

The foregoing does not mean or suggest that any effort to obtain a money judgment against you is either pending or being considered.

NEW YORK CITY
New York City Department of Consumer Affairs License Number: 2003808-DCA, 2004667-DCA, 2003123-DCA,

NORTH CAROLINA
North Carolina Company Numbers:: 119502984, 119507636, 119504014, 119504012,

TENNESSEE
This Collection Agency is licensed by the Collection Service Board of the Department of Commerce and Insurance.

WISCONSIN
This collection agency is licensed by the Division of Banking in the Wisconsin Department of Financial Institutions,
www.wdfi.org.

  • Hours of Operation
    Monday – Thursday 8:00am – 9:00pm
    Friday 8:00am – 5:00pm
    Saturday 8:00am – 12:00pm

  • Location Addresses
    Windham Professionals, Inc.
    384 Main Street
    Salem, NH 03079
    1-800-394-4300

  • Windham Professionals, Inc.
    17-17 NJ-208 #340
    Fair Lawn, NJ 07410
    1-800-394-4300

    Windham Professionals, Inc.
    700 Turner Industrial Way, Suite 160
    Aston, PA 19014
    1-800-394-4300

  • Windham Professionals, Inc.
    3320 W Sahara Road, Suite 200
    Las Vegas, NV 89102
    1-888-318-0017

Источник: https://www.windhampros.com/customer-portal-us-department-education/make-payment-us-department-education/
Student Loan Default Rate Student Loan Refinancing

COVID’s Impact on Student Debt

3.2 million new federal student loan borrowers borrowers and a spike in unemployment fueled the largest increase in the total student loan debt balance since 2013. Student debt relief efforts, however, may have helped drive down the average student loan debt.

  • The nationwide total student loan debt balance increased 8.28% in 2020.
  • The average student loan debt, meanwhile, increased 4.5%.
  • In May of 2020, 9% of borrowers who attended public institutions were behind on their student loan payments.
  • 7% of borrowers who attended private, nonprofit institutionts and 24% of borrowers who attended private, for-profit schools were behind on their loan payments.
  • By July, 11.2% of adults with student loan debt reported they were unable to make at least one student loan payment that year-to-date.
  • In early 2020, 75.3% of private student loans were in repayment while 20% were in deferment.
  • While many private lenders offered suspension in payments of up to 3 months, few (if any) deferred interest.

Federal Loan Debt Under CARES

42.9 million borrowers owe $1.59 billion in federal student loans. Between the second and third financial quarter of 2020, the CARES Act offered student loan debt relief that affected a minimum of 20 million borrowers.

  • An estimated 35 million Americans may qualify for student debt relief under the CARES Act of 2020.
  • Between 2020’s 2nd and 3rd financial quarters, the amount of student loan debt in repayment decreased 82% while student debt in forbearance increased 375%.
  • Between the 3rd and 4th financial quarters, student loans in forbearance declined 0.44%.
  • Also during that period, the number of loans in repayment grew 33.3%.
  • The number of loans in default also declined by 1.79%.
  • 56.65% of all debt from federal student loans remains in forbearance until September 2021.
  • 22.2 million or 48.8% of borrowers have loans in forbearance.
  • 400,000 or 0.88% of federal student loan borrowers have loans currently in repayment, which is a 97.8% decrease from the 2nd financial quarter when 40.1% of borrowers had loans in repayment.
  • 8% of the student loan debt balance belongs to students who are still in school.
  • 2.81% of the total federal student loan debt is in a grace period.
  • 7.8% of federal debt is in defaulted loans.

Some federal loans do not qualify for relief under the CARES Act. Borrowers with such loans may still be eligible for other payment arrangements, such as deferment or income-driven repayment plans.

Student Loan Debt Statistics

Student loan debt is now the second-highest consumer debt category. Nationwide, 43% of college attendees report they incurred some type of educational debt. Among today’s college students, 65% graduate with student debt.

  • Last year, private student loan debt increased by $16.8 billion or 14%.
  • 15% of all American adults report they have outstanding undergraduate student debt; 7% report outstanding postgraduate student loans.
  • Between 39% and 50% of indebted student borrowers have loans from both undergraduate and postgraduate education.
  • Among adults with student loan debt, 93% report borrowing to pay for their own education while 81% report borrowing to pay for a child’s or grandchild’s education.
  • First-generation college students are twice as likely to report they are behind in making student loan payments.
  • Graduates of private, for-profit institutions are more than twice as likely to report late student loan payments.
  • Public university attendees borrow an average of $30,030 to attain a bachelor’s degree.
  • Private, non-profit university attendees borrow $33,900 and private, for-profit students borrow $43,900.
  • The student loan debt growth rate outpaces the rise in tuition costs by 353.8%.
  • 23.6% is the annual growth rate of the total student loan debt balance, or 513% faster than the growth rate of the nation’s gross domestic product (3.85%).
  • 94.8% of people with student loan debt borrowed for an undergraduate education.
  • 44.2% of people with student loan debt borrowed for a postgraduate education.

Federal Student Loan Debt

While 30% of undergraduates borrow money from the federal government, the total amount they borrow accounts for 92.6% of student loan debt.

  • 42.9 million Americans owe a total of $1.57 trillion.
  • They each owe an average of $36,510 in federal loans.
  • 52.8% of federal student loan debt is in Stafford Loans.
  • 18.6% of federal debt is in subsidized Stafford loans; 34.2% is in unsubsidized Stafford loans
  • 35.5% of federal student loan debt is in direct consolidated loans.
  • 6.4% of student loan debt is from Parent PLUS loans, borrowed by parents on behalf of their children.
  • 5% of student loan debt is from Grad PLUS loans going to graduate or professional students.
  • 0.4% of student loan debt is from Perkins loans.
  • The federal government loans an annual total of $45.3 billion to 44.4% of all postsecondary students (including graduate and professional students).
  • The ED budgets $77 billion for federal direct student loans and $13.3 billion for FFEL loans.
  • The ED budgets $90.2 billion for all loan programs, leaving $44.9 billion leftover after distribution to students.

Private Student Loan Debt

Private loan borrowing constitutes 8.4% of the outstanding student loan debt.

  • The national private student loan balance is $137 billion.
  • 88.5% of that balance is for undergraduate loans while 11.5% is for graduate student loans.
  • 13% of students use student loans from a private source, such as a bank or credit union.

Other Educational Debt

Student loans are designed to only cover certain educational costs. Many students borrow money from other sources to pay for living expenses incurred during their time in college or other school-related expenses their student loans don’t cover.

  • 95% of borrowers with outstanding debt related to their own education owe a balance on a student loan.
  • 23% of borrowers with outstanding educational debt have a credit card balance.
  • 4% of indebted borrowers used a home equity loan; 11% used some other type of loan.
  • 11% of indebted borrowers who borrowed to fund a child or grandchild’s education used home equity loans.

Student Debt Demographics

Detailed demographic reports include Student Loan Debt by State and by Graduation Year.

  • 49.2% of student aid recipients are financially independent.
  • 14% of student financial aid recipients live in school-owned housing while 24.4% live with their parents.
  • 15% of student financial aid recipients are married.
  • 3.3 million, or 15.1% of student borrowers under 40 years old are behind on their student loan payments.
  • 338,608, or 17% of student borrowers under 25 years old are behind on their student loan payments.

Student Loan Debt by Sex or Gender

  • 56.5% of student financial aid recipients are female.
  • 58% of all student loan debt belongs to women.
  • Parents of male students are more likely to take out loans on their behalf.
  • 16% of women have undergraduate student loan debt.
  • 8% of women have postgraduate student debt.

For more detailed research, read our report on Student Loan Debt by Gender.

Student Loan Debt by Race or Ethnicity

  • Black college students are the most likely to use federal loans, with 49.4% borrowing, while Asian students are the least likely to receive federal loans at 62%.
  • 30% of black college graduates with student loans default in the first 12 years of repayment.
  • White students are the most likely to receive private loans, with 7.1% borrowing privately; American Indian and Alaska Native students are least likely to borrow privately at 2.6%.
  • Four years after graduation, 48% of Black students owe an average of 12.5% more than they borrowed.
  • White and Caucasian borrowers owe 54% of the national student loan debt balance.

For more detailed research, read our report on Student Loan Debt by Race.

Student Loan Debt by Age

  • Borrowers over the age of 60 increase student debt among their age group by 50% every 5 years.
  • 35-year-olds have the highest average outstanding student loan debt at $42,600 per borrower, with an end balance 287% of the value of their original loan.
  • 77.2% of aid recipients are under 30 years old; 37.8% of recipients are enrolled full-time.
  • 17.7% of people with a student loan balance are under the age of 25.
  • 68.6% of indebted student borrowers are between 25 and 50 years old.
  • 34% of adults aged 18 to 29 years have student loan debt, making them more than twice as likely as adults in any other age group to have student debt.
  • Among borrowers under 40 years of age, Black borrowers are the second-most likely to be current with their student loan payments, at a rate of 63%.
  • The same demographic group is the most likely to be behind on student loan payments, at a rate of 26%.

For more detailed research, read our report on Student Loan Debt by Age.

Student Loan Debt by Educational Attainment

  • Graduate students borrow 37% of federal student loan dollars.
  • 60% of undergraduate certificate recipients owe an average of $16,940 each in federal loans.
  • 42% of associate’s degree recipients owe an average of $21,890 each in federal loans.
  • 63% of bachelor’s degree holders owe an average of $31,790 in federal loans.
  • 54% of master’s degree holders owe an average of $70,070 in federal loans.
  • 45% of doctoral degree recipients owe an average of $118,360.
  • 71% of professional degree holders owe an average of $199,540.

Analysis: Slowing the Rise of Debt

Before the Great Recession of 2008, predatory private lenders targeted students with subprime loans, just as they did homebuyers. For-profit schools enrolling low-income students engaged disproportionately in these lending practices. In 2009, 27.15% of private loans were not school-certified. By 2019, 0.06% of private loans were not school-certified. Since then, these loans are more typically only available to prime borrowers with high credit scores.

It is all but certain that some of the increase in the cumulative student loan balance can be attributed to the debts originating from the subprime student loan era. The economic consequences of this type of predatory lending will likely be detectable in statistical trends for years to come.

Student Debt Experience

Even when there is equality in loan distribution, experiences with student loan debt vary with contributing factors.

  • 52% of students who had taken on student loan debt did not feel it was worth it.
  • Student loan payments have an annual growth rate of 6.6%.
  • 53% of millennials have not bought a home because student loan debt either disqualified them or made it impossible to afford a mortgage.
  • In 2018, 30% of college students lived at or below the poverty line.
  • 14% are single parents and 56% of them devote over 30 hours/week caring for children.
  • 88% of single parents in college have incomes at or below 200% of the poverty line.

Loan Forgiveness Eligibility

The process of student loan forgiveness appears to be muddled by ambiguous processes and errors. Borrowers are often unaware of actually being eligible for student loan forgiveness. Additionally, borrowers who should be eligible are denied because of negligence or misinformation by their loan servicer.

  • The Higher Education Act, which expanded loan forgiveness in 2008, has never been funded by Congress.
  • 0.7% of eligible borrowers will eventually benefit from student loan forgiveness.
  • 6.7% of eligible student borrowers apply for loan forgiveness.
  • $95.45 per indebted student borrower is the rate at which the federal government forgives student loans.
  • The percentage of applications that are rejected each year is steadily rising.
  • A little over 1% of applications for Public Service Loan Forgiveness have been approved since the program’s inception.
  • In the program’s first year, 0.032% of applications were approved.
  • 3 million student loan borrowers are eligible to apply for PSLF;
    Just over 200,000 have applied.
  • Over 25% of the labor force in the US is in public service with over a million student loan borrowers either eligible or approaching eligibility for student loan forgiveness
  • $26.9 million of the $700 million allocated for Public Service Loan Forgiveness Program was approved by the Department of Education.
  • Other reasons for student loan forgiveness include institutional dishonesty and fraud.

For more detailed research, view our report on Student Loan Forgiveness Statistics.

Analysis: Institutional Dishonesty

The cohort default rate (CDR) according to the ED is “the percentage of a school’s borrowers who enter repayment on certain FFEL or Direct Loan Program loans during a particular federal fiscal year… and default or meet other specified conditions prior to the end of the second following fiscal year.”

Schools with high cohort default rates can be sanctioned, lose eligibility to participate in federal loan programs, or other consequences. Therefore, it is in an institution’s best interest to have low cohort default rates. Unfortunately, many colleges with high default rates try to lower the rates by abusing the forbearance option for loans. The forbearance option is meant for the benefit of the student, not the institution.

In 2017, Navient, one of the largest student loan servicing companies in the US, was found to have collected $4 billion in interest charges incurred by multiple forbearance periods being used by borrowers.

Analysis: Dishonesty in Loan Servicing

Seventy percent of complaints about the companies servicing student loans are related to mismanagement and deliberate deception. Many students are unaware that they are eligible for income-driven repayment plans on federal loans as required by law and servicers frequently fail to assist them. Instead, borrowers are frequently placed in suspended payment options that rack up interest instead of income-driven repayment plans.

Additionally, borrowers frequently enroll in plans their servicers tell them are eligible for Public Service Loan Forgiveness. They make payments for many years only to be denied when they apply because they were not enrolled in a qualifying repayment plan. Service providers also fail to explain that loan consolidation restarts the progress a borrower makes towards loan forgiveness.

  • In 2015, less than 6% of eligible borrowers of FFELP loans were enrolled in income-driven repayment plans compared to nearly 30% of borrowers with loans made directly by the Department of Education.
  • More than 20% of FFELP borrowers were delinquent or in forbearance.
  • Federal student loan servicer Navient received 43% of federal servicer complaints.
  • American Education Services and Pennsylvania Higher Education Assistance Agency received 24% of complaints.
  • 10% of complaints were about Nelnet, 4% about Great Lakes, and 2% were regarding servicer Heartland Payment.
  • 13,900 complaints were in regard to federal student loans, with the biggest percentage of complaints related to dealing with the lender or servicer.
  • 6,700 complaints in regard to private loans, with the biggest percentage of complaints related to dealing with the lender or servicer.
  • California (236) and New York (222) were the states with the most private student loan complaints.
  • Common complaints included:
    • Frequently misapplied monthly loan payments
    • Lost documents
    • Unreasonable processing delays
    • Inappropriate denials of income-driven repayment plan applications

Report: Navient vs. ED

In 2017, the Consumer Financial Protection Bureau (CFPB) sued Navient (formerly known as Sallie Mae), the largest student loan servicing company in the United States. Under a contract with the US Department of Education, this company services over $300 billion of federal and private student loans. CFPB alleged gross mismanagement, deceiving students and borrowers and depriving them of their legal rights.

  • Failure to correctly apply or allocate payments made by borrowers.
  • Pushed borrowers to pay more on loans than they could or pushing them into forbearance.
  • Obscured information about maintaining lower payments.
  • Deceived borrowers about requirements to release co-signer on their loans.
  • Reporting loans that had been forgiven as in default, thereby effectively destroying the credit rating of students (including severely injured veterans) whose loans were forgiven or discharged under the Total and Permanent Disability discharge program.
  • In 2019, the Consumer Financial Protection Bureau (CFPB) received over 20,000 complaints related to both federal and private loans, resulting in ongoing enforcement actions.
  • Beginning in October 2017, the Federal Trade Commission (FTC), CFPB, US Dept. of Education, and state Attorney General offices announced “Operation Game of Loans” to pursue 36 enforcement actions against student debt relief companies in 11 states and District of Columbia:
    • $95 million in illegal upfront fees scammed from student debtors.
    • In 2018, the FTC secured judgments in 8 actions worth over $88 million, and in 2019, secured judgments worth over $43 million.
    • CFPB enforcement actions alone have obtained judgments exceeding $17 million.

Sources

  1. The Best Business Schools List
  2. United States Census Bureau Education Tables
  3. National Center for Education Statistics (NCES), The Integrated Postsecondary Education Data System
  4. Morning Consult National Tracking Poll #190963
  5. 2020 Best Colleges US News Education
  6. Board of Governors of the Federal Reserve System (Fed), Report on the Economic Well-Being of U.S. Households
  7. Fed, Consumer Credit – G.19
  8. NCES, The Condition of Education 2020
  9. U.S. Department of Education (ED), Office of Postsecondary Education
  10. The MeasureOne Private Student Loan Report 2020
  11. United States Department of Commerce Bureau of Economic Analysis, Gross Domestic Product
Источник: https://educationdata.org/student-loan-debt-statistics
department of education student loan account number

: Department of education student loan account number

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