Student-loan borrowers who are behind on payments can avoid facing collections for one year after the payment pause ends. Here's how Biden's Education Department wants to make sure companies holding the loans are ready.

Quick Summary:

The Education Dept.released updated guidance on its "Fresh Start" program, which would help defaulted student-loan borrowers return to good standing.

"That's about one in six student loan borrowers.

They will need to request a transfer of their loans to Nelnet, a non-default student-loan company, which can be done by visiting myeddebt.ed.gov or calling the Default Resolution Group at 800-621-3115.

Read Quick SummarySave Time

or

Article Details

Category: Economy

Markets: United States

Topics: Education Department Student loan forgiveness Biden Economy Student Debt Policy Default Student Loans Politics

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-12-05 @ 18:09:53 (1 months ago)

News Timezone: GMT -5:00

Ranking: #599 (out of 9197 stories this day)

News Source URL: businessinsider.com

Language: English

Article Length: 459 words

Reading Time: 3 minutes read

Sentences: 43 lines

Sentence Length: 11 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Insider

News ID: 2171978

View Article Analysis

About Business Insider

Main Topics: EconomyBusiness

Official Website: businessinsider.com

Update Frequency: 56 posts per day

Year Established: 2007

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #64

Publisher Details

Frequently Asked Questions