Navient, a major student loan collecting company, agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the United States and pay over $140 million in other penalties to settle allegations of abusive lending practices.
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Interest rates will remain at 0% during that period, and debt collection efforts will be suspended. Those measures have been in place since early in the pandemic, but were set to expire Jan. 31.
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Navient, one of the nation’s largest student loan companies, has major operations in Fishers. About 1,400 people work in the company’s 450,000-square-foot loan servicing and data center east of Interstate 69 and north of 106th Street.
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The Indiana Career Accelerator Fund will award financial aid to qualified students to use for training in high-demand, high-wage sectors that leads to an industry credential in six months or less.
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The Education Department announced Thursday it will forgive student debt for more than 100,000 borrowers who attended colleges in the now-defunct, Carmel-based ITT Technical Institute chain but left before graduating.
When the Education Department approves President Joe Biden’s request, all borrowers with student loans held by the Education Department will see their payments automatically suspended until Sept. 30 without penalty or accrual of interest.
Education Secretary Betsy DeVos is taking shots at student debt cancellation and tuition-free college proposals, hallmarks of President-elect Joe Biden’s agenda for higher education.
The one-semester program, which includes both on-the-road driver training and academic instruction, is set to begin in January at Ivy Tech campuses in Indianapolis, Lafayette, Fort Wayne, Evansville and Lawrenceburg.
The Education Department said many claims were submitted by borrowers who attended ineligible programs or who failed to make a valid claim for loan forgiveness.
More than 1,300 students who were enrolled at now-closed ITT Technical Institute campuses in Indiana are eligible for student loan forgiveness as part of a $330 million national settlement affecting as many as 35,000 former ITT students.
The Trump administration is fighting a class-action lawsuit for continuing to garnish the wages of defaulted borrowers in violation of a federal order.
The Kentucky Republican introduced federal legislation late Monday that would allow students to dip into retirement accounts to help pay for college or make monthly debt payments.
Americans collectively owe nearly $1.5 trillion in student loans—more than twice the total a decade ago. It’s a burden that weighs on millions of adults, shaping their life choices and often stunting their financial growth.
IBJ personal finance columnist Peter Dunn talks with podcast host Mason King about three key components of paying for college: saving in advance, paying some expenses in the moment and preparing your kids to make good choices.
The nine companies and organizations tasked with servicing the accounts of the nation's 30 million student loan borrowers repeatedly failed to do their jobs properly over a period of years, a new report finds.
The American Federation of Teachers filed a lawsuit Wednesday against Navient, alleging that it failed to guide eligible borrowers through a critical student loan forgiveness program. Navient has major operations in Fishers.
Education Secretary Betsy DeVos' move to delay Obama-era regulations to help students defrauded by for-profit colleges was dealt a setback Wednesday.
The Trump administration is granting only partial loan forgiveness to the vast majority of students approved for help because of fraud by for-profit colleges, according to preliminary Education Department data.
Seth Frotman will be stepping down as student loan ombudsman at the end of the week, citing what he says is the White House's open hostility toward protecting the nation's millions of student loan borrowers.
Student-loan debt collectors accused of misleading borrowers would get more protection under a proposal from the Trump Administration.
The expansion is the second for the student loan giant in Indianapolis in less than two years.
The Department of Education is considering only partially forgiving federal loans for students defrauded by for-profit colleges, according to department officials, abandoning the Obama administration's policy of erasing that debt.
The AFL-CIO is asking regulators for a review of possible insider trading involving shares in Navient Corp., which has major operations in Fishers.
Students who attended for-profit colleges were twice as likely or more to default on their loans than students who attended public educational institutions, according to a federal study published Wednesday.
