By: Robert J. Nahoum THE PROBLEM: Three scenarios might have led you this article: You have just been notified by your bank that your account has been frozen because there is a debt collection judgment against you by some company called US Asset Management. You’ve received a notice from your County Sheriff or a New York City Marshall that your […]
Sued By US Asset Management, Inc. In New York or New Jersey?
False Student Loan Credit Reporting Under the CARES Act
Under the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), qualifying federal student were automatically placed into “administrative forbearance.” Borrowers are not required to make payments through September 30, 2020. However, apparently some federal student loan servicers have been reporting borrowers in the administrative forbearance as delinquent to the credit reporting agencies. Federal law called the Fair Credit Reporting […]
HEROES Act and Milktoast Dems
House Democrats have water-downed a promising piece of Corona legislation. The Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act) – a $3 trillion piece of proposed legislation to inject cash and other relief into the economy originally included: $10,000 in across-the-board student loan forgiveness for federal student loan borrowers. $10,000 in private student loan forgiveness. A last-minute amendment […]
Student Loan Forgiveness as a Corona-Economy Stimulus Strategy
Forgiving federal student loans is a smart, moral and effective means of blunting the economic devastation of the Corona-Economy. Currently, 44 million Americans have student loans totaling $1.6 trillion. In 2010, student loan debt in the United States was roughly $833 billion. Ten years later, that number has exploded to more than $1.6 trillion. Relieving working Americans from this burden […]
New Relief for New York Student Loan Borrowers in the Corona-Economy
By: Robert J. Nahoum THE PROBLEM In response to the Corona-Economy, the federal and state governments have taken extraordinary measures to help, for the time being, working people stem the tide of economic devastation. One of the early areas of intervention was with regard to Federal Student Loans. Congress passed the $2 Trillion relief bill called the “Coronavirus Aid, Relief, […]
A Unique Opportunity to Get Your Federal Student Loan Out of Default During the Corona Economy
In response to the Corona-Economy, the Federal CARES Act has created a unique opportunity for federal student loan borrowers in default to get out of default through loan rehabilitation for far less money.
Federal Student Loans Under the CARES Act
By: Robert J. Nahoum WHAT IS THE CARES ACT? On Friday, March 27, 2020 the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act became law. The Act is a grab-bag of federal spending aimed at putting money in the pockets of businesses and people to stem the tide of the Corona Economy. Among the beneficiaries of the act are student […]
What is the Federal Government Doing for Federal Student Loan Borrowers in Response to the Corona Economy?
An estimated 92% of all student loans are, in one form or another, owed to the federal government. As part of its response to the Corona Economy, the federal government has acted to protect, for the time being, student loan borrowers. Here is what the Government is Doing: SUSPENSION OF INTEREST Interest has been waived for a 60-day period. The […]
NY Legislature Adopts New Rules For Student Loan Services
By: Robert J. Nahoum On April 1, 2019, the New York enacted legislation requiring companies to obtain licenses from the New York Department of Financial Services (“DFS”) in order to service student loans owed by New York residents. Under the new laws, servicers of federal student loans are automatically deemed as licensed. However, servicers that are servicing both federal and […]
Student Loan Debt Buyer National Collegiate Student Loan Settles Claims of Unfair Debt Collection Practices with the Federal Government
By: Robert J. Nahoum National Collegiate Student Loan Trust (NCSLT) is a unique “junk debt buyer” that few people have ever heard of. NCSLT is in the business of specifically buying private student loans from banks. Much like the mortgages involved in the financial and foreclosure crisis of just a few years ago, private student loans are packaged together as […]