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Political Discussion
Reply to "Student loan forgiveness given new life"
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[quote=Anonymous]Here is the problem: [quote] Under the 1965 Higher Education Act and federal regulations, a borrower is eligible for loan forgiveness after making 240 or 300 qualifying monthly payments — roughly 20 or 25 years of payments — on an income-driven repayment plan or standard repayment plan. The administration said "inaccurate payment counts" caused borrowers to lose "hard-earned progress" toward having their loans forgiven, which it has sought to remedy.[/quote] When loans were sold off to a different loan servicer, your repayment history with the previous company wasn’t transferred to the new servicer. Your payment history restarted with them. This is not within the terms of the initial loan agreement.[/quote]
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