There have been decades of mismanagement with income-driven repayment plans. 3.6 million student-loan borrowers are closer to relief now that the Education Department has announced reforms to the plans. Advocacy groups wrote to industry leaders to make sure they deliver relief effectively. Over the past decade, student-loan companies have been accused of mismanagement and deception, leaving borrowers with debt they have struggled to pay off. Advocacy groups want to make sure that low-income borrowers are not prevented from getting relief. The Student Debt Crisis Center, the Center for Responsible Lending, and the National Consumer Law Center sent a letter to the three largest trade organizations that represent student-loan companies. Insider obtained a letter from the Education Department following up on steps to fix income-driven repayment plans. While the plans are intended to give borrowers affordable monthly payments with the promise of full forgiveness after 20 or 25 years, harmful servicing practices have ensured very few borrowers got the relief they deserved. The groups want to prevent that from happening again. The student loan industry has already robbed an entire generation of debt relief that they should have received through IDR. All eyes are on these companies as we wait for them to deliver the IDR fix as required by statute. 3.6 million borrowers will be brought closer to loan forgiveness through steps to end forbearance steering, which is when a student-loan company places borrowers in forbearance on their payments even when they could enroll. Only 32 borrowers have ever been approved for loan forgiveness through IDR, and a report from the Government Accountability Office found that failure of the plans was caused by loan companies not tracking payments. The student-loan industry has a chance to change their behavior and get relief right, according to the advocacy groups. Millions of student loan borrowers depend on you and the companies you represent to get the IDR fix right. The Education Finance Council, National Council of Higher Education, and Student Loan Servicing Alliance released a statement after the Education Department announced IDR reforms. The companies that run student-loan programs should be held accountable for the way relief is carried out, according to the advocacy groups. The NPR investigation revealed longstanding flaws with how loan companies have managed IDR. It found that the companies that manage IDR plans weren't tracking payments toward forgiveness and borrowers had to request updates on payment progress. The investigation found that borrowers making $0 monthly payments were not adequately tracked. In light of those findings and recent reforms, the advocacy groups wrote that instead of focusing on how to avoid accountability and blame, we encourage you to focus on finally delivering borrowers the rights they have long been denied and that ED's actions may now allow them to. They vowed to use every tool at their disposal to ensure eligible student-loan borrowers get the relief they deserve. The original article is on Business Insider. The MarketWatch News staff is not involved in creating this content because we think readers will find them useful. I have student loans that are over $109k. The washed rapper took advantage of his right to free speech, to devalue and victim shame Black women, on a recent episode of The Joe Budden Podcast. Budden is a public supporter of Tory Lanez, who will face court later this year for allegedly shooting Megan Thee Stallion in the foot. Some athletes live in the gym while others don't. 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Voting advocates doubled down on their lawsuit over the re-enactment of the census, and solar advocates got a boost of encouragement. Seniors are being helped by this knee sleeve. You can get relief or your money back. Monthly payments for low-income borrowers can be made easier with income-driven repayment plans. Major flaws were identified by the GAO. Zelenskyy spoke in Russian to ask the invading forces not to fight in Ukraine. The U.S. marshals service is offering up to $10,000 for information about the escaped prisoner and the missing officer. The Lauderdale County Detention Center in Florence, Alabama, was where White was jailed on a capital murder charge. The assistant director of corrections left the Lauderdale County Detention Center on Friday morning to go to a nearby courthouse, the sheriff's office said in a Facebook post Saturday.Industry leaders should ensure borrowers get 'the rights they have long been denied'
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