{"id":24012,"date":"2019-10-10T11:15:03","date_gmt":"2019-10-10T11:15:03","guid":{"rendered":"https:\/\/www.englishforums.com\/news\/?p=24012"},"modified":"2019-10-10T11:15:03","modified_gmt":"2019-10-10T11:15:03","slug":"pheaa-blamed-student-loan-mismanagement","status":"publish","type":"post","link":"https:\/\/www.englishforward.com\/news\/pheaa-blamed-student-loan-mismanagement\/","title":{"rendered":"PHEAA blamed for alleged student loan mismanagement"},"content":{"rendered":"

The Pennsylvania Higher Education Assistance Agency or PHEAA is being held liable for the mismanagement of the Public Service Loan Forgiveness program as it is the primary servicer.\u00a0<\/b>
\nIn September 2019, these concerns were raised during a subcommittee hearing involving the U.S. House of Representatives.\u00a0<\/span><\/p>\n

PHEEAA President’s absence raised eyebrows<\/span><\/h2>\n

During the subcommittee hearing, the CEO and president of PHEAA was conspicuously missing, and this mollified the concerned lawmakers.\u00a0<\/b>
\nThe response he gave <\/span>through a letter<\/span><\/a> was that the institution was bound by federal regulations and laws.\u00a0\u00a0<\/span>
\nPHEAA has been facing substantial scrutiny over the federal student loan program.\u00a0<\/span>
\nThis institution is being criticized at a time when elected officials and consumer advocates at both the state and federal levels have asserted that loan services are part of the worst actors in higher education.\u00a0<\/b>
\nFor instance, lawsuits against servicers have been filed by the Consumer Financial Protection Bureau (CFPB) and Attorneys general. The primary issue raised entails misconduct, and it has been detrimental because borrowers\u2019 debt relief has been considerably affected.\u00a0<\/span><\/p>\n

PHEEAA’s high rejection rate<\/span><\/h2>\n

Congress members have been seeking answers from PHEAA based on its <\/b>high rejection rate<\/b><\/a> when it comes to offering the Public Service Loan Forgiveness program.\u00a0<\/b>
\nNevertheless, a report availed on October 9 suggested that the blame on student loans\u2019 mismanagement is mistakenly rendered to loan servicers.\u00a0<\/strong>
\nIt stipulated that borrowers\u2019 frustrations were instigated by the design and approach used in federal loan programs.\u00a0<\/span>
\nIt was also proclaimed that the complaint system utilized by CFPB was imperfect when it came to accessing the extent of servicing failures. As a result, amicable solutions were necessitated for productivity purposes.\u00a0<\/span><\/p>\n

Loan crisis traced to poor PHEEAA policies<\/span><\/h2>\n

Conversely, <\/span>student loan crisis<\/span><\/a> from unpaid tuition and other college fees have resulted in a substantial national debt; this was traced by this study to poor policies, including mismanagement of scholarship funds.<\/span>
\nInvesting in education has always been considered as a way to a brighter future.<\/strong> Experiences have taught us otherwise when we take into account the cost of education and its returns.\u00a0<\/span>
\nThe majority of learners take student loans to ease the financial burden and ensure that they have a smooth transition from high school to colleges and universities.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Pennsylvania Higher Education Assistance Agency or PHEAA is being held liable for the mismanagement of the Public Service Loan Forgiveness program as it is the primary servicer.\u00a0 In September 2019, these concerns were raised during a subcommittee hearing involving the U.S. House of Representatives.\u00a0 PHEEAA President’s absence raised eyebrows During the subcommittee hearing, the […]<\/p>\n","protected":false},"author":17,"featured_media":24018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[10,25],"tags":[],"_links":{"self":[{"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/posts\/24012"}],"collection":[{"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/comments?post=24012"}],"version-history":[{"count":0,"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/posts\/24012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/media\/24018"}],"wp:attachment":[{"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/media?parent=24012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/categories?post=24012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.englishforward.com\/news\/wp-json\/wp\/v2\/tags?post=24012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}