Carlyle and KKR Strategic Partnerships Agree to Acquire Approximately $10.1 Billion Prime Student Loan Portfolio from Discover Financial Services | Carlyle.
Capital One's Acquisition of Discover
The transaction is expected to close in late 2024 or early 2025, subject to satisfaction of customary closing conditions, including regulatory approvals and approval by the shareholders of each company.
Discover is no longer servicing student loans. The servicing of your Discover student loan(s) has transferred to Firstmark Services. Please contact Firstmark for questions, payments, and anything else related to your loan(s).
Unfortunately, private student loan borrowers don't have access to the same benefits and repayment plan options that federal student loan borrowers have. Sallie Mae loans, Discover loans and other private student loans can't be forgiven.
Your student loan servicer(s) will notify you directly after your forgiveness is processed. Make sure to keep your contact information up to date on StudentAid.gov and with your servicer(s). If you haven't yet qualified for forgiveness, you'll be able to see your exact payment counts in the future.
07/25/2024 12:52 P.M. Discover Financial Services will sell a portfolio of private student loans to Carlyle and KKR for up to $10.8 billion, the credit card company announced last week. Firstmark Services, a division of Nelnet, will assume responsibility for servicing the portfolio upon the sale.
Student loans disappear from credit reports 7.5 years from the date they are paid in full, charged-off, or entered default. However, education debt can reappear if you dig out of default with consolidation or loan rehabilitation. Student loans can have an outsized impact on your credit score.
Discover Bank to Pay $18.5 M for Illegal Student Loan Servicing Practices. According to the Consumer Financial Protection Bureau (CFPB) “Discover created student debt stress for borrowers by inflating their bills and misleading them about important benefits,” said CFPB Director Richard Cordray.
data. The bulk of its deposit growth has come via Capital One 360, its digital-only arm that it acquired from ING Direct in 2012. Paul Schaus, the CEO of the consulting firm CCG Catalyst in Phoenix, said that Capital One has been able to sharply reduce its branch count because its “digital strategy is successful.”
It is FDIC-insured, which means your money is insured up to $250,000 for individual accounts and $500,000 for joint bank accounts in case Capital One 360 fails. Capital One 360 encrypts your data to keep your information secure.
Capital One is a subsidiary of Capital One Financial Corporation, a U.S.-based bank holding company headquartered in McLean, Virginia and founded in 1994.
(December 19, 2024) Capital One (NYSE: COF) announced today that it received approval from the Office of the Delaware State Bank Commissioner on December 18, 2024, to complete its previously announced acquisition of Discover Financial Services (NYSE: DFS) and its subsidiary bank, Discover Bank, which is a Delaware- ...
Consolidating your loans can help you better manage them, so you can work toward paying them off. And in some cases, you may even be able to lower your interest rate or your monthly payment.
To date, the Biden-Harris Administration has approved $146 billion in student debt relief for 4 million Americans through more than two dozen executive actions. That includes fixing Public Service Loan Forgiveness and Income-Driven Repayment plans, so borrowers finally get the relief they are entitled to under the law.
Both federal and private student loans fall off your credit report about seven years after your last payment or date of default. You default after nine months of nonpayment for federal student loans, and you're not in deferment or forbearance.
Are student loans forgiven when you retire? No, the federal government doesn't forgive student loans at age 50, 65, or when borrowers retire and start drawing Social Security benefits. So, for example, you'll still owe Parent PLUS Loans, FFEL Loans, and Direct Loans after you retire.
At what age do student loans get written off? There is no specific age when students get their loans written off in the United States, but federal undergraduate loans are forgiven after 20 years, and federal graduate school loans are forgiven after 25 years.
After January 2024, you can no longer apply for a Discover student loan. A third-party provider will be overtaking Discover's student loans portfolio.
Why do loans get switched or transferred to a different servicer? Sometimes, we need to transfer loans from one servicer to another—for example, when a servicer's contract with us ends. Even if we transfer your loans to a new servicer, we (the U.S. Department of Education) still own your loans.
Discover sells student loan portfolio to Carlyle, KKR for up to $10.8 billion.
Why is Discover exiting the student loan business? Discover is transferring the Discover Student Loans portfolio and the servicing of their loans to a third-party provider to focus their efforts on other key business objectives.
If you default on your student loan, that status will be reported to national credit reporting agencies. This reporting may damage your credit rating and future borrowing ability. Also, the government can collect on your loans by taking funds from your wages, tax refunds, and other government payments.
There are bills you can't typically pay with a credit card, like mortgage, student loan, and auto loan payments. But there are ways to utilize your credit card to pay these and other expenses. Some credit cards allow you to take a cash advance, where you borrow cash against your credit limit.