Student loan relief extended to some privately held loans
3 years, 8 months ago

Student loan relief extended to some privately held loans

Associated Press  

The federal government’s pause on student loan payments is being extended to more than 1 million borrowers who have defaulted on student loans that are held by private lenders, the Education Department announced Tuesday. Education Secretary Miguel Cardona on Monday extended the payment pause and 0% interest rate to 1.1 million borrowers who had defaulted on privately held loans. Rep. Bobby Scott, D-Va., chair of the House’s education committee, called it “a necessary step to putting money in the pockets of struggling Americans and their families.” Advocacy groups called the measure a good start but said it fails to help more than 5 million borrowers other borrowers in the same program, known as the Federal Family Education Loan Program. “The millions of FFEL borrowers who have not yet defaulted but who may be struggling to make their student loan payments often at the expense of other vital necessities need relief.”

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History of this topic

Biden cancels $4.28 bn more in student debt before leaving office
4 days, 14 hours ago

Biden cancels $4.28 bn more in student debt before leaving office

Raw Story  

U.S. President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which would amount to wiping out $4.28 billion in debt in his final month in office. US Secretary of Education Miguel Cardona said in a statement that Friday's approval brings the total amount secured during Biden's four years in office to "nearly $180 billion …

$180 billion and counting: Joe Biden announces fresh cancellation of US student loans during final month in office
4 days, 14 hours ago

$180 billion and counting: Joe Biden announces fresh cancellation of US student loans during final month in office

Live Mint  

US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which would amount to wiping out $4.28 billion in debt in his final month in office. The mass cancellation of debt is for "teachers, nurses, service members, law enforcement officials, and other public service workers who have dedicated their lives to giving back to …

More student loans canceled in Biden’s final round of forgiveness before leaving office
4 days, 18 hours ago

More student loans canceled in Biden’s final round of forgiveness before leaving office

The Hindu  

The Biden administration is canceling federal student loans for another 55,000 workers through an existing program known as Public Service Loan Forgiveness. Under Mr. Biden, the Education Department loosened the rules for Public Service Loan Forgiveness, which previously had a 99% rejection rate amid burdensome rules and widespread confusion over eligibility requirements. With the latest round of relief, Mr. Biden …

Biden scraps plans to cancel widespread student loan debt
5 days, 6 hours ago

Biden scraps plans to cancel widespread student loan debt

Salon  

The Biden administration has withdrawn its proposals for large-scale student loan relief programs, closing the door on mass loan forgiveness in the remaining weeks of his term. The U.S. Department of Education is rescinding two of its major student loan proposals, which would have considered some amount of loan forgiveness for at least 38 million Americans, according to Politico. In …

Many student loans bills could double under Trump: report
3 weeks, 1 day ago

Many student loans bills could double under Trump: report

Raw Story  

Many student loan borrowers could see their bills double under Donald Trump's second term if his administration chooses not to defend the SAVE plan in court, or if Republicans in Congress eliminate the plan, according to a report. President Joe Biden's student loan repayment plan capped the monthly payment requirements at 5% of the borrower's income, which is half of …

Some student loan borrowers may have to pay more under Trump
3 weeks, 2 days ago

Some student loan borrowers may have to pay more under Trump

Salon  

Around 8 million student loan borrowers might see their monthly payments double if President-elect Donald Trump dismantles President Joe Biden's repayment plan, according to CNBC. But Trump has criticized broad-based student loan forgiveness and called Biden’s student loan relief program “vile” during his campaign. Bob Eitel, who served during the first Trump administration as a senior counselor to the education …

Trump has called for dismantling the Education Department. Here’s what that would mean
1 month ago

Trump has called for dismantling the Education Department. Here’s what that would mean

Associated Press  

WASHINGTON — Throughout his campaign, President-elect Donald Trump heaped scorn on the federal Department of Education, describing it as being infiltrated by “ radicals, zealots and Marxists.” He has picked Linda McMahon, a former wrestling executive, to lead the department. Trump has vowed to cut off federal money for schools and colleges that push “critical race theory, transgender insanity, and …

Higher payments loom for many student loan borrowers under Trump
1 month, 1 week ago

Higher payments loom for many student loan borrowers under Trump

LA Times  

USC students attend graduation from Viterbi School of Engineering at the Galen Center in Los Angeles on May 10, 2024. Here is a rundown of where the major Biden student debt relief initiatives stand: Current debt relief programs In July 2023, the Education Department launched the first elements of its Saving on a Valuable Education repayment plan to cut payments …

Trump’s win brings uncertainty to borrowers hoping for student loan forgiveness
1 month, 2 weeks ago

Trump’s win brings uncertainty to borrowers hoping for student loan forgiveness

Associated Press  

Savannah Britt owes about $27,000 on loans she took out to attend college at Rutgers University, a debt she was hoping to see reduced by President Joe Biden’s student loan forgiveness efforts. She owes about $18,000, and she was in the process of it being forgiven, but it’s at a standstill.” President-elect Donald Trump and his fellow Republicans have criticized …

Trump’s win brings uncertainty to borrowers hoping for student loan forgiveness
1 month, 2 weeks ago

Trump’s win brings uncertainty to borrowers hoping for student loan forgiveness

LA Times  

Savannah Britt owes about $27,000 on loans she took out to attend college at Rutgers University, a debt she was hoping to see reduced by President Joe Biden’s student loan forgiveness efforts. Trump called it a “total catastrophe” that “taunted young people.” Biden promised the student loan cancellation program during his run for the presidency. From its launch, Biden’s loan …

Trump win clouds Biden's student debt cancellation efforts
1 month, 2 weeks ago

Trump win clouds Biden's student debt cancellation efforts

India Today  

President-elect Donald Trump’s victory has cast doubt on the future of student loan forgiveness in the US, raising concerns for borrowers who had hoped for relief under President Joe Biden’s policies. Both hoped for relief from Biden’s proposed loan forgiveness, but now, with Trump and Republican-led states opposing the programme, the future of these efforts remains uncertain. REPUBLICAN CRITICISM AND …

Two major student loan grace periods are set to expire this week. Here's what to know
2 months, 3 weeks ago

Two major student loan grace periods are set to expire this week. Here's what to know

NPR  

Two major student loan grace periods are set to expire this week. Here's what to know toggle caption Andrew Caballero-Reynolds/AFP/Getty Images Two federal measures designed to help student loan borrowers with their payments are set to expire this week. Since federal student loan payments resumed last October, borrowers have received some assistance with the transition largely through two federal supports …

Navient reaches $120 million settlement for misleading student loan borrowers
3 months, 1 week ago

Navient reaches $120 million settlement for misleading student loan borrowers

NPR  

Navient reaches $120 million settlement for misleading student loan borrowers toggle caption Getty Images Navient, once one of the country’s largest student loan servicers, has reached a $120 million settlement with the Consumer Financial Protection Bureau — resulting in the company being permanently banned from servicing federal student loans. The settlement closes the loop on a 2017 lawsuit filed by …

Supreme Court won’t reinstate Biden’s loan repayment program
3 months, 3 weeks ago

Supreme Court won’t reinstate Biden’s loan repayment program

Politico  

In a second order issued on Wednesday, the justices also tossed out a request from a different group of states seeking to overturn an emergency ruling from the 10th Circuit Court of Appeals that briefly allowed parts of the plan to remain in place. Last year, the Supreme Court rejected an earlier plan that would have eliminated more than $400 …

Biden administration cancels another $1.2 billion in student loans for public service workers
5 months ago

Biden administration cancels another $1.2 billion in student loans for public service workers

Associated Press  

The Biden administration is cancelling an additional $1.2 billion in student loans for borrowers who work in public service through changes to an existing forgiveness program. The relief for roughly 35,000 borrowers was announced Thursday by the Education Department and made through changes to the Public Service Loan Forgiveness program, which benefits workers such as teachers, nurses and firefighters. “These …

35,000 more public servants see their student loan balances reduced or erased
5 months, 1 week ago

35,000 more public servants see their student loan balances reduced or erased

NPR  

35,000 more public servants see their student loan balances reduced or erased toggle caption LA Johnson/NPR Thousands more public servants will soon see their student loan balances reduced or erased, the Biden administration announced on Thursday. “This is relief that will bring real change in lives, and marks another win for this Administration’s relentless and unapologetic work to fix a …

Student loan borrowers can slash their monthly payments — for now. Here’s what to know
5 months, 3 weeks ago

Student loan borrowers can slash their monthly payments — for now. Here’s what to know

LA Times  

Student loan borrowers enrolled in a new federal repayment plan could see their monthly payments cut in half in the near future, thanks to a last-minute reprieve by a federal appeals court. “Where we are is just not fair for student loan borrowers.” The Education Department continues to work on a separate rule that would offer debt relief to an …

Appeals court allows part of Biden student loan repayment plan to go forward
5 months, 3 weeks ago

Appeals court allows part of Biden student loan repayment plan to go forward

Associated Press  

WASHINGTON — A federal appeals court has allowed the U.S. Education Department to move ahead with a plan to lower monthly payments for millions of student loan borrowers, putting on hold a ruling last week by a lower court. Circuit Court of Appeals puts back on track a central part of President Joe Biden’s efforts to address student debt — …

Appeals court allows part of Biden student loan repayment plan to go forward
5 months, 3 weeks ago

Appeals court allows part of Biden student loan repayment plan to go forward

LA Times  

A federal appeals court has allowed the U.S. Education Department to move ahead with a plan to lower monthly payments for millions of student loan borrowers, putting on hold a ruling last week by a lower court. Circuit Court of Appeals puts back on track a central part of President Biden’s efforts to address student debt — a rule that …

Federal judges temporarily halt much of President Biden’s student debt forgiveness plan
6 months ago

Federal judges temporarily halt much of President Biden’s student debt forgiveness plan

LA Times  

Gen. Andrew Bailey filed a lawsuit on behalf of his state and six others. Federal judges in Kansas and Missouri on Monday together blocked much of a Biden administration student loan repayment plan that provides a faster path to cancellation and lower monthly payments for millions of borrowers. “Today’s ruling was a huge win for the rule of law, and …

Overwhelmed by student loans? A free new California program can help you
6 months, 3 weeks ago

Overwhelmed by student loans? A free new California program can help you

LA Times  

A network of legal aid organizations and nonprofits with state funding is available to help Californians understand their student loans. A new program created by California’s consumer protection agency aims to provide free, personalized help for Golden State borrowers struggling to navigate the complex, byzantine student loan system. The Student Loan Empowerment Network is designed to provide financial coaching and …

Biden administration cancelling student loans for another 160,000 borrowers
7 months ago

Biden administration cancelling student loans for another 160,000 borrowers

Hindustan Times  

The Biden administration is cancelling student loans for another 160,000 borrowers through a combination of existing programs. A separate action by the Biden administration aimed to correct previous mistakes that delayed cancellation for some borrowers enrolled in other repayment plans and through Public Service Loan Forgiveness, which forgives loans for people who make 10 years of payments while working in …

Biden administration canceling student loans for another 160,000 borrowers
7 months ago

Biden administration canceling student loans for another 160,000 borrowers

Associated Press  

WASHINGTON — The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs. A separate action by the Biden administration aimed to correct previous mistakes that delayed cancellation for some borrowers enrolled in other repayment plans and through Public Service Loan Forgiveness, which forgives loans for people who make 10 years of payments while …

Biden administration canceling student loans for another 160,000 borrowers
7 months ago

Biden administration canceling student loans for another 160,000 borrowers

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is canceling …

$6.1 billion in student loan debt canceled for enrollees at for-profit Art Institutes
7 months, 3 weeks ago

$6.1 billion in student loan debt canceled for enrollees at for-profit Art Institutes

LA Times  

People walk past the Art Institute of Philadelphia in 2015. The Biden administration on Wednesday said it will cancel $6 billion in student loans for people who attended the Art Institutes, a system of for-profit colleges that closed in 2023 amid accusations of fraud. On Wednesday, the Biden administration announced that it was canceling $6.1 billion in student loan debt …

The deadline to consolidate some student loans to receive forgiveness is here. Here’s what to know
7 months, 3 weeks ago

The deadline to consolidate some student loans to receive forgiveness is here. Here’s what to know

Associated Press  

NEW YORK — Borrowers with some types of federal student loans have until today to consolidate their loans to qualify for full student loan cancellation or credit toward cancellation. The Education Department is expected to conduct a one-time adjustment in the summer but borrowers who want to be considered for the adjustment have to submit a request to consolidate their …

More student loan forgiveness available, but April 30 deadline looms
7 months, 3 weeks ago

More student loan forgiveness available, but April 30 deadline looms

LA Times  

Californians who obtained federally backed student loans from private banks can have some or all of their remaining debt forgiven by the Biden administration, but they need to act fast: The deadline for qualifying is Tuesday. The Education Department launched the Income Driven Repayment One-Time Adjustment initiative in 2022 to address complaints about loan servicing companies losing track of payments, …

Biden administration announces another round of loan cancellation under new repayment plan
8 months, 1 week ago

Biden administration announces another round of loan cancellation under new repayment plan

Associated Press  

WASHINGTON — The Biden administration is canceling student loans for another 206,000 borrowers as part of a new repayment plan that offers a faster route to forgiveness. More people are becoming eligible for student loan cancellation as they hit 10 years of payments, a new finish line for some loans that’s a decade sooner than what borrowers faced in the …

Biden administration announces another round of loan cancellation under new repayment plan
8 months, 1 week ago

Biden administration announces another round of loan cancellation under new repayment plan

LA Times  

President Biden’s administration has announced it is canceling student loans for 206,000 more borrowers as part of a new repayment plan. The Biden administration is canceling student loans for an additional 206,000 borrowers as part of a new repayment plan that offers a faster route to forgiveness. More people are becoming eligible for student loan cancellation as they hit 10 …

Biden pitches student loan relief plan, 23 million Americans may benefit
8 months, 2 weeks ago

Biden pitches student loan relief plan, 23 million Americans may benefit

India Today  

President Joe Biden announced on Monday plans to ease student debt that would benefit at least 23 million Americans, addressing a key issue for young voters whose support he needs as he seeks re-election in November. Republicans have called Biden's student loan forgiveness approach an overreach of his authority and an unfair benefit to college-educated borrowers while other borrowers received …

What to know about Biden’s latest attempt at student loan cancellation
8 months, 2 weeks ago

What to know about Biden’s latest attempt at student loan cancellation

Associated Press  

WASHINGTON — President Joe Biden is taking another shot at student loan cancellation, hoping to deliver on a key campaign promise that he has so far failed to fulfill. Biden’s first attempt at widespread student loan cancellation would have erased $10,000 for borrowers with yearly incomes of up to $125,000, plus an additional $10,000 if they received federal Pell grants …

Biden proposes new student-debt relief. Here’s who would benefit
8 months, 2 weeks ago

Biden proposes new student-debt relief. Here’s who would benefit

LA Times  

The Biden administration is proposing a rule to reduce or erase the debts of millions of student-loan borrowers. After months of hearings and negotiations, the Biden administration announced its latest plans Monday for student debt relief, proposing changes that would save about 30 million borrowers billions of dollars in total. Debt cancellation for students at schools or programs that were …

President Joe Biden will unveil his new plan to give student loan relief to many new borrowers
8 months, 2 weeks ago

President Joe Biden will unveil his new plan to give student loan relief to many new borrowers

Associated Press  

WASHINGTON — President Joe Biden will announce his latest effort to broaden student loan relief next week for new categories of borrowers, according to three people familiar with the plans, nearly a year after the Supreme Court foiled his administration’s first attempt to cancel debt for millions who attended college. Biden called that decision a “mistake” and “wrong.” And the …

78,000 more public workers are getting student loans canceled through Biden administration changes
9 months ago

78,000 more public workers are getting student loans canceled through Biden administration changes

Associated Press  

WASHINGTON — Another 78,000 Americans are getting their federal student loans canceled through a program that helps teachers, nurses, firefighters and other public servants, the Biden administration announced Thursday. The Education Department is canceling the borrowers’ loans because they reached 10 years of payments while working in public service, making them eligible for relief under the Public Service Loan Forgiveness …

The case for no candidate like Biden ever again
9 months, 1 week ago

The case for no candidate like Biden ever again

Al Jazeera  

The past three years of United States President Joe Biden’s administration have been perceived as an amazing success and dismal failure, depending on who you ask. That was due to amendments to the Higher Education Act that Biden had also supported and that expanded student loans as the primary method to pay for tuition for first-generation students from families living …

Biden’s Plan B on Student Loan Forgiveness Is a Massive and Improbable Success
54 years, 11 months ago

Biden’s Plan B on Student Loan Forgiveness Is a Massive and Improbable Success

Slate  

The Supreme Court’s rejection of President Joe Biden’s student debt cancellation plan last year was a major blow to his agenda. The administration has also prioritized relief for lower-income borrowers, making critical improvements to the income-driven repayment program that has already canceled $45.6 billion in student loan debt for 930,500 borrowers. Biden’s Education Department has also been cracking down on …

President Biden Cancels Federal Student Loans For 153,000 Borrowers
10 months ago

President Biden Cancels Federal Student Loans For 153,000 Borrowers

Huff Post  

LOADING ERROR LOADING CULVER CITY, Calif. — President Joe Biden announced Wednesday that his administration was automatically canceling federal student loans for nearly 153,000 borrowers, putting the spotlight on his debt cancellation efforts as he ramps up his reelection campaign. “Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid …

Student loans for nearly 153,000 borrowers are being canceled
10 months ago

Student loans for nearly 153,000 borrowers are being canceled

Associated Press  

CULVER CITY, Calif. — President Joe Biden said Wednesday that while a college degree was still a ticket to a better life, that ticket is often too expensive, as he announced he was canceling federal student loans for nearly 153,000 borrowers. “Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have …

Biden administration looks to expand student loan forgiveness to those facing ‘hardship’
10 months, 1 week ago

Biden administration looks to expand student loan forgiveness to those facing ‘hardship’

Associated Press  

WASHINGTON — Americans who are struggling to repay federal student loans because of financial hardship could get some of their debt canceled under President Joe Biden’s latest proposal for widespread loan forgiveness. Here’s what we know so far about who could be eligible for cancellation under the Biden plan: HARDSHIP Borrowers facing financial hardship could see relief under the newest …

Joe Biden forgives $5 billion in student loan debt ahead of presidential election
11 months ago

Joe Biden forgives $5 billion in student loan debt ahead of presidential election

India Today  

US President Joe Biden on Friday announced student debt cancellation of nearly $5 billion for an additional 74,000 borrowers, including more than half who earned forgiveness after 10 years of public service as teachers, nurses and firefighters. Education Secretary Miguel Cardona said the department was moving "full speed ahead" with efforts to deliver even greater debt relief for more borrowers …

Biden Admin Will Start Canceling Student Loans For Some Borrowers In February
11 months, 1 week ago

Biden Admin Will Start Canceling Student Loans For Some Borrowers In February

Huff Post  

LOADING ERROR LOADING WASHINGTON — The Biden administration will start canceling student loans for some borrowers starting in February as part of a new repayment plan that’s taking effect nearly six months ahead of schedule. Loan cancellation was originally set to begin in July under the new SAVE repayment plan, but it’s being accelerated to provide faster relief to borrowers, …

Some Americans will get their student loans canceled in February as Biden accelerates his new plan
11 months, 1 week ago

Some Americans will get their student loans canceled in February as Biden accelerates his new plan

Associated Press  

WASHINGTON — The Biden administration will start canceling student loans for some borrowers in February as part of a new repayment plan that’s taking effect nearly six months ahead of schedule. Loan forgiveness was originally set to begin in July under the new SAVE repayment plan, but it’s being accelerated to provide faster relief to borrowers, President Joe Biden said …

Some Americans will get their student loans canceled in February as Biden accelerates his new plan
11 months, 1 week ago

Some Americans will get their student loans canceled in February as Biden accelerates his new plan

LA Times  

President Biden speaks on student loan debt forgiveness, in the Roosevelt Room of the White House on Oct. 4, 2023, in Washington. The Biden administration will start canceling student loans for some borrowers starting in February as part of a new repayment plan. The Biden administration will start canceling student loans for some borrowers in February as part of a …

Student loan forgiveness isn't dead yet, and other takeaways from 2023
1 year ago

Student loan forgiveness isn't dead yet, and other takeaways from 2023

NPR  

Student loan forgiveness isn't dead yet, and other takeaways from 2023 Enlarge this image Margaret Flatley for NPR Margaret Flatley for NPR Federal student loan borrowers have had quite a year. Margaret Flatley for NPR Many, perhaps most borrowers will tell you that 2023 was the year the idea of "student loan forgiveness" died atop the mahogany bench of the …

Biden administration is moving toward a narrower student loan relief targeting groups of borrowers
1 year, 1 month ago

Biden administration is moving toward a narrower student loan relief targeting groups of borrowers

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is moving …

Biden administration is moving toward a narrower student loan relief targeting groups of borrowers
1 year, 1 month ago

Biden administration is moving toward a narrower student loan relief targeting groups of borrowers

Associated Press  

WASHINGTON — The Biden administration is moving toward a narrower student loan relief plan that would target specific groups of borrowers — those with soaring interest, for example — rather than a sweeping plan like the one the Supreme Court rejected in June. Though full details are likely months away, the department says it wants to cancel some or all …

What if you don't repay your student loan in the US? Here are the consequences
1 year, 1 month ago

What if you don't repay your student loan in the US? Here are the consequences

Hindustan Times  

Student loan repayments have resumed in the US on October 1, 2023 after it was paused for more than three years because of the pandemic. Borrowers have started making federal student loan payments in October after it was paused for more than three years because of the pandemic. However, the existing "One-year on-ramp for student loan payments" provides you a …

300,000 plus student loan borrowers in the US are facing wrong repayment information
1 year, 2 months ago

300,000 plus student loan borrowers in the US are facing wrong repayment information

Hindustan Times  

Student loan borrowers in the US, numbering more than 300,000 have been given wrong repayment information, the Education Department informed on Thursday. Notably, borrowers have started making federal student loan payments in October after it was paused for more than three years because of the pandemic. Borrowers have started making federal student loan payments in October after it was paused …

Biden’s second try at student loan cancellation moves forward with debate over the plan’s details
1 year, 2 months ago

Biden’s second try at student loan cancellation moves forward with debate over the plan’s details

Associated Press  

WASHINGTON — President Joe Biden’s second attempt at student loan cancellation moved forward Tuesday with a first round of negotiations to help guide the administration to a new plan. “Student loan debt in this country has grown so large that it siphons off the benefits of college for many students,” Kvaal said in prepared remarks. These debt burdens are shared …

Borrowers reassess their budgets as student loan payments resume after pandemic
1 year, 2 months ago

Borrowers reassess their budgets as student loan payments resume after pandemic

Live Mint  

Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. “If they were forgiven out of the blue, I'd be ecstatic.” The Supreme Court in July rejected a plan by President Joe Biden's administration to wipe away $400 billion in student loan debt. On an earnings call last month, the …

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