Overwhelmed by student loans? A free new California program can help you
6 months, 2 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 assistance for borrowers, including help securing income-based repayment plans and federal student loan forgiveness for those working in public service jobs. “The student loan system is fraught with systemic issues that make it practically difficult, if not impossible, for people to get the rights and benefits they’re supposed to be entitled to under the law,” said Suzanne Martindale, the senior deputy commissioner for consumer financial protection at the California Department of Financial Protection and Innovation. Martindale said in many cases, borrowers might be eligible for some form of loan relief, but don’t know how to access it because “the information hasn’t been clear, because the goalposts keep changing, because the loan servicers can’t seem to give you an accurate answer.” “People need somewhere to go to get accurate, fair information, working with someone who cares about their best financial interests,” Martindale said.

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History of this topic

Biden cancels $4.28 bn more in student debt before leaving office
3 days, 2 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 …

Many student loans bills could double under Trump: report
2 weeks, 6 days 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 …

Trump's win in US Elections brings uncertainty to borrowers hoping for student loan forgiveness
1 month, 2 weeks ago

Trump's win in US Elections brings uncertainty to borrowers hoping for student loan forgiveness

Hindustan 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. President-elect Donald Trump and his fellow Republicans have criticized Biden's loan forgiveness efforts, and lawsuits by GOP-led states have held up plans for widespread debt cancellation. She owes …

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 …

Cal State campuses brace for ‘severe consequences’ as budget gap looms
2 months, 3 weeks ago

Cal State campuses brace for ‘severe consequences’ as budget gap looms

Associated Press  

California State University is anticipating state spending cuts next summer of nearly $400 million and a delay in promised state support of more than $250 million. They presented figures that show a 2025-26 budget hole of about $400 million to $800 million — a sizable chunk of Cal State’s estimated operating budget of $8.3 billion next year. Still, Cal State …

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 …

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 …

$6.1 billion in student loan debt canceled for enrollees at for-profit Art Institutes
7 months, 2 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 …

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 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 …

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 …

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 …

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 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 …

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 …

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 …

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

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause

Associated Press  

NEW YORK — 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 …

804,000 long-term borrowers are having their student loans forgiven before payments resume this fall
1 year, 2 months ago

804,000 long-term borrowers are having their student loans forgiven before payments resume this fall

Associated Press  

NEW YORK — Karin Engstrom thought she’d be paying off her federal student loans for the rest of her life. Engstrom didn’t immediately believe it when she saw her balances had been erased, but she eventually found a letter from the Federal Student Aid office dated August 28 that confirmed the cancellation was real. “I looked into getting a different …

The US student loan pause is ending and likely to hurt sales
1 year, 3 months ago

The US student loan pause is ending and likely to hurt sales

Live Mint  

In a couple of weeks, US consumers will be required to start making payments on some $1.6 trillion of student loan debt after a three-year moratorium. The level of concern among retail executives over the resumption of student loan payments run the gamut from brushing it off as a non-event to bracing for a big pullback in spending. Chief Executive …

CSU stands by a 6% tuition hike plan, but backs down from a key provision ahead of vote
1 year, 3 months ago

CSU stands by a 6% tuition hike plan, but backs down from a key provision ahead of vote

LA Times  

California State University students with Students for Quality Education, a grassroots organization that advocates for progressive policies, have attended Board of Trustees meetings to protest the proposed 6% tuition increase. The California State University system is sticking with its controversial 6% tuition increase proposal, but would limit it to five consecutive years, backing down from an earlier plan that called …

Have student loans? These employers will help you pay them off
1 year, 5 months ago

Have student loans? These employers will help you pay them off

LA Times  

Now that the Supreme Court has struck down President Biden’s loan forgiveness plan, more companies are looking to offer student debt repayment as a benefit. “Now I have two young children, so any extra savings we have … we just funnel back to our kids and their futures.” Santa Clara tech giant Nvidia started offering a student loan repayment program …

Explained | The U.S. student loan crisis and Joe Biden’s new cancellation plan
1 year, 5 months ago

Explained | The U.S. student loan crisis and Joe Biden’s new cancellation plan

The Hindu  

The story so far: United States President Joe Biden has already released a new plan to cancel billions in student loan debt after the conservative majority Supreme Court of the U.S. in a 6-3 decision on June 30 blocked his ambitious plan to cancel $430 billion in debt. The president announced on the day of the Court ruling that the …

Retailers, beware: Resumption of student loan payments could lead some buyers to pull back
1 year, 5 months ago

Retailers, beware: Resumption of student loan payments could lead some buyers to pull back

Associated Press  

WASHINGTON — The reprieve is over. Even if all that won’t be enough to weaken overall economic growth, the shift in spending by many young adults could inject further uncertainty into an economy already beset by uncertainties, from whether the Fed will manage to tame inflation and halt its interest rate hikes to whether a recession is destined to strike …

Biden’s Student Loan Cancellation Program Has Been Canceled, Here’s What’s Next
1 year, 5 months ago

Biden’s Student Loan Cancellation Program Has Been Canceled, Here’s What’s Next

The Quint  

These borrowers can apply for the Fresh Start program. For borrowers who are behind on their federal student loan payments, this program allows student loan borrowers to reset their loan so they won’t be considered past due anymore. Such a plan calculates a borrower’s monthly federal student loan payment based on the borrower’s income, spouse’s income and family size. It …

Stunned US students start GoFundMe pages after court's debt order: ‘When I heard…’
1 year, 5 months ago

Stunned US students start GoFundMe pages after court's debt order: ‘When I heard…’

Hindustan Times  

Student who are facing crippling debt are turning to GoFundMe in hopes of finding some financial relief through crowdfunding as the US Supreme Court effectively struck down Joe Biden's $400 billion student loan forgiveness program, affecting many students. Education costs have soared in America pushing students into debt crisis as about 43 million Americans have federal student loan debt collectively …

Here’s when your student loan payments will start again
1 year, 5 months ago

Here’s when your student loan payments will start again

CNN  

Washington CNN — After a more than three-year pause, borrowers will have to restart paying their federal student loan bills in October. The National Association of Student Financial Aid Administrators warns that borrowers may need to have patience when contacting their student loan servicer, which might be overwhelmed with a high volume of inquiries at this time. Some borrowers could …

Crushed student loan borrowers are skipping meals, moving in with parents, panicking over money
1 year, 5 months ago

Crushed student loan borrowers are skipping meals, moving in with parents, panicking over money

LA Times  

D’Aungilique Jackson of Fresno holds a “Cancel Student Debt” sign outside the U.S. Supreme Court after justices stuck down President Biden’s student debt relief program in Washington, D.C. Mimi Hoang rejoiced when President Biden announced plans last year to cancel thousands of dollars in student debt. As she faced the prospect of tripling her loan debt by staying at Southern …

Supreme Court’s student loan ruling dealt Biden a setback. Here’s his new plan
1 year, 5 months ago

Supreme Court’s student loan ruling dealt Biden a setback. Here’s his new plan

LA Times  

When President Biden announced his plan to cancel up to $20,000 in federal student loans for some borrowers last August, he framed it as part of a multipronged approach to ease the burden on loan holders and prevent a wave of defaults. The Biden administration now faces an unprecedented task: helping tens of millions of borrowers make payments in a …

The pause on student loans is ending. That could be a storm cloud for the economy
1 year, 5 months ago

The pause on student loans is ending. That could be a storm cloud for the economy

CNN  

New York CNN — Millions of Americans are about to get a rude awakening in their monthly budget: Federal student loan payments are back. “Loan payments covering 44 million students will have to resume — obviously a headwind, taking approximately $70 billion annually out of the economy,” said Greg Valliere, chief US policy strategist at AGF Investments. The return of …

Here’s how to prepare to start paying back your student loans when the pandemic payment freeze ends
1 year, 5 months ago

Here’s how to prepare to start paying back your student loans when the pandemic payment freeze ends

Associated Press  

NEW YORK — An estimated 43 million borrowers who could have seen their student loan balances decreased or erased will now resume their original payments in the fall, following the Supreme Court’s decision to strike down the Biden administration’s debt forgiveness plan. “There’s no reason to send that money to the student loans until the last minute of the 0% …

Free money for job training is still available to Californians — if you act now
1 year, 6 months ago

Free money for job training is still available to Californians — if you act now

LA Times  

Community colleges, such as Long Beach City College, are among the many schools with eligible job retraining programs. In 2021, California established the Golden State Education and Training Grant Program, providing one-time grants of up to $2,500, aimed at helping people such as Rubio. Students can submit applications for FAFSA or the California Dream Act before Sept. 2 Students may …

Student loan payments will start again soon. The Supreme Court’s ruling means higher bills for many
1 year, 6 months ago

Student loan payments will start again soon. The Supreme Court’s ruling means higher bills for many

Associated Press  

WASHINGTON — In a good month, Celina Chanthanouvong has about $200 left after rent, groceries and car insurance. “I worry that we’re going to see levels of default of new graduates that we’ve never seen before,” said Natalia Abrams, president of the nonprofit Student Debt Crisis Center. Biden announced late Friday a new plan to pursue student debt cancellation, using …

Cal State details potential tuition increases amid massive funding gap
1 year, 6 months ago

Cal State details potential tuition increases amid massive funding gap

LA Times  

California State University officials are projecting tuition increases of hundreds of dollars per student as the 23-campus system attempts to close a funding gap of almost $1.5 billion. Officials say that despite the proposed tuition increases, which would start in the 2024-2025 school year, a Cal State education will remain affordable — a key value for a system that prides …

Here’s how to prepare to start paying back your student loans when the pandemic payment freeze ends
1 year, 6 months ago

Here’s how to prepare to start paying back your student loans when the pandemic payment freeze ends

Associated Press  

NEW YORK — A three-year pause on student loan payments will end this summer regardless of how the Supreme Court rules on the White House plan to forgive billions of dollars in student loan debt. Here’s what to know to get ready to start paying back loans: HOW SHOULD I PREPARE FOR STUDENT LOANS PAYMENTS TO RESTART? “There’s no reason …

Australia's HECS-HELP debt has topped $74b. How long does it take the average student to pay theirs off?
1 year, 8 months ago

Australia's HECS-HELP debt has topped $74b. How long does it take the average student to pay theirs off?

ABC  

The Australian Tax Office has released the country's 100 largest HELP/HECS debts through a Freedom of Information request – and the highest debt is a whopping $737,000. Mr Marin crunched the numbers on a debt of $50,000 at 5 per cent indexation over 10 years, based on an entry-level income of $60,000 with a 4 per cent yearly pay rise. …

Anxious about your student loan debt? Beware of offers that are too good to be true
1 year, 8 months ago

Anxious about your student loan debt? Beware of offers that are too good to be true

LA Times  

Student loan relief scams are as prevalent as ever due to the ever-evolving status of loans at the federal level. “First of all, are going to correspond via email, so no one will ever call you asking for fast cash, saying that they can provide you with immediate and guaranteed debt forgiveness or cancellation,” said Amy Czulada, an outreach and …

Biden has quietly forgiven billions in student loans despite setbacks for his signature debt plan
1 year, 9 months ago

Biden has quietly forgiven billions in student loans despite setbacks for his signature debt plan

LA Times  

People rally to show support for the Biden administration’s student debt relief plan in front of the Supreme Court on Feb. 28 in Washington, D.C. Sara Diaz was feeling emotional when she checked her email Tuesday. The Education Department has agreed to forgive more than $14.5 billion for borrower defense cases and people whose schools closed before they finished their …

‘Student debt is a crisis’: Activists rally outside Supreme Court for loan forgiveness
1 year, 9 months ago

‘Student debt is a crisis’: Activists rally outside Supreme Court for loan forgiveness

LA Times  

People rally outside the Supreme Court on Tuesday to show support for the Biden administration’s student debt relief plan while the court hears oral arguments in two cases challenging that plan. Hundreds of debt advocates and progressive political organizers gathered outside the Supreme Court on Tuesday while justices heard oral arguments in two cases challenging President Biden’s plan to cancel …

What should student loan borrowers do while waiting for Supreme Court forgiveness ruling?
1 year, 9 months ago

What should student loan borrowers do while waiting for Supreme Court forgiveness ruling?

LA Times  

The U.S. Supreme Court will decide two issues: whether the administration overstepped its authority, and whether the plaintiffs had the right to sue in the first place. If you have federal student loan debt, you may be waiting anxiously to see whether the Supreme Court will halt the massive loan forgiveness program the Biden administration announced last August. The justices …

More relief for student borrowers could come under new rules
1 year, 11 months ago

More relief for student borrowers could come under new rules

LA Times  

Education Secretary Miguel Cardona, shown testifying on Capitol Hill in September 2021, unveiled more details Tuesday on a plan to lower monthly student loan payments for many borrowers. The U.S. Department of Education laid out a proposed rule Tuesday to simplify and expand eligibility for its income-driven repayment programs, which tie monthly payments on federal student loans to the borrower’s …

Legal losses keep coming for Biden's student loan relief plan
2 years ago

Legal losses keep coming for Biden's student loan relief plan

NPR  

Legal losses keep coming for Biden's student loan relief plan Enlarge this image toggle caption Susan Walsh/AP Susan Walsh/AP Another appeals court rejected President Biden's bid to reinstate his student debt plan on Wednesday, marking the latest legal setback in the administration's effort to forgive up to $20,000 in debt. At the 5th Circuit Court, the U.S. Education Department had …

Explained | What’s the latest on Biden’s U.S. student loan forgiveness?
2 years, 1 month ago

Explained | What’s the latest on Biden’s U.S. student loan forgiveness?

The Hindu  

The story so far: U.S. President Joe Biden's plan to forgive federal student loans, first announced in August, has been blocked by two legal challenges, clouding the financial future for millions of American students and graduates. The six Republican-run states that have sued to block Mr. Biden's executive order argue he skirted congressional authority and the plan threatens future tax …

With student loan relief tied up in court, Biden extends repayment pause into 2023
2 years, 1 month ago

With student loan relief tied up in court, Biden extends repayment pause into 2023

NPR  

With student loan relief tied up in court, Biden extends repayment pause into 2023 Enlarge this image toggle caption Evan Vucci/AP Evan Vucci/AP The Biden administration is extending its student loan repayment pause — which was set to expire at the end of the year — into 2023 while its promise of federal relief remains hung up in court. Sponsor …

EXPLAINER: Where does the student loan debt plan stand?
2 years, 1 month ago

EXPLAINER: Where does the student loan debt plan stand?

Associated Press  

President Joe Biden’s plan to provide millions of borrowers with up to $20,000 apiece in federal student-loan forgiveness has been blocked by a second federal court, leaving millions of borrowers to wonder if they’ll get debt relief at all. Here’s where things stand: HOW THE FORGIVENESS PLAN WORKS The debt forgiveness plan announced in August would cancel $10,000 in student …

Student loan forgiveness application website goes live
2 years, 2 months ago

Student loan forgiveness application website goes live

Associated Press  

WASHINGTON — President Joe Biden on Monday officially kicked off the application process for his student debt cancellation program and announced that 8 million borrowers had already applied for loan relief during the federal government’s soft launch period over the weekend. “It means more than 8 million Americans are — starting this week — on their way to receiving life-changing …

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