Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
1 year, 5 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 last month, the chief financial officer of Target said that student loan payments restarting will “put additional pressure on the already-strained budgets of tens of millions of households,” a sentiment echoed by the financial chiefs of Best Buy and other retailers. “I have to find about $500 a month starting next month towards this payment that I haven’t had in so long.” The Public Service Loan Forgiveness program is one of several avenues for relief still available to many with student debt. “I tell kids all the time, openly, ‘As someone who was once in your shoes, I highly recommend finding a way to avoid taking out loans.’ When you’re 17 or 18 years old, you think, ‘Oh, sure, I’ll figure this out.’ Then it’s frustrating to still be in this financial situation.” ___ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy.

Financial School Student Work Loans Debt 10 Years Save Cole Mcclelland Loan Payments  loans  pause  budgets  financial  school  loan  payments  debt  resume  public  work  borrowers  pandemic  reassessing  taking  student

History of this topic

Some student loan repayment plans have been suspended. Here’s what borrowers should know
2 weeks ago

Some student loan repayment plans have been suspended. Here’s what borrowers should know

LA Times  

The Trump administration’s recent changes to student loans are causing frustration and confusion for some borrowers. Income-driven repayment plans take a borrower’s finances and family size into account when calculating monthly payments, but borrowers must periodically demonstrate they still qualify. Check with your loan servicer and know your options All borrowers currently enrolled in income-driven repayment plans should “get a …

Some student loan repayment plans have been suspended. Here’s what borrowers should know
2 weeks, 1 day ago

Some student loan repayment plans have been suspended. Here’s what borrowers should know

Associated Press  

NEW YORK — The Trump administration’s recent changes to student loans are causing frustration and confusion for some borrowers. Income-driven repayment plans take a borrower’s finances and family size into account when calculating monthly payments, but borrowers must periodically demonstrate they still qualify. Check with your loan servicer and know your options All borrowers currently enrolled in income-driven repayment plans …

Could federal upheaval erase student loan debt? Not so fast
1 month ago

Could federal upheaval erase student loan debt? Not so fast

Salon  

For student loan borrowers, the latest social media rumor sounds alluring: that the Elon Musk-led dismantling of the Department of Education and ensuing breaches of private data could cancel the debt they owe. The viral videos highlight a period of financial insecurity for 43 million borrowers who owe about about $1.64 trillion in outstanding federal student loans, according to U.S. …

Consumer debt delinquency is rising
1 month, 2 weeks ago

Consumer debt delinquency is rising

Salon  

Consumer debt delinquency rose in the fourth quarter to its highest level in almost five years, suggesting financial struggles persist across the U.S. amid higher inflation and interest rates, Bloomberg reported. Delinquent debt refers to financial obligations — such as loans or credit card payments — that have been delayed past their due dates, which may in turn affect credit …

Student loan forgiveness in US: Biden promised, will Trump fulfil?
2 months ago

Student loan forgiveness in US: Biden promised, will Trump fulfil?

India Today  

Donald Trump has returned to the White House for a second term with a bang, and with it comes uncertainty over the fate of student loan forgiveness in the US. WHY TRUMP OPPOSES STUDENT LOAN FORGIVENESS Donald Trump has been quite vocal in criticising Biden's student loan forgiveness initiatives as a "total catastrophe" and "unfair" to taxpayers. When Biden's broad …

Student loan forgiveness programs explained—Find out if you qualify
2 months ago

Student loan forgiveness programs explained—Find out if you qualify

Live Mint  

Millions of Americans burdened by student debt have access to several loan forgiveness, cancellation, or discharge programs. Programs like the Public Service Loan Forgiveness and Saving on a Valuable Education plan offer relief by reducing or eliminating debt for qualifying borrowers, enabling financial freedom for millions. Public Service Loan Forgiveness How it works: PSLF forgives the remaining balance on Direct …

Biden cancels student debt for another 150,000 borrowers
2 months, 2 weeks ago

Biden cancels student debt for another 150,000 borrowers

Daily Mail  

In his final hours at the White House, President Joe Biden announced the cancellation of student debt for another 150,000 borrowers. His administration expanded those programs and used them to their fullest extent, pressing on with cancellation even after the Supreme Court rejected Biden's plan for a new forgiveness policy. 'My Administration has taken historic action to reduce the burden …

Millions have had student loans canceled under Biden — despite the collapse of his forgiveness plan
2 months, 2 weeks ago

Millions have had student loans canceled under Biden — despite the collapse of his forgiveness plan

Associated Press  

WASHINGTON — Despite failing to deliver his promise for broad student loan forgiveness, President Joe Biden has now overseen the cancellation of student loans for more than 5 million Americans — more than any other president in U.S. history. His administration expanded those programs and used them to their fullest extent, pressing on with cancellation even after the Supreme Court …

Biden’s parting gift: Student loan debt relief
2 months, 2 weeks ago

Biden’s parting gift: Student loan debt relief

Politico  

Education Department officials said that “many” borrowers had already been notified that they received relief, and some will be notified in the coming days. Key context: More than 5 million borrowers have had about $183.6 billion in student loans forgiven since Biden took office, according to Education Department officials. During Trump’s first administration, then-Education Secretary Betsy DeVos denied nearly 130,000 …

Biden cancels $4.28 bn more in student debt before leaving office
3 months, 1 week 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
3 months, 1 week 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 …

Biden cancels nearly $4.3 billion more in student loans, ‘I promised to…’
3 months, 1 week ago

Biden cancels nearly $4.3 billion more in student loans, ‘I promised to…’

Hindustan Times  

Joe Biden has cancelled nearly $4.3 billion more in student loans as a final act of forgiveness before leaving office. President Joe Biden has cancelled nearly $4.3 billion in student loans Biden cancels nearly $4.3 billion in student loans for 55,000 public sector workers “From day one of my administration, I promised to make sure that higher education is a …

More student loans canceled in Biden’s final round of forgiveness before leaving office
3 months, 1 week 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 …

More student loans canceled in Biden's final round of forgiveness before leaving office
3 months, 1 week ago

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

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 …

Biden cancels another $4.2bn in US student loans before leaving office
3 months, 1 week ago

Biden cancels another $4.2bn in US student loans before leaving office

Al Jazeera  

Move brings total in student loan forgiveness during Joe Biden’s term as president to $180bn, Education Department says. US President Joe Biden’s administration is cancelling student loans for another 55,000 people in the United States, amounting to $4.2bn in debt forgiveness just weeks before his time in office ends. Under Biden, the Education Department loosened the rules for public service …

Biden administration provides $4.28 billion in student debt relief
3 months, 1 week ago

Biden administration provides $4.28 billion in student debt relief

Politico  

Some Democrats on Capitol Hill have been pushing for the administration to forgive borrowers who are eligible before Biden leaves office. They also expressed concern that President-elect Donald Trump’s administration would not provide the same level of debt relief to borrowers. “During his first term President Trump refused to deliver meaningful debt relief for borrowers. “President Trump’s negligence has led …

Biden scraps plans to cancel widespread student loan debt
3 months, 1 week 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 …

Three-quarters of university graduates have student debts
3 months, 2 weeks ago

Three-quarters of university graduates have student debts

NL Times  

Almost three-quarters of all people who have completed a university-level education within four years have student debts. Just over half of the students who followed an HBO bachelor's degree have student debt, and only one in five secondary vocational students are in debt. They have to pay an average of 12,500 euros, former HBO students still have to pay 6,300 …

Many student loans bills could double under Trump: report
3 months, 3 weeks 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 months, 3 weeks 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 …

Student loans and Trump: Borrowers brace for changes
4 months, 1 week ago

Student loans and Trump: Borrowers brace for changes

Salon  

From the future of the Affordable Care Act to the fate of same-sex marriage, Donald Trump's reelection has prompted many questions over what to expect in the next four years. In Trump’s first term, he attempted to eliminate the Public Service Loan Forgiveness program, a federal initiative that forgives the remaining balance on direct loans. “Project 2025 calls for ending …

Higher payments loom for many student loan borrowers under Trump
4 months, 2 weeks 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 …

What a Trump presidency might mean for student loan forgiveness
4 months, 2 weeks ago

What a Trump presidency might mean for student loan forgiveness

NPR  

What a Trump presidency might mean for student loan forgiveness toggle caption Moor Studio/Getty Images Millions of federal student loan borrowers are facing uncertainty — or, rather, even more uncertainty — after last week's presidential election. Biden's signature student loan repayment plan, the Saving on a Valuable Education Plan, slashed borrowers' monthly payments while also preventing interest from growing what …

Trump's win in US Elections brings uncertainty to borrowers hoping for student loan forgiveness
4 months, 3 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
4 months, 3 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
4 months, 3 weeks ago

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

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 Savannah Britt owes about $27,000 …

Trump win clouds Biden's student debt cancellation efforts
4 months, 3 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 …

Trump’s win brings uncertainty to borrowers hoping for student loan forgiveness
4 months, 3 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 …

Economists welcome student debt repayment changes but say government could do better for students than slash HECS debt
4 months, 3 weeks ago

Economists welcome student debt repayment changes but say government could do better for students than slash HECS debt

ABC  

The federal government's plan to overhaul student loan repayments has received a mixed reception from economists, who say it misses the major problem with higher education costs. "Some people are paying part of their HECS debt when they don't have enough income to justify it, so that's the most important thing," the emeritus professor said. Dr Jackson said, from a …

Biden's Student Loan Repayment Plan Faces Legal Challenge as Court Sets Hearing
5 months ago

Biden's Student Loan Repayment Plan Faces Legal Challenge as Court Sets Hearing

CNN  

The 8th US Circuit Court of Appeals is set to rule on a Republican-led lawsuit challenging President Joe Biden's student loan repayment plan. The SAVE (Saving on a Valuable Education) plan lowers monthly payments and shortens the time it takes to receive student loan forgiveness. If allowed to move forward, the repayment plan could be the most significant change the …

The Biden administration has now canceled loans for more than 1 million public workers
5 months, 1 week ago

The Biden administration has now canceled loans for more than 1 million public workers

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 Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

My Family And I Were Trapped In A Financial Prison. Then I Received A 6-Word Letter That Changed My Life.
6 months ago

My Family And I Were Trapped In A Financial Prison. Then I Received A 6-Word Letter That Changed My Life.

Huff Post  

Three generations of women: the author in the middle, her mother on the left and her oldest daughter on the right. Your student loans have been forgiven.” Thanks to the Biden-Harris administration’s student loan forgiveness program, my monumental debt was erased. Biden’s student loan forgiveness didn’t just erase a number from my balance sheet — it gave me back my …

'Dangerous': Judge blocks student debt relief rule that doesn't exist yet
6 months, 3 weeks ago

'Dangerous': Judge blocks student debt relief rule that doesn't exist yet

Raw Story  

A Republican-appointed U.S. federal judge in Georgia raised eyebrows and objections Thursday after taking what observers called the "unprecedented" step of blocking a rule that hasn't even been finalized in order to stop the Biden administration from implementing a plan to deliver promised debt relief to millions of student borrowers. U.S. District Judge for the Southern District of Georgia James …

Supreme Court rebuffs Biden administration plea to restore multibillion-dollar student debt plan
7 months ago

Supreme Court rebuffs Biden administration plea to restore multibillion-dollar student debt plan

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 Supreme Court on Wednesday …

Supreme Court keeps on hold Biden’s scaled-down plan to reduce student loan debt
7 months ago

Supreme Court keeps on hold Biden’s scaled-down plan to reduce student loan debt

LA Times  

The Supreme Court denied an emergency appeal from the Biden administration, saying it would wait for a further ruling from a U.S. appeals court in St. Louis. The Supreme Court on Wednesday kept on hold a plan by President Biden to reduce student loan monthly payments for millions of borrowers and cancel loans after they have been paid on for …

Supreme Court won’t reinstate Biden’s loan repayment program
7 months 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 …

New Biden student loan repayment plan put on hold by appeals court
8 months, 1 week ago

New Biden student loan repayment plan put on hold by appeals court

LA Times  

President Biden’s efforts to relieve student debt have been bouncing among courts due to opposition from many GOP-led states. A federal appeals court has put a temporary hold on the Biden administration’s latest student loan repayment plan, leaving millions of borrowers in the dark about how to resolve their debts. The plan has helped “over 8 million borrowers access lower …

Biden administration cancels another $1.2bn in student loans for public service workers
8 months, 1 week ago

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

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is cancelling an additional $1.2bn in student …

Biden administration cancels another $1.2 billion in student loans for public service workers
8 months, 1 week 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
8 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
8 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
8 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 — …

Federal judges temporarily halt much of President Biden’s student debt forgiveness plan
9 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 …

Biden’s student loan work gets tepid reviews — even among those with debt, an AP-NORC poll finds
9 months, 2 weeks ago

Biden’s student loan work gets tepid reviews — even among those with debt, an AP-NORC poll finds

Associated Press  

WASHINGTON — As he campaigns for reelection, President Joe Biden frequently touts his work on student debt, pointing to the millions of people who received cancellation under his watch. After Biden’s first attempt at widespread student loan cancellation was struck down by the Supreme Court last year, he proposed a more targeted plan offering relief to certain categories of borrowers. …

Millions of Americans could see their Social Security retirement payments cut by $300 a month
9 months, 2 weeks ago

Millions of Americans could see their Social Security retirement payments cut by $300 a month

Daily Mail  

Millions of older Americans are facing a financial challenge which could threaten their retirement plans - outstanding student loan debt. If they still owe student loans when they retire, they risk up to 15 percent of their Social Security retirement payments being taken by the Government at source if they default on the debts. The weight of student debt is …

Overwhelmed by student loans? A free new California program can help you
9 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 …

Millions of Aussie students to be hit with debt increase tomorrow - but new law offers a silver lining
9 months, 4 weeks ago

Millions of Aussie students to be hit with debt increase tomorrow - but new law offers a silver lining

Daily Mail  

The average student debt of $26,494 will see an increase of $1,245 Three million students with a HECS-HELP debt will be slugged an increase on what they owe on Saturday. Students will have a 4.7 per cent indexation increase applied to their HECS debt and other higher education loans. Almost three million university students will have their student loan repayment, …

Biden administration cancelling student loans for another 160,000 borrowers
10 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
10 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
10 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 …

Discover Related