Student loan payment pause ends soon, prepare for financial changes!
1 year, 7 months ago

Student loan payment pause ends soon, prepare for financial changes!

Hindustan Times  

In a significant development, Speaker Kevin McCarthy has announced that the student loan payment pause will come to an end as part of the debt ceiling deal reached between him and President Biden. This news comes as a surprise to many borrowers who have been benefiting from the student loan payment pause implemented during the pandemic. According to McCarthy, the reason behind ending the student loan payment pause is that President Biden had initially waived certain portions of student loan debt unconstitutionally. Keeping abreast of the latest information and seeking personalized advice will be key to ensuring a smooth transition as the student loan payment pause comes to an end.

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History of this topic

Many student loans bills could double under Trump: report
1 month, 1 week 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 …

Biden's Student Loan Repayment Plan Faces Legal Challenge as Court Sets Hearing
2 months, 2 weeks 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 …

Supreme Court keeps on hold Biden’s scaled-down plan to reduce student loan debt
4 months, 1 week 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 …

New Biden student loan repayment plan put on hold by appeals court
5 months, 3 weeks 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 …

Student loan borrowers can slash their monthly payments — for now. Here’s what to know
6 months, 1 week 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 …

More student loan forgiveness available, but April 30 deadline looms
8 months, 1 week 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, 4 weeks 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 …

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

Republican states file lawsuit challenging Biden’s student loan repayment plan
9 months, 1 week ago

Republican states file lawsuit challenging Biden’s student loan repayment plan

Associated Press  

TOPEKA, Kan. — A group of Republican-led states is suing the Biden administration to block a new student loan repayment plan that provides a faster path to cancellation and lower monthly payments for millions of borrowers. It argues that the new plan is no different from Biden’s first attempt at student loan cancellation, which the Supreme Court rejected last year. …

The case for no candidate like Biden ever again
9 months, 3 weeks 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
55 years 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, 2 weeks 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, 2 weeks 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 Admin Will Start Canceling Student Loans For Some Borrowers In February
11 months, 4 weeks 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, 4 weeks 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, 4 weeks 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 …

Biden administration is moving toward a narrower student loan relief targeting groups of borrowers
1 year, 2 months 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, 2 months 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, 2 months 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, 3 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, 3 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 …

Why is the Biden administration forgiving student debt?
1 year, 3 months ago

Why is the Biden administration forgiving student debt?

Al Jazeera  

US President Joe Biden has announced a new round of federal student loan forgiveness to address the “unsustainable debt” that borrowers accumulate to complete their college education. Student loan repayments restarted this month after being frozen since the COVID pandemic, and the Biden administration has adjusted earlier proposals that were rejected, to help relieve student debt. “It is unconscionable that, …

Biden announces more student debt relief as payments resume after pandemic pause
1 year, 3 months ago

Biden announces more student debt relief as payments resume after pandemic pause

LA Times  

President Biden announced another round of federal student loan forgiveness on Wednesday as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic. The president has been relying on a patchwork of different programs to chip away at debt, such as public service loan forgiveness and the SAVE plan — Saving on a Valuable …

Biden is trying again on student loan forgiveness. Here’s where the process stands
1 year, 3 months ago

Biden is trying again on student loan forgiveness. Here’s where the process stands

Associated Press  

NEW YORK — President Joe Biden is making another attempt at student loan cancellation after the Supreme Court ruled earlier this year that his administration couldn’t forgive $400 billion in student loan debt using a 2003 law called the HEROES Act. “The HEA gives the Secretary of Education the authority to ‘enforce, pay, compromise, waive, or release any right, title, …

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
1 year, 3 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 …

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
1 year, 3 months ago

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

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. “If they were forgiven out of the blue, I'd …

How new borrowers can prepare for their first student loan payment
1 year, 3 months ago

How new borrowers can prepare for their first student loan payment

NPR  

How new borrowers can prepare for their first student loan payment Enlarge this image toggle caption Paras Griffin/Getty Images Paras Griffin/Getty Images Roughly 7 million federal student loan borrowers are new enough to the system that they have never had to make a payment on their loans. That changes in October, when loan payments come due after a years-long pandemic …

Biden Has a Plan B for Student-Loan Forgiveness. The Courts Could Kill It, Too.
1 year, 3 months ago

Biden Has a Plan B for Student-Loan Forgiveness. The Courts Could Kill It, Too.

Live Mint  

WASHINGTON—President Biden says he hasn’t given up on large-scale student-loan forgiveness. Legal scholars and activists said using the Higher Education Act to forgive student loans offers the administration a better chance of prevailing in the courts because the authority to cancel debt is more clearly enumerated than it is in the law Biden relied on the first time around. Several …

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 …

Biden's New SAVE Plan Could Cut Your Student Loan Payments By Hundreds. But Do You Qualify?
1 year, 4 months ago

Biden's New SAVE Plan Could Cut Your Student Loan Payments By Hundreds. But Do You Qualify?

Huff Post  

OLIVIER DOULIERY via Getty Images President Joe Biden announced his first plan for student loan relief in August 2022, but it was overturned by conservative members of the Supreme Court. The restart of student loan payments was meant to follow the rollout of President Joe Biden’s widespread loan forgiveness plan, which more than 26 million borrowers had applied for once …

Explained | The U.S. student loan crisis and Joe Biden’s new cancellation plan
1 year, 6 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, 6 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, 6 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 …

Biden offers new student debt relief plan, lashes out at GOP after Supreme Court ruling
1 year, 6 months ago

Biden offers new student debt relief plan, lashes out at GOP after Supreme Court ruling

Associated Press  

WASHINGTON — President Joe Biden vowed Friday to push ahead with a new plan providing student loan relief for millions of borrowers, while blaming Republican “hypocrisy” for triggering the day’s Supreme Court decision that wiped out his original effort. Biden said his administration had already begun the process of working under the authority of the Higher Education Act of 1965, …

Supreme Court’s student loan ruling dealt Biden a setback. Here’s his new plan
1 year, 6 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, 6 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 …

Biden’s student loan forgiveness program was rejected by the Supreme Court. Here’s what borrowers need to know
1 year, 6 months ago

Biden’s student loan forgiveness program was rejected by the Supreme Court. Here’s what borrowers need to know

CNN  

Washington CNN — The Supreme Court struck down President Joe Biden’s student loan forgiveness program Friday, blocking millions of borrowers from receiving up to $20,000 in federal student debt relief, just months before student loan payments are set to restart after a yearslong pause. Ways borrowers can still seek debt relief The Biden administration has made it easier for many …

Here’s when your student loan payments will start again
1 year, 6 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 …

What should borrowers do now that Biden’s college debt forgiveness plan is dead?
1 year, 6 months ago

What should borrowers do now that Biden’s college debt forgiveness plan is dead?

LA Times  

Student debt relief advocates gather outside the Supreme Court on Feb. 27 ahead of arguments over President Biden’s loan forgiveness plan. President Biden plans to do just that; the White House said Friday that the Education Department started developing a new rule under the Higher Education Act “aimed at opening an alternative path to debt relief for as many borrowers …

Supreme Court kills Biden's student debt plan in a setback for millions of borrowers
1 year, 6 months ago

Supreme Court kills Biden's student debt plan in a setback for millions of borrowers

NPR  

Supreme Court kills Biden's student debt plan in a setback for millions of borrowers Enlarge this image toggle caption Bloomberg/Bloomberg via Getty Images Bloomberg/Bloomberg via Getty Images Follow NPR's live coverage for the latest updates and reaction to this opinion. In a highly anticipated decision, the Supreme Court on Friday struck down President Biden's groundbreaking plan to forgive some or …

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 — 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% …

Congress Just Upended the Legal Case Against Biden’s Student Debt Relief Plan
1 year, 7 months ago

Congress Just Upended the Legal Case Against Biden’s Student Debt Relief Plan

Slate  

This piece is a part of Opinionpalooza! Some on the court have claimed this doctrine ensures that lawmaking power “remains where Article I of the Constitution says it belongs—with the people’s elected representatives.” If the lawmaking power is to remain with the “people’s elected representatives” instead of unelected judges, then the student loan payment provisions of the recent debt ceiling …

Student loan payments will start again soon. The Supreme Court’s ruling means higher bills for many
1 year, 7 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 …

Here’s how to prepare to start paying back your student loans when the pandemic payment freeze ends
1 year, 7 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 …

Student loan dilemma rises again as debt ceiling deal unveils surprises. Here's all you need to know
1 year, 7 months ago

Student loan dilemma rises again as debt ceiling deal unveils surprises. Here's all you need to know

Hindustan Times  

As the bipartisan bill to raise the debt ceiling approaches becoming law, college students and graduates across the nation are anxiously awaiting news about the future of their student loans. In this article, we will explore the potential implications of the debt ceiling deal on student loan borrowers and shed light on the challenges they may face. The debt ceiling …

Is Student Debt Forgiveness Happening or What?
1 year, 7 months ago

Is Student Debt Forgiveness Happening or What?

Slate  

Over the past few weeks, you may have seen headlines swirling about President Joe Biden’s student debt forgiveness plan. Chief Justice John Roberts noted at three different points that if implemented, the White House’s proposed debt forgiveness plan would cost half a trillion dollars, which he felt is a pretty significant amount of money to spend without congressional approval. Legislation …

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