For many with student loans, the interest hurts the most. This congressman would know
2 years, 3 months ago

For many with student loans, the interest hurts the most. This congressman would know

LA Times  

Forty-three million Americans owe a collective $1.6 trillion in federal student loan debt. “That includes drastically increasing Pell Grants, reforming our college accountability system to hold bad actors accountable, and eliminating federal interest for future borrowers.” Rep. Eric Swalwell, at home with his family, said he supports Biden’s plan on student loans but says it fails to address the long-term burden of debt. “We’re asking the American people to pay for those loans.” Kuipers said he attended the Union City town hall to hear from Swalwell, though he is a staunch conservative. On the other end of the spectrum, Annie Koruga, an East Bay progressive activist and community college student who also attended the town hall, said they think both Swalwell’s plan and Biden’s strategy to forgive $10,000 for people who make a certain amount, are “piecemeal, drop-in-the-bucket solutions to a very, very, very large problem.” “My mom did everything she was supposed to, got her degree and still, decades after she graduated, is still paying off student loans,” they said. “What I think is really interesting about is it is actually cognizant, and reflective of, the fact that what has really burdened a lot of people is the interest rate,” said Elizabeth Tandy Shermer, a history professor at Loyola University Chicago and author of “Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt.” There are dozens of similar bills in Congress now that would create more transparency or tweak current programs that offer loan forgiveness to medical professionals or others in public service roles, and others that would overhaul some aspect of the current social safety net.

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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 …

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 …

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 …

Biden’s student loan work gets tepid reviews — even among those with debt, an AP-NORC poll finds
6 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. …

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 massive bid to wipe student loan debt for 30 MILLION Americans: President plans to cancel unpaid interest for 23 million borrowers and erase all costs for four million who have been paying for
8 months, 2 weeks ago

Biden's massive bid to wipe student loan debt for 30 MILLION Americans: President plans to cancel unpaid interest for 23 million borrowers and erase all costs for four million who have been paying for

Daily Mail  

Goal is for the administration to start canceling debt under the plans this fall Plan includes debt cancelation for undergraduates who entered repayment 20 or more years ago and graduate students who entered repayment 25 years ago Borrowers could see up to $20,000 in unpaid student loan interest erased The Biden administration unveiled its latest effort to cancel millions in …

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 …

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 …

6 Questions to Ask Before Taking College Loans in 2024-25
1 year, 2 months ago

6 Questions to Ask Before Taking College Loans in 2024-25

Live Mint  

If you’re thinking about a college loan for next fall, it’s time to start looking at your options. Federal student loans can have several advantages, including lower interest rates than some other options, particularly when the borrower doesn’t have stellar credit. When larger loans are being sought, another federal product, a Parent Plus loan, is generally available to parents who …

‘We’re not done yet,’ Joe Biden waves off $9 Billion student loan with a catch
1 year, 2 months ago

‘We’re not done yet,’ Joe Biden waves off $9 Billion student loan with a catch

Hindustan Times  

President Joe Biden outlined a new round of federal student loan forgiveness on Wednesday to address the “unsustainable debt” that borrowers accumulate to complete their college education. U.S President Joe Biden is announcing an additional $9 billion in student debt relief for 125,000 more Americans, bringing the total debt relief to $127 billion for nearly 3.6 million Americans, according to …

The US is forgiving more federal student loans in a bid to tackle ‘unsustainable debt’ for borrowers
1 year, 2 months ago

The US is forgiving more federal student loans in a bid to tackle ‘unsustainable debt’ for borrowers

Associated Press  

WASHINGTON — President Joe Biden outlined a new round of federal student loan forgiveness on Wednesday to address the “unsustainable debt” that borrowers accumulate to complete their college education. Biden said the decision was responsible for “snatching from the hands of millions of Americans thousands of dollars of student debt relief that was about to change their lives.” He has …

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 …

Biden's New SAVE Plan Could Cut Your Student Loan Payments By Hundreds. But Do You Qualify?
1 year, 3 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 …

Supreme Court’s student loan decision will lower US deficit according to new White House projection
1 year, 4 months ago

Supreme Court’s student loan decision will lower US deficit according to new White House projection

Associated Press  

WASHINGTON — The Supreme Court ruling that upended President Joe Biden’s plan to forgive student loan debt changed his budget math, modestly lowering the projected deficit for this year, his budget office reported Friday. The Office of Management and Budget’s Mid-Session Review represents the administration’s first recalculations of the loan program since the court’s June decision, which will affect millions …

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 …

What will Biden’s new plan mean for borrowers set to begin paying back their student loans?
1 year, 5 months ago

What will Biden’s new plan mean for borrowers set to begin paying back their student loans?

Associated Press  

NEW YORK — Following the Supreme Court’s decision to effectively kill Biden’s earlier student debt forgiveness proposal, the White House is trying again to ease the burden on those carrying student loans using a different legal approach. Biden said the authority of the act will provide “the best path that remains to provide as many borrowers as possible with debt …

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 …

Supreme Court strikes down Biden’s plan to cancel student loan debts
1 year, 5 months ago

Supreme Court strikes down Biden’s plan to cancel student loan debts

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 US Supreme Court has struck down president Joe Biden’s …

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 …

Supreme Court could soon rule on Biden’s student loan forgiveness program. Here’s what borrowers need to know
1 year, 6 months ago

Supreme Court could soon rule on Biden’s student loan forgiveness program. Here’s what borrowers need to know

CNN  

Washington CNN — Millions of borrowers may learn soon whether they could receive up to $20,000 in debt relief under President Joe Biden’s student loan forgiveness program. The forgiveness program, which is estimated to cost about $400 billion, would fulfill Biden’s campaign promise to cancel some student loan debt and would delight progressives, as well as put some borrowers in …

Large-scale subsidies benefit students in need
1 year, 6 months ago

Large-scale subsidies benefit students in need

China Daily  

China has subsidized over 20 million college students from families with financial problems by granting them soft loans totaling over 400 billion yuan, according to the Ministry of Education. The nation began granting State-level student loans in 1999 and during the initial phase of the policy implementation, full-time vocational, undergraduate students and postgraduate students could apply for a loan of …

Large-scale subsidies benefit students in need
1 year, 6 months ago

Large-scale subsidies benefit students in need

China Daily  

China has subsidized over 20 million college students from families with financial problems by granting them soft loans totaling over 400 billion yuan, according to the Ministry of Education. The nation began granting State-level student loans in 1999 and during the initial phase of the policy implementation, full-time vocational, undergraduate students and postgraduate students could apply for a loan of …

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 …

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 …

Supreme Court seems ready to reject student loan forgiveness
1 year, 9 months ago

Supreme Court seems ready to reject student loan forgiveness

Associated Press  

WASHINGTON — Conservative justices holding the Supreme Court’s majority seem ready to sink President Joe Biden’s plan to wipe away or reduce student loans held by millions of Americans. In arguments lasting more than three hours Tuesday, Chief Justice John Roberts led his conservative colleagues in questioning the administration’s authority to broadly cancel federal student loans because of the COVID-19 …

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 …

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 …

Biden facing pressure to extend student loan payment pause
2 years, 1 month ago

Biden facing pressure to extend student loan payment pause

Associated Press  

WASHINGTON — In the days and weeks before the midterm election, President Joe Biden trumpeted his plan to cancel billions in student loans as he rallied young people to support Democrats. “We bear no blame in this broken system.” The impasse has left the White House in a bind over whether to extend the moratorium if the legal battle drags …

Biden facing pressure to extend student loan payment pause
2 years, 1 month ago

Biden facing pressure to extend student loan payment pause

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We bear no blame in this broken system.” …

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 …

Biden’s student-loan forgiveness test: Processing millions of applications
2 years, 2 months ago

Biden’s student-loan forgiveness test: Processing millions of applications

Live Mint  

WASHINGTON : The Biden administration is gearing up for a major test of the federal government’s bureaucracy: tens of millions of applications for student debt relief. Previous student loan programs have been marked by delays and confusion, such as a loan-forgiveness program for people with public-service jobs that the Biden administration overhauled last year, after the Education Department revealed that …

CBO: Biden’s student debt plan would cost $400 billion
2 years, 2 months ago

CBO: Biden’s student debt plan would cost $400 billion

Associated Press  

President Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office. The Biden administration previously estimated the plan would cost about $24 billion a year over the next 10 years — about $240 billion for the decade — while other estimates …

Biden’s student-debt-forgiveness plan may cost up to $1 trillion
2 years, 3 months ago

Biden’s student-debt-forgiveness plan may cost up to $1 trillion

Live Mint  

President Biden’s plan to cancel student debt and modify payments for millions of Americans could cost as much as $1 trillion, according to budget analysts, challenging the administration’s efforts to scale down the federal deficit. The White House hasn’t released comparable estimates of the policy’s total cost, though it said the debt-cancellation portion of the plan alone would reduce revenue …

Student-loan forgiveness: Who qualifies for plan, what it means for borrowers
2 years, 3 months ago

Student-loan forgiveness: Who qualifies for plan, what it means for borrowers

Live Mint  

President Biden’s student-loan plan will reduce or wipe out the debt of millions of borrowers. Many borrowers will be eligible for total forgiveness up to $20,000 if they received Pell Grants, a form of federal financial aid awarded to students from low-income households. Borrowers with federal student-loan debt are eligible for up to $10,000 in relief if they earn less …

Student-loan forgiveness: who qualifies for Biden’s plan, and what it holds
2 years, 3 months ago

Student-loan forgiveness: who qualifies for Biden’s plan, and what it holds

Live Mint  

President Biden’s student-loan plan will reduce or wipe out the debt of millions of borrowers. Many borrowers will be eligible for total forgiveness up to $20,000 if they received Pell Grants, a form of federal financial aid awarded to students from low-income households. Borrowers with federal student-loan debt are eligible for up to $10,000 in relief if they earn less …

Biden’s student loan plan: What we know (and what we don’t)
2 years, 3 months ago

Biden’s student loan plan: What we know (and what we don’t)

Associated Press  

NEW YORK — Under a new plan announced by President Joe Biden, many Americans can have up to $10,000 in federal student loan debt forgiven. Here’s what we know so far and what it means for people with outstanding student loans: WHO QUALIFIES FOR STUDENT LOAN FORGIVENESS? 📣 We’re going live on Twitter Spaces to talk about the new student …

Student loan relief highlights burden on Black borrowers
2 years, 3 months ago

Student loan relief highlights burden on Black borrowers

Associated Press  

Gabrielle Perry, a 29-year-old epidemiologist in New Orleans, expects $20,000 of her $135,000 student loan debt to be wiped out under the plan announced this week by President Joe Biden. So your quote-unquote wealth doesn’t even have time to be built because you’re trying to help your family survive.” Black borrowers on average carry about $40,000 in federal student loan …

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