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Loan Relief

All articles tagged with #loan relief

finance2 years ago

Record Drop in Student Loan Debt and Surge in Credit Card Debt: A Financial Snapshot

Student loan debt in the US experienced a record decrease of $27.8 billion in the third quarter, the largest drop since the Federal Reserve began tracking student debt in 2006. The decline was attributed to federal loan forgiveness for certain borrowers and borrowers repaying ahead of the restart of required payments on federal loans. However, despite the decrease, the total student loan debt still stands at $1.7 trillion. The Biden administration is working on a new federal loan forgiveness program, set to be finalized next year, to further reduce student loan debt.

via Investopedia|
#biden-administration#debt-forgiveness#federal-reserve
education2 years ago

Navigating the Current Student Loan Interest Rate Landscape

The interest rates on new federal student loans will increase by about half a percentage point from their current levels starting July 1, with undergraduate student loans facing the highest level since 2013. The changes affect only new federal student loans, not existing loans. Loan relief ongoing: The interest rate on all federally-held student loans has been set to zero since March 2020 under the freeze on student loan payments, which the Biden administration has extended repeatedly.

via POLITICO|
#biden-administration#college-education#education
education2 years ago

Supreme Court upholds $6 billion student loan debt settlement.

The Supreme Court has declined to halt a legal settlement that would cancel over $6 billion in student loan debt from borrowers who claim they were misled by their schools, mostly for-profit institutions. The settlement was reached last year after a class-action suit from nearly 200,000 borrowers against the Department of Education in 2019. The decision is not related to a challenge to President Biden's attempts to cancel up to $20,000 in student loan debt for 40 million Americans.

via The Hill|
#education#for-profit-institutions#legal-settlement