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Loan Repayment

All articles tagged with #loan repayment

education5 months ago

Education Department Suspends IBR Student Loan Forgiveness

The Department of Education has paused student loan forgiveness under the Income-Based Repayment (IBR) plan due to system updates related to court injunctions affecting other income-driven plans. Despite IBR being legally separate and not currently challenged in court, the department is not processing forgiveness, causing concern among borrowers eligible for discharge. The suspension is linked to broader disruptions in federal student loan programs, with upcoming legislative changes expected to alter repayment options and forgiveness policies.

via Forbes|
#court-challenges#department-of-education#education
education7 months ago

Key Student Loan Developments and Their Economic Impact

Recent months have seen significant changes and ongoing turmoil in the federal student loan system, including legal challenges, legislative proposals to overhaul repayment and forgiveness programs, regulatory moves by the Department of Education, and increased collection efforts on defaulted loans, affecting over 40 million borrowers with potentially costly consequences.

via Forbes|
#education#forgiveness#legislation
finance2 years ago

"Biden Expedites Student Loan Forgiveness for Select Borrowers"

President Biden announced that student borrowers who took out less than $12,000 in loans and have been in repayment for 10 years could have their remaining loan balance canceled immediately starting in February, as part of the new Saving on a Valuable Education (SAVE) plan. This plan aims to provide debt relief to community college borrowers, low-income borrowers, and those struggling to repay their loans, and links repayments to income, potentially lowering monthly payments to $0 for some borrowers. About 6.9 million borrowers are enrolled in the new plan, with approximately 3.9 million having monthly payments of $0.

via CBS News|
#biden-administration#debt-forgiveness#finance
politics2 years ago

"Fact check: Joe Biden's personal loan to his brother and the questions it raises"

Evidence reviewed by CNN supports Democrats' claim that there was a $200,000 loan from Joe Biden to his brother James Biden, as indicated by banking records obtained by the House Oversight Committee. The records show a $200,000 wire transfer from an attorney trust account co-founded by Joe Biden to James Biden, and a subsequent check from James Biden and his wife to Joe Biden marked as "loan repayment." While the evidence does not provide absolute certainty, it suggests that Joe Biden was behind the loan. The Republican committee has raised doubts about the evidence, but their arguments have significant holes.

via CNN|
#financial-records#house-oversight-committee#james-biden
education2 years ago

Understanding the Impact of Student Loan Payment Restart on the Economy

As the federal student loan payment pause ends, an estimated 44 million borrowers in the U.S. are expected to resume payments, with the total student loan debt balance surpassing $1.77 trillion. The average education debt for bachelor's degree students is $29,100, and under President Biden's plan, nearly 20 million borrowers could have their debts forgiven. However, the Supreme Court ruled against the $400 billion forgiveness plan. Disparities in student debt owed exist based on race and gender, with Black Americans and women having higher average debt levels. The COVID-19 relief measures reduced the share of borrowers behind on payments, but those with less education and attending private for-profit institutions were more likely to be behind.

via USA TODAY|
#education#financial-burden#loan-repayment
education2 years ago

Navigating the Impact of the Supreme Court's Student Debt Ruling

The U.S. Supreme Court's decision to strike down President Biden's plan to forgive up to $20,000 in student debt affects 1.4 million Texans, who will now have to resume making loan payments. However, a new loan repayment plan called the Saving on a Valuable Education (SAVE) plan is set to begin next year and offers features such as reduced monthly payments, interest forgiveness, and debt cancellation after 10 to 25 years. Advocacy groups are calling for better promotion of income-driven repayment plans, as many borrowers are unaware of their options. The SAVE plan aims to provide relief to low- to middle-income borrowers, but experts argue that more grants and increased funding for public universities are needed to address the root issue of high tuition fees and student debt.

via The Texas Tribune|
#biden-administration#debt-forgiveness#education
finance2 years ago

"Student Loan Repayment: Challenges and Preparation for Borrowers"

A new report from the Jain Family Institute reveals that much of the $1.8 trillion in student debt won't ever be repaid, and the government is poised to take a bath on its student loan portfolio. The report cites the ever-increasing cost of college, decreased state funding of higher education, stagnant wages, and more higher education requirements as factors contributing to non-repayment. The three-year payment pause has been a temporary reprieve, but once payments resume in October, all of the financial progress borrowers made over the past three-plus years will be reversed. The new income-driven repayment plan proposed by the Biden administration could exacerbate the non-repayment.

via Yahoo Finance|
#biden-administration#economic-well-being#finance
politics2 years ago

Senate overturns Biden's student loan program amidst debt ceiling debate.

The bipartisan debt ceiling deal approved by Congress prevents the Biden administration from extending the pause on federal student loan repayments, meaning repayments will resume 60 days after June 30, which is Aug. 29. For the more than 40 million Americans who hold federal student loans, the restart of payments is “going to be really jarring for families that haven’t had to worry about student loan payments for more than three years,” said Mike Pierce, the executive director of the Student Borrower Protection Center.

via PBS NewsHour|
#biden-administration#debt-ceiling#financial-services-companies
cryptocurrency2 years ago

DCG Fails to Make $630 Million Payment, Gemini Reports.

Digital Currency Group (DCG) missed a $630 million payment owed to Genesis, leading to a threat of legal action from Gemini CEO Cameron Winklevoss. Genesis, a DCG entity, filed for Chapter 11 bankruptcy amid allegations of mixed funds and ongoing disputes about loan repayments. Gemini is preparing to file a claim seeking the return of over $1.1 billion in digital assets from Genesis for its over 200,000 Earn users. DCG and Gemini are in discussions, but if no deal is reached, Gemini and other parties are proposing an amended reorganization plan with Genesis that doesn't require DCG's approval.

via CoinDesk|
#bankruptcy#cryptocurrency#digital-currency-group