Tag

Student Debt Relief

All articles tagged with #student debt relief

politics1 year ago•7 min saved

"Biden Administration's Student Debt Relief Plan Faces Legal Hurdles and Inflation Concerns"

The Biden-Harris Administration has released draft rules aimed at providing student debt relief to millions of borrowers, including proposals to cancel runaway interest, eliminate debt for borrowers who entered repayment at least 20 years ago, and assist those enrolled in low-financial-value programs or institutions. The rules will be open for public comment for 30 days, with the aim of finalizing them in time to start delivering relief this fall. The Administration has already taken historic action to approve debt cancellation for nearly 4.3 million borrowers, totaling $153 billion in debt forgiveness through various actions.

via US Department of Education|

#biden-harris-administration #borrowers #department-of-education

politics1 year ago•2 min saved

"Biden Unveils Ambitious Student Debt Relief Plan for Over 30 Million Borrowers"

President Biden is set to announce new plans to provide student debt relief, including canceling runaway interest for millions of borrowers and nullifying debt for those eligible for certain forgiveness programs. The administration's actions, in combination with previous efforts, aim to provide relief to over 30 million Americans, including eliminating accrued interest for 23 million borrowers and canceling the full amount of student debt for more than 4 million borrowers. The plans come after the Supreme Court struck down Biden's original proposal to cancel up to $20,000 in debt for about 43 million eligible borrowers and are part of efforts to address the disproportionate burden of student debt on vulnerable communities.

via NBC News|

#biden-administration #borrowers #higher-education

politics1 year ago•2 min saved

"Biden Expands Student Debt Relief Plan for Millions of Borrowers"

The Biden administration has announced new student loan plans that could provide relief to millions of Americans, including $20,000 in loan forgiveness for balances that have grown due to unpaid interest, automatic debt relief for those who qualify under certain programs, and relief for those enrolled in low-financial-value education programs or experiencing financial hardship. The administration estimates that more than 30 million Americans would benefit from these plans, with a focus on helping Black and Latino borrowers and those who attended community college. If finalized, the plans would begin this fall, but they are likely to face legal challenges.

via The Hill|

#biden-administration #education #financial-hardship

politics1 year ago•5 min saved

"Biden's Push for Student Debt Relief Gains Momentum in Wisconsin and Chicago"

President Biden is set to announce a new plan to ease student loan debt for millions in Wisconsin, following primary voting that revealed warning signs for the Democratic party. The plan, which aims to cancel some or all federal student loans for over 30 million Americans, will be unveiled in Madison, Wisconsin, and is expected to target specific categories of borrowers through the Higher Education Act. This announcement comes after concerns were raised about Biden's support in Wisconsin, with a significant number of Democratic voters choosing "uninstructed" in the recent primary elections.

via The Associated Press|

#democratic-primary #higher-education #joe-biden

education1 year ago•4 min saved

"Biden Unveils Student Loan Debt Relief Plan for 30 Million Americans"

The Biden administration has unveiled a new plan to eliminate student debt for millions of Americans, offering targeted relief to specific groups of borrowers, including those who've carried debt for many years and those struggling to make payments. The plan aims to cancel up to $20,000 in interest for any borrower, with additional relief for low and middle-income borrowers enrolled in income-driven repayment plans. It also includes automatic discharge for eligible borrowers and relief for long-time borrowers and those experiencing economic hardship. The Education Department must gather public comment on the proposal before issuing a final version of its plan, and it is expected to face legal challenges.

via NPR|

#biden-administration #economic-hardship #education

education1 year ago•5 min saved

"Biden Administration Forgives $5.8 Billion in Student Debt for 78,000 Public Service Workers"

The Biden-Harris Administration has approved an additional $5.8 billion in student loan debt relief for 77,700 borrowers, bringing the total loan forgiveness to $143.6 billion for 3.96 million Americans. This includes fixes to the Public Service Loan Forgiveness (PSLF) program, with nearly 380,000 public service workers set to receive forgiveness within two years. The Administration has also provided relief through income-driven repayment plans and for borrowers affected by school-related issues, totaling $45.6 billion and $22.5 billion respectively.

via US Department of Education|

#biden-harris-administration #borrowers #education

education-finance1 year ago•4 min saved

"Biden's Student Loan Forgiveness Initiatives: Impact and Implications"

The Biden administration's Student Aid Verification for Equity (SAVE) plan has provided 4.3 million borrowers with $0 monthly payments for the next year, allowing them to effectively not pay their student loans for a year. The plan calculates payments based on income and family size, with an expanded income exemption of 225% of the federal poverty limit. Borrowers can also qualify for student loan forgiveness after a certain number of years in repayment, with even $0 payments counting toward forgiveness.

via Forbes|

#biden-administration #education-finance #income-driven-repayment

politics1 year ago•4 min saved

"Biden's Student Debt Relief: A Game-Changer for Dream Pursuers"

President Biden announced a new student debt relief plan benefiting 153,000 borrowers enrolled in the SAVE repayment program, emphasizing its potential to help individuals pursue their dreams. The plan includes forgiveness of unpaid interest, reduced monthly payments, and aims to make 85% of community college students debt-free within 10 years. Biden's efforts to address student debt on the campaign trail come after the Supreme Court overturned his previous debt relief policy, and the administration is working on a new proposal that could provide relief to a wide range of borrowers based on individual circumstances.

via ABC News|

#2024-campaign #borrowers #education

politics1 year ago•4 min saved

"Biden's Ongoing Efforts in Student Debt Relief"

President Joe Biden announced the cancellation of an additional $1.2 billion in student debt for about 153,000 borrowers, emphasizing the impact on empowering recipients to pursue homeownership, start families, and contribute to the economy. The move is part of Biden's efforts to appeal to younger voters ahead of the 2024 election, as surveys show his support among this demographic has decreased. The White House has been more discreet about event locations following protests, and Biden remains committed to using executive power to ease debt burdens despite potential opposition from the courts.

via NBC News|

#2024-election #executive-actions #joe-biden

politics1 year ago•3 min saved

"Biden Administration Forgives $1.2 Billion in Student Loans for 153,000 Borrowers"

President Joe Biden will announce $1.2 billion of student debt relief for nearly 153,000 borrowers and will send emails to ensure they know about it. The relief covers borrowers enrolled in Biden’s new loan repayment program, who initially borrowed $12,000 or less and have been repaying their debt for at least 10 years. The administration has approved loan discharges totaling nearly $138 billion for nearly 3.9 million borrowers through various administrative actions. The latest tranche of loan forgiveness is part of Biden’s new loan repayment program, known as the SAVE plan, which offers lower monthly payments based on borrowers’ income and an easier path to debt cancellation after years of payments.

via POLITICO|

#education #joe-biden #loan-forgiveness

education2 years ago•1 min saved

"Biden's $9 Billion Student Debt Relief: A Boost for Borrowers"

President Joe Biden has announced an additional $9 billion in student debt relief for 125,000 borrowers, bringing the total approved debt cancellation by his administration to $127 billion for nearly 3.6 million Americans. The new measures include debt relief for borrowers under Public Service Loan Forgiveness programs, fixes to "income-driven repayment" for eligible borrowers, and discharge for borrowers with disabilities. Biden emphasized the importance of this relief for individuals and the economy as a whole.

via Reuters|

#borrowers #education #income-driven-repayment

education2 years ago•2 min saved

US Court Blocks Biden's Student Loan Forgiveness Plan, Facing Lawsuits

The New Orleans-based 5th U.S. Circuit Court of Appeals has blocked the Biden administration from implementing a rule that would make it easier for defrauded students to have their loans forgiven. The rule, which was challenged by a trade group representing for-profit colleges, would provide greater grounds for borrowers to seek debt relief in cases of fraud. The court's decision comes after the Supreme Court blocked Biden's plan to cancel $430 billion in student loan debt. The Education Department is reviewing the order and remains committed to holding predatory colleges accountable and providing relief to cheated borrowers.

via Reuters|

#biden-administration #education #education-department

education2 years ago•2 min saved

Biden's Targeted Student Debt Relief Plan: Cost, Legalities, and Progress

The Biden administration is working on a new debt relief program aimed at helping borrowers who need it the most after the Supreme Court rejected their initial plan to cancel student debt. The Education Department held a public hearing to begin the process of crafting new regulations under the Higher Education Act. Details about the structure of the new program have not been provided, and it remains uncertain if borrowers promised relief under the first program will still be eligible. The undersecretary of education emphasized the need to address unaffordable debts and structural issues in higher education financing, acknowledging that the regulatory process will take several months.

via POLITICO|

#biden-administration #borrowers #debt-cancellation

education2 years ago•3 min saved

"Biden administration grants $39 billion student debt relief to over 800,000 borrowers"

The Biden administration announced that $39 billion in student debt will be forgiven for 804,000 borrowers in the coming weeks due to fixes in the counting of qualified monthly payments under existing income-driven repayment plans. This action addresses past administrative failures and errors that miscounted qualifying payments. Since taking office, President Biden's administration has approved $116.6 billion in student debt relief for over 3.4 million Americans. Despite legal challenges and criticism from Republicans, the administration continues to pursue avenues for debt cancellation and easier loan forgiveness. The Department of Education is also implementing a new income-driven repayment plan called SAVE, which will cut monthly bills in half and cancel remaining debt after 10 years of payments.

via CNN|

#biden-administration #borrowers #department-of-education

politics2 years ago•7 min saved

"Examining the Potential Success and Flaws of Joe Biden's Latest Student Debt Relief Plan"

President Joe Biden plans to pursue an alternate legal pathway to large-scale student debt cancellation after the Supreme Court struck down his initial plan. The administration will use its powers under the Higher Education Act to seek debt relief, a route that many progressives favored. The HEA grants the Secretary of Education the power to "compromise, waive, or release" claims against student borrowers, potentially allowing for mass cancellation of debt. The new plan benefits from its lack of connection to the pandemic and may avoid the "major questions" trap that doomed the previous program. However, the success of this plan is uncertain, as it still faces potential legal challenges and the clock is ticking to wrap up the program within the next two and a half years.

via Slate|

#higher-education-act #joe-biden #miguel-cardona