Tag

Student Loan Debt Relief

All articles tagged with #student loan debt relief

consumer-protection2 years ago•2 min saved

FTC and DOJ Issue $9 Million in Refunds for Student Loan Debt Relief Scam

The Federal Trade Commission (FTC) and the Department of Justice (DOJ) are distributing over $9 million in refunds to consumers who fell victim to a student loan debt relief scheme operated by Ameritech Financial. The scheme involved illegal upfront fees and false claims about monthly membership fees. Brandon Frere, the operator of the scheme, was convicted of criminal charges. The refunds are a result of settlements reached before the Supreme Court ruled that the FTC lacks authority to seek monetary relief in federal court. The FTC has called on Congress to restore its ability to provide refunds to consumers.

via Federal Trade Commission News|

#ameritech-financial #consumer-protection #doj

politics2 years ago•2 min saved

"Biden's Student Loan Debt Relief Plan Faces Setbacks and Controversy"

After the Supreme Court rejected President Biden's student loan debt cancellation plan, he has initiated a new plan to cancel borrowers' debt through the negotiated rulemaking process outlined in the Higher Education Act of 1965. The process involves representatives for students, higher education institutions, and other stakeholders negotiating a proposed rule with the Education Department. The White House has also introduced a new repayment plan and a yearlong "on-ramp" to prevent default for borrowers who miss payments. The COVID-19-era pause on federal student loan debt repayment is set to end in September, with payments resuming in October. While the new plan may face legal challenges, Biden is determined to pursue student debt relief.

via New York Daily News|

#biden #higher-education-act #negotiated-rulemaking-process

politics2 years ago•1 min saved

"President Biden's Response to Supreme Court's Student Loan Debt Relief Decision"

President Joe Biden expresses disappointment over the Supreme Court's decision to strike down his administration's student debt relief plan, emphasizing that it would have provided much-needed assistance to millions of hardworking Americans. He criticizes Republican elected officials for their hypocrisy in supporting pandemic-related loans to businesses while opposing relief for individuals. Despite the setback, Biden vows to continue finding alternative ways to deliver relief to middle-class families and highlights other measures his administration has taken to support students. He promises to provide more details on these efforts in his upcoming address to the nation.

via The White House|

#economic-growth #joe-biden #politics

education2 years ago•4 min saved

Supreme Court Ruling Impacts Biden's Student Loan Plan and Debt Relief Actions

President Biden and Vice President Harris are taking new actions to provide debt relief and support for student loan borrowers. The Secretary of Education has initiated a rulemaking process to open an alternative path to debt relief for working and middle-class borrowers, while the Department of Education has finalized the most affordable repayment plan ever created, cutting borrowers' monthly payments in half and allowing many to make $0 monthly payments. Additionally, the Department is implementing a 12-month "on-ramp" to repayment to protect financially vulnerable borrowers from the consequences of missed payments. These actions build on the administration's efforts to make college more affordable and manageable for students and have already included increases to Pell Grants, fixing broken loan programs, and approving loan cancellation for millions of borrowers.

via The White House|

#biden-administration #debt-repayment #education