student loans

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Involuntary Collection Resuming for Student Loans in Default

Millions could potentially see their wages garnished

(Newser) - The Education Department will begin collection next month on student loans that are in default, including the garnishing of wages for potentially millions of borrowers, officials said Monday. Currently, roughly 5.3 million borrowers are in default on their federal student loans. The Trump administration 's announcement marks an...

Almost 10M Student Loan Borrowers Are Past Due

Their credit scores could soon drop by more than 150 points

(Newser) - The credit scores of almost 10 million people are about to take a massive hit, the Federal Reserve Bank of New York warns in its latest update on student loans . The New York Fed estimates that 9.7 million student loan borrowers became past due on their payments after September...

Trump: SBA Will Handle Student Loans Going Forward

His announcement comes as agency says it will cut 43% of jobs

(Newser) - The Small Business Administration's 6,500 workers make up less than half a percent of the entire federal workforce, per CBS News —and that figure is set to shrink. The agency on Friday announced that it planned to cut its workforce by 43%, for an eventual annual cost...

Trump Moves to Limit Public Service Loan Forgiveness

Order denies student loan relief to nonprofit workers engaged in 'improper' activity

(Newser) - President Trump is ordering changes to the Public Service Loan Forgiveness program that would disqualify workers of nonprofit groups deemed to have engaged in "improper" activities. An executive order signed Friday directs the Education Department to modify the program to deny loan relief to some borrowers. It would exclude...

Biden Cancels Another $1.2B in Student Loans

Move affects public service workers including teachers, firefighters

(Newser) - The Biden administration is cancelling an additional $1.2 billion in student loans for borrowers who work in public service through changes to an existing forgiveness program.The relief for roughly 35,000 borrowers was announced Thursday by the Education Department and made through changes to the Public Service Loan...

Judges in 2 States Halt Chunk of Biden Loan Forgiveness Plan

Kansas, Missouri earn temporary victory that puts the kibosh on key parts of student loan program

(Newser) - Federal judges in Kansas and Missouri on Monday together blocked much of a Biden administration student loan repayment plan that provides a faster path to cancellation and lower monthly payments for millions of borrowers. The judges' rulings prevent the US Department of Education from helping many of the intended borrowers...

160K Student Borrowers Just Got Good News

Biden administration is moving to cancel a new round of student debt

(Newser) - The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs. The Education Department announced the latest round of cancellation on Wednesday, reports the AP , saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said...

317K People See Their Student Loans Erased

Former students of the for-profit Art Institutes see loans canceled, payments refunded

(Newser) - The Biden administration on Wednesday said it will cancel $6 billion in student loans for people who attended the Art Institutes, a system of for-profit colleges that closed the last of its campuses in 2023 amid accusations of fraud. Saying the chain lured students with "pervasive" lies, the Education...

'Plan B' to Cancel Interest for Half of Those in Student Debt

Biden administration's revamped plan will test the 1965 Higher Education Act

(Newser) - More than 25 million people with student debt could see some of that debt forgiven under new plans laid out Monday by the Biden administration. Narrower than the effort struck down by the Supreme Court as unconstitutional , "Plan B" targets the 25 million borrowers who owe more money now...

153K People Got a Welcome Email From Biden Today
153K People Got
a Pleasant Email
From Biden Today
the rundown
Feb 21, 2024 9:50 AM CST

153K People Got a Pleasant Email From Biden Today

The recipients will see their $1.2B in student debt forgiven

(Newser) - Some 153,000 people got an email from President Biden on Wednesday, and regardless of their politics, it's likely one they were thrilled to get. The Department of Education says the email informs those borrowers that their student loan debt will be forgiven—some $1.2 billion in total....

Biden Speeds Up Plan for Student Loan Forgiveness

Some borrowers could receive relief starting in February

(Newser) - The Biden administration will start canceling student loans for some borrowers in February as part of a new repayment plan that's taking effect nearly six months ahead of schedule. Loan forgiveness was originally to begin in July under the new SAVE repayment plan, the AP reports, but it's...

Biden Erases Student Debt for 125K Borrowers

Move wipes out another $9B in debt

(Newser) - President Biden announced another round of federal student loan forgiveness on Wednesday as borrowers braced for payments to restart after a three-year pause that began during the COVID-19 pandemic. The president's latest step will help 125,000 borrowers by erasing $9 billion in debt through existing relief programs, the...

Reprieve for Student Loan Borrowers Ends Tomorrow

After pandemic break, millions must start repaying their loans again in October

(Newser) - Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month. To get ready, borrowers are cutting expenses, taking on additional work, and looking for options to reduce their monthly payments, per the AP . Megan McClelland, 38, said she'...

White House Wipes Out Student Debt of 800K

Adjustment affects only those who have made payments for years under 'IDR' plans

(Newser) - The Supreme Court rebuffed President Biden's plan to wipe out the student debt of millions of borrowers. Now comes a more modest move by the White House that will nonetheless cancel the remaining debt for about 800,000 borrowers, reports the Washington Post . The move affects only those who...

Biden Reveals Plan to Counter Ruling on Student Loan Relief

President declares 'this fight isn't over' and announces a new strategy

(Newser) - After the Supreme Court blocked his $430 billion student loan forgiveness program on Friday, President Biden said he'll take a different path to provide relief for millions of Americans saddled with college debt. His plan will be "legally sound," the president said in televised remarks, CBS News...

Supreme Court Blocks Biden's Student Loan Forgiveness

Court agrees with states that president overstepped his authority

(Newser) - The Supreme Court just delivered bad news to thousands of college grads: They won't be getting a break of up to $20,000 on their student loans after all. In a 6-3 ruling, the court stuck down President Biden's plan to forgive more than $400 billion in student...

With Clock Running Out, a Slew of Big SCOTUS Cases Loom

Affirmative action and religious and gay rights are also on the agenda before this term closes

(Newser) - The Supreme Court is getting ready to decide some of its biggest cases of the term. The high court has 10 opinions left to release over the next week before the justices begin their summer break. As is typical, the last opinions to be released cover some of the most...

Biden Vetoes Bill to Block Student Loan Forgiveness

Supreme Court already has a chance to decide the issue

(Newser) - President Biden issued his fifth veto Wednesday in an effort to save his student debt relief plan—an issue that's already awaiting decisions by the Supreme Court. "Congressional Republicans led an effort to pass a bill blocking my Administration's plan to provide up to $20,000 in...

Congress Votes to Undo Biden's Student Loan Plan

White House has said president would veto such a move

(Newser) - A Republican measure overturning President Biden's student loan cancellation plan passed the Senate on Thursday and now awaits an expected veto. The vote was 52-46, with support from Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana as well as Arizona Sen. Kyrsten Sinema, an independent....

SCOTUS Sounds Skeptical in Student Debt Argument

Conservative justices question plan's fairness

(Newser) - The Supreme Court heard arguments Tuesday in two cases involving President Biden's student loan forgiveness plan—and analysts say the day left the plan's future looking shaky. The arguments stretched almost an hour beyond the allotted two hours, and Chief Justice John Roberts was among the conservative justices...

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