student loans

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Group Asks Supreme Court to Block Student Loan Relief

Emergency filing says Biden program usurps congressional spending authority

(Newser) - No sooner had the Education Department launched its site to accept applications for student debt cancellation than the Supreme Court received an emergency request to block the whole program. A group of Wisconsin taxpayers took its request Wednesday to Justice Amy Coney Barrett, who handles emergency filings involving the 7th...

Application Site Opens for Relief on Student Loans

Online form for Biden's plan will be available during beta testing

(Newser) - The Education Department has begun accepting applications for President Biden's student debt cancellation—a plan that makes 43 million Americans eligible for at least some debt forgiveness. Borrowers were notified late Friday that an early, "beta launch" version of an online form was made available as the department...

Some Borrowers Ineligible After Student Loan Plan Tweak

The change was quietly made the same day 6 GOP-led states sued

(Newser) - With six Republican-led states now suing to stop President Biden's student loan debt relief plan from coming to pass, his administration on Thursday made a quiet, unannounced change to that plan. As CNN reports, about 770,000 borrowers whose federal student loans are guaranteed by the government but are...

Lawsuit Seeks to Block Biden Loan Forgiveness Plan

Plaintiff argues that he'll be forced to pay state income tax on forgiven debt

(Newser) - President Biden's student loan debt forgiveness plan is being challenged by a lawsuit seeking to block it just before it can take effect. In the lawsuit filed in the US District Court for the Southern District of Indiana Tuesday, public interest lawyer Frank Garrison argues that he will be...

CBO to Biden: Here's Your Student Debt Price Tag

$400B over the next 30 years, it estimates

(Newser) - President Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office. The figures were released Monday in response to a request from Republican lawmakers who oppose Biden’s plan in large...

White House Has Fiery Reply to Critics of Student Loan Plan

@WhiteHouse tweets their criticism and their own loan forgiveness total

(Newser) - There are plenty of critics of President Biden's student loan forgiveness plan—and on Thursday the White House called out a select group of them by name, reports Politico . The White House Twitter account retweeted a series of tweets from Republican members of Congress blasting the Biden move. On...

Critics Call Biden Student Debt Plan a 'Regressive Mistake'

'WaPo' calls it 'ill-conceived and misdirected'

(Newser) - President Biden rolled out his long-awaited plan for federal student loan debt forgiveness on Wednesday—but while it will erase student debt for an estimated 20 million Americans and reduce it for many millions more, the list of people criticizing the plan is a long one, including those who say...

Biden Reveals His Plan for Canceling Student Loan Debt

Many borrowers will see $10K in loan forgiveness

(Newser) - On Wednesday President Biden made good on his campaign promise to ease the burden of federal student loan debt. Under Biden's plan, many Americans will be granted $10,000 in debt cancellation; those with the greatest financial need could see an additional $10,000 wiped away. The specifics, per...

Report: Biden Will Make Big Student Loan Announcement Wednesday

Insiders say debt forgiveness plan will include $125K income cap

(Newser) - President Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January, the AP reports, citing three people familiar with the plan. Biden has faced pressure from liberals to provide...

Decision on Student Loans Coming in 'Next Week or So'

Nobody has been required to make a student loan payment since March 2020

(Newser) - The Biden administration will announce something about student loans "within the next week or so." Per the Hill, Education Secretary Miguel Cardona promised on Sunday's Meet the Press that an announcement is forthcoming ahead of an Aug. 31 deadline, after which loan payments are scheduled to resume....

ITT Tech Grads Get 3.9B Bits of Good News From Biden

$3.9B in student loans will automatically be forgiven

(Newser) - Some Americans who incurred federal student loans as many as 17 years ago will see them erased. The Biden administration on Tuesday announced that students who used federal loans to attend ITT Technical Institute as far back as 2005 will automatically see their remaining debt canceled. CNBC reports that amounts...

GAO: So About That $114B Due In From Student Loans...

Watchdog report: Education Dept. is instead set to lose about $197B, partly due to COVID relief

(Newser) - The Department of Education had been banking on getting its hands on $114 billion or so in income due from federal student loans issued over the past quarter-century. Instead, a watchdog has delivered some bad news: It's actually set to lose $197 billion, in part due to the suspension...

Biden Administration Scraps $5.8B in Student Loans at Chain

For-profit Corinthian Colleges shut down in 2015 after fraud findings

(Newser) - Hundreds of thousands of students who attended the for-profit Corinthian Colleges chain will automatically have their federal student loans canceled, the Biden administration announced Wednesday, a move that aims to bring closure to one of the most notorious cases of fraud in American higher education. Under the new action, all...

Don't Expect a Huge Number on Biden's Student Loan Salve

President still considering 'some debt reduction,' but not the $50K-per-borrower some Dems want

(Newser) - Reducing, or outright eliminating, debt for the 43 million people who've borrowed money via federal student loans has long been a top priority on progressives' wish list. And President Biden is seriously considering "some debt reduction," he announced this week, though advocates shouldn't get their hopes...

Big Help Coming for Millions of Student Loan Borrowers

Retroactive help is on the way from the federal government

(Newser) - After years of lawsuits and pressure from lawmakers, activists, and others, the US Department of Education will offer retroactive assistance to millions of borrowers who utilized income-driven repayment (IDR) plans. Among those raising awareness of the issue was NPR , which this month released an investigation revealing how the plans, which...

Pressure Increases for Biden to Cancel Student Loan Debt

President has canceled more debt than any predecessor, but borrowers feel let down

(Newser) - During his 2020 campaign, President Biden called for canceling student debt up to $10,000 for the 43 million people who borrowed money for school. He hasn't done that, though he's chipped away at the debt, canceling loans for people who are permanently disabled, those employed in the...

Students Misled by Universities Will Have Loans Canceled

Biden administration grants relief to those who claimed fraud by for-profit schools

(Newser) - The Biden administration on Wednesday announced it will cancel more than $70 million in student debt for borrowers who say they were defrauded by the for-profit DeVry University— the first time the Education Department has approved such claims for an institution that’s still in operation. At least 1,800...

Student Loan Servicer Must Cancel Debt of 66K Borrowers

Navient settles claims of predatory lending

(Newser) - Navient, one of the nation's large student loan servicers, has settled allegations of predatory lending practices for $1.85 billion, Pennsylvania's attorney general said Thursday. The settlement requires the company to cancel the debt of 66,000 borrowers, a total of $1.7 billion, and to pay $95...

Another Reprieve for Americans With Federal Student Loans

Payments will remain paused

(Newser) - The Biden administration on Wednesday extended a student loan moratorium that has allowed tens of millions of Americans to put off debt payments during the pandemic. Under the action, payments on federal student loans will remain paused through May 1. Interest rates will remain at 0% during that period, and...

School Erases Debts of Students Who Left

South Carolina State hopes debt-free students will return

(Newser) - One university is using federal pandemic relief money to cancel $9.8 million in loans owed by students who left school because of money problems. It's an effort to help the former students resume their education and graduate without debt, the Guardian reports. "No student should have to...

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