student debt

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'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

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 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...

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...

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...

Supreme Court Tackling a Big Case: Student Loans
Supreme Court Tackling
a Big Case: Student Loans
the rundown

Supreme Court Tackling a Big Case: Student Loans

On Tuesday, justices will hear arguments on whether Biden's loan forgiveness is legal

(Newser) - The Supreme Court on Tuesday will hear arguments in a closely watched case—actually two cases—that will have a tangible effect on the bank accounts of many Americans. The issue is whether President Biden's plan to give people a break of up to $20,000 on their federal...

Supreme Court to Decide Fate of Student Debt Relief

Justices keep pause on Biden's debt-canceling plan in place now

(Newser) - The Supreme Court on Thursday said the Biden administration program to cancel student loans will remain blocked for now, but the justices agreed to take up the case in late winter. The court's decision to hear arguments relatively quickly means it is likely to determine whether the widespread loan...

Biden Is Extending Student Loan Pause

Pause on repayments will continue while debt cancellation plan faces legal challenges

(Newser) - President Biden announced Tuesday that his administration will extend the pause on federal student loan payments while the White House fights a legal battle to save his plan to cancel portions of the debt. "It isn't fair to ask tens of millions of borrowers eligible for relief to...

Appeals Court Grants Injunction Blocking Student Debt Plan

Courts have kept Biden's forgiveness plan from getting started

(Newser) - A federal appeals court granted a preliminary injunction Monday pausing President Biden's program to wipe clean billions of dollars in student debt, the AP reports. Six states challenging the plan had asked the 8th Circuit Court of Appeals in St. Louis for an injunction while issues around the case...

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...

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...

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....

Couple Pays Off Student Debt for LA School's Class of 2022
Graduation Got Even Sweeter

Graduation Got Even Sweeter

Evan Spiegel and Miranda Kerr pay off student debt for LA school's Class of 2022

(Newser) - Evan Spiegel, who later co-founded Snapchat, has fond memories of taking summer classes at Otis College of Art and Design while in high school. "It changed my life and made me feel at home," Spiegel said, the Los Angeles Times reports. "I felt pushed and challenged to...

Debt Forgiveness May Turn Good Choices Into 'Sucker's Bet'

Two columnists worry about the fairness of wiping out student loans

(Newser) - Progressives are pushing President Biden to make a dramatic move to wipe out a large chunk of student debt before the midterms. Sen. Elizabeth Warren, for example, wants the president to use his executive authority to cancel $50,000 in debt per person, which she argues would eliminate the loans...

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...

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...

NYU's Unwanted Distinction: High Debt Loads for Grads
NYU Diplomas Often Come
With a Large Burden

NYU Diplomas Often Come With a Large Burden

'Wall Street Journal': Grads and parents have unusually high debt loads

(Newser) - The story begins with an anecdote about a 28-year-old woman selling her eggs—five times, actually—to make ends meet. The twist is that she has a master's from NYU, and the Wall Street Journal reports that her plight will be familiar to other grads from the school. "...

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