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5 mentions found


☆ 260,000 student-loan borrowers who were approved for debt relief might be pushed back into repayment anyway, a legacy advocacy group says
  + stars: | 2023-09-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Student-loan borrowers who were part of a 2022 settlement are still waiting for their relief to be processed. A legal advocacy group said a student-loan company is not carrying out the settlement terms correctly. It said some borrowers within the settlement were told they have to resume payments in October. The group said that forcing borrowers with pending borrower defense claims back into repayment "violates the court-approved Settlement Agreement and applicable regulations." The federal pause on student-loan payment ended on September 1 when interest began accruing again on borrowers' balances.
Persons: They're, Cardona —, Donald Trump's, Joe Biden's, it's, MOHELA, Scott Giles, servicers, Cardona, Virginia Foxx, Sen, Bill Cassidy —, —, New Jersey Sen, Bob Menendez, Secretary Miguel Cardona Organizations: Service, Education Department, Donald Trump's Education Department, Department, Consumer Financial, Bureau, Democratic, New, Secretary, Public, The Education Department Locations: Wall, Silicon, New York, Sweet v, New Jersey
☆ A federal judge just ruled $6 billion in student-debt cancellation can move forward for 200,000 defrauded borrowers, saying the decision will 'allow them to not only to move on, but also to move up, e
  + stars: | 2023-02-27 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A federal judge ruled that $6 billion in student-debt relief for 200,000 borrowers can move forward. Since the lawsuit wasn't resolved under Trump, President Joe Biden took it on and agreed to a settlement to give borrowers relief. And it gives plaintiffs, who have languished in borrower-defense application limbo, their long-awaited relief," Alsup wrote in his decision. "They have already waited years for the resolution of their borrower defense ('BD') applications, some of which have been pending since 2015," the filing said. Along with automatic relief for 200,000 borrowers, the settlement also allows for a streamlined review of another 64,000 borrower defense applications.
☆ 200,000 student-loan borrowers will be 'severely harmed' if a judge rules in favor of 3 companies who want to block them from getting $6 billion in debt relief, a new legal filing says
  + stars: | 2023-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A federal judge signed off on a settlement giving 200,000 student-loan borrowers $6 billion in debt relief last year. In January, three companies requested a stay on the relief, citing reputational harm the settlement brought them. Borrowers in the case recently filed a motion opposing the stay due to the harm postponing the relief would bring. Some of the borrowers who were set to see debt forgiveness attended colleges run by those companies, which were among many named in the November settlement. One hundred and forty-four borrowers have submitted declarations attesting to the harm a stay would cause them."
☆ Student-loan borrowers defrauded by Corinthian were promised $5.8 billion in relief 'immediately.' 6 months later Biden's Education Department says it'll take 'some time.'
  + stars: | 2022-11-25 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
In June, the Education Department approved a $5.8 billion loan discharge for former Corinthian students. Six months later, borrowers are still waiting, and the department said relief will now take "some time." Education Secretary Miguel Cardona said at the time that the impacted Corinthian borrowers will see their loans "immediately forgiven." This prompted Biden's Education Department to reform the process. Still, aside from the June announcement of relief, none of the Education Department's recent actions are giving Corinthian borrowers any certainty.
☆ Biden declared the pandemic 'over.' It could jeopardize student debt relief and more cash for Covid testing.
  + stars: | 2022-09-19 | by ( Joseph Zeballos-Roig | Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
Republicans may also seize on Biden's remarks to challenge his effort to issue student debt relief. It could threaten student debt relief and future coronavirus-related health funding. The remarks suggesting that the emergency has ended may jeopardize twin goals of the Biden administration on student debt relief and coronavirus aid. Part of Biden's legal rationale for providing $10,000 in student debt relief per borrower rests on the lingering pandemic. But some supporters of debt relief don't see it quite that way.
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