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☆ 153,000 student-loan borrowers are getting $1.2 billion in debt wiped out — the first group to see relief under a new repayment reform
▼ + stars: | 2024-02-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Thousands of student-loan borrowers just became the first group to see relief under President Joe Biden's new repayment reform. On Wednesday, Biden — along with the Education Department — announced that 153,000 borrowers are getting $1.2 billion in debt cancellation as a result of a new provision in the SAVE income-driven repayment plan. "If you've been paying for a decade, you've done your part, and you deserve relief," Education Secretary Miguel Cardona said in a statement. The Education Department first implemented the SAVE plan over the summer, intended to make borrowers' monthly payments cheaper. Of course, the relief comes as many borrowers are encountering challenges with the return to repayment that began in October.

Persons: Joe Biden's, Biden, —, you've, Miguel Cardona, Biden's, Education James Kvaal Organizations: Wednesday, Education Department —, Education Department, Business, Administration, SAVE, The Education Department, Public, Department, Education

☆ Student-loan borrowers could lose more than debt cancellation if the presidential election doesn't go Biden's way
▼ + stars: | 2023-10-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementThe 2024 presidential election is quickly approaching — and there's a lot on the line for student-loan borrowers. While most federal borrowers were not required to make any payments for nearly three years of President Joe Biden's first term, they were also hopeful for broad debt relief. Now the Education Department is in the process of crafting a new plan under a different law. Here's what Republican presidential candidates are saying about the Education Department — and how it could impact millions of student-loan borrowers. And while private banks administer non-federal loans, borrowers with private debt often face higher interest rates without the option for federal relief.

Persons: —, Joe Biden's, Biden, Donald Trump's, Betsy DeVos, Ron DeSantis, Education Department —, Nikki Haley, Tim Scott, Chris Christie, Vivek Ramaswamy, Ramaswamy, Thomas Massie, Massie, Pell, Ronald Reagan Organizations: Department, GOP, Education Department, Service, Republican, Federal Department of Education, of Education, Education Department —, Internal Revenue Service, Department of Commerce, Energy Department, Education, Washington, Federal Locations: Florida, Washington ,

☆ Over 800,000 student-loan borrowers are getting their debt wiped out in the coming months. Here's what other borrowers should know if they also want that relief.
▼ + stars: | 2023-07-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced $39 billion in debt relief for over 800,000 borrowers. On Friday, President Joe Biden's Education Department announced that over 800,000 student-loan borrowers will receive $39 billion in debt relief in the coming months thanks to a one-time adjustment to accounts enrolled in an income-driven repayment plan. Here's what borrowers should know if they want to benefit from the relief. How to make sure your loans qualifyThe account adjustment only applies to direct federal loans and FFEL loans held by the Education Department. How to get a refund if a borrower overpaysOnce a borrower reaches the repayment threshold, they automatically qualify for forgiveness.

Persons: Joe Biden's, Education Department —, you'll Organizations: Education Department, Service, Joe Biden's Education Department, Family Education, Federal Student Aid Locations: Wall, Silicon, PAYE

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