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7 mentions found


☆ Student-loan borrowers just got 2 extra months to benefit from a temporary debt relief reform
  + stars: | 2024-05-15 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Read previewPresident Joe Biden's Education Department is giving student-loan borrowers more time to get closer to debt cancellation. On Wednesday, the Education Department announced that it's extending the deadline for borrowers to benefit from the one-time account adjustments. To receive the account adjustment automatically, borrowers must be in the federal direct loan program or have federally held loans in the Federal Family Education Loan program. "FFEL borrowers should consolidate as soon as possible in order to receive this benefit that has already provided forgiveness to nearly 1 million borrowers." Since the adjustments began, according to the department, 996,000 borrowers have received $49.2 billion in debt relief.
Persons: —, Joe Biden's, Education James Kvaal Organizations: Service, Joe Biden's Education, Education Department, Public, Business, Family Education, Education, Federal, Aid Locations: PSLF
☆ Thousands of student-loan borrowers are set to get emails from Biden that their balances are wiped out. Here's what happens next.
  + stars: | 2024-02-21 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Student-loan borrowers, check your emails — you might find a message from President Joe Biden in your inbox telling you that your debt is canceled. Additionally, per the fact sheet, 7.5 million borrowers are enrolled in the SAVE plan, and 4.3 million of them have a $0 monthly payment. Here's what will happen next for borrowers who are, or hope to be, eligible for SAVE plan relief. Next steps for SAVE plan debt reliefBiden's email noted that the Education Department has already informed impacted borrowers' loan servicers that they are eligible for relief. Once negotiations conclude, the department will prepare proposed text on the borrowers it's seeking to include in this new relief plan.
Persons: —, Joe Biden, Biden, I've, they've, forbearance Organizations: Service, White House and Education Department, Business, Education Department, SAVE, Public, Family Education Locations: noreply@studentaid.gov
☆ Some student-loan borrowers have just 2 months left to benefit from temporary debt relief. Here's what they need to do.
  + stars: | 2024-02-14 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Time is running out for some student-loan borrowers to benefit from a limited-time debt cancellation reform. AdvertisementBorrowers who will receive the account adjustment automatically must be in the federal direct loan program or the Federal Family Education Loan program with loans held by the Education Department. Other borrowers who have loans in the FFEL program that are commercially held would need to consolidate into the direct loan program to receive relief. AdvertisementAt the same time, the Education Department is in the process of crafting its second attempt at more expansive relief for borrowers. On February 22 and 23, it will meet with stakeholders for the fourth time to negotiate the text of debt relief under the Higher Education Act of 1965.
Persons: Joe Biden's, Biden, Biden's Organizations: Service, Joe Biden's Education Department, Public, Business, Aid, Family Education, Education Department, Higher
☆ ‘I’ve had this black cloud looming over me’: How private lenders have left millions of college students with no hope for the future
  + stars: | 2023-08-21 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +15 min
We both do DoorDash, and probably when those federal student loans start up, it'll be more of a necessity to do that." While private debt makes up just about 10% of the $1.7 trillion student-debt mountain in the US — about $136 billion — the industry has exploded over the past decade: the amount of outstanding private debt has jumped an estimated 47% since 2014. "Regardless, the student loan debt that was supposed to be an investment in their futures is dragging them down." To be sure, some private servicers do disclose benefits private borrowers could lose should they choose to refinance. Moran said he didn't regret taking out private student loans because it allowed him to pursue his desired nursing career.
Persons: Brianne Jones, Jones, she's, We're, it'll, Michele Shepard, they've, it's, Shepard, Suzanne Martindale, —, Anna Anderson, you've, It's, Navient, Martindale, Ryan Moran, Moran, Moran isn't, Joe Biden, I've, Anderson, forbearance, Steve Cohen, didn't Organizations: Eastern Michigan University, West, Federal Direct Loan Program, Institute for College, California's Department of Financial Protection, National Consumer Law Center, Consumer Financial, Bureau, Consumer Financial Protection Bureau, — Maryland Locations: Florida, —, California
☆ Meet a mom with $610,000 in student debt who still can't separate her balance from her ex-husband's 8 years after their divorce: 'This one thing is still holding me stuck to him'
  + stars: | 2023-05-07 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
Dawn Rose, 53, has $610,000 in student debt after combining balances with her then-husband in 1999. They divorced in 2015, but Rose is stuck paying off her ex-husband's debt. After taking out student loans for four semesters of college, Rose said her husband — now ex-husband — was finishing his master's degree, which was also financed by student loans. Now Rose is stuck paying off $610,000 in student debt, per documents reviewed by Insider — the majority of which she said belonged to her ex-husband. Dawn Rose, 53, has $610,000 in student debt.
☆ Biden's Education Department just pushed back the deadline for student-loan borrowers to see debt relief through a one-time reform
  + stars: | 2023-03-20 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The Education Department announced a one-time account adjustment for borrowers in PSLF and income-driven repayment plans. It comes as Federal Student Aid did not receive any additional funding to implement reforms to a series of debt relief programs. PSLF promises debt relief for government and nonprofit workers after ten years of qualifying payments, and IDR plans give borrowers affordable monthly payments based on their income with the promise of debt relief after at least 20 years. According to new guidance on Federal Student Aid's website, though, the deadline for borrowers to receive relief through the account adjustment got pushed back. All borrowers can do right now is wait for updates from the department regarding the implementation of reforms — and of course, the Supreme Court's decision on broad debt relief.
☆ Student-loan borrowers with private debt might be stuck watching their balances balloon as Biden carries out federal forgiveness
  + stars: | 2022-09-22 | by ( Jason Lalljee | Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
It means student-loan borrowers with private loans could see interest rates, and their balances, climb. This comes as Biden is implementing his federal debt relief, which private borrowers can't access. Private student loans can have fixed or variable interest rates, and as the Fed raises rates, those with variable interest rates will end up paying more. Insider previously spoke to May, a borrower with private student loans who requested her last name be withheld for privacy. "Maybe this will open up discussion about canceling private loans, or a future where the federal government can actually regulate private loan companies and lenders."
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