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☆ An important student loan forgiveness deadline is hours away — and it takes under 15 minutes to apply
▼ + stars: | 2024-04-30 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

urbazonSome student loan borrowers have until the end of Tuesday to take advantage of an opportunity to get their debt forgiven sooner than they would have otherwise. If these borrowers are enrolled in an income-driven repayment plan, it can mean that they're also on multiple different timelines to forgiveness. "This will ensure folks get the maximum number of months of credit towards student debt cancellation," Fox said. Usually, a student loan consolidation restarts a borrower's forgiveness timeline to zero, making it a terrible move for those working toward cancellation. You can apply for a Direct Consolidation Loan at StudentAid.gov or with your loan servicer.

Persons: Jane Fox, Fox, Mark Kantrowitz, Kantrowitz Organizations: Biden, Finance, Cash, Family, Parent, Perkins, CNBC

☆ A key deadline for student loan forgiveness consolidation is just days away. Here's what to know
▼ + stars: | 2024-04-25 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Guido Mieth | DigitalVision | Getty ImagesBorrowers hoping for student loan forgiveness have just a few more days to act before an April 30 deadline. Those payments are typically lower than under the standard repayment plan, and can be zero in some cases. Usually, a student loan consolidation restarts a borrowers' forgiveness timeline, making it a terrible move for those working toward cancellation. What to know about consolidating your student loansAll federal student loans are eligible for consolidation, including Federal Family Education Loans, Parent Plus loans and Perkins Loans, Kantrowitz said. You can apply for a Direct Consolidation Loan at StudentAid.gov or with your loan servicer.

Persons: Guido Mieth, Mark Kantrowitz, Kantrowitz, Biden Organizations: DigitalVision, Getty, CNBC, Finance, Federal Family, Parent, Perkins Loans

☆ Elizabeth Warren is asking a major student-loan company to cancel debt for borrowers with 'decades-old predatory private' loans. Here's how.
▼ + stars: | 2024-04-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

A major private student-loan company is leaving the servicing industry. But before that happens, a group of Democratic lawmakers want it to give some borrowers debt relief. On Wednesday, Sen. Elizabeth Warren led eight of her Democratic colleagues in sending a letter — first reviewed by Business Insider — to Navient's CEO David Yowan, requesting that the company cancel "decades-old predatory private student loans" using a consumer protection law established by the Federal Trade Commission. AdvertisementBut there might be an avenue to still get those borrowers debt cancellation. "Navient should stop making borrowers apply for relief and instead automatically cancel student debt using information the company already has about whether borrowers attended schools that would entitle them to relief," they wrote.

Persons: Sen, Elizabeth Warren, David Yowan, Navient, Warren, Holder Organizations: Service, Democratic, Business, Federal Trade Commission, Family Education, Education Department, Minnesota Attorney Locations: Minnesota, MOHELA, Navient

☆ There's a key deadline in April for borrowers hoping to get student loan forgiveness
▼ + stars: | 2024-03-24 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Maria Korneeva | Moment | Getty ImagesThe Biden administration has set a key deadline for student loan borrowers hoping to get forgiveness. "The opportunity to consolidate loans will help many more borrowers to qualify for student loan forgiveness," said higher education expert Mark Kantrowitz. In normal times, consolidating your student loans can be a terrible move for those hoping to get rid of their debt as your forgiveness timeline is restarted. What to know about consolidating your student loansAll federal student loans are eligible for consolidation, including Federal Family Education Loans, Parent Plus loans and Perkins Loans, Kantrowitz said. Consolidating your loans shouldn't increase your monthly payment, since your bill under an income-driven repayment plan is based on your earnings and not your total debt, Kantrowitz said.

Persons: Maria Korneeva, Biden, Mark Kantrowitz, Kantrowitz Organizations: U.S . Department of, Finance, Harvard, Federal Family, Parent, Perkins Loans

☆ 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

☆ 2.7 million student-loan borrowers' accounts will be switched to a company that the Education Department previously punished for poor customer service
▼ + stars: | 2024-02-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

On Tuesday, Navient announced plans to outsource servicing of its private student-loan portfolio and commercially held loans in the Federal Family Education Loan program to MOHELA, one of the largest federal student-loan servicers. AdvertisementA Navient spokesperson told Insider this change will impact 2.7 million student-loan borrowers with loans currently owned and serviced by Navient. Outsourcing servicing responsibility to MOHELA could spark concern for some borrowers, given how the company has fared since federal student-loan payments resumed in the fall. In January, the department withheld varying amounts of pay from the remaining federal servicers for the same reason. It's unclear how soon Navient borrowers will begin communications with MOHELA.

Persons: —, Navient, David Yowan, MOHELA, Elizabeth Warren, John Remondi, Warren Organizations: Service, Family Education, Business, Navient, Outsourcing, Education Department, Democratic, MOHELA Locations: Sen

A federal appeals court has paused enforcement of a federal government regulation that allows abortion providers to receive federal family planning money — but only in Ohio, where state health officials said the policy took money away from them. Since 1981, federal policy has changed several times regarding whether programs receiving family planning funds can provide abortions or refer patients to such services. Circuit Court of Appeals overruled that in a decision Thursday — but only as it applies to how the federal government distributes the grants in Ohio. And when that happened, the award to the state's health department decreased by $1.8 million. But a court blocked enforcement, and voters last month adopted an amendment to the state constitution enshrining the right to abortion.

Persons: Joe Biden, Biden, — Joan Larsen, Amul Thapar, Donald Trump —, Dave Yost, Karen Nelson Moore, Bill Clinton, Roe, Wade Organizations: Circuit, Republican, Ohio, Democratic, U.S, Supreme Locations: Ohio, U.S, Cincinnati

☆ Some student-loan borrowers will lose out on debt relief if they don't take action by the end of the year
▼ + stars: | 2023-11-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department is getting relief to some student-loan borrowers through a one-time account adjustment. Over the summer, President Joe Biden's Education Department announced a one-time account adjustment for borrowers on income-driven repayment plans and Public Service Loan Forgiveness. Following past issues tracking payments for borrowers in targeted relief programs, the adjustment allows borrowers another shot to have their accounts evaluated, and updated correctly, to bring them closer to debt relief. One group eligible for those relief programs is borrowers who hold Federal Family Education Loans. The Education Department instructed servicers to place all impacted borrowers on administrative forbearance without interest accrual until the issues are resolved.

Persons: —, Joe Biden's, servicers Organizations: Department, Service, Joe Biden's Education Department, Public, Education Department, Higher

☆ How Biden's new student-loan forgiveness plan is trying to keep away some of the lawsuits that threatened the debt relief the first time around
▼ + stars: | 2023-11-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department is beginning its second round of negotiations for student-debt relief this week. AdvertisementAdvertisementPresident Joe Biden's Education Department is trying to ensure its second plan for student-debt relief can stand up against legal challenges. "This administration is taking another critical step to advance the President's goal of delivering debt relief to as many borrowers as possible. AdvertisementAdvertisement"Following the lead of Republican plaintiffs who filed suit in court, six Supreme Court justices wrongly blocked the President's first attempt of student debt relief," he said. AdvertisementAdvertisementIn September 2022, about a month after Biden announced his first broad relief plan, the Education Department updated its guidance to state that FFEL borrowers would no longer qualify for the relief.

Persons: —, Joe Biden's, Economic Mobility Robert Gordon, Biden Organizations: Department, Service, Joe Biden's Education Department, Education Department, Higher, Republican, Economic Mobility, Family Education, guaranty, Politico

TALLINN, Estonia (AP) — They were banned under Soviet dictator Josef Stalin but commonplace under later Kremlin leaders. Now, after less than a century, official attitudes about abortion in Russia are changing once again. Although abortion is still legal and widely available, new restrictions are being considered as President Vladimir Putin takes an increasingly socially conservative turn and seeks to reverse Russia's declining population. In 2012, the number of “social reasons” for allowing abortion between weeks 12 and 22 was cut to just in the case of rape. He also moved to restrict abortion pills, which are approved to be taken to end a pregnancy in the first 10 weeks.

Persons: —, Josef Stalin, Vladimir Putin, ”, Lina Zharin, we’re, Michele Rivkin, natalist ”, Rivkin, Fish, Mikhail Gorbachev's, Boris Yeltsin, Lyubov, ” Rivkin, Tatyana Golikova, Mikhail Murashko Organizations: Kremlin, Orthodox Church, University of North, Abortion, Conservative, Russian Association of Population, Health, Russian Association for Population, Development, Health Ministry Locations: TALLINN, Estonia, Russia, Kaliningrad, University of North Carolina, Chapel, —

“We are suing to stop the federal government from playing politics with the health of Tennessee women,” Skrmetti said in a statement. In 2021, the Biden administration reversed a ban on abortion referrals by clinics that accept Title X funds. Under the latest rule, clinics cannot use federal family planning money to pay for abortions, but they must offer information about abortion at the patient's request. Then, last year, the U.S. Supreme Court overturned Roe v. Wade, allowing many Republican-led states like Tennessee to impose abortion bans. Tennessee has increasingly called for rejecting federal funding rather than comply with requirements over LGBTQ+ rights, abortion access and other hot-button issues.

Persons: —, Jonathan Skrmetti, ” Skrmetti, Biden, Donald Trump, Roe, Wade, Bill Lee, ” Organizations: U.S . Department of Health, Human Services, U.S, Supreme, Republican, HHS, Tennessee, Republican Gov, Volunteer State Locations: Tenn, U.S, Knoxville, Tennessee, United States

☆ What is the Student Aid Report?
▼ + stars: | 2023-10-24 | by ( Aly J. Yale | Richard Richtmyer | ) www.businessinsider.com time to read: +14 min

The Student Aid Report summarizes the information on your Free Application for Federal Student Aid (FAFSA). See Insider's picks for the best private student loans >>What is the Student Aid Report (SAR)? The Student Aid Report is a document that, through the 2023-2024 school year, was used to summarize the data submitted on a Free Application for Federal Student Aid (FAFSA). Federal student aid eligibilityYour summary will also include your Student Aid Index — formerly called the Expected Family Contribution. Schools and aid offersThe schools you apply to don't actually receive your FAFSA Submission Summary (formerly Student Aid Report).

Persons: —, Shannon Vasconcelos, Robert Kersey, you'll, Kersey, Vasconcelos, Perkins, Pell Grant, Elaine Rubin, You'll Organizations: Federal Student Aid, Service, Bright Horizons, Grants, What's, College of Charleston, Education, Department, Department of Federal Student Aid, Internal Revenue Service, SAR Locations: FAFSA.gov

☆ Here's what student loan borrowers need to know about the 12-month 'on-ramp' period
▼ + stars: | 2023-10-19 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Borrowers do not need to enroll in the on-ramp period, the U.S. Department of Education says. Loans that don't qualify include private student loans and commercially held Federal Family Education Loans. Forgoing payments or making only partial payments during the on-ramp period means you'll likely have a larger bill in a year. For that reason, Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, said he hoped borrowers weren't thinking this is just another payment pause. If you can afford to make your student loan payments, most experts recommend that you do so to avoid ending up with a larger bill when the on-ramp period ends.

Persons: they'll, Scott Buchanan, servicers, Buchanan, didn't, Mark Kantrowitz, Joe Biden's, Braxton Brewington, Biden Organizations: U.S . Department of Education, Family, Student Loan, Alliance, CNBC, Department of Education, Supreme

☆ I'll never regret living in Europe after giving birth. I got way better maternity leave and my American friends envied me.
▼ + stars: | 2023-10-13 | by ( Robin Madell | ) www.businessinsider.com time to read: +10 min

AdvertisementAdvertisementWhen my first child was born, I found myself faced with the harsh reality of no guaranteed maternity leave in the US. And, while the federal Family and Medical Leave Act (FMLA) gives eligible employees 12 weeks of unpaid leave, I wasn't eligible for that. It was one of those non-negotiable parts of American work culture that I felt I had to accept. But if there's a standard of maternity leave throughout the country and company, it makes it much easier to find coverage for those nine or more months. When my maternity leave ended and I asked the school to take another year off — this time without pay but with continued job security — they were 100% understanding.

Persons: Esther Strauss, —, I'd, Europe —, doesn't, Jenna Gyimesi Organizations: Service, Europe Locations: North Macedonia, Europe, Texas, United States, jgyimesi@Insider.com

NEW YORK (AP) — Karin Engstrom thought she’d be paying off her federal student loans for the rest of her life. It also credits borrowers for periods before the pandemic when they were allowed to pause or reduce payments due to financial hardships. “Info: Your student loans have been forgiven,” the letter read. Borrowers who have made 20 or 25 years of qualifying payments (depending on the repayment plan) qualify, if they hold direct loans or Federal Family Education Loans with the Education Department, including borrowers with Parent PLUS loans. The official Federal Student Aid guide to the Income Driven Repayment adjustment is a good resource for updates.

Persons: — Karin Engstrom, she’d, Biden, It's, servicers, Engstrom didn't, Harris, ” Engstrom, ” Patricia Vener, Saavedra, “, ”, who's, “ He's, Vener, Charles Schwab Organizations: Department of Education, Federal, Aid, Harris Administration, Edfinancial Services, WHO, Family, Education Department, Parent, WHAT, IF, of Education, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Hamden , Connecticut

☆ What happens to student-loan borrowers who miss payments starting next month
▼ + stars: | 2023-09-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Federal student-loan payments are starting up again beginning next week. AdvertisementAdvertisementMillions of student-loan borrowers are about to face another monthly bill — and they might not be able to afford it. On October 1, borrowers will begin receiving bills for their federal student-loan payments. Here's what borrowers should be aware of, along with the potential consequences of missing a payment starting next month. AdvertisementAdvertisementOn-ramp periodThe Education Department announced some temporary relief for borrowers if they find they cannot afford payments next month.

Persons: —, Joe Biden, Biden, servicer Organizations: Service, Education Department, Education, Perkins, Social, Higher Locations: COVID

☆ Why a single mom is stuck paying her ex husband's student debt — and needs his permission to make any changes to her payments
▼ + stars: | 2023-09-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

Biden signed into law a bill allowing student-loan borrowers who combined balances with a spouse to separate their loans. They wouldn't owe payments, and if approved for administrative forbearance, their interest rates would be set to zero. Brigid, a 55-year-old borrower with spousal loans, told Insider she's experienced a similar dilemma. However, because of the strict nature of spousal loans, she would also have to meet the hardship requirements by, for example, also having cancer in order to receive the deferment. But she's been unable to receive administrative forbearance, and she's frustrated borrowers with spousal loans are blocked from opportunities federal borrowers are receiving.

Persons: Biden, Theresa, she's, Theresa —, —, Sen, Mark Warner, David Price, Joe Biden, Price, it's, That's, hasn't, servicer, Brigid, servicers, It's, they'll, Elizabeth Organizations: Service, Education Department, Federal Student Aid, Group, Family Education, forbearance Locations: Wall, Silicon, forbearance

☆ Student loan interest resumes Sept. 1. What that means for subsidized vs. unsubsidized debt
▼ + stars: | 2023-08-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Srdjanpav | E+ | Getty ImagesHow interest accrues on loansDirect Subsidized Loans are available to undergraduate students who demonstrate a financial need. Unlike that of subsidized loans, interest on unsubsidized loans starts accruing immediately upon disbursement and accrues even during deferments or grace periods, making this debt more expensive. The term Stafford Loan is an informal way of referring to Direct Subsidized Loans and Direct Unsubsidized Loans made via the Direct Loan Program. It also refers to subsidized or unsubsidized Federal Stafford Loans made via the Federal Family Education Loan, or FFEL, program. During that time, interest wasn't accruing on any loans — meaning unsubsidized loans essentially became subsidized debt for some borrowers.

Organizations: U.S . Department of Education, Stafford Loans, Department, Education Department, Program, Federal Stafford Loans, Federal Family Education Locations: disbursement, Stafford

☆ Biden's Education Department is taking the next step to get broad student-loan forgiveness to millions of borrowers
▼ + stars: | 2023-08-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced its latest step in the broad student-debt relief process. After the Supreme Court struck down Biden's first plan to cancel student debt broadly for borrowers using the HEROES Act of 2003, his Education Department announced it would be attempting relief using a different law: the Higher Education Act of 1965. "When the Supreme Court ruled against the Biden-Harris Administration's student debt relief plan, we did not waste a moment opening up a new pathway to debt relief," Education Secretary Miguel Cardona said in a statement. Since borrowers will not be entering repayment with broad relief, the department also announced a 12-month "on-ramp" period during which missed payments will not be reported to credit agencies, but interest will still accrue during that time. However, while the department is moving forward with the broad debt relief process, its future is uncertain due to conservative opposition — and potential legal challenges that could once again halt relief for borrowers.

Persons: Joe Biden, Harris, Miguel Cardona Organizations: Education Department, Service, Higher, Biden, Loan, Black Colleges, Universities, Federal Family Education Locations: Wall, Silicon

☆ Biden is forgiving $39 billion in student debt for 804,000 borrowers — here's who qualifies
▼ + stars: | 2023-07-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

What was the connection between these two actions? Although the Supreme Court concluded Biden didn't have the power to broadly cancel people's student debt balances at the end of June, his administration used existing regulatory authority to carry out the latest relief. Here's what to know, and how to tell if you qualify. Qualifying borrowers have been paying for decadeswatch nowMany kinds of student loans qualifyGovernment-held Federal Family Education Loans, or those in the FFEL, program, direct loans and Parent PLUS loans all qualify for the latest relief. When borrowers will hear about debt relief

Persons: Caroline Brehman, Joe Biden's, Biden didn't Organizations: U.S . Department of Education, Inc, Biden, Government, Family Locations: Washington ,

☆ When student debt payments restart, your loan type will make a big difference
▼ + stars: | 2023-07-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Damircudic | E+ | Getty ImagesThe looming end of a pandemic-era pause to student loan payments and interest puts a spotlight on a big difference between two types of debt: subsidized and unsubsidized loans. How interest accrues on subsidized, unsubsidized loansDirect Subsidized Loans are available to undergraduate students who demonstrate a financial need. About 30.7 million people have an unsubsidized loan, with an average balance of about $19,000, according to the Education Department. (The term Stafford Loan is an informal way of referring to Direct Subsidized Loans and Direct Unsubsidized Loans made via the Direct Loan Program. It also refers to subsidized or unsubsidized Federal Stafford Loans made via the Federal Family Education Loan, or FFEL, program.)

Persons: — Organizations: Stafford Loans, U.S . Department of Education, Department, Education Department, Program, Federal Stafford Loans, Federal Family Education Locations: Stafford

The Biden Administration announced $39 billion in automatic loan forgiveness to 804,000, according to a July 14 press release from the U.S. Department of Education. This wave of student loan forgiveness is separate from the forgiveness plan outlined in August 2022 that the Supreme Court recently struck down in June 2023. Under Secretary James Kvaal said in the statement that "millions of borrowers had earned loan forgiveness but never received it." Who qualifies for the Biden Administration's student loan forgiveness? With the Biden administration's widespread student debt relief blocked by the Supreme Court, the future of student loan forgiveness is currently on hold.

Persons: James Kvaal, Kamala Harris, Mark Kantrowitz, they've, accrual Organizations: Biden Administration, U.S . Department of Education, Supreme Court, Federal, Department of Education, Biden, CNBC, of Education, Department, Education, Supreme, The, CNBC Select's, Facebook, Twitter

☆ 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

☆ Do You Qualify for Biden’s $39 Billion Student Debt Cancellation?
▼ + stars: | 2023-07-14 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Tens of thousands of borrowers with federal student loans are probably wondering: Is my debt load about to get a little lighter? In the coming days and months, thousands of borrowers will learn whether they received an account adjustment resulting in enough qualifying payments to eliminate their loans — a process that will continue until the end of the year. After that, borrowers who don’t yet have enough qualifying payments for cancellation will receive their updated payment counts. Here’s what we know about who’s eligible:Who qualifies? Borrowers with direct loans or those made through the Federal Family Education Loan, or F.F.E.L., program and held by the Education Department may qualify, including borrowers with Parent PLUS loans.

Persons: servicers Organizations: Biden, Federal Family Education, Education Department, Parent

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