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☆ Almost half of voters say student loan forgiveness is a key issue in 2024 election, survey finds
▼ + stars: | 2024-03-26 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Jim Watson | AFP | Getty ImagesAlmost half of all voters, or 48%, say canceling student loan debt is an important issue to them in the 2024 presidential and congressional elections, a new survey finds. Debt forgiveness has historically been a highly partisan issue, with supporters and detractors split down party lines. Almost a quarter, 23%, of Gen X voters surveyed said they or someone in their household had student loan debt. The Supreme Court last June struck down the president's $400 billion plan to deliver student loan forgiveness to as many as 40 million Americans. Meanwhile, the popularity of loan forgiveness among voters may prove a challenge for Donald Trump, the GOP presidential nominee for president.

Persons: Jim Watson, Gen, John Della Volpe, Biden, millennials, Z, X, boomer, Joe Biden's, Donald Trump, Mike Pierce, Biden's Organizations: Royal Missionary Baptist, AFP, Getty, Harvard Kennedy School Institute of Politics, Finance, Republican, GOP, Supreme Locations: North Charleston , South Carolina, California, U.S

People rally in support of the Biden administration's student debt relief plan in front of the the U.S. Supreme Court on Feb. 28, 2023. Following a Supreme Court ruling last month that effectively killed President Joe Biden's original student loan forgiveness plan, the White House is quickly moving ahead with a new strategy to deliver people relief. This time, Biden will rely on a different law to try to legally erase student loan debt — the Higher Education Act. The justices concluded he didn't have the power to do so under the Heroes Act of 2003. This new plan is the topic of an open hearing Tuesday at the U.S. Department of Education, where members of the public can weigh in on the latest relief package and learn more about how it will work.

Persons: Joe Biden's, Biden, didn't, Mike Pierce, Cash Organizations: Biden, U.S, Supreme, Higher, U.S . Department of Education, Protection, Finance

☆ Opposition grows to debt ceiling deal measure that would end student loan payment pause
▼ + stars: | 2023-05-31 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

US House Speaker Kevin McCarthy, a Republican from California, arrives to the US Capitol in Washington, DC, on Wednesday, May 31, 2023. A measure in the debt ceiling deal terminating the student loan payment pause is facing heavy opposition from advocates, progressives and borrowers. "The pause on student loan payments remains one of the most durably popular pieces of economic policy because the American people recognize what Washington has long struggled to understand: The student loan system is broken," said Mike Pierce, executive director of the Student Borrower Protection Center. More from Personal Finance:Parents paying for college 'is the norm'4 strategies to avoid taking on too much student debtThese moves can help you save big on college costsRep. Ayanna Pressley, D-Mass., filed an amendment Tuesday that would strike the debt ceiling deal provision ending the pause on student loan payments. According to the legislative text of the proposed agreement to raise the debt ceiling, the pause on federal student loan payments will "cease to be effective" and borrowers will be required to resume paying their student loan bills 60 days after June 30.

Persons: Kevin McCarthy, Mike Pierce, Joe Biden's, Ayanna Pressley, Pressley's, Pressley Organizations: Republican, Washington, Protection, U.S, Supreme, Finance Locations: California, Washington ,

☆ A top progressive lawmaker is 'extremely concerned' about what the debt-ceiling deal means for student-loan borrowers, saying it constrains the time Biden has to get 'debt repayment plans up and runni
▼ + stars: | 2023-05-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden and McCarthy's debt-ceiling deal codifies the end of the student-loan payment pause. She said it could constrain the time Biden might need to implement new repayment plans. Congressional Progressive Caucus Chair Pramila Jayapal said during a Tuesday press call that she's "extremely concerned" with that provision. It also allows the administration to implement another payment pause in the future if another emergency warrants it, but bars Biden from doing so again this year. It also creates a major political problem for President Biden, who has tarnished his sterling legacy as a champion for working people with student debt."

Persons: Biden, Pramila Jayapal, —, isn't, Joe Biden, Kevin McCarthy's, McCarthy, — McCarthy, Jayapal, Mike Pierce, Miguel Cardona Organizations: Service, SNAP, Congressional, Protection, Twitter, Progressives

☆ There's no chance the student-loan payment pause will be extended again this year if McCarthy and Biden's debt-ceiling deal is signed into law
▼ + stars: | 2023-05-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It codifies the end of the student-loan payment pause while protecting Biden's broad debt relief. The agreement included strengthened work requirements on federal programs like SNAP, and it also codified the end of the ongoing student-loan payment pause. "The deal also protects our ability to pause student loan payments should that be necessary in future emergencies." It would "end the student loan payment pause, which provides a vital economic stimulus to millions of students. Black women bear the highest comparative levels of student debt relief because they invest in education at a significant cost.

☆ The House just passed a bill to block student-loan forgiveness and end the payment pause immediately
▼ + stars: | 2023-05-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A bill to overturn Biden's student-debt relief passed the House by a vote of 218-203. Along with blocking broad debt relief, the bill would also end the payment pause. The bill would overturn President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers, along with immediately ending the ongoing student-loan payment pause, throwing borrowers back into repayment earlier than expected. Pierce said that means the bill will "unwind debt relief already delivered to hundreds of thousands of public service workers across the country. This will happen because the seventh and eighth payment pauses also give credit towards Public Service Loan Forgiveness for each paused month covered by these executive actions,."

☆ The GOP's bill to permanently block Biden's student-debt relief could cause public servants' loan balances to unexpectedly balloon if it passes, advocacy groups say
▼ + stars: | 2023-05-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The SBPC and AFT released a report analyzing the impacts of a GOP bill to overturn student-debt relief. GOP Rep. Virginia Foxx rejected that idea during a hearing last week as Democrats said loans would be reinstated under the bill. However, the text of the CRA statute could suggest the GOP bill might do far more than block Biden's broad debt relief and the student-loan payment pauses. "This resolution will unwind debt relief already delivered to hundreds of thousands of public service workers across the country. The report also estimates that two million public servants making progress toward payments in PSLF could lose "at least some progress toward relief."

☆ A major student-loan lender is putting millions of borrowers 'at serious risk of financial harm' by filing a lawsuit to end the payment pause, Biden's Education Department says
▼ + stars: | 2023-03-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan lender SoFi asked a federal court to end the student-loan payment pause. The Education Department said the pause is legal, and the lawsuit puts borrowers "at serious risk of financial harm." On Friday, SoFi Bank and SoFi Lending Corp. — a student-loan refinancing company — sued the Education Department and asked the District Court for the District of Columbia to end Biden's latest extension of the student-loan payment pause. The White House has not yet commented on whether it will consider additional relief, such as a further payment pause extension if its relief gets struck down. It also claimed that it has suffered direct harm to its student-loan refinancing business, saying that the student-loan payment pause "has eliminated the primary benefits of student loan refinancing.

☆ A federal judge just struck down Biden's student-loan forgiveness plan — the most serious legal setback for the debt relief so far
▼ + stars: | 2022-11-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A federal judge in Texas struck down Biden's student-loan forgiveness on Thursday. It's in response to a lawsuit filed by two student-loan borrowers who didn't qualify for the relief. This is the most serious legal setback to Biden's debt relief so far. This was in response to a lawsuit filed by two student-loan borrowers, Myra Brown and Alexander Taylor, represented by conservative group the Job Creators Network, who sued because they were left out of debt relief. "Today, a federal judge conspired with right-wing politicians and corrupt corporations to block life-changing student debt relief for tens of millions of families," executive director of advocacy group Student Borrower Protection Center Mike Pierce said in a statement.

☆ You should still apply for student loan forgiveness even while it's on hold
▼ + stars: | 2022-10-24 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Late last week, a federal appeals court officially halted President Biden's student debt forgiveness. The plaintiffs argue the debt forgiveness would lead to a loss in tax revenue, causing economic harm to their states. Borrowers should apply for debt forgiveness as soon as possible, experts have previously told Make It. Back in August, the Biden Administration announced it was making good on its campaign promise to provide some relief to student loan borrowers. Check out:Borrowers react to student loan forgiveness: 'A huge weight has been lifted off of my shoulders'Over 700,000 borrowers no longer qualify for student loan relief—how to check if you're still eligibleStudent debt experts say $10,000 isn't enough specifically for Black borrowers—here's whySign up now: Get smarter about your money and career with our weekly newsletter

☆ Biden's student-loan forgiveness can move forward for now after a federal judge just threw out one of the most serious GOP lawsuits against the debt relief
▼ + stars: | 2022-10-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It was regarded as one of the most serious challenges to the loan forgiveness plan. The GOP-led states could still appeal the case, but for now, Biden's debt relief can move forward. The suit was regarded as one of the most serious cases challenging the debt relief plan. Autrey said that the plaintiffs failed to show concrete harm the debt relief would cause them and will no longer consider the case. "It is unconscionable that your company — as one of the largest student loan companies in the world—would be involved in overtly political efforts to rob millions of their right to student loan debt relief," Bush wrote.

☆ Elizabeth Warren blasts a federal court's 'lawless and reckless decision' striking down the funding mechanism for a top student-loan industry watchdog
▼ + stars: | 2022-10-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Elizabeth Warren, who helped create the agency, called the ruling a "reckless decision." "This is a lawless and reckless decision," Warren wrote on Twitter. "This reckless decision could stop the CFPB from enforcing rules that prevent debt collectors from harassing you," she added. Rules to stop financial firms charging you outrageous junk fees." "Other federal financial regulators and the entire Federal Reserve System are funded that way, and programs such as Medicare and Social Security are funded outside of the annual appropriations process," the spokesperson said.

☆ A student-loan company involved in a major lawsuit against Biden's debt relief just got hit with a cease and desist over accusations of 'interfering with student loan borrowers' right to loan cancella
▼ + stars: | 2022-10-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Advocacy groups AFT and SBPC sent a cease and desist letter to student-loan company MOHELA. "Student loan giant MOHELA has grown fat on federal contracts and back-room deals with big banks. The groups also noted that MOHELA's actions could be a "potential liability" under the California Student Borrower Bill of Rights and the Consumer Financial Protection Act. The cease and desist letter noted that seeking to block debt relief and understaffing call centers could constitute such behavior. "People with student debt in California and across the country have a right to life-changing debt relief and we will not let a rogue student loan company stand in the way."

☆ Student-loan borrowers will automatically receive refunds on pandemic-era payments if they qualify for Biden's debt relief
▼ + stars: | 2022-09-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department updated guidance on the process for receiving student-loan payment refunds. Borrowers who apply for and receive Biden's debt cancellation will get refunds automatically. In an FAQ posted on studentaid.gov with details on accessing Biden's debt relief, the department recently added a refund section explaining that borrowers can automatically receive a refund for payments they made during the pause if:You apply for and receive loan forgiveness through Biden's plan. "We're glad to see that the Department understands the importance of automation and maximizing relief to borrowers. We urge them to deliver the rest of Biden's promised debt cancellation by making it all automatic."

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