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A Master Promissory Note, or MPN, is a legal document that outlines the terms and conditions of your federal student loans. Promissory notes are used for all types of loans, like auto loans, mortgages, and personal loans, though an MPN is a special type of promissory note used exclusively for federal student loans. Why the MPN mattersIt's important for student loan borrowers to sign and understand an MPN for the following reasons:It's Not Optional: Required to receive federal student loans. In general, you'll default on most federal student loans if you have not made a payment in more than 270 days. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: Mark Kantrowitz, You'll, Stacey MacPhetres, Andrew Pentis, Ryan Wangman, Read Organizations: Parent PLUS, Department of Education, Bright, Borrower's, Loan, Federal, Aid, Finance, Northwestern University, Boston Globe Locations: Chevron

☆ 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

☆ A dad explains why the college financial aid process has him worried he'll be 'scrambling to try to find money at the last minute' for his 2 daughters
▼ + stars: | 2024-03-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Antonio Scordo, 50, is struggling to navigate the college financial aid process for his two daughters. Having already sent his son through college, Scordo was familiar with the Free Application for Federal Student Aid, or FAFSA, process — but this year has brought a host of new challenges. "We also don't want to apply for not enough because then you're scrambling to try to find money at the last minute. According to Federal Student Aid, the ability to make corrections and updates will not become available until "the first half of April." To help pay for his son and one of his daughter's schools, he took out nearly $50,000 in parent PLUS loans, per documents reviewed by BI.

Persons: Antonio Scordo, —, Scordo, Joe Biden's, she's, she'll, Miguel Cardona, Cardona, they're Organizations: Service, Federal Student Aid, Joe Biden's Education Department, Business, BI, The Education Department, Politico, Microsoft, Education Department Locations: Scordo

☆ 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

☆ Meet the Americans who can't retire
▼ + stars: | 2024-03-23 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +12 min

More people over 65 are working as pensions disappear, people live longer, and Social Security benefits are seemingly always in peril. Business Insider spoke with several Americans of retirement age about why they are still trading their time for money. "I think older people become very invisible, and maybe it's going to take other older people to help heighten that visibility." On average, Americans who have pensions receive $25,000 annually from them; the average estimated annual Social Security benefit is $38,418 for 2024. Indeed, BI's analysis of retirement data has found that nearly 80% of retirees have Social Security income.

Persons: —, Marcia, I'm, hasn't, she's, Steve Biddle, he's, He's, he'll, Bill, Geoffrey Sanzenbacher, Sanzenbacher, they're, Debra Giarrusso, She's, didn't, I've, there's, Pam, Kurt Vonnegut's, David Certner, Certner, Rebecca, It's Organizations: Service, Business, Social Security, Behavioral Health, Disability, Aging, —, Boston College, Center for Retirement Research, Congressional Research Service, Ford Motor Company, AARP Locations: North Carolina, Connecticut, Philadelphia, America, Michigan

☆ A mom who's stuck with the bill for her ex-husband's student loans is struggling to pay the $365,000 balance and help her kids at the same time
▼ + stars: | 2024-03-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

But more than a decade later, their student loans are preventing them from fully separating. So my current husband has all my kids' student loans in his name," Rowan told BI. AdvertisementShe also can't get a new credit card, and she said that her parents are concerned her inheritance will be garnished because of her student loans. BI recently spoke to Chrystal Copeland, a 46-year-old mom also seeking to get her loan balance separated from her ex-husband. "The only thing that is still holding me in this cycle of abuse is these student loans," Copeland said.

Persons: Shannon Rowan, Rowan, it's, Sen, Mark Warner, David Price, —, Joe Biden, It's, Chrystal Copeland, Copeland, she's Organizations: Service, Business, BI, Public, Rowan

☆ Student-loan borrowers are officially one step closer to benefiting from Biden's second attempt at debt cancellation after a key stage of the process wrapped up
▼ + stars: | 2024-02-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

President Joe Biden's Education Department is officially one step closer to finalizing its second attempt at student-loan forgiveness for federal borrowers. This second attempt at student-debt relief is separated from the other targeted relief initiatives the Education Department has been in the process of carrying out. During a February 21 speech touting the latest relief, Biden said he would continue to pursue loan forgiveness for federal borrowers despite legal challenges. "Look, early in my term, I announced a major plan to provide millions of working families with debt relief for their college student debt. "I announced we were going to pursue alternative paths for student debt relief for as many borrowers as possible.

Persons: —, Joe Biden's, It's, Biden's, Tamy Abernathy, Abernathy, Biden Organizations: Service, Joe Biden's Education Department, Higher, Education Department, Democratic, Federal Register, Republican

☆ Student-loan borrowers can get the most 'debt relief possible' if Biden wipes out balances for those facing these 3 repayment challenges, Elizabeth Warren and Chuck Schumer say
▼ + stars: | 2024-02-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewTwo top Democratic lawmakers are urging President Joe Biden to go beyond his proposals for student-loan forgiveness and get borrowers as much relief as possible. On top of that, the department is also in the process of crafting its second attempt at debt relief after the Supreme Court struck down its first plan. On Thursday and Friday, it will be holding its fourth negotiation session with stakeholders to discuss relief for borrowers experiencing hardship, but Warren and Schumer said Biden shouldn't stop there. Advertisement"We support all that the president has done, and we, along with millions of Americans crushed under student loan debt, urge him to use the full extent of his authority to cancel more student debt," they wrote. "He should provide relief for as many people as possible and make that relief as easy to access as possible.

Persons: —, Joe Biden, Chuck Schumer, Massachusetts Sen, Elizabeth Warren, Biden, Warren, Schumer, Sen, Chris Van Hollen, it's Organizations: Service, Democratic, Massachusetts, Boston Globe, Business, Education Department, Public, Parent Locations: Schumer

☆ Parents who took on student debt for their kids have 'extremely limited' options for loan forgiveness and cheaper monthly payments — but Biden can change that, 9 Democratic lawmakers say
▼ + stars: | 2024-02-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

A group of Democrats urged the Education Department to expand relief for parent PLUS borrowers. They also requested PLUS borrowers be included in Biden's second attempt at broader loan forgiveness. Elizabeth Warren and Bernie Sanders — in sending a letter to Education Secretary Miguel Cardona regarding parent PLUS borrowers. The burden increases on parents because, as the lawmakers wrote, options for federal relief on PLUS loans "remain extremely limited." "We write to you out of deep concern that Parent PLUS borrowers have been left out of key student loan actions the Administration has taken," the Democrats said.

Persons: —, Sen, Chris Van Hollen, Elizabeth Warren, Bernie Sanders —, Secretary Miguel Cardona, Biden, Derrick Johnson, Wisdom Cole, Cardona Organizations: Education Department, Service, Democratic, Secretary, Parent, Education, Higher, The Education Department, National, Parent PLUS Locations: Sens

☆ House Republicans are moving forward with a bill that would overhaul student-loan repayment and make it harder for Biden to get relief to borrowers
▼ + stars: | 2024-01-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Democrats introduced their own package to address student debt, but it's unlikely to advance. AdvertisementHouse Republicans are moving forward with a bill that could make it harder for student-loan borrowers to get new forms of relief. Lawmakers on both sides of the aisle have offered solutions to combat the student debt crisis, but there's disagreement on the best way to do so. When it comes to student-loan repayment in particular, the legislation aims to put constraints on the Education Department's ability to implement new programs. AdvertisementLimits debt relief.

Persons: —, Virginia Foxx, Foxx, Joe Biden's, Biden, overreach, Biden's, Pell Grant, Bobby Scott Organizations: Service, Democratic, Higher, Lawmakers, Education Department, GOP, Democrats, College, Public Locations: —

☆ It's not too late for more student-loan borrowers to get relief in Biden's second try at debt cancellation, 38 Democratic lawmakers say
▼ + stars: | 2024-01-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThere's still time for President Joe Biden's Education Department to consider more student-loan borrowers for its second debt relief plan, a group of Democrats said. On Thursday, 38 Democratic lawmakers — including Sens. The key issue concerns the groups of borrowers the Education Department proposed to include in its relief. The Education Department has not yet indicated whether it will add a fourth session. Advertisement"The Department's priority is to support students and borrowers, and is moving as quickly as possible to provide student debt relief to as many borrowers as possible, including through the regulatory process," the spokesperson said.

Persons: —, Joe Biden's, Elizabeth Warren, Chuck Schumer, Bernie Sanders —, Secretary Miguel Cardona, Biden's, didn't, Biden Organizations: Service, Joe Biden's Education Department, Business, Democratic, —, Secretary, Education Department, Higher, Department, Biden Administration Locations: Sens

☆ For Some Young People, a College Degree Is Not Worth the Debt
▼ + stars: | 2024-01-13 | by ( Emily Withnall | ) www.nytimes.com time to read: +1 min

By researching Parent PLUS loans, I learned that the parent alone carries the debt, there are fewer forgiveness options than other federal student loans and the loans carry a current interest rate of 8.05 percent. So instead of taking out Parent PLUS loans, I secured a private loan with a much lower interest rate through my credit union. I did my best to alleviate their worries, but my own student loan debt wasn’t reassuring. Because of the combined costs of tuition and living expenses, some young people have opted to delay, drop out of or forgo attending college altogether to avoid student debt that could hang over them for decades. In addition, the share of students who left college without a degree rose to 40.4 million as of July 2021.

Persons: Alex Organizations: Parent

☆ Parents Left Out of Biden’s New Student Loan Plan
▼ + stars: | 2023-10-31 | by ( Julia Carpenter | ) www.wsj.com time to read: +1 min

The Supreme Court overturned President Biden’s student-debt forgiveness plan, claiming it exceeded the authority Congress delegated to the executive branch. Photo illustration: Elise DeanMillions of parents who took out student loans on behalf of their children were left out of the Biden administration’s new repayment plans. Parent Plus loans, which account for more than $111 billion in outstanding student debt, aren’t eligible for the lower monthly payments and shorter paths to forgiveness offered under the new Saving on a Valuable Education (SAVE) program announced in January. Neither were they part of the one-time adjustment in July to other income-driven repayment programs that awarded borrowers nearly $40 billion dollars in debt relief. There is a way to convert Parent Plus loans into one that is eligible, but it is complicated.

Persons: Biden’s, WSJ’s Andrew Restuccia, Elise Dean Organizations: Biden, Parent, Valuable

☆ Who’s Left Out of the Latest Student-Loan Plan? Parents
▼ + stars: | 2023-10-31 | by ( Julia Carpenter | ) www.wsj.com time to read: +1 min

The Supreme Court overturned President Biden’s student-debt forgiveness plan, claiming it exceeded the authority Congress delegated to the executive branch. WSJ’s Andrew Restuccia explains what the decision means for borrowers. Photo illustration: Elise DeanMillions of parents who took out student loans on behalf of their children were left out of the Biden administration’s new repayment plans. Neither were they part of the one-time adjustment in July to other income-driven repayment programs that awarded borrowers nearly $40 billion dollars in debt relief. There is a way to convert Parent Plus loans into one that is eligible, but it is complicated.

Persons: Biden’s, WSJ’s Andrew Restuccia, Elise Dean Organizations: Biden, Parent, Valuable

☆ It doesn't look like broad student-loan forgiveness will happen under Biden's new debt relief plan
▼ + stars: | 2023-10-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Education Department confirmed broad-based relief is not on the table. But it's looking at distinct groups of borrowers that could get relief under the Higher Education Act. On October 10 and 11, a group of selected negotiators met with Education Department officials to discuss what student-loan forgiveness under the Higher Education Act should look like. Abernathy said that instead the department would look at more specific waivers allowing at least some debt forgiveness for targeted groups. What I'm saying is that there are many moving pieces and parts of this and the categories for which we are presenting and we end up crafting those regulations could cancel some borrowers' debt completely, but it could not cancel all borrowers' debt completely."

Persons: —, Joe Biden's, Tamy Abernathy, Abernathy, Pell Grant, We're Organizations: Education Department, Higher, Service, Joe Biden's Education Department, Supreme, The Education Department, Public, Management

☆ Parents who took on student loans for their kids are facing 'a grim reality' as payments resume because they're not included in Biden's new plan to make monthly bills cheaper, the NAACP says
▼ + stars: | 2023-10-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Student-loan borrowers with parent PLUS loans are not included in Biden's new SAVE plan. The issue they raised is that parent PLUS borrowers are not eligible for Biden's new SAVE income-driven repayment plan, which is intended to make monthly payments cheaper for many borrowers. "Parent PLUS borrowers face a grim reality as loan repayments restart," Johnson and Cole said. "The new SAVE plan does not apply to Parent PLUS borrowers, and there is currently no plan to assist such borrowers when loans restart." Currently, over 3 million parents hold $104 billion in PLUS loans, and they come with the highest interest rate of all federal loans: 8.05% for the 2023-2024 school year.

Persons: —, Joe Biden's, Derrick Johnson, Wisdom Cole, Secretary Miguel Cardona, Johnson, Cole, they're, he's Organizations: NAACP, Education Department, Service, National, Secretary, Parent PLUS, Higher

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

The short answer is that, yes, it is possible to get a grant to help you pay off your student loan debt. Citizens Bank Student Loan Refinancing is one of many strong options for student loan refinancing, particularly because the company allows you to refinance up to $300,000 and to apply with a co-signer. Bottom lineGetting a grant or some other form of loan forgiveness can make a huge difference in your student loan management journey. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan refinance products. See our methodology for more information on how we choose the best student loan refinance companies.

Persons: Harris, refinanced Organizations: Education Data, Biden, CNBC, Citizens Bank Student, Citizens Bank, Loan, Federal Reserve Bank of New, AK, IL, CNBC Select's, Facebook, Twitter Locations: California, Federal Reserve Bank of New York, MN, NH, OH, TN, TX

☆ Biden’s New Student Loan Repayment Plan Is Open. Here’s How to Enroll.
▼ + stars: | 2023-08-22 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

It also creates a new safety net, automatically enrolling certain borrowers into the SAVE plan after they have fallen behind on their payments. By enrolling now, you can have your paperwork processed with enough time before your first payment becomes due, officials added. Borrowers won’t receive the full benefits of the plan until next summer, because some features won’t immediately take effect. Here’s a rundown on how the plan will work:Who is eligible for the new repayment plan? Parents who borrowed to pay for their children’s schooling using Parent PLUS loans cannot enroll in the new plan.

Persons: —, won’t Organizations: SAVE

☆ 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 ,

☆ 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

☆ Supreme Court block of Biden’s student loan forgiveness could cause college enrollment to fall, experts say
▼ + stars: | 2023-06-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

At four-year private colleges, it now costs $39,400, according to the College Board, which tracks trends in college pricing and student aid. Many students borrow to cover the tab, which has already propelled collective student loan debt in the U.S. past $1.7 trillion. The share of parents taking out federal parent PLUS loans to help cover the costs of their children's college education has also grown, NerdWallet found. High schoolers are also putting more emphasis on career training and post-college employment, a recent report by ECMC Group found. How to avoid taking on too much student debt

Persons: Sarah Foster, NerdWallet, Parker O'Neill Organizations: College Board, Bankrate.com, The Institute, College, National Center for Education Statistics, Century College, ECMC Group Locations: U.S, White Bear Lake , Minnesota

☆ Meet a single dad with $550,000 in student loans for his 5 children: 'I'm just not going to take the chance on not sending my kids to school'
▼ + stars: | 2023-06-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

He took out parent PLUS loans to fund their education and told Insider he now has $550,000 in debt. Clark was preparing to pay for his five kids' education as part of a two-income family, but he and his wife divorced in 2011. Just a few years later, when the children started going to college, he decided to turn to federal loans to finance their education himself. Parent PLUS loans, the type of loan Clark is paying off, are federal loans that let parents pay for their children's education. Clark says he wanted what was best for his kids, and parent PLUS loans allowed him that opportunity.

Persons: Reid Clark, —, Clark, isn't, Andrew Gillen, It's, Joe Biden's Organizations: Service, Parent, Texas Public, Foundation, Yahoo Finance Locations: Pennsylvania, East

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