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☆ Student-loan borrowers in public service are facing a key change starting in May — and it'll mean delays in their debt cancellation progress
▼ + stars: | 2024-04-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewSome key changes are on the way for thousands of federal student-loan borrowers in public service. President Joe Biden's Education Department recently posted new guidance on Federal Student Aid's website with updates to the Public Service Loan Forgiveness program. Once PSLF processing resumes in July, borrowers' loans will remain with their servicer, but the Education Department will fully manage the program. As a result, borrowers can view their PSLF payments directly on studentaid.gov, access "enhanced" services like status tracking for their applications, and see quicker processing times for PSLF. AdvertisementOn top of this transition, MOHELA is in the process of transitioning borrowers to a new servicing platform, which could mean up to 30-day delays in posting payments.

Persons: —, Joe Biden's, MOHELA, that'll, PSLF, Grant, Massachusetts Sen, Elizabeth Warren, Warren, Chuck Schumer, Sen, Bernie Sanders Organizations: Service, Joe Biden's Education Department, Federal, Public, Business, Teacher, College And Higher, Federal Student Aid, Education Department, PSLF, Protection Locations: Massachusetts

☆ 3 top Democratic lawmakers are calling for an investigation into a major student-loan company, accusing it of 'loan forgiveness mismanagement' for millions of borrowers
▼ + stars: | 2024-02-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThree top Democratic lawmakers want federal and state officials to investigate a major student-loan company. AdvertisementThey called on the CFPB and attorneys general to "investigate MOHELA and pursue action to the fullest extent possible under the law. We’re standing with @theSBPC and @AFTunion in expressing outrage at MOHELA’s student loan mismanagement. Since student-loan payments resumed in October after an over three-year pause, federal servicers have been under scrutiny over their handling of the return to repayment. AdvertisementIn January, the Education Department withheld varying amounts of pay from the other three federal servicers for the same reason.

Persons: —, Chuck Schumer, Elizabeth Warren, Bernie Sanders, MOHELA, they're, Biden, — Chuck Schumer, Warren Organizations: Service, Democratic, Consumer Financial Protection Bureau, Business, Protection, American Federation of Teachers, Sunshine Law, AGs, Education Department Locations: Sens, Missouri

☆ After student loan forgiveness, the Education Dept. is sending some borrowers refunds. What to know
▼ + stars: | 2024-02-22 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

So far, almost 3.9 million borrowers have gotten their education debt erased, totaling $138 billion in relief . Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 or 25 years. The companies earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities. "Loan servicers were not tracking the number of qualifying payments, and the automatic forgiveness was not occurring," Kantrowitz said. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, denied that the companies benefit by veering from the government's orders.

Persons: Joe Biden, Culver City Julian, Mark Kantrowitz, servicers, Nadine Chabrier, Kantrowitz, he'd, Scott Buchanan, Buchanan, Biden, who've, Persis Yu Organizations: Culver City, Culver City Julian Dixon Library, Education Department, U.S . Department of Education, U.S . Department, Center for, Lending, The Education, Finance, IRS, Student Loan, Alliance, Student, Protection Locations: Culver City , California, U.S

☆ These borrowers are likely to be eligible for Biden's new student loan forgiveness plan
▼ + stars: | 2024-02-20 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Sean Rayford | Getty ImagesSince the Biden administration's first student loan forgiveness plan was rejected at the Supreme Court, it has been working on creating a new, legally viable relief package. The alternative plan, which has become known as Biden's "Plan B," could forgive the student debt for as many as 10 million people, according to one estimate. While Biden first attempted to cancel student debt through an executive order, he has now turned to the rulemaking process. Borrowers in repayment for 20 years or moreThose who have been carrying their student debt for decades may also benefit. watch nowStudent loan servicers also earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities.

Persons: Joe Biden, Sean Rayford, Biden, Persis Yu, George W, Bush, servicers, Yu Organizations: Flex, Biden administration's, Supreme, U.S . Department of Education, Student, Protection, Education Department, Public, Consumer Financial, Bureau Locations: West Columbia, South Carolina

Olivier Douliery | Afp | Getty ImagesAmberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. Around 7% of student loan borrowers are now more than $100,000 in debt. "The government has made all these announcements, and it's really confusing to people," said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Her original student loan bill of $483, which was listed as due on Oct. 20, wasn't affordable for her.

Persons: Miguel Cardona, Kamala Harris, Olivier Douliery, she's, MOHELA, couldn't, Ella Azoulay, Carolina Rodriguez, Rodriguez, Scott Buchanan, Joe Biden, he'd, didn't, Biden, servicers, Braxton Brewington, Sarah Cluff, Sarah Cluff Still, servicer, Cluff, Sen, Elizabeth Warren, Nelnet, Joe Popevis, NelNet, Popevis, Servicers, Brewington, Amberlee, Jane Fox, Fox, Buchanan, Rocky, they'll Organizations: Washington , D.C, Afp, Getty, Public, Missouri Higher Education Loan Authority, CNBC, Finance, Biden, Student, Protection, Carolina, Education, Consumer, Student Loan, Alliance, U.S . Department of Education, Valuable Education, Education Department, MOHELA, SAVE, Legal, Association of Legal Locations: Washington ,, Pennsylvania, Missouri, U.S, New York, servicers

☆ Student loan borrowers hit snags as payments resume: 'It's a challenging environment,' head of loan servicer group says
▼ + stars: | 2023-10-13 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

"These student loan borrowers had the reasonable expectation and belief that they would not have to make additional payments on their federal student loans," said Education Department Undersecretary James Kvaal said in a court filing last year. Former President Donald Trump first announced the stay on federal student loan bills and the accrual of interest in March 2020, when the coronavirus pandemic hit the U.S. and crippled the economy. New SAVE payment plan leads to billing errorsTo ease the transition for borrowers, the Biden administration worked quickly to implement a new payment plan option, which it describes as the "most affordable repayment plan ever." Yet many borrowers who've signed up for the Saving on a Valuable Education, or SAVE, plan, complain they've gotten incorrect bills. According to Kantrowitz, student loan servicers seem, in some cases, to be using the 2022 poverty line to calculate borrowers' payments instead of the current 2023 figure.

Persons: Joe Biden's, James Kvaal, Kvaal, Donald Trump, Biden, who've, they've, Mark Kantrowitz, he's, Kantrowitz, servicers, Ella Azoulay, Buchanan Organizations: Creatas, Getty, U.S . Department, Valuable Education, U.S . Department of Education Locations: U.S

NEW YORK (AP) — Federal student loan borrowers will need to start making payments again this month after a three-year-plus pause due to the pandemic. It's likely that most borrowers have received their bill already but if you have not, visit your loan servicer account. Czulada also recommended that you look at which type of student loan you have, so you know which income-driven repayment plans you might qualify for. Borrowers can find out what their monthly student loan payment will be on their account with their loan servicer. Betsy Mayotte, president of The Institute of Student Loan Advisors, recommends that you research if you qualify for an income-driven repayment plan.

Persons: haven't, servicers, Amy Czulada, Czulada, Joe Biden, Betsy Mayotte, Biden, you’ve, they’re, you’re, you’ll, ”, Charles Schwab Organizations: — Federal, Student, Protection, The, Student Loan Advisors, Public, Federal, Aid, Department, Education, Department of Education, Associated Press, Charles, Charles Schwab Foundation, Inc, AP

☆ US poor face economic hit as shutdown, childcare cliff, student loans converge
▼ + stars: | 2023-09-29 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

A separate benefits program, Supplemental Nutrition Assistance Program (SNAP), will continue as normal for the month of October but could be affected afterward, officials say. U.S. officals say Small Business Administration loans may be delayed and up to 10,000 children could lose access to Head Start, the federal program for preschool children from low-income families. The AFL-CIO estimates that more than 3 million children will lose access to quality childcare and thousands of providers will be forced to close, lay off childcare workers or reduce slots for children. STUDENT LOAN DEBT REPAYMENTSA three-year moratorium on student loan repayments ends on Oct. 1 after the U.S. Supreme Court in June blocked the Biden administration's plan to cancel $430 billion in student loan debt for 43 million borrowers. Student loan repayment resumption "will be more challenging for the lowest-income groups," Bank of America said in a recent research report, because they saved less during the moratorium than higher-income groups.

Persons: Sarah Silbiger, Joe Biden, Biden, Patty Murray, Rosa DeLauro, Liz Pagel, Andrea Shalal, Heather Timmons, Timothy Gardner Organizations: U.S, Russell Senate, REUTERS, Rights, Republican, American Federation of Government Employees, SNAP, Women, Assistance, Democratic, AFL, Century Foundation, Supreme, Student, Protection, Bank of America, Thomson Locations: Russell, Washington , U.S, TransUnion

☆ 10 signs the US economy may struggle in the next year
▼ + stars: | 2023-09-14 | by ( Madison Hoff | Noah Sheidlower | ) www.businessinsider.com time to read: +10 min

By raising interest rates, the Fed "wants us to buy fewer cars. There are signs that a drop in savings could be making it harder for Americans' to keep up with paying off debt. Long-term interest rates rising for non-economic reasonsLong-term interest rates are on the rise, even though economic data on the whole is improving. Higher-interest payments for the US governmentSløk also noted higher interest payments for the US government as another downside risk to the outlook. Projections published by the Congressional Budget Office show increasing estimates for the upcoming decades for federal interest payments as a share of GDP.

Persons: Torsten Sløk, Sløk, Paul Krugman, Persis Yu, Jan Hatzius, Goldman Sachs, Hatzius, it's, , you've, Andy Kiersz, That's, Brent Organizations: Service, Apollo Global Management, NYU Stern School of Business, Federal Reserve, San, San Francisco Fed, Student, Protection, CNBC, New York Fed, Banking, West Texas, Labor Statistics, US, Fitch, Congressional Locations: Wall, Silicon, San Francisco, China, Japan, Europe, Germany

☆ Chris Christie meets Zelenskyy in Ukraine as he tries to build momentum in GOP primary race
▼ + stars: | 2023-08-04 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Former New Jersey Gov. Chris Christie speaks with reporters outside the Child Rights Protection Center in Kyiv, Ukraine, Aug. 4, 2023. Former New Jersey Gov. Chris Christie on Friday met with Ukraine President Volodymyr Zelenskyy during a surprise trip to Kyiv. "I am an advocate for there being more aid to Ukraine, more substantial aid to Ukraine," Christie said according to a pool report, adding that he wanted "to help you win the war."

Persons: Chris Christie, Friday, Volodymyr Zelenskyy, Christie, Zelenskyy, Donald Trump, Anatoliy Fedoruk, Ron DeSantis, That's, Trump, Christie's Organizations: New Jersey Gov, Child Rights Protection, Former New Jersey Gov, Ukraine, GOP, Bucha, Trump Republican, New, Granite State, Trump, Florida Gov, New Hampshire Republicans, Republican Locations: Kyiv, Ukraine, New Hampshire, Russia, New Jersey, Granite, Manhattan, Milwaukee , Wisconsin

☆ Some workers are going thousands of dollars into debt to pay for their own training. A federal watchdog is scrutinizing the practice of chasing employees for money after they leave.
▼ + stars: | 2023-07-20 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

A new report from the Consumer Financial Protection Bureau looks at employer-driven debt. The report finds that employers are saddling workers with thousands in debt for training and supplies. On Thursday, the Consumer Financial Protection Bureau released a report detailing the impact of training repayment agreement provisions, or TRAPs. The watchdog said it will continue to evaluate how companies are using TRAPs to determine whether they are violating consumer financial laws. "TRAPs impose significant financial burdens on workers and foster monopsony in labor markets by reducing worker mobility and bargaining power.

Persons: onboarding, hasn't, Nurse E, E, …, Persis Yu Organizations: Consumer Financial, Service, Biden, Federal Trade Commission, FTC, Protection Locations: Wall, Silicon, America

☆ It's a 'grave mistake' for Biden to resume student-loan payments without first giving borrowers debt relief, 179 advocacy groups say
▼ + stars: | 2023-07-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan payments are set to resume in October without broad debt relief. Nearly 200 organizations called on Biden to deliver relief before payments resume. Biden has started the process to enact debt relief again, but it could take months. But payments are still scheduled to resume in October, and the advocacy groups do not want borrowers to foot another bill without any relief. However, interest would still accrue during that time, so borrowers' balances would still grow — and even more so without any broad debt relief.

Persons: Biden, NAACP —, Joe Biden, —, Education James Kvaal, Virginia Foxx Organizations: Service, Protection Center, NAACP, Education Department, Higher, Administration, —, Education, Republican Locations: Wall, Silicon

☆ A federal watchdog is suing a tech boot camp, accusing it of loading students up with 'predatory' debt and telling them it could collect 'more than the consumer legally owed'
▼ + stars: | 2023-07-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The CFPB and state attorneys general sued a career boot camp that declared bankruptcy in 2022. Prehired sued nearly 300 former students last year, saying they'd defaulted on their loans. "Prehired also represented that consumers would pay nothing until they got a job and 'partner[ed] with' Prehired in their career. The lawsuit also accused Prehired of "falsely representing the amount of debt owed by consumers by stating that Prehired could collect more than the consumer legally owed." The complaint said Prehired filed more than 280 lawsuits in 2022 demanding that former students who it said had defaulted pay $25,000 each.

Persons: Prehired, they'd, Bob Ferguson, Washingtonians, bootcamps, Ben Kaufman Organizations: Service, Consumer Financial Protection, California's Department of Financial Protection, Innovation, LinkedIn, Delaware's Department of Justice, Washington Attorney General's Locations: Wall, Silicon, Prehired

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

☆ Biden administration announces student debt forgiveness for 804,000 federal borrowers—here's who qualifies
▼ + stars: | 2023-07-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The Biden administration announced Friday it would be automatically forgiving student debt for 804,000 federal borrowers as a result of fixes to income-driven repayment plans. The borrowers — who will be notified of their relief in the coming days, the administration said — will have a total of $39 billion in debt forgiven just weeks before they were set to begin making payments again. The new wave of relief brings the Biden administration's amount of total student debt forgiven — which has included Public Service Loan Forgiveness, disability discharges and relief for defrauded students — up to more than $116.6 billion dollars. Student debt relief advocates celebrated the administration's announcement, and now call on officials to keep the momentum going, especially given last month's defeat of Biden's broader student debt forgiveness program in the Supreme Court. "Our student loan system is riddled with structural incompetence, and vulnerable, low-income, and Black and Bbrown borrowers face the harshest effects.

Persons: —, Education Miguel Cardona, Persis Yu, Here's Organizations: Biden, Education, Student, Protection

☆ 16 abused children freed in Philippines after man’s arrest in Sydney
▼ + stars: | 2023-07-05 | by ( Teele Rebane | ) edition.cnn.com time to read: +2 min

CNN —Sixteen children allegedly abused in the Philippines have been rescued after Australian police found sexually explicit material on the phone of a man arrested in Sydney. The investigation began in January when the Australian Border Force intercepted a Queensland man, 56, as he returned to Sydney from the Philippines, the statement said. After searching his phone, the ABF found child abuse material and messages detailing his intent to pay a facilitator who would enable him to sexually abuse children in the Philippines. The man was charged with three offenses including grooming and possession of child abuse material, which carry a potential maximum sentence of 15 years in prison. “We must collaborate with our international partners, such as the AFP, to arrest offenders and rescue child victims,” she said.

Persons: ”, Andrew Perkins, Portia Manalad Organizations: CNN, Philippine National Police, Australian Federal Police, Australian Border Force, Philippine Department of Social Welfare, Development, Philippine National Police Women, Children Protection, AFP, Philippine Internet Locations: Philippines, Sydney, Metro Manila, Northern Philippines, Queensland, Manila, Philippine, Australia, United Kingdom, Netherlands

☆ Supreme Court strikes down Biden's student loan forgiveness plan
▼ + stars: | 2023-06-30 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Supporters of student debt forgiveness demonstrate outside the US Supreme Court on June 30, 2023, in Washington, DC. Olivier Douliery | AFP | Getty Images"Under the Secretary's plan, roughly half of all federal borrowers would have their loans completely discharged," Roberts wrote. How student loan forgiveness got to the Supreme CourtSupreme Court justices listen to arguments. watch nowTwo of those legal challenges made it to the Supreme Court: one brought by six GOP-led states — Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina — and another backed by the Job Creators Network Foundation, a conservative advocacy organization. While the justices' decision largely matched the predictions of many legal experts, some saw it going another way, especially after the Supreme Court heard oral arguments for the two challenges to the president's plan at the end of February.

Persons: Olivier Douliery, Roberts, Persis Yu, who'd, Biden, Bill Hennessey, he'd, Grant, overreach, Jed Shugerman, Elizabeth Prelogar Organizations: AFP, Getty, U.S . Department of Education, Consumer, Student, Protection, Supreme, U.S . Department of Justice, Heroes, Republican, GOP, South Carolina —, Job, Network Foundation Locations: Washington ,, Missouri, delinquencies, U.S, — Nebraska , Missouri , Arkansas , Iowa , Kansas, South Carolina, Fordham

☆ A student-loan company that services millions of borrowers played a big role in defeating Biden's debt cancellation plan
▼ + stars: | 2023-06-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Supreme Court struck down Biden's student-loan forgiveness plan by a 6-3 vote. The majority said the six GOP-led states had standing to involve student-loan company MOHELA in its lawsuit against the plan. Chief Justice John Roberts wrote in the majority opinion that "the plan's harm to MOHELA is also a harm to Missouri." At the time, she asked the lawyer representing the states: "Why didn't the state just make MOHELA come then?" The majority didn't see it that way — and Biden's broad student-debt relief plan is effectively blocked.

Persons: MOHELA, —, Joe Biden's, Brown, — Biden, . Nebraska —, John Roberts, Roberts, Cori Bush, Amy Coney Barrett, You've, Liberal Justice Elana Kagan, Kagan, SCOTUS, Rep, Alexandria Ocasio, Cortez Organizations: GOP, MOHELA, Service, US Department of Education, . Nebraska, Republican, State, Missouri Rep, Student, Liberal, Missouri Higher Education Loan Authority, Higher, Democratic, Twitter Locations: ., Missouri, Alexandria

☆ Justice Sam Alito took a luxury fishing trip with a billionaire who supports a group that wants to block Biden's student-loan forgiveness
▼ + stars: | 2023-06-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

ProPublica reported that Justice Sam Alito took a luxury fishing trip with billionaire Paul Singer in 2008. Both Singer and Alito denied discussing any business interests related to SCOTUS cases on the trip. That group also filed an amicus brief with the Supreme Court asking it to block Biden's relief plan — a decision the court is expected to hand down in the coming days. The spokesperson also said that Singer did not have "any pending matters before the Supreme Court, nor could Mr. Singer have anticipated in 2008 that a subsequent matter would arise that would merit Supreme Court review." "On no occasion have we discussed the activities of his businesses, and we have never talked about any case or issue before the Court," Alito wrote.

Persons: ProPublica, Sam Alito, Paul Singer, Singer, Alito, SCOTUS, —, Jr, Joe Biden's, Biden, Brown, SBPC, Paul Singer's, Miguel Cardona Organizations: Manhattan Institute, GOP, Service, Republican, Congress, Street, Protection Center, . Nebraska, US Department of Education, Network, Judicial, Democratic, Biden Locations: —, Alaska, ., Brown, Brown and Nebraska

☆ It's official: Student loan payments will restart in October, Education Department says
▼ + stars: | 2023-06-20 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

The Education Department posted on its website that "payments will be due starting in October," and a recent law passed by Congress will make changing that plan difficult. As a result of the policy, the average borrower likely saved around $15,000 in student loan payments, Kantrowitz said. They sought to repeal Biden's executive action granting student loan forgiveness, but the Biden administration refused to agree to that. Interest will pick up in September, payments in OctoberThe Education Department says borrowers will be expected to make their first post-pause payment in October. For those who still have a balance after the relief, the Education Department has said it plans to "re-amortize" borrowers' lower debts.

Persons: Persis Yu, Donald Trump, Mark Kantrowitz, Kantrowitz, Joe Biden, Biden, Miguel Cardona, That's Organizations: Istock, U.S . Department of Education, Education, Congress, Student, Protection, Republicans, Finance, Department, Biden, Kantrowitz, Education Department

☆ Employees at the student-loan company named in a major lawsuit blocking Biden's debt relief were confused about their involvement in the case: 'Are we the bad guys?'
▼ + stars: | 2023-06-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Employees at student-loan company MOHELA were confused about their role in one of the lawsuits blocking debt relief. MOHELA has denied involvement in the case, and Supreme Court justices were skeptical of its standing. But it appears MOHELA employees weren't given a heads-up they would be called into this major lawsuit. Millions of borrowers are waiting for the Supreme Court to issue its final decision on the legality of Biden's debt relief, which could happen in the coming weeks. Do you work at MOHELA or another student-loan company and want to share your story?

Persons: MOHELA, —, Joe Biden's, Cori Bush, Bush, James Campbell, Campbell, Ella Azoulay, Amy Coney Barrett Organizations: Student, Protection, Service, Employees, GOP, Missouri Sunshine, Missouri Rep, Missouri Attorney Locations: Missouri, Nebraska, MOHELA

☆ 1 in 5 student loan borrowers at risk of struggling when payments resume, consumer watchdog says
▼ + stars: | 2023-06-09 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Yuliya Taba | E+ | Getty ImagesThe Consumer Financial Protection Bureau is warning that roughly 1 in 5 student loan borrowers have financial risk factors that could cause them to struggle when their payments resume in the fall. What to do if Biden's student debt plan is struck downHere's how things go so bad with student loan debt in the U.S. Student loan borrowers are deeper in debtMeanwhile, more than half of student loan borrowers expected to resume their payments have higher monthly debt-related expenses than they did before the pause on bills began (excluding their student debt or mortgage payment), the CFPB writes. While federal student loan payments were suspended, many borrowers probably used their freed-up cash to take on more debt, Kantrowitz said. However, the CFPB's findings show millions of student loan borrowers will resume their payments in a more precarious financial situation.

Persons: Yuliya, Joe Biden, Kentia Elbaum, Justice Barrett, Mark Kantrowitz, Kantrowitz, Persis Yu Organizations: Financial, U.S . Department of Education, Finance, Consumer, Supreme, Student, Protection Locations: U.S, delinquencies

☆ Online College Classes Are Making the Student Debt Crisis Worse
▼ + stars: | 2023-06-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. OPMs have helped fuel the student debt crisis, saddling may students with tens of thousands of dollars worth of debt and an uncertain future.

Persons: Iola Favell, Favell, Rossier, Zavareei, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, Zavareei LLP, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

☆ Borrowers brace for student loan bills to resume — '$600 a month, where is that going to come from?'
▼ + stars: | 2023-06-04 | by ( Annie Nova | ) www.cnbc.com time to read: +6 min

As a result of the policy, the average borrower likely saved around $15,000 in student loan payments, Kantrowitz said. ″[T]he one-time student loan debt relief program was intended to avoid" that problem, he added. Yet consumer advocates say the troubles for student loan borrowers are far from over. "Borrowers are not ready to resume payments," said Persis Yu, deputy executive director at the Student Borrower Protection Center. To be able to afford his student loan payment in September, Berlet plans to cut back on how much food he buys.

Persons: Donald Trump, Mark Kantrowitz, Kantrowitz, James Kvaal, Joe Biden's, Mark, Kvaal, Kevin McCarthy, Biden, McCarthy, Persis Yu, Yu, they'd, Paul, Berlet, he'll, Brooks, didn't, wasn't, Paul Berlet Organizations: Twitter, Student, Protection, Kantrowitz, Education Department, Pennsylvania Higher Education Assistance Agency, Granite State Locations: U.S, Pennsylvania, Granite, Wilmington , Delaware

☆ Online College Class Providers Screwing Over Students, Adding to Debt Crisis
▼ + stars: | 2023-06-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +18 min

She applied and was accepted to the online program in 2020. In exchange for expanding course offerings and recruiting students, OPMs receive a big chunk of the tuition revenue from the online programs, which usually cost the same as in-person schooling. While it's not always the case, many experts and grads told me that OPMs were offering online students a worse education for a sky-high price. A third-party provider to those schools, 2U signs a contract to offer services such as recruiting and technology to boost online enrollment. But beyond scandals, the everyday business of OPMs is leaving many online students with exorbitant bills, despite how cheap it is to administer the courses.

Persons: Iola Favell, Favell, Rossier, USC Rossier, OPMs, it's, grads, Eric Rothschild, John Katzman, Katzman, Clare McCann, McCann, —, Aaron Ament, Barack Obama, That's, STEFANI REYNOLDS, Helen Drinan, Cabrini University —, Drinan, Democratic Sens, Elizabeth Warren, Tina Smith, Sherrod Brown, Pearson, Rosa DeLauro, Virginia Foxx, Ament Organizations: University of Southern California's Rossier School of Education, USC, Student Defense, US, Education Department upended, Education Department, Arnold Ventures, OPM, Office, Los Angeles Times, Wall Street, Canyon University, Grand Canyon, Century Foundation, Getty, Cabrini University, Simmons University, Democratic, GAO, Republican, GOP, Universities, Protection, Consumer Financial, Bureau Locations: California, Georgetown, —, Pennsylvania, Massachusetts

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