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☆ Federal Student Aid head Richard Cordray, tasked with FAFSA rollout, to step down
▼ + stars: | 2024-04-26 | by ( Katie Lobosco | ) edition.cnn.com time to read: +7 min

Washington CNN —The head of the Federal Student Aid office, which has faced criticism for the botched rollout of this year’s college financial aid form, will be stepping down. The announcement of Cordray’s departure comes as his office has been under fire for problems with a new version of the Free Application for Federal Student Aid, or FAFSA, released late last year. “If there was a financial aid director, or even a college president, that delayed financial aid on their campus for up to six months, the professional price that would be paid for that would be pretty steep,” Justin Draeger, president of the National Association of Student Financial Aid Administrators, told lawmakers. Cordray’s tenureAs the head of FSA, Cordray oversaw not only the FAFSA but also the entire $1.6 trillion federal student loan system. It also sued Navient, one of the biggest federal student loan servicers, for allegedly processing payments incorrectly.

Persons: Richard Cordray, Cordray, Justin Draeger, Virginia Foxx, Miguel Cardona, Cordray’s, Rich Cordray’s, ” Cardona, “, Rich, Obama, ” Cordray, Pell, Biden, Trump, Massachusetts Sen, Elizabeth Warren —, Navient, “ I’m, ” Warren Organizations: Washington CNN, Federal, Aid, CNN, Department of Education, Federal Student Aid, Education, Workforce, National Association of Student Financial, Republican Rep, Consumer Financial Protection Bureau, Democratic, National College, of Education, Public, Consumer Financial, Massachusetts, Corinthian Colleges Locations: North Carolina, Ohio

☆ How Mark Zuckerberg is reimagining the classroom
▼ + stars: | 2024-04-15 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

Later this year, Meta will launch new software for educators that aims to make it easier to use its VR headsets in the classroom. The tools will let teachers manage and program multiple Quest headsets at once, give them access to a range of education-related apps and provide greater oversight and control of how students are using the devices. CNN reporter Clare Duffy interviews Meta President of Global Affairs Nick Clegg in virtual reality, using a Meta Quest 3 headset, alongside Meta spokespeople, on Wednesday, April 10, 2024. Questions about VR in the classroomThe cost to incorporate VR headsets in the classroom could be a hurdle to adoption for the many schools already struggling with limited resources. While cheaper than some other headsets on the market, Meta’s Quest 3 devices still start at $499 each.

Persons: Shakespeare, ”, Global Affairs Nick Clegg, Clegg, Vincent Quan, Abdul Latif Jameel, ” Quan, Clare Duffy, Meta spokespeople, ” Clegg, “ Organizations: New, New York CNN, Magic School, Meta, Globe Theatre, Global Affairs, VR, CNN, New Mexico University, Morehouse College, Quest Locations: New York, Ancient Rome, Meta, Manhattan, London, “

☆ Biden administration to forgive $7.4 billion in student debt for another 277,000 borrowers
▼ + stars: | 2024-04-12 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House in Washington, D.C., on Aug. 24, 2022. Evan Vucci | APThe Biden administration announced Friday that it will forgive $7.4 billion in student debt for 277,000 borrowers. The latest round of loan cancellations is a result of the U.S. Department of Education's recent changes and improved oversight of income-driven repayment plans and the popular Public Service Loan Forgiveness program. More than 65,000 borrowers will have their loans canceled through fixes to the Department of Education's income-driven repayment plans, and 4,600 borrowers are benefiting from the improvements to the government's loan forgiveness program for public servants. Aid for these groups in this round of forgiveness amounts to $3.5 billion and $300 million, respectively.

Persons: Joe Biden, Evan Vucci, Education Miguel Cardona Organizations: White, Washington , D.C, AP, Biden, U.S . Department, Public, Education, Finance, Cash, Valuable Education, Department Locations: Washington ,

☆ These are the 5 groups of borrowers eligible for Biden's new student loan forgiveness plan
▼ + stars: | 2024-04-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Borrowers with 'runaway interest'More than 25 million borrowers owe more than they originally borrowed in federal student loans because of accrued interest charges, according to the Biden administration. Anyone enrolled in the Saving on a Valuable Education Plan, or SAVE, or any other income-driven repayment plan would be eligible without having to apply. Borrowers eligible for forgiveness programs, who haven't appliedConsumer advocates and borrowers have complained that the government's debt forgiveness programs can be hard to know about and to access. Borrowers who entered repayment over 20 years agoAnother 2.5 million borrowers would benefit from the forgiveness of student loans that have been held for two decades or longer. Borrowers who enrolled in 'low-value' collegesGraduates with loans from "low-value" institutions or programs would also be eligible for loan forgiveness.

Persons: Biden, they're, haven't Organizations: Public, Education, Federal, Aid, Education Department, Corinthian Colleges, ITT Technical Institute

☆ Biden touts 'fixed' student loan forgiveness programs in State of the Union. Here's what he meant
▼ + stars: | 2024-03-08 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Income-driven repayment plansIncome-driven repayment plans, which date to 1994, set borrowers' monthly payments based on a share of their discretionary income. "The loan servicers weren't keeping track of the number of qualifying payments," Kantrowitz said in a previous CNBC interview. watch nowThe Biden administration has been evaluating millions of borrowers' loan accounts to see if they should have had their debt forgiven. Most people with federal student loans qualify for income-driven repayment plans, and can review the options and apply at Studentaid.gov. Public Service Loan ForgivenessNavigating the Public Service Loan Forgiveness program has been famously difficult.

Persons: Joe Biden, Shawn Thew, Mark Kantrowitz, Kantrowitz, Biden, George W, Bush Organizations: Chamber, Afp, Getty, CNBC, Education Department, Valuable Education, Public, Consumer Financial Locations: Washington ,

☆ Biden administration to forgive $1.2 billion in student debt for over 150,000 borrowers
▼ + stars: | 2024-02-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The Biden administration said Wednesday it would forgive $1.2 billion in student debt for nearly 153,000 borrowers enrolled its new repayment program, called the Saving on a Valuable Education, or SAVE, plan. Borrowers usually get debt forgiveness under income-driven repayment plans, including SAVE, after 20 or 25 years of payments. But under the SAVE plan, those who borrowed less can get their debt canceled after just a decade. In January, the Biden administration said it would soon start to forgive the debt of these borrowers who had signed up for its new plan. It has now canceled debt for almost 3.9 million borrowers, totaling $138 billion in relief.

Persons: Joe Biden, Biden, you've, Education Miguel Cardona Organizations: White House, Valuable Education, SAVE, Education, Finance, IRS, U.S . Department of Education, CNBC PRO Locations: Washington ,

☆ Nearly 153,000 people will be notified that their student loan debt is canceled
▼ + stars: | 2024-02-21 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

Washington CNN —Nearly 153,000 student loan borrowers currently enrolled in a new repayment plan launched by the Biden administration are expected to get an email Wednesday notifying them that their remaining federal student loan debt will be canceled, totaling about $1.2 billion. Biden’s plans to provide student debt relief were dealt a significant blow when the Supreme Court rejected his signature student loan forgiveness program last year. Nearly $138 billion of federal student loan debt has been canceled for almost 3.9 million borrowers since Biden took office. Most of the federal student loan debt cancellations that have taken place under Biden have come through programs that existed before he took office. The PSLF program cancels outstanding federal student loan debt for public-sector workers who have made 120 qualifying monthly student loan payments, or about 10 years’ worth of payments.

Persons: Biden, Joe Biden, Biden’s, “, ” Biden, he’s, Trump, Betsy DeVos, CNN’s Nikki Carvajal, Kevin Liptak Organizations: Washington CNN, Republican, Department of Education, SAVE, of Education, Office, PSLF, Corinthian Colleges, Social Security Administration, Department of Veterans Affairs, Department, Education, Social Security Locations: Culver City , California

☆ 'Your loans will be forgiven': Over 150,000 student loan borrowers may soon get an important email
▼ + stars: | 2024-02-21 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

President Joe Biden and his administration are clearing $1.2 billion in student debt balances for 153,000 borrowers. The SAVE plan rolled out in summer 2023, with the administration touting it as the "most affordable" repayment plan available to borrowers. "Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration's SAVE Plan," the emails read. Next week, the Department of Education will begin contacting borrowers whose loans are eligible for forgiveness, but who have not enrolled in the SAVE plan yet. That means anyone who took out $21,000 or less in undergraduate loans can have their debt forgiven on a shorter timeline than the standard 20-year term.

Persons: Joe Biden, Biden, I've, they've Organizations: Department, Education

☆ New student loan repayment plan could make it easier for borrowers to become homeowners
▼ + stars: | 2024-02-13 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Row of townhouses in Alexandria, Virginia Grace Cary | Moment | Getty ImagesA new, more affordable repayment plan for federal student loan borrowers may come with another advantage: It could make it easier to become a homeowner. Half of student loan borrowers — including 60% of millennial borrowers — who haven't yet purchased a home say their education debt is delaying them from doing so, according to a 2021 report by the National Association of Realtors. Previously, someone who made $40,000 a year would have a monthly student loan payment of around $151. watch nowIn the past, most mortgage lenders assumed that a borrower's monthly student loan payment was a certain percentage of their loan balance, even if the actual payment was lower, Kantrowitz said. There's one catch: Many mortgage lenders won't use a $0 monthly student loan payment in their underwriting process, which the SAVE plan could leave many borrowers with.

Persons: Alexandria , Virginia Grace Cary, Biden, Mark Kantrowitz, Christelle Bamona, Barmona, Kantrowitz, Bamona Organizations: Valuable Education, National Association of Realtors, Here's, Center for, SAVE, Finance, Lending Locations: Alexandria , Virginia

The U.S. Department of Education has approved the cancellation of $4.9 billion in federal student loan debt for close to 74,000 borrowers, officials announced on Friday. The announcement – the latest in a series of cancellation efforts that span the last four years – brings the total amount of student loan debt relief under the Biden administration to $136.6 billion for more than 3.7 million borrowers. The additional $1.7 billion in debt relief announced on Friday is the result of fixes to the federal income-driven repayment plan. In the wake of the high court’s decision to strike down the loan cancellation plan, Education Department officials hatched a new strategy to provide large-scale student loan debt cancellation. “In the wake of the Supreme Court’s decision on our student debt relief plan, we are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible,” Biden said in a statement.

Persons: –, Biden, “ The, Harris, Miguel Cardona, ” Cardona, “, Joe Biden, Biden’s, ” Biden Organizations: U.S . Department of Education, “ The Biden, Harris Administration, Public, Valuable Education, Biden, Education Department

☆ How to figure out your timeline to student loan forgiveness, as more borrowers become eligible
▼ + stars: | 2024-01-17 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Chris Tobin | Digitalvision | Getty ImagesBeginning in February, certain student loan borrowers who have spent a decade in repayment will get their federal student loan debt forgiven, the Biden administration recently announced. Most borrowers need to make payments for 20 years or 25 years on an income-driven repayment plan before their debt is erased. To qualify for the aid, you'll also need to make sure you have eligible federal student loans and that you're enrolled in the SAVE plan. Pandemic-era payment pause countsOther forbearances, deferments may count, tooThe Department of Education gives federal student loan borrowers several options to pause their payments. Due to the timeline of regulatory changes, borrowers may have to wait for some of these periods to be credited to their forgiveness timeline under the SAVE plan.

Persons: Chris Tobin, Biden, you'll, deferments Organizations: Digitalvision, U.S . Department of, Valuable Education, Education, SAVE, of Education, CNBC, Time

☆ You may need to take extra steps to qualify for Biden's fast-tracked student loan forgiveness
▼ + stars: | 2024-01-16 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Pixdeluxe | E+ | Getty ImagesThe Biden administration announced last week that it would fast-track its plan to deliver student loan forgiveness for certain borrowers in its new repayment plan. "A borrower who is already enrolled in the SAVE plan should see this forgiveness automatically," Rubin said. Generally, only Direct loans qualify for the SAVE plan, including Direct subsidized, Direct unsubsidized and Direct PLUS loans. Once your debt is rolled into a Direct Consolidation Loan, you should be able to access the SAVE plan. "If a borrower currently has a loan in default, the defaulted loan is not eligible to be repaid under a SAVE plan," Rubin said.

Persons: Biden, Elaine Rubin, Rubin, Mark Kantrowitz, Kantrowitz Organizations: U.S . Department of, Valuable Education, U.S . Department of Education, SAVE, Direct, Finance Locations: Edvisors

☆ Parent borrowers have been shut out of Biden administration's recent student loan relief measures, but this loophole could help
▼ + stars: | 2023-11-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

After the Supreme Court rejected President Joe Biden's sweeping forgiveness plan earlier this year, the president announced a series of other relief measures for student loan borrowers. Already, Biden has managed to erase $127 billion in education debt for more than 3.5 million borrowers, largely through Public Service Loan Forgiveness and income-driven repayment plans. The most beneficial so far has been the new Saving on a Valuable Education repayment plan, which aims to get federal student loan borrowers the lowest monthly payment possible — even zero dollars. Yet parents who took out loans on behalf of their children are ineligible for all income-driven repayment plans, including SAVE. "Many of these provisions do not apply to parent borrowers," said Kalman Chany, a financial aid consultant and author of "Paying for College" from The Princeton Review.

Persons: Joe Biden's, Biden, Mark Kantrowitz, Kalman Chany Organizations: Public, Finance, Princeton

☆ As student loan payments restart, one borrower got a $108,895 monthly bill, Education Department memo details
▼ + stars: | 2023-11-02 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

As student loan bills restarted in October for tens of millions of Americans, the companies that service those loans made errors that potentially violate federal and state consumer protection laws. "The restart of repayment has caused pure chaos for nearly 3 million borrowers," said higher education expert Mark Kantrowitz, who reviewed the memo at CNBC's request. That plan, which was touted as the "most affordable repayment plan ever," was meant to ease the transition back to payments for borrowers. Federal student loan payments had been on pause for more than three years until they resumed last month. Yet one woman who signed up for the SAVE plan got a bill for $355, the memo says, when she was only supposed to owe $58.

Persons: Mark Kantrowitz Organizations: U.S . Department of Education's, Federal, Aid, Finance, Department, Biden, Valuable Education, SAVE

☆ 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

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

☆ Student loan payments are back. Here’s where some Americans are trimming their budgets
▼ + stars: | 2023-10-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +14 min

Student debt relief activists participate in a rally at the US Supreme Court on June 30, 2023 in Washington, DC. “Of course, the lowest-earning households still collectively owe around $7 billion a year in student loan repayments. After the Supreme Court dashed any hopes of loan forgiveness, more Americans started making loan payments before the official repayment period, as well as interest, kicked in. “It’s just all the supplemental spending, a lot of that will disappear so that we can make room for the [student loan] payments,” he said. Jonnisha McCleod was able to wipe out $12,000 of her student loan debt.

Persons: Minneapolis CNN —, they’re, ”, Justine Lyons, “, pesky, Lyons, — Lyons, Robin Nathan “ It’s, you’ve, it’s, Kevin Dietsch, Emerson Sprick, Biden, Sprick, Shannon Seery, Wells, ” Seery, Nancy Vanden Houten, Brian Snyder, Snyder, “ It’s, Megan Lopez, ” Lopez, you’re, Logan Ricketts, Jamie, they’ve, ” Logan, Jonnisha, ” McCleod, ’, McCleod, Jonnisha McCleod, I’m, “ I’m, Katrice Williams, Williams couldn’t, Edna Monroy “, Williams Organizations: Minneapolis CNN, National Student, Federal Reserve Bank of New, US, Biden, New York Fed, Coalition, Department of Education, Education Department, CNN, Oxford, Oxford Economics, SAVE, Cleveland State University College of Law, Trump Locations: Minneapolis, Decatur , Georgia, States, Federal Reserve Bank of New York, Washington , DC, Wells Fargo, Baltimore , Maryland, Las Vegas, Cedar Park , Texas, Omaha , Nebraska, undergrad, Cleveland , Ohio

NEW YORK (AP) — Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month. She'll put the $235 she was spending on her car payment toward her student loan, but that still leaves another $270 or so she'll have to reallocate or earn. “If they were forgiven out of the blue, I'd be ecstatic.”The Supreme Court in July rejected a plan by President Joe Biden's administration to wipe away $400 billion in student loan debt. According to credit bureau TransUnion, more than half of student loan holders added credit card debt during the pandemic. The program erases remaining debts for federal student loan holders who work in public service while making 10 years of payments.

Persons: Megan McClelland, She'll, “, ” Justin Cole, Cole, ”, I'd, Joe Biden's, McClelland, She's, It's, —, — McClelland, ” McClelland, Charles Schwab Organizations: Petaluma High School, Valuable, Target, Public, White, Sonoma, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Petaluma, California, Rock , Arkansas, Boston, Sonoma State

☆ Your federal student loans are accruing interest again—but there is some relief if you need it
▼ + stars: | 2023-09-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

For the first time in over three years, federal student loans will begin accruing interest on Sept. 1. That's because on the SAVE plan, you won't be charged for interest that exceeds your minimum monthly payment. Individuals who earn $32,800 a year or less qualify for a $0 monthly payment, so any interest that accrues will not be charged. Similarly, if your monthly payment is $30, but $50 in interest accrues in a month, you won't be charged the additional $20. Borrowers who don't qualify for a $0 monthly payment can still save around $1,000 a year on the SAVE plan, according to the Department of Education.

Persons: Donald Trump, You'll Organizations: Federal, Aid, White, Department of Education

☆ Student loan payments restart in October — here are changes borrowers can expect
▼ + stars: | 2023-08-31 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

A new servicer, for someMillions of federal student loan borrowers will have a different servicer when payments resume in October. Impacted borrowers should get emails about the change, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Another repayment optionFederal student loan borrowers can now sign up for the Biden administration's new loan repayment plan, and they could be enrolled in it by the time the bills resume. If your student loan servicer can't process your application for the SAVE plan by the time payments resume, it should place you in a temporary forbearance.

Persons: Julia Amaral, they'll, Granite State —, Scott Buchanan, Buchanan, FAFSA, Mark Kantrowitz, Kantrowitz, servicer, Biden, they're, Joe Biden Organizations: Istock, Pennsylvania Higher Education Assistance Agency, Student Loan, Alliance, Finance, Missouri Higher Education Loan Authority, EdFinancial Services, Lakes Higher, Federal Services, Biden, Valuable Education, Public, Education Department Locations: That's, Pennsylvania, Granite State, MOHELA, Missouri, StudentAid.gov

☆ The SAVE plan is touted as the most affordable student loan repayment option—how to know if it's right for you
▼ + stars: | 2023-08-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

The Biden administration has touted the new Saving on a Valuable Education repayment plan as the "most affordable repayment plan ever," boasting that it can cut federal student loan borrowers' payments in half and save them thousands of dollars a year. But the SAVE plan may not be the best option for you. Depending on your repayment goals and income, you might be better off sticking to the standard repayment plan or another income-driven plan. Here's a look at the factors to consider before you apply for the SAVE repayment plan. Cons of the SAVE repayment plan

Persons: Biden, you've, Lauryn Williams, who's, Williams, they've Organizations: of Education, Federal, CNBC

☆ 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

☆ Student-loan repayment is about to be 'more affordable than ever before' through a new plan that will cut monthly payments to $0 for those making under $15 an hour, Biden's Education Department says
▼ + stars: | 2023-08-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Biden officially launched the new income-driven student-loan repayment plan, known as the SAVE plan. On Tuesday, Biden's administration announced that student-loan borrowers can now officially enroll in the Saving on a Valuable Education, or SAVE, plan, after it began beta testing the program in July. "The SAVE plan is a sea change for students, making college loans far more affordable than ever before," Under Secretary of Education James Kvaal said in a statement. Borrowers who are currently enrolled in the REPAYE plan will automatically have their monthly payments adjusted to the new SAVE plan before payments restart." AdvertisementAdvertisement"The SAVE plan is a game changer," Education Secretary Miguel Cardona told reporters on a Monday press call.

Persons: Biden, Joe Biden, Biden's, Education James Kvaal, Miguel Cardona, we're Organizations: Service, Valuable Education, Education Department, SAVE, Education, Federal, Internal Revenue Service, NAACP Locations: Wall, Silicon

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