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☆ Why student loan forgiveness remains a key issue for the Biden campaign
▼ + stars: | 2024-03-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +9 min

Still, the Biden campaign sees student debt forgiveness as a winning issue. The administration is working on developing another student loan forgiveness program, relying on a different legal authority this time. Student debt policy has come a long wayStill, student loan borrower advocates agree that forgiveness for nearly 4 million people is worth acknowledging. Before the 2016 presidential campaign, broad student debt cancellation was not an issue that candidates usually campaigned on. Cole also served on the Department of Education’s rulemaking committee tasked with developing the new student loan forgiveness program.

Persons: Joe Biden, Biden, It’s, –, ”, Braxton Brewington, “, ” Biden, Donald Trump, Trump, we’ll, it’s Joe Biden, Seth Schuster, Trump Democratic Sen, Elizabeth Warren –, Betsy DeVos, “ Joe Biden, ” Warren, DeVos, he’s, The Trump, it’s, There’s, that’s, Brewington, Wisdom Cole, Cole, Jill Biden’s, ” Cole, Warren, CNN’s Ariel Edwards, Levy Organizations: Washington CNN, Supreme, Republican, Biden, Trump Democratic, CNN, Education Department, Corinthian Colleges, The, PSLF, Department of Education, NAACP Youth & College Division, Department, Education’s, State, Union, Black, KFF, NAACP Locations: California, United States, Massachusetts

☆ 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

☆ Here's what we know so far about Biden's 'Plan B' for student loan forgiveness
▼ + stars: | 2023-11-24 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden speaks about administration plans to forgive federal student loan debt during remarks in the Roosevelt Room at the White House in Washington, U.S., August 24, 2022. Leah Millis | ReutersPresident Joe Biden's new plan to forgive student debt is likely to look much different than his first. His administration has already started that process, and established a "Student Loan Debt Relief Committee" — including Wisdom Cole at the NAACP, Kyra Taylor at the National Consumer Law Center and several student loan borrowers — to hash out the details. Reach of relief could drop to 10% of borrowersNearly 40 million Americans stood to benefit from Biden's original student loan forgiveness plan. Less than 10% of federal student loan borrowers are likely to qualify this round, Kantrowitz said.

Persons: Joe Biden, Leah Millis, Joe Biden's, Wisdom Cole, Kyra Taylor, Mark Kantrowitz, John Roberts, Kantrowitz, Luke Herrine, Herrine Organizations: White, Debt, NAACP, National Consumer Law Center, Finance, Biden, . Nebraska, University of Alabama, CNBC Locations: Washington , U.S, .

☆ 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

☆ Biden administration moves ahead with new plan to cancel student debt
▼ + stars: | 2023-09-29 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration announced on Friday the next step in its new plan to cancel people's student debt after the Supreme Court struck down its original policy in June. The U.S. Department of Education released its initial agenda of policy considerations for its second attempt at delivering Americans student loan relief. It also shared a list of individuals who will serve on the "Student Loan Debt Relief Committee," including Wisdom Cole at the NAACP, Kyra Taylor at the National Consumer Law Center and several student loan borrowers. Its original plan was broader, only cutting out student loan borrowers who earned more than $125,000 as individuals or $250,000 as couples. "The Biden-Harris Administration has taken unprecedented action to fix the broken student loan system and deliver record amounts of student debt relief," U.S. Secretary of Education Miguel Cardona said in a statement.

Persons: Wisdom Cole, Kyra Taylor, Biden, Harris, Education Miguel Cardona Organizations: Biden, U.S . Department of Education, Debt Relief, NAACP, National Consumer Law Center, Finance, Harris Administration, Education

“The excesses of the Supreme Court are going to backfire,” said Rep. Ritchie Torres, a New York Democrat. “The Supreme Court is becoming not just conservative, but almost – it’s like a throwback. For months the White House publicly said there was no alternative plan if the Supreme Court struck down the student debt relief program. The White House also stayed in touch with and fielded suggestions for next steps from debt relief advocate groups and congressional allies throughout the process. A team from the White House counsel’s office came to brief him on the ruling.

Persons: Joe Biden wasn’t, ”, Biden, Donald Trump –, Ritchie Torres, “, Roe, Wade, it’s, ” Biden, hasn’t, we’re, Jeff Zients, –, Natalie Quillian, “ I’m, cancelation, Wisdom Cole, galvanizing, Congress –, Adam Green Organizations: CNN, Democratic, Biden, New, New York Democrat, Republican Party, Seagram, MSNBC, White House, White, Council, National Economic Council, Department of Education, Department of Justice, Justice Department and Education Department, Higher, Youth & College, NAACP, Congress, Progressive, Institute Locations: New York, New York City

☆ Student-loan borrowers will begin making payments in October — and they'll be notified 'well before' their first bill is due, Biden's Education Department says
▼ + stars: | 2023-06-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers will resume payments in October, the Education Department confirmed. Borrowers are awaiting a Supreme Court decision on Biden's broad debt relief in the coming weeks. Per the documents, the department was preparing to resume interest accrual on borrowers' student loans in September, and they would not be hit with a bill until October. A Supreme Court decision could come on Friday or the next two Thursdays of June, and additional days could be added to the calendar. "Our concern is only heightened by the prospect of an unfavorable ruling in coming days framed by a conservative, right-wing majority of the Supreme Court.

Persons: —, Joe Biden's, Biden, Ayanna Pressley, Ro Khanna, Trump, Derrick Johnson, Wisdom Cole Organizations: Education Department, Service, Politico, Biden, An Education Department, Democratic, Supreme Court, Massachusetts, Washington Post, NAACP, Youth and College Locations: California

☆ Over 500 students are at the Supreme Court to plug Biden's student-loan forgiveness because the 'economic mobility of over 40 million Americans is dependent on the survival of this program'
▼ + stars: | 2023-02-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Over 500 students are flooding the Supreme Court on Tuesday to support student-debt relief. The Supreme Court will hear arguments and likely make a final decision on the relief in May or June. Today, over 500 students have gathered on the steps of the Supreme Court to fight back against any attempt to restrict such freedom. "Our government must relieve borrowers of the crushing weight of student debt which will keep an entire generation from reaching their full potential," he continued. All eyes now turn to the conservative-majority Supreme Court, which will likely make a final ruling on Biden's debt relief in May or June.

☆ Demise of Biden's student loan forgiveness plan would be 'disastrous blow to Black Americans'
▼ + stars: | 2023-02-10 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

In August, when President Joe Biden rolled out his historic plan to cancel up to $20,000 in student loan debt for tens of millions of Americans, one of the policy's stated goals was "to help narrow the racial wealth gap." Shortly after the president's announcement, critics of student loan forgiveness brought a series of legal challenges against the plan, saying it was an abuse of executive authority, and soon the Biden administration had to pause its program. Legal experts say the policy faces a narrow path to survival with the court, given its conservative majority. "Not only would this be a disastrous blow to Black Americans, but to our economy as a whole — the racial wealth gap will widen, and the vicious cycle of economic inequality will continue," said Wisdom Cole, the national director of the youth and college division at the NAACP. Here are three reasons why the student loan crisis is worse for Black Americans, and why they'd especially feel the loss of loan forgiveness, experts say.

☆ Here are the people who will lose out most if student loan forgiveness falls through
▼ + stars: | 2022-12-28 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

People of colorThe student debt crisis is cited as a main factor for the wide racial wealth gap in the U.S. today. Black college graduates owe an average $7,400 more than their white peers, a Brookings Institution report found. And that inequity only gets worse with time: Black college students owe more than $52,000 four years after graduation, compared with around $28,000 for the average white college graduate. WomenWomen were widely recognized as the biggest winner of Biden's student loan forgiveness plan, since they owe two-thirds of the country's outstanding student debt. "Women will be the most affected if loan forgiveness fails," Kantrowitz said.

☆ A first-generation college student with $146,000 in student debt says blocking Biden's relief 'feels like a really sick game': 'It's not the American dream that we were promised'
▼ + stars: | 2022-11-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Guilherme Lopes, 31, is a first-generation college student with $146,000 in student debt. He said the recent court decisions blocking the debt relief "feels like a really sick game." When his high-school guidance counselors advised him to take out student loans to finance his education, that's exactly what he did. He also had high hopes that it would aid his mother and brother, who also hold student debt. While Biden's administration has expressed confidence that it will prevail in court, Lopes said he's upset these lawsuits even happened in the first place.

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