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An income-driven repayment plan may be a good choice if you can't handle your monthly payments. The SAVE Plan is a simplified income-driven repayment (IDR) plan, which aims to provide more affordable student loan payments for borrowers with low to middle incomes. The SAVE Plan replaces the previous variations of IDR plans (Income-Contingent, Income-Based, Revised Pay As You Earn). The SAVE Plan calculates your payment based on a smaller percentage of your discretionary income compared to older IDR plans. Read more Read less 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: Alexis Rhiannon Alexis Rhiannon, Read, Ryan Wangman Organizations: SAVE, Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS, Federal Perkins Loans, Student, Upright Citizens Brigade, Finance, Northwestern University, Boston Globe Locations: forbearance, Unsubsidized, Chevron, Los Angeles

☆ Student protesters facing disciplinary action may also deal with financial setbacks
▼ + stars: | 2024-05-07 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

NYPD officers in riot gear enter Columbia University's encampment as they evict a building that had been barricaded by pro-Palestinian student protesters in Los Angeles, United States on April 30, 2024. Shay Horse | Nurphoto | Getty ImagesStudents can lose housing and morePro-Palestine protesters locked arms after several demonstrators knocked fences down and opened the Massachusetts Institute of Technology (MIT) encampment back to student protesters during the demonstration. Rallies and protest camps persist at the Massachusetts Institute of Technology (MIT) campus as student demonstrators demand divestment from Israeli military ties. Federal loan bills could come earlierSuspended or expelled students may also get their federal student loan bills sooner than they expected, Kantrowitz said. If a suspension ends and a student returns to college before the six months, their grace period should reset, Kantrowitz said.

Persons: Shay Horse, Sally Kornbluth, Vincent Ricci, Martin Stolar, Kantrowitz, Ellen Granberg Organizations: Palestinian, Getty, Palestine, Massachusetts Institute of Technology, MIT, CNBC, George Washington University, American Civil Liberties Union of Indiana, Indiana University, U.S . Department of Education Locations: Los Angeles, United States, Kresge, New York, Gaza

When you miss a mortgage payment, you incur late fees and hurt your credit score. But skipping mortgage payments comes with serious consequences that could include losing your house. Are you finding it hard to make your monthly mortgage payment? This allows you to pause your mortgage payments for a certain amount of time or, in some cases, make reduced payments instead. FAQsWhat should I do first if I realize I can't make my mortgage payment?

Persons: Craig Martin, Christian Mills, Freddie Mac, you've, you'll, it's, Aly J, Yale Aly J, Bob Organizations: Christian, US Department of Housing, Urban, Chevron, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication, Twitter

☆ This critical skill gives emotionally intelligent people 'greater happiness and fulfillment,' says Stanford-trained psychologist
▼ + stars: | 2024-04-29 | by ( Emma Seppälä | ) www.cnbc.com time to read: +7 min

As a psychologist who researches emotional intelligence, I know people with high EQ tend to have a critical skill I like to call "emotional sovereignty." When you know how to handle your emotions, you can harness them for creativity, energy, deeper relationships, and greater happiness and fulfillment. Others may be surprised by the fact that you no longer suppress your emotions — they might even be a little uncomfortable with it at first. Others may be surprised by the fact that you no longer suppress your emotions — they might even be a little uncomfortable with it at first. A psychologist and research scientist by training, Seppälä's expertise is the science of happiness, emotional intelligence, and social connection.

Persons: you've, I'm, It's, Emma Seppälä Organizations: Yale School of Management, Stanford University's Center for Compassion, Education, CNBC Locations: Yale

☆ Gen Xer Got $250K in Student Loans Forgiven After Decades of Payments
▼ + stars: | 2024-04-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Joel Lambdin finished graduate school in 1998 — but as a professional musician, he was hardly making enough money to pay off his student loans and his other bills. So Lambdin, now 49, said his only option to make ends meet was to put his student loans on forbearance — in which he was not making payments, but interest was still accumulating. But he grew to realize that the only way he could make a significant dent in his student loans was by switching careers. The Biden-Harris Administration has forgiven your federal student loan(s) listed below with Aidvantage in full." When it comes to student-loan forgiveness, some borrowers told BI that their servicer made a mistake with the forgiveness, reinstating their payments months later.

Persons: Joel Lambdin, Lambdin, Aidvantage, Harris, I've, servicers, he's Organizations: Service, Business, Public, BI, Harris Administration, Education Department, The Education Department Locations: forbearance, India

☆ Biden and Netanyahu call comes amid extreme mutual tensions and political pressure
▼ + stars: | 2024-04-03 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

The conversation will also take place with both leaders under enormous domestic pressure and amid signs their political priorities are irreconcilable. Biden badly needs the war to end to ease anger among progressives that is threatening his weakened political coalition ahead of November’s election. The backdrop to the call is US fury over the killings of seven aid workers from World Central Kitchen in an Israeli strike in Gaza. And the killings of the aid workers threatens to halt a vital lifeline needed to mitigate famine in the Hamas-run Gaza Strip. The strike on Damascus also heaped more domestic political pressure on Biden from inside the Democratic Party.

Persons: Joe Biden’s, Benjamin Netanyahu, ’, Biden, Netanyahu, It’s, Xi Jinping, Biden’s, ”, Israel, John Kirby, José Andrés, “, Rishi Sunak, Donald Trump, Thaer Ahmad, Nahreen Ahmed, ‘, Biden “, Benny Gantz, Ro Khanna, Mark Esper, ” Esper, CNN’s Jake Tapper, Netanyahu – Organizations: CNN, Israeli, National Security Communications, Hamas, World, Reuters, Navy, America, Gaza Health Ministry, Israel Defense Forces, Republicans, Capitol, British, Democratic, White, Black, Islamic Revolutionary Guard Corps, Democratic Party, ”, Democrats, California Democrat, Americans, Iranian Locations: Gaza, Israel, Rafah, Washington, Syria, China, America, Britain, Australia, Canada, Wisconsin, Michigan, Palestinian American, Palestine, Damascus, Iran, Iraq, Yemen, Iranian, Damascus –, United States, Lebanon, California, Jordan

☆ Biden is still running on a promise to get student-loan forgiveness to 'as many borrowers as possible.' Here's where his debt relief efforts stand.
▼ + stars: | 2024-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

When Biden was first running for office, he campaigned on canceling $10,000 in student debt per borrower, along with reforming repayment programs like Public Service Loan Forgiveness. AdvertisementThe Education Department is undergoing a process to get relief to borrowers using a different law, but it will take time to reach borrowers. Targeted student-loan forgivenessWhile the Supreme Court struck down Biden's first try at broad student-loan forgiveness, he has still enacted smaller amounts of relief to borrowers through various reforms. Additionally, the Education Department has announced debt cancellation for borrowers defrauded by the schools they attended, including the major for-profit chains ITT Technical Institute and Corinthian Colleges. In February, the department announced $1.2 billion in debt relief for 153,000 borrowers, the first group to benefit from that provision.

Persons: —, Joe Biden, Biden, Clare McCann, Arnold Ventures —, McCann, Biden's, Donald Trump Organizations: Service, Public, Biden, Business, Department, Arnold Ventures, Education Department, ITT Technical Institute, Corinthian Colleges, Education, Higher Locations: PSLF, deferment

☆ Americans’ credit scores are falling. That hasn’t happened in a decade
▼ + stars: | 2024-03-07 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Even as unemployment remains historically low and recession fears fade, consumer credit scores are starting to buckle. Although FICO scores remain near record highs — and well above pre-pandemic levels — this marks the first drop in a decade. FICO said the one-point drop in credit scores in late 2023 was driven by an increase in Americans missing payments and also by rising debt levels. However, he said this one-point drop in credit scores is not necessarily a red flag. “The overall outlook for consumer credit quality, and consumer spending growth,” Faucher said, “is still very solid.”

Persons: FICO, FICO’s, Arkali, ”, “, ” Arkali, Banks, ‘, Gus Faucher, Faucher, it’s “, ” Faucher Organizations: New, New York CNN, CNN, New York Fed, Federal Deposit Insurance Corporation, ’ Consumers, NY Fed, PNC Locations: New York

☆ A student-loan borrower who received debt cancellation a year ago was just told it was a mistake — and now his $93,000 balance is reinstated
▼ + stars: | 2024-03-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Okwara, 36, received a letter from MOHELA in May 2023 confirming his loans were forgiven. But on February 29, MOHELA sent a letter telling him the relief was a mistake, and his balance was reinstated. Okwara made those investments because he no longer had to worry about his student loans — or so he thought. On February 29, he received a letter that confirmed exactly what he feared: the forgiveness was a mistake, and his $93,000 balance had been reinstated in full. Did you get a notice that your student loans were reinstated after receiving forgiveness?

Persons: MOHELA, —, Okwara —, Okwara Organizations: Service, Business, PSLF, Public, BI, An Education Department, Education Department Locations: MOHELA

☆ 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

☆ God's Man in Washington
▼ + stars: | 2024-02-27 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +34 min

Trump's departure from the White House hasn't stopped him from using the old administration's star power to fuel Capitol Ministries' growth. But regardless of what happens this coming November, Capitol Ministries is quickly becoming the face of American GOP-style evangelicalism around the world. Other than Ralph's wife, Danielle, and a few members of Capitol Ministries' administrative staff, the room was almost entirely men. Rick Perry spoke to Drollinger at Capitol Ministries' global summit in Washington, DC. And yet, on the question of whether and why to support Israel, Drollinger was indeed looking to Revelation for answers.

Persons: Cheyne, —, He'd, Christ, Rick Perry, Cheriss, Trump, Mike Johnson —, Ralph Drollinger, Drollinger, Alex Acosta, Perry, Acosta, Mike Pompeo, Betsy DeVos, Sonny Perdue, Ben Carson, Jeff Sessions, hasn't, Danielle, you've, Donald Trump, Capitol Ministries doesn't, Samson, Matthew, didn't, Volodymyr Zelenskyy, Rick, I'm, Ralph Drollinger's, Daniel Ortega, Ralph, he'd, Washington —, Ortega, Douglas Coe, Maria Butina, Joe Biden, forbearance, Bruce Westerman, Bruce Westerman of, Glenn, Thompson, George Washington, Fame, Mike Johnson, Benjamin Netanyahu, Johnson, Washington, Moses, I've, Westerman, I'd, Netanyahu, God, that's, he's, we're, That's, Israel, King David, wilder, MAGA, David Barton, WallBuilders, doesn't, George W, Bush, Donald Trump's, Mattathias Schwartz Organizations: Hill Club, Business, Israel, Mmm, Christ, Capitol Ministries, Capitol Hill, Capitol Ministries Bible, Trump Cabinet, BI, GOP, Capitol, White, Capitol Ministries ', Trump, NBA, of Energy, Trump's, American GOP, Pacific, BI Drollinger, Capitol Hill Club, Washington Hilton, Senate, Training, Liberty, Gettysburg, Capitol Ministry, NPR, United States Congress, Washington Bible, Republican, Democratic, Times, Wall Street Journal, Brown University Locations: Washington , DC, Arkansas, Hebrew, Israel, Gaza, Egypt, United States, Texas, Washington, Seoul, Kathmandu, Iowa, Rwanda, Ukraine, Washington ,, Drollinger, Nicaragua, California, Nicaraguan, Bruce Westerman of Arkansas, Pennsylvania, Philadelphia, schwartz79@protonmail.com

FHA loan borrowers struggling to keep up with their mortgage may soon be able to reduce their payments by as much as 25%. The FHA launched the Payment Supplement option in response to high mortgage rates. Lenders can offer the Payment Supplement starting May 1, and they have to start offering it by January 1, 2025. FHA loan borrowers who are struggling to keep up with their mortgage payments will soon have a new option to help them avoid losing their homes to foreclosure. Called the Payment Supplement, this new option can temporarily lower a borrower's monthly payment so they can get back on their feet after a financial hardship.

Persons: —, forbearance, Charles Williams, Percy, you'll, Julia Gordon Organizations: FHA, Service, Finance, Federal, Administration

☆ Thousands of student-loan borrowers are set to get emails from Biden that their balances are wiped out. Here's what happens next.
▼ + stars: | 2024-02-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Student-loan borrowers, check your emails — you might find a message from President Joe Biden in your inbox telling you that your debt is canceled. Additionally, per the fact sheet, 7.5 million borrowers are enrolled in the SAVE plan, and 4.3 million of them have a $0 monthly payment. Here's what will happen next for borrowers who are, or hope to be, eligible for SAVE plan relief. Next steps for SAVE plan debt reliefBiden's email noted that the Education Department has already informed impacted borrowers' loan servicers that they are eligible for relief. Once negotiations conclude, the department will prepare proposed text on the borrowers it's seeking to include in this new relief plan.

Persons: —, Joe Biden, Biden, I've, they've, forbearance Organizations: Service, White House and Education Department, Business, Education Department, SAVE, Public, Family Education Locations: noreply@studentaid.gov

☆ 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

☆ Americans making student loan payments have up to 36% less saved for retirement
▼ + stars: | 2024-02-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

The study examined the retirement savings habits of more than 50,000 participants between 2017 and 2019 to see how student loan payments affected their contributions. While a higher salary does correlate with higher 401(k) balances and contribution rates overall, it doesn't close the gap between those making student loan payments and those who aren't making such payments. For employees earning less than $55,000 a year, those without student loan payments had balances about 4.5% higher on average than those with student loan payments, regardless of tenure. Lower earners were also less likely to reduce their contributions when they started making student loan payments. "[It's] less disposable income that [borrowers] have, so it's likely a fear reaction," Sam Silberstein, a certified financial planner and certified student loan professional with Student Loan Planner, tells CNBC Make It.

Persons: aren't, Sam Silberstein Organizations: Research Institute, CNBC

☆ This millennial is paying down her student loans while her employer funds her 401(k): It 'doesn't feel real'
▼ + stars: | 2024-02-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

When Amber Steeves started working at Verizon almost 15 years ago, she did one of the best things you can do when you start a new job. Steeves started at Verizon right after college. This past December, Verizon announced it would begin offering 401(k) matching for student loan payments. "[It] still kind of doesn't feel real, even though I've signed up for it, I have it ready," she says. "I really can't put it into words because I've never heard of a company offering this type of benefit before."

Persons: Amber Steeves, Steeves, I've Organizations: Verizon, CNBC

☆ Student-loan borrowers who have faced repayment errors should get a 'personalized' explanation on how their account is being corrected — but it'll take time, the Education Department says
▼ + stars: | 2024-02-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Student-loan borrowers have encountered a range of repayment issues, and any mistakes in their accounts will be fixed — but it'll take some time. The Education Department posted guidance for borrowers on what to expect if they found mistakes in their accounts. "It might take several weeks for your loan servicer to send this communication and to make corrections to your account," the guidance said. "You might receive an updated billing statement before you receive the above communication about corrections. According to a notice reviewed by BI in November, student-loan company MOHELA told some borrowers that it was "in the process of updating your account.

Persons: servicers, MOHELA Organizations: The Education Department, Public, BI, Federal, Department

☆ 74,000 student-loan borrowers are getting $5 billion debt wiped out in Biden's latest batch of repayment reforms
▼ + stars: | 2024-01-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The relief is going to public servants and those on income-driven repayment who made their qualifying payments. AdvertisementMore student-loan borrowers are on track to get debt relief following President Joe Biden's repayment reforms. On Friday, Biden announced that his administration approved another 74,000 borrowers for $5 billion in debt relief. In December, for example, the department approved another $5 billion in relief for 80,000 borrowers on PSLF and income-driven repayment plans. Advertisement"This level of debt relief is unparalleled, and we have no intention of slowing down," Education Secretary Miguel Cardona said in a December statement.

Persons: —, Joe Biden's, Biden, servicers, Biden's, Miguel Cardona Organizations: Service, Public, Department, Education Department Locations: forbearance

☆ 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

☆ Student-loan borrowers are facing 'serious risks' to their credit scores following the 'chaotic' payment resumption, 4 Democratic lawmakers say
▼ + stars: | 2023-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Four Democrats recently wrote a letter that raised concerns about student-loan repayment challenges. They said they're worried servicer errors could hurt borrowers' credit scores. AdvertisementIt's been just over two months since federal student-loan payments resumed and millions of borrowers have already faced a range of difficulties with the transition. Elizabeth Warren, Bernie Sanders, Richard Blumenthal, and Chris Van Hollen sent a letter to Education Secretary Miguel Cardona expressing concerns about challenges student-loan borrowers have faced over the past few months. "For example, we are concerned that ED's credit reporting processes may expose borrowers' credit scores to unanticipated consequences," the letter said.

Persons: they're, —, It's, Elizabeth Warren, Bernie Sanders, Richard Blumenthal, Chris Van Hollen, Secretary Miguel Cardona, it's Organizations: Education Department, Service, Democratic, Secretary, Department, Democrats, Federal Student Aid, House Republicans Locations: Sens

☆ Wartime unity between the US and Israel will soon face its toughest test
▼ + stars: | 2023-11-30 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

CNN —Each day the pause in Israel’s war with Hamas is extended saves lives. Uncertainty, meanwhile, surrounds the future of the remaining hostages, mostly male, that Israel believes remain in Gaza. “Over the past few days I’ve been hearing this question – will Israel go back to fighting after maximizing this phase of returning our hostages? Israel must be more “cautious, more careful, more deliberate and more precise in their targeting,” one senior administration official said. How far will Israel go in testing Biden’s loyalty, forbearance and political viability if the war heats up again?

Persons: Biden, Israel, Bibas, Will Israel, Benjamin Netanyahu’s, ”, Joe Biden, CNN’s MJ Lee, Jennifer Hansler, Katie Bo Lillis, Netanyahu, Biden’s entreaty, Antony Blinken, Daniel Davis, Kasie Hunt, ” Israel, “ We’re, Naftali Bennett, ” Bennett, CNN’s Jake Tapper, “, Yehuda Beinin –, Liat, –, Beinin, Aviv, forbearance Organizations: CNN, World, Organization, West Bank, Palestinian Ministry, Health, US, Wednesday, US Army, CNN International’s, Washington, Democratic Party, Biden, Israel Locations: Israel, Gaza, Jenin, Washington, who’s, American, CNN International’s “ State, Afghanistan, Egypt, Qatar, United States

☆ Now that federal student loan payments have resumed, here's what to consider before refinancing
▼ + stars: | 2023-11-27 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

But converting federal student loans into private debt can lead to the loss of a number of consumer protections, experts warn. Federal loans have more safeguardsThe most important thing to keep in mind when considering refinancing your federal student loans is that, should you move forward, your debt will be transferred to a private company, and become a private student loan. "Private student loans don't have the same benefits as federal student loans," Kantrowitz said. While federal student loan rates reset annually for new loans, they're fixed once disbursed. Federal student loan borrowers don't need to refinance to get a slightly better rate, Kantrowitz pointed out: Most student loan servicers will offer a 0.25% interest rate deduction when you sign up for automatic payments.

Persons: haven't, Mark Kantrowitz, Kantrowitz, Scott Buchanan, Buchanan, Betsy Mayotte, I've, servicers Organizations: Student Loan, Alliance, Finance, cryptocurrency, U.S . Department of Education, Federal Reserve, The, Student Loan Advisors, Federal Locations: U.S, Mayotte

VA loan borrowers were given the option to put their mortgages in forbearance, meaning they could temporarily pause their mortgage payments. So on November 17, the VA announced a stopgap for distressed VA borrowers. Advertisement"This is good news for VA borrowers, especially those who may be struggling with their mortgage payments," says Christy Bunce, president of New American Funding. How to take advantage of the Refund Modification programDuring the pause, the VA is also offering its Refund Modification program. The VA says that borrowers struggling to make mortgage payments should visit the VA Housing Assistance website or call 877-827-3702 for help.

Persons: servicers, —, who's, it's, Christy Bunce, Bunce Organizations: Service, Department of Veterans Affairs, NPR, Veterans, New Locations: forbearance

☆ A boomer on short-term disability isn't required to make student-loan payments right now. Her servicer took out $200 from her bank anyway.
▼ + stars: | 2023-11-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Amy, 59, is not required to make any student loan payments while pursuing her teaching certificate. It comes as the Education Department is working to strengthen oversight over servicers. AdvertisementAdvertisementWhile federal student-loan payments resumed for most borrowers in October, Amy, 59, knew she was not expected to make any payments. "But that's not the case with student loans. "It's ridiculous these companies get contracts for federal student loans," Amy said.

Persons: Amy, servicer, —, MOHELA, Joe Biden's, servicers, Amy —, she's, that's, it's, Harris, Education Miguel Cardona Organizations: Education Department, Service, Joe Biden's Education Department, The Education Department, Aid, Biden, Harris Administration, Education

☆ Student-loan borrowers facing bad customer service could be transferred to a 'high-performing' company if issues persist, Biden's Education Department says
▼ + stars: | 2023-11-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department released new guidance on holding student-loan servicers accountable. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementPresident Joe Biden's Education Department just warned student-loan companies that they can't keep getting away with bad behavior. On Thursday, the Education Department announced a new framework for holding services accountable as the transition back into repayment for millions of borrowers continues. The framework outlines how the department will monitor the quality of customer service borrowers are receiving from their servicers, along with punishments when servicers do not fulfill their contractual obligations.

Persons: servicers, —, Joe Biden's, Harris, Education Miguel Cardona Organizations: Education Department, Service, Joe Biden's Education, Biden, Harris Administration, Education, MOHELA Locations: servicers

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