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☆ Judge extends temporary restraining order against Biden's student debt forgiveness plan
▼ + stars: | 2024-09-19 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +1 min

President Joe Biden's student debt forgiveness plan faces another setback as a federal judge extended the temporary restraining order against it on Wednesday. U.S. District Judge Randal Hall, who was appointed by former Republican President George W. Bush, said that Biden's plan would remain blocked for an additional 14 days. The ruling came as the Biden administration was expected to publish its final rule on a revised student loan forgiveness plan in October. The judge first issued a temporary restraining order on Sept. 5 shortly after the lawsuit was filed. Those enrolled in the plan, around 8 million people, do not have to make payments at this time.

Persons: Joe Biden's, Randal Hall, George W, Bush, Biden, Hall, Arkansas — Organizations: . U.S, Republican, GOP, U.S . Department, CNBC Locations: ., Florida, North Dakota, Georgia , Ohio, Alabama , Missouri, Arkansas

☆ Biden’s student debt forgiveness plan to remain blocked, federal judge orders
▼ + stars: | 2024-09-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

A federal judge has extended a temporary restraining order against the Biden administration's latest student loan forgiveness plan, threatening the White House hope to provide financial relief to tens of millions of Americans ahead of the Nov. 5 presidential elections. In the meantime, Hall said he would review the plaintiffs' request for a preliminary injunction against the Biden's relief plan, and the Biden administration's request to dismiss the case. The continuation of the restraining order is the latest setback for the Biden administration's efforts to cancel people's federal student loans. President Joe Biden began promising to alleviate people's education debts during his 2020 campaign bid, but Republican legal challenges have consistently stymied his attempts. The development stems from a lawsuit against the president's aid package brought by seven GOP-led states earlier this month.

Persons: Joe Biden, Randal Hall, George W, Bush, Biden, Hall, Ohio — Organizations: White, Biden, U.S, Republican, GOP, U.S . Department of Locations: Washington , DC, Alabama, Arkansas, Florida, Georgia , Missouri, North Dakota, Ohio

☆ Biden administration did not fast-track student loan relief before final rule: official
▼ + stars: | 2024-09-11 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

U.S. President Joe Biden speaks as he announces a new plan for federal student loan relief during a visit to Madison Area Technical College Truax Campus, in Madison, Wisconsin, U.S, April 8, 2024. But the Biden administration official told CNBC that the Department of Education had only instructed loan servicers to get ready for the debt cancellation. The program is the third Biden administration effort to forgive student debt to end up blocked by Republican-led legal challenges. In June 2023, the Supreme Court ruled that the administration's first attempt to cancel up to $400 billion in student debt without prior authorization from Congress was unconstitutional. Two months ago, a federal appeals court temporarily halted Biden's new affordable repayment plan for student loan borrowers, known as SAVE.

Persons: Joe Biden, Joe Biden's, Miguel Cardona, servicers, Randal Hall, Mark Kantrowitz, Kantrowitz, Biden, Hall, Luke Herrine Organizations: Madison Area Technical, Truax, Biden, U.S . Department of Education, AGs, of Education, CNBC, Department of Education, DOE, Missouri Attorney General's, Department, Republican, SAVE, University of Alabama Locations: Madison , Wisconsin, U.S, Georgia, Augusta , Georgia, Missouri, Alabama, Arkansas, Florida, North Dakota, Ohio

☆ FAFSA rollout was 'a stunning failure,' college aid expert says. Here's how next year will compare
▼ + stars: | 2024-08-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

watch nowBy most accounts, the rollout of the new Free Application for Federal Student Aid, better known as FAFSA, was disastrous from the start. Even now, some college students don't know the status of their aid awards for the fall. "The Department's poor planning has led to a stunning failure: Some college students might not have financial aid dollars in their hands in time to start classes in the next few weeks," said Beth Maglione, interim president and CEO of the National Association of Student Financial Aid Administrators. Families 'are falling back on borrowing for college'For many families, financial aid is crucial when it comes to covering college costs, which have now crept into the six figures. The share of parents taking out federal parent PLUS loans to help cover the costs of their children's college education has also grown, other studies show.

Persons: Beth Maglione, Education Miguel Cardona, Mark Kantrowitz, —, Kantrowitz, Sallie Mae's, Jennifer Berg, Sallie Mae, " Berg Organizations: Federal Student Aid, National Association of Student Financial, U.S . Department of Education, Education Department, Department, Education, Finance, Harvard, College

A dozen school districts in Oklahoma said they will not check students’ immigration status if asked by the state’s education department, in the latest sign of growing resistance to State Superintendent of Public Instruction Ryan Walters. “The focus has changed from public school students to self-centered political aspirations,” said Susan Wray, an elementary school principal in Edmond and a former state education department official. School districts also cannot ask students about their immigration status if it may be used to deny them access to a free public education, according to U.S. Department of Education guidance. The Deer Creek, Pryor, Millwood, Owasso and Jenks school districts told NBC News that they do not currently, nor do they plan to, ask students about their status. He threatened to take over Tulsa Public Schools after the district leadership told a board member she could not lead prayers on the microphone at a graduation ceremony.

Persons: Ryan Walters, Walters, ”, ” Walters, Susan Wray, that’s, “, Rob Miller, Moore, —, Chris Payne, Jeremy Hogan, Kevin Roberts, Miller Organizations: State Board of Education, Oklahoma State Department of Education, Oklahoma, NBC News, Republican, U.S . Department of Education, U.S, Supreme, Bixby Public Schools, Policy Institute, Oklahoma City, Oklahoma Policy Institute, Oklahoma City Public Schools, Tulsa Public Schools, Norman, Union Public Schools, Public, Brooklyn Public Locations: Oklahoma, Edmond, Bixby, Tulsa, Pryor, Millwood, Owasso, Jenks, California

☆ Biden administration's student loan relief plan may be paused for 'months or even a year,' expert says
▼ + stars: | 2024-08-09 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Alistair Berg | Digitalvision | Getty ImagesThe Biden administration's new affordable repayment plan, known as SAVE, may be on hold for months —or longer — amid a slew of legal challenges. The White House says roughly 8 million people are enrolled in SAVE, or the Saving on a Valuable Education plan. Why the SAVE plan is on holdThe SAVE plan has been a magnet for controversy ever since the Biden administration rolled out the program in the summer of 2023, describing it as "the most affordable student loan plan ever." Indeed, the terms of the new income-driven repayment plan are the most generous to date. However, borrowers pursuing student loan forgiveness should still explore their options, said Elaine Rubin, director of corporate communications at Edvisors, which helps students navigate college costs and borrowing.

Persons: Alistair Berg, Digitalvision, Biden, they're, Elaine Rubin Organizations: SAVE, Republican, U.S . Department of Education, Education Department Locations: Edvisors

☆ Student loan forgiveness may be on the way for roughly 25 million borrowers. Here's what to know
▼ + stars: | 2024-08-01 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Kevin Lamarque | ReutersThe Biden administration is sending emails to tens of millions of borrowers this week about its new plans to cancel student debt. The Department of Education estimates that at least 25 million borrowers could qualify. The same day the Supreme Court blocked President Joe Biden's first attempt at sweeping student loan forgiveness, Biden announced that the White House would try to deliver the relief another way. People who are already eligible for student loan forgiveness under one of the government's existing programs but just haven't yet applied. The Education Department is expected to publish its final rule on the debt relief sometime in October.

Persons: Joe Biden, Kevin Lamarque, Biden, Joe Biden's, IRAs, Luke Herrine, Herrine, Mark Kantrowitz, Kantrowitz, Will Organizations: Madison Area Technical, Truax, Reuters, U.S . Department of Education, CNBC, of Education, Education Department, Finance, University of Alabama Locations: Madison , Wisconsin, U.S

☆ Check your email: U.S. government is sending notes to millions about eligibility for student loan forgiveness
▼ + stars: | 2024-07-31 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Two federal judges in Kansas and Missouri on Monday at the urging of several Republican-led states blocked President Joe Biden's administration from further implementing a new student debt relief plan that lowers payments. The Biden administration is gearing up to try to forgive the student debt of tens of millions of Americans again, after the Supreme Court struck down its first effort last year. In the coming days, the U.S. Department of Education will begin emailing borrowers who may be eligible for the wide-scale loan cancellation, the department said on Wednesday. The same day the Supreme Court blocked President Joe Biden's first attempt at sweeping student loan forgiveness, he announced that the White House would try to deliver the relief another way. For his Plan B, he has directed the Education Department to pursue the regulatory process, which experts say should increase its chances of surviving the inevitable next round of legal challenges.

Persons: Joe Biden's, Biden, Harris, who've, Education Miguel Cardona, IRAs Organizations: Republican, U.S . Department, Education, Biden, Finance, Education Department Locations: Kansas, Missouri

☆ Here's what happens to your student loan debt when you die
▼ + stars: | 2024-07-30 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Artisteer | Istock | Getty ImagesIt's not unusual to hear people struggling with their student loan debt bemoan that they feel like they'll be paying until they die. It may be a question increasingly on people's minds, as the number of older student loan borrowers trends upward. Federal student loans die with youFortunately, no one will be responsible for your federal education debt when you're gone, said higher education expert Mark Kantrowitz. watch nowThose who've lost someone with student debt should ask the borrower's loan servicer what proof they'll need to discharge it, Mayotte said. With private student loans, responsibility is murkier

Persons: Betsy Mayotte, Mark Kantrowitz, Kantrowitz, who've Organizations: Istock, Getty, U.S . Department of Education, The, Student Loan Advisors Locations: Mayotte, Studentaid.gov

☆ 1 million people now owe more than $200,000 in federal student loans
▼ + stars: | 2024-07-29 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The number of federal student loan borrowers with six-figure debts is on the rise. In the second quarter of 2024, 2.4 million borrowers carried a federal student loan balance between $100,000 and $200,000, up from 1.8 million people who owed that much during the same period in 2017, according to new data by the U.S. Department of Education. Meanwhile, 1 million people had a federal student loan balance of more than $200,000, up from 600,000 individuals. Wayne Johnson, who served as the chief operating officer of the Office of Federal Student Aid from 2017 until 2019, tells CNBC he saw some eye-popping balances during his time at the Education Department. "There are quite a number of people who owe the federal government over $2 million in federal student loans," Johnson said.

Persons: Wayne Johnson, Johnson, IRAs Organizations: U.S . Department of Education, Federal, Aid, CNBC, Education Department, Finance, Wall Street

☆ Student loan payments are on pause for millions. Here's what borrowers need to know
▼ + stars: | 2024-07-26 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

We Are | Digitalvision | Getty ImagesFederal student loan payments are on pause for millions of borrowers while the Biden administration defends its new relief program in court. The U.S. Department of Education is placing federal student loan borrowers enrolled in the Biden administration's new income-driven repayment plan, known as SAVE, into an administrative forbearance. The SAVE plan has been a magnet for controversy ever since the Biden administration rolled out the program in the summer of 2023, describing it as "the most affordable student loan plan ever." Borrowers can explore their other repayment plan options, "but that would lead to a higher monthly loan payment," Kantrowitz said. "By staying in the SAVE plan, the borrower doesn't lose anything other than time," he added.

Persons: They'll, IRAs, Biden, Mark Kantrowitz, Kantrowitz Organizations: Getty, Biden, U.S . Department of Education, Finance, White, SAVE, Education Department, Republican Locations: forbearance, Missouri

☆ Here's what a Kamala Harris administration could mean for your wallet
▼ + stars: | 2024-07-22 | by ( Cnbc.Com Personal Finance Staff | ) www.cnbc.com time to read: +8 min

Harris' visit, following the attempted assassination of former President Trump, makes this her fourth trip to Michigan this year and seventh visit since taking office. However, Harris voiced some distinctions from Biden before becoming vice president, Watson noted. The vice president plans to bring more relief to borrowers, they said. Harris proposed repealing the Trump tax cuts to pay for it. — Jessica DicklerHousingHarris has been a proponent for affordable housing policies both during her tenure as vice president and as senator.

Persons: Kamala Harris, Trump, Olivia Troye, Amanda Stratton, Harris, Chris duMond, Chris Dumond, Biden, Garrett Watson, Watson, — Kate Dore, Drew Altman, Altman, She'd, Fatima Goss Graves, Roe, Wade —, Greg Iacurci, Pell Grant, Joe Biden, Miguel Cardona, Annie, Laura Veldkamp, Veldkamp, — Jessica Dickler, May, — Ana Teresa Solá Organizations: Getty, Tax, Tax Foundation, Biden, — Kate Dore Health, Affordable, Medicaid, National Women's Law, CNBC, Current U.S . Department of Education, Corinthian Colleges, U.S . Department, Corinthian, Columbia University Business School, U.S . Department of Housing, Urban Locations: KALAMAZOO , MICHIGAN, Kalamazoo , Michigan, Michigan, North Carolina, California, U.S

☆ Education Department to pause student loan payments for millions amid legal battle
▼ + stars: | 2024-07-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

US President Joe Biden speaks about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. The U.S. Department of Education says it will pause millions of student loan borrowers' payments while it defends its relief plan against legal challenges. Borrowers enrolled in the Biden administration's new repayment plan, known as SAVE, will be placed "in an interest-free forbearance," according to a statement from U.S. Secretary of Education Miguel Cardona. "It's shameful that politically motivated lawsuits waged by Republican elected officials are once again standing in the way of lower payments for millions of borrowers," Cardona said. Before the legal challenges, the Education Department had already forgiven $5.5 billion in student debt for 414,000 borrowers through the SAVE Plan.

Persons: Joe Biden, Education Miguel Cardona, White, Biden, Cardona Organizations: Madison Area Technical College, U.S . Department of Education, Biden, Education, Republican, Finance, Education Department, SAVE Locations: Madison , Wisconsin, Arkansas, Florida, Missouri

☆ Education Department to forgive $1.2 billion in student debt for 35,000 borrowers
▼ + stars: | 2024-07-18 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. The Biden administration announced it will cancel $1.2 billion in student debt for 35,000 workers, as a result of its recent fixes to a popular debt relief program for public service workers. But the program has been plagued by problems, making people who qualified for the relief a rarity in the past. Under the Biden administration, the U.S. Department of Education gave borrowers a second chance to qualify, as long as they'd been making payments on their loans and working for an eligible employer. The Biden administration has so far cleared $69.2 billion in student debt for 946,000 borrowers under PSLF, according to the Education Department.

Persons: Joe Biden, Biden, Harris, Education Miguel Cardona, George W, Bush Organizations: Madison College, Biden, Public, Education, U.S . Department of Education, Education Department Locations: Madison , Wisconsin

☆ How a bad year for college financial aid is shaping these students' futures
▼ + stars: | 2024-07-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

However, with a sticker price of nearly $80,000 per year, including tuition, fees, and room and board, Montiel-García, like many college hopefuls, needed financial aid to bring the cost down. Because of problems with the new form, financial aid award letters were delayed and some high school seniors, like Montiel-García, had trouble applying for any aid at all. In previous years, financial aid award letters were sent out at about the same time as admission letters, meaning students had several weeks to compare offers ahead of National College Decision Day, the deadline for most admitted students to decide on a college. Because of the extensive delays this year, some students won't get their final financial aid award letter until the end of August, the U.S. Department of Education said in a recent update. The high school graduate from Riverdale Park, Maryland, secured enough additional funding from the Maryland College Aid Processing System to afford his top choice school: Towson University.

Persons: Ramon Montiel, García Ramon Montiel, Montiel, García, —, NCAN, Laura Ipsen, Eric Greenberg, Andrea Garcia, Garcia, Emory doesn't, Mark Kantrowitz, Greenberg, mani Murphy, Murphy Organizations: KIPP, Denver Leadership Academy, Colorado ., KIPP Northeast Denver Leadership Academy, Wheaton College, Federal Student Aid, Wheaton, University of Colorado, National College, Greenberg Educational Group, U.S . Department of Education, Emory University, Education Department, Riverdale, Maryland College, Towson University Locations: García, Colorado, Massachusetts, U.S, Montiel, Denver, New York, Atlanta, Ky, Riverdale Park , Maryland, Towson

☆ Here's some relief student loan borrowers can still count on — at least for now — amid legal challenges
▼ + stars: | 2024-07-13 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Alexandra Pavlova | Getty ImagesThe Biden administration's efforts on student loan forgiveness have repeatedly been met with legal challenges. And experts say Biden's do-over effort at delivering sweeping debt forgiveness is almost certain to face similar opposition. Amid all the anxiety-provoking news, here's what relief student loan borrowers can still count on — at least for now. Most of SAVE plan is still in effectThe Biden administration rolled out the SAVE plan in the summer of 2023, describing it as "the most affordable student loan plan ever." "[They] deserve relief and this is why it's critical for the administration to finalize its debt relief rules and enact debt relief for as many borrowers as possible."

Persons: Alexandra Pavlova, Biden, Joe Biden's, Miguel Cardona, Aissa, Bañez Organizations: Republican, SAVE, Finance, Education Department, Biden, U.S . Department of Education, Student, Protection Locations: Arkansas, Florida, Missouri, Kansas

Many young conservatives also support student loan cancellation, with 49% of Gen Z and millennial Republicans surveyed saying some or all outstanding education debt should be erased. As president, Trump called for the elimination of the U.S. Department of Education's existing loan relief programs, including the popular Public Service Loan Forgiveness initiative. He also wanted to slash the department's budget, and his administration halted a regulation aimed at providing loan forgiveness to those defrauded by their schools. He has repeatedly attacked Biden's loan relief policies, and he said in a campaign video in late 2023 that he wants to close the Education Department altogether. For critics of broad student loan forgiveness, Biden's new plan looks a lot like his first.

Persons: Joe Biden's, Ryan Walker, Walker, Gen, Z, Trump, Biden's, Biden, Andrew Bailey, Bailey Organizations: Republican, Bloomberg, Getty, Biden, Heritage Action, America, U.S . Department, Public, Education Department, Supreme Locations: Kansas, Missouri, SocialSphere, U.S, . Missouri, Arkansas , Iowa , Kansas , Nebraska, South Carolina

☆ Millions of student loan borrowers to see their bills lowered in July — here's what else to know
▼ + stars: | 2024-07-03 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

President Joe Biden rolled out the SAVE plan in the summer of 2023, describing it as "the most affordable student loan plan ever." Under IDR plans, borrowers' monthly payments are set based on a share of their discretionary income. Republican-backed states, including Florida, Arkansas and Missouri, filed lawsuits against the SAVE plan earlier this year. In response, two federal judges in Kansas and Missouri temporarily halted significant parts of the SAVE plan on June 24. The case has not been decided yet, but at least for now the Education Department can proceed with reducing borrowers' bills.

Persons: Biden, Joe Biden, IDR, Taylor, Mark Kantrowitz Organizations: U.S . Department of Education, Valuable Education, Education, Finance, CNBC, Republican, U.S . Department of Justice, Education Department Locations: Florida , Arkansas, Missouri, Kansas

☆ Student loan payments go on pause for millions of borrowers
▼ + stars: | 2024-06-28 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration is pausing student loan payments for about three million borrowers who are enrolled in its new repayment plan as it defends the program in court against Republican-backed lawsuits. The preliminary injunctions are a result of lawsuits filed earlier this year by Republican-led states, including Florida, Arkansas and Missouri. The states argued that the Biden administration was overstepping its authority and trying to find a roundabout way to forgive student debt after the Supreme Court blocked its sweeping plan last year. Under the SAVE plan, many borrowers pay just 5% of their discretionary income toward their debt each month, and its guidelines state anyone making $32,800 or less has a $0 monthly payment. It also expedited the timeline after which many borrowers receive the full cancellation of their debt.

Persons: Joe Biden, Education Miguel Cardona, Biden, Joe Biden's Organizations: Education, White, Republican, Valuable Education, U.S . Department of Education, CNBC, Finance, Social Security Workers, SAVE Locations: Washington, Kansas, Missouri, Florida , Arkansas

☆ Judges halt key parts of Biden’s student loan forgiveness, repayment plan — risking relief for millions
▼ + stars: | 2024-06-25 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Two federal judges in Kansas and Missouri have temporarily halted significant parts of President Joe Biden's new student loan repayment plan, putting debt relief for millions of Americans in jeopardy. The Monday evening rulings stop the U.S. Department of Education from implementing major provisions of the Saving on a Valuable Education, or SAVE, plan. Until the cases are decided, the Biden administration is prevented from forgiving any more debt under the new income-driven repayment plan and from further reducing borrowers' payments in July, as it planned to. More than 8 million borrowers have enrolled in the SAVE plan since it launched in August. "The Department of Justice will continue to vigorously defend the SAVE Plan," he added.

Persons: Joe Biden's, Biden, Mark Kantrowitz, Education Miguel Cardona, " Cardona Organizations: U.S . Department of Education, Valuable Education, Finance, Republican, Education, Higher, Department, Justice, SAVE Locations: Kansas, Missouri

☆ Education Department looks to expand Public Service Loan Forgiveness eligibility
▼ + stars: | 2024-06-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The U.S. Department of Education may extend the eligibility of a popular student loan forgiveness program to early childhood educators. The agency on Thursday announced that it was issuing a request for information on potentially broadening the Public Service Loan Forgiveness program to include workers in early childhood education settings, many of whom report low wages. "Early childhood educators help young children learn, grow, and thrive," said U.S. "If these educators can access Public Service Loan Forgiveness, we can help our youngest children, their families, and their communities." Including early childhood educators would likely expand the reach of the program to at least some for-profit employers.

Persons: Education James Kvaal, Kvaal, George W, Bush, Xers, Mark Kantrowitz Organizations: U.S . Department of Education, Education, Finance, Trump, Education Department

☆ Gen Z is harnessing 'one of the magical qualities of investing,' advisor says — how it helps them build wealth
▼ + stars: | 2024-06-14 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

More than a quarter of Gen Z, 28%, say they learned about investing in school, compared to 19% of millennials and 12% of Gen X. There's also a greater abundance of information available online and on social media that older generations did not have access to, especially at such early ages. However, experts recommend turning to a trusted financial advisor before taking advice from social media. About three-quarters (76%) of Schwab survey respondents said they don't follow any finance influencers and 65% reported that social media has no impact on their investments. Overall, respondents said they are more likely to engage with a financial advisor (57%) than social media platforms (42%) for financial advice.

Persons: Roth, Ed Slott, Schwab, Gen, There's, Williams Organizations: Stone, Roth IRA, Trust, . Department of Education

☆ Biden administration to forgive $7.7 billion in student debt for more than 160,000 borrowers
▼ + stars: | 2024-05-22 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden delivers remarks regarding student loan debt forgiveness in the Roosevelt Room of the White House on Wednesday August 24, 2022. The Biden administration said on Wednesday that it would forgive $7.7 billion in student loans for more than 160,000 borrowers, its latest effort to reduce the burden of education debt on households. "The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country," said Education Secretary Miguel Cardona in a statement. Wednesday's loan forgiveness includes $5.2 billion for 66,900 borrowers pursuing Public Service Loan Forgiveness, and $1.9 billion for 39,200 people enrolled in income-driven repayment plans. That option leads to student loan forgiveness after 10 years for those who originally borrowed $12,000 or less.

Persons: Joe Biden, Biden, Harris, Miguel Cardona Organizations: White, U.S . Department, Public, Biden, Harris Administration, Valuable Education

☆ As student loan forgiveness nears $160 billion, here's what to know about the relief programs
▼ + stars: | 2024-05-20 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

US President Joe Biden announces student loan relief with Education Secretary Miguel Cardona (R) on August 24, 2022 in the Roosevelt Room of the White House in Washington, DC. Olivier Douliery | AFP | Getty ImagesThe Biden administration fixes to the country's $1.6 trillion student loan system have resulted in regular announcements to forgive large shares of that debt. In total, the U.S. Department of Education has canceled almost $160 billion in federal student loan debt for nearly 4.6 million borrowers while President Joe Biden has been in office. Here what to know about the aid programs that have led to that relief. Income-driven repayment plansPublic Service Loan ForgivenessNavigating the Public Service Loan Forgiveness program has been famously difficult.

Persons: Joe Biden, Education Secretary Miguel Cardona, Olivier Douliery, Biden, George W, Bush, Federal Perkins Organizations: Education Secretary, White, AFP, Getty, U.S . Department of Education, Public, Consumer Financial, Family Education, Federal, Federal Perkins Loans, Education Department Locations: Washington ,

☆ Refinancing student debt is risky amid Biden forgiveness push. Borrowers 'forever lose access' to safety nets, advocates say
▼ + stars: | 2024-05-16 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

(For example, federal student loan borrowers can pause their payments if they become unemployed, return to school or get cancer.) But advocates have fresh warnings now as the Biden administration reforms the federal student loan system. Millions more federal student loan borrowers could receive debt forgiveness in the coming months if Biden's revised relief package survives legal challenges this time. PSLF allows certain not-for-profit and government employees to have their federal student loans cleared after 10 years of on-time payments. (The rates on federal student loans for the 2024-2025 academic year will range from roughly 6.5% to 9%.)

Persons: Biden, Joe Biden, Biden's, who've, PSLF, I've, they'd refinanced, —, Yu, Mark Kantrowitz, Kantrowitz Organizations: U.S . Department of Education, Education Department, Public, Art Institute, Art, Education Management Corp, Valuable Education Locations: Mayotte, Iowa , Massachusetts, Pennsylvania

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