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President Joe Biden's Education Department is officially one step closer to finalizing its second attempt at student-loan forgiveness for federal borrowers. This second attempt at student-debt relief is separated from the other targeted relief initiatives the Education Department has been in the process of carrying out. During a February 21 speech touting the latest relief, Biden said he would continue to pursue loan forgiveness for federal borrowers despite legal challenges. "Look, early in my term, I announced a major plan to provide millions of working families with debt relief for their college student debt. "I announced we were going to pursue alternative paths for student debt relief for as many borrowers as possible.
Persons: , Joe Biden's, It's, Biden's, Tamy Abernathy, Abernathy, Biden Organizations: Service, Joe Biden's Education Department, Higher, Education Department, Democratic, Federal Register, Republican
Thousands of student-loan borrowers just became the first group to see relief under President Joe Biden's new repayment reform. On Wednesday, Biden — along with the Education Department — announced that 153,000 borrowers are getting $1.2 billion in debt cancellation as a result of a new provision in the SAVE income-driven repayment plan. "If you've been paying for a decade, you've done your part, and you deserve relief," Education Secretary Miguel Cardona said in a statement. The Education Department first implemented the SAVE plan over the summer, intended to make borrowers' monthly payments cheaper. Of course, the relief comes as many borrowers are encountering challenges with the return to repayment that began in October.
Persons: Joe Biden's, Biden, , you've, Miguel Cardona, Biden's, Education James Kvaal Organizations: Wednesday, Education Department —, Education Department, Business, Administration, SAVE, The Education Department, Public, Department, Education
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:
Read previewTwo top Democratic lawmakers are urging President Joe Biden to go beyond his proposals for student-loan forgiveness and get borrowers as much relief as possible. On top of that, the department is also in the process of crafting its second attempt at debt relief after the Supreme Court struck down its first plan. On Thursday and Friday, it will be holding its fourth negotiation session with stakeholders to discuss relief for borrowers experiencing hardship, but Warren and Schumer said Biden shouldn't stop there. Advertisement"We support all that the president has done, and we, along with millions of Americans crushed under student loan debt, urge him to use the full extent of his authority to cancel more student debt," they wrote. "He should provide relief for as many people as possible and make that relief as easy to access as possible.
Persons: , Joe Biden, Chuck Schumer, Massachusetts Sen, Elizabeth Warren, Biden, Warren, Schumer, Sen, Chris Van Hollen, it's Organizations: Service, Democratic, Massachusetts, Boston Globe, Business, Education Department, Public, Parent Locations: Schumer
Chrystal Copeland, 46, is stuck paying off her ex-husband's student loans. While a law passed to allow the separation of spousal balances, it'll take time to implement. But their student loans are keeping them together. "The only thing that is still holding me in this cycle of abuse is these student loans. She now has about $50,000 in student debt, according to documents reviewed by Business Insider, and she's facing payments of about $500 a month.
Persons: Chrystal Copeland, Copeland, , that's, I'm, Sen, Mark Warner, David Price, Joe Biden, she's, she'll, hasn't, I've Organizations: Service, Business, Education Department, Federal, Public, Aid, Federal Student Aid, Group Locations:
But she acknowledged that for other older adults, going to the mingle and introducing themselves to strangers might not be so easy. "I think loneliness is sometimes based in fear," Backlund said. Backlund knows the urgency of addressing loneliness and hopes that more people start taking the matter into their own hands. BI has previously spoken to other older adults who found solutions of their own to prevent becoming lonely. Chris Murphy and Bob Casey in December introduced the Addressing Social Isolation and Loneliness in Older Adults Act, which would provide funding for organizations to address loneliness among older Americans.
Persons: Patricia Backlund, wouldn't, Backlund, Vivek Murthy, Murthy, you've, , That's, let's, he's, Mike Flood, David Trone, Chris Murphy, Bob Casey Organizations: Service, Business Locations: Gig Harbor , Washington
The CFPB accused a student-debt relief company, Performance SLC, of illegally charging borrowers fees. The company didn't admit any wrongdoing but is no longer allowed to offer debt relief services. Performance never admitted any wrongdoing and agreed to a settlement that bans the company from engaging in any debt relief services going forward. Over the past few years, the CFPB has been getting relief to thousands of borrowers after paying companies for debt relief services that are free of charge with the federal government. In 2022, for example, the CFPB accused five student debt relief companies of charging consumers unnecessary fees, resulting in a total payment amount to consumers of about $19 million.
Persons: Organizations: Service, Consumer Financial, Bureau, Education Department, Consulting, The Education Department Locations: California
The Education Department released a proposal for including borrowers with hardship in debt relief. AdvertisementPresident Joe Biden's Education Department unveiled another group of student-loan borrowers it's considering for its second try at debt relief. On Thursday, the Education Department released its proposed text that focused on debt cancellation for borrowers facing financial hardship. Advertisement"College is meant to lead to a better life, but too many students end up struggling due to their student debt," Under Secretary of Education James Kvaal said in a statement. The Education Department emphasized in its press release that it "may consider these and other factors to determine whether borrowers are experiencing the type of hardship that would qualify for debt relief."
Persons: , Joe Biden's, Biden's, Education James Kvaal, Kvaal, Harris, Pell Grant Organizations: Education Department, Service, Joe Biden's Education Department, Higher, Democratic, Education, Biden, Federal
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
Time is running out for some student-loan borrowers to benefit from a limited-time debt cancellation reform. AdvertisementBorrowers who will receive the account adjustment automatically must be in the federal direct loan program or the Federal Family Education Loan program with loans held by the Education Department. Other borrowers who have loans in the FFEL program that are commercially held would need to consolidate into the direct loan program to receive relief. AdvertisementAt the same time, the Education Department is in the process of crafting its second attempt at more expansive relief for borrowers. On February 22 and 23, it will meet with stakeholders for the fourth time to negotiate the text of debt relief under the Higher Education Act of 1965.
Persons: Joe Biden's, Biden, Biden's Organizations: Service, Joe Biden's Education Department, Public, Business, Aid, Family Education, Education Department, Higher
Read previewEd, 63, was recently rewatching a documentary about Blue Zones — and it led him to rethink his outlook on retirement. But he's making plans for when that day comes to avoid what he said is his "biggest fear": being lonely. Of course, for some older adults, it's not always that easy. Chris Murphy and Bob Casey introduced a bill in December — called Addressing Social Isolation and Loneliness in Older Adults Act — to establish grants and training for community-based organizations to help address loneliness in older adults. As federal efforts progress, Ed wants to ensure loneliness among older people is a concern that all age groups work to address.
Persons: , healthiest, Ed —, Ed, I'm, he's, he'll, doesn't, it's, Vivek Murthy, I've, Joe Lamy, Rick Grossman, Grossman, Democratic Sens, Chris Murphy, Bob Casey Organizations: Service, Business, Blue, Democratic Locations: Connecticut, Ontario, Canada, Seattle, North America
Josh Shapiro unveiled a plan to overhaul higher education in the state. AdvertisementPennsylvania's governor has a plan to make higher education more affordable — and prevent the state's residents from taking on unaffordable debt. Along with proposals for those continued investments, Shapiro also put forth a $975 million proposal to overhaul the higher education system in the state. AdvertisementOther states are taking similar approaches to address higher education affordability. Since federal student-loan payments resumed in October after an over three-year pause, the Education Department announced a range of plans to get relief to borrowers who took on debt for higher education.
Persons: Josh Shapiro, , Shapiro, Shapiro's, " Shapiro, Joan Gabel, Jared Polis Organizations: Service, University of Pittsburgh, Pitt, Colorado Gov, Education Department Locations: Pennsylvania
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
But when someone mentioned a "senior village" in Seattle to him, he decided to give it a shot. Senior villages are a nationwide network of community-based nonprofits that connect older adults to others in their area through resources and activities. AdvertisementA network of sponsors funds senior villages, and members of the villages can pay from $150 to $425 a year, depending on their level of involvement. AdvertisementMeanwhile, other older adults are working on innovative ways to form connections later in life. Grossman said he's hopeful that the government will take more steps to address the loneliness epidemic and pay more attention to the challenges older adults are facing.
Persons: , Rick Grossman, Grossman, he's, There's, didn't, that's, Vivek Murthy, Zers, Joe Lamy Organizations: Service, Business, University of Michigan, Village Network Locations: Pennsylvania , Texas , California , New Jersey, Seattle
On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell's handling of the economy, particularly regarding interest rates. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected." While the committee's Summary of Economic Projections in December penciled in three interest rate cuts for this year, Powell said on Wednesday that it's highly unlikely those cuts will take place at the next meeting in March. The jobs data on Friday will support a decision to delay rate cuts until after March — the US economy beat expectations by adding 353,000 jobs. However, some Democratic lawmakers have been urging Powell to consider cutting interest rates sooner rather than later to give Americans financial relief.
Persons: Donald Trump's, Trump, Jerome Powell's, Powell, reappoint Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Fox News, Federal
Read previewMore student-loan borrowers can expect debt relief starting this month through a new repayment reform. AdvertisementIt's unclear how many borrowers will immediately qualify for relief, and when those notices will start being sent out this month. Additionally, borrowers who are not currently enrolled in the SAVE plan will need to enroll at in order to qualify for this benefit. For other borrowers, SAVE will calculate the most affordable payment based on income. "We look forward to discussing another avenue for borrower relief related to hardship at our next negotiation session," Kvaal said.
Persons: , Education James Kvaal, Biden, Biden's, Kvaal Organizations: Service, Education Department, Business, Education, SAVE, Public, Democratic, Higher Locations: South Carolina
Read previewThe House just passed a bill to expand the child tax credit , bringing the relief one step closer to parents. On Wednesday night, the House passed the Tax Relief for American Families and Workers Act of 2024 by a vote 357-70, which aims to boost the child tax credit, implement low-income housing credits and disaster relief, and give businesses an R&D tax break, among other things. AdvertisementThe legislation — a rare bipartisan feat — would both boost the child tax credit and offer GOP-friendly tax relief for businesses that invest in research and development, among other measures. The refundable child tax credit would be increased from $1,600 a child to $1,800 in 2023 and would rise to $2,000 by 2025. Some GOP lawmakers were upset with the expansion of the child tax credit, along with the advancement of the tax package while other conservative priorities remained stalled.
Persons: , Mike Johnson, Karine Jean, Pierre, Jean, Pierre said, Chip Roy, Jimmy Failla Organizations: Service, Relief, American Families and Workers, Business, GOP, Budget, Tax, White House Press, Fox, Senate Locations: Washington
The latest delay means financial aid awards might not come until April. AdvertisementThe sole application for receiving college financial aid has had a rocky rollout this year — and it means reward letters will be delayed by months. AdvertisementThe latest delay in receiving financial aid awards can be attributed to the department's efforts to update FAFSA qualifications to expand families' financial aid eligibility. However, that'll take time — and could leave some families in a time crunch when it comes to evaluating their financial aid packages. "Updating our calculations will help students qualify for as much financial aid as possible."
Persons: , That's, they'll, that'll, Education James Kvaal, Justin Draeger, Draeger, Virginia Foxx, Burgess Owens, Secretary Miguel Cardona, Sen, Bill Cassidy, Biden, Cassidy, Foxx, Richard Cordray Organizations: Education Department, Service, Federal Student Aid, Education, U.S . Department of Education, National Association of Student Financial, Republican, Secretary, Department, Office, Aid
On Tuesday, Navient announced plans to outsource servicing of its private student-loan portfolio and commercially held loans in the Federal Family Education Loan program to MOHELA, one of the largest federal student-loan servicers. AdvertisementA Navient spokesperson told Insider this change will impact 2.7 million student-loan borrowers with loans currently owned and serviced by Navient. Outsourcing servicing responsibility to MOHELA could spark concern for some borrowers, given how the company has fared since federal student-loan payments resumed in the fall. In January, the department withheld varying amounts of pay from the remaining federal servicers for the same reason. It's unclear how soon Navient borrowers will begin communications with MOHELA.
Persons: , Navient, David Yowan, MOHELA, Elizabeth Warren, John Remondi, Warren Organizations: Service, Family Education, Business, Navient, Outsourcing, Education Department, Democratic, MOHELA Locations: Sen
Democrats introduced their own package to address student debt, but it's unlikely to advance. AdvertisementHouse Republicans are moving forward with a bill that could make it harder for student-loan borrowers to get new forms of relief. Lawmakers on both sides of the aisle have offered solutions to combat the student debt crisis, but there's disagreement on the best way to do so. When it comes to student-loan repayment in particular, the legislation aims to put constraints on the Education Department's ability to implement new programs. AdvertisementLimits debt relief.
Persons: , Virginia Foxx, Foxx, Joe Biden's, Biden, overreach, Biden's, Pell Grant, Bobby Scott Organizations: Service, Democratic, Higher, Lawmakers, Education Department, GOP, Democrats, College, Public Locations:
The pressure keeps building on President Joe Biden's Education Department to include as many student-loan borrowers as possible in its second debt relief plan. After the Supreme Court struck down Biden's first attempt at broad debt cancellation, the Education Department announced it would be pursuing a new route for relief using the Higher Education Act of 1965. However, it did not include a category for borrowers with financial hardship, and some of the negotiators are requesting an additional session to discuss that topic. "As we repeatedly stated in the negotiations, we think that regulations that allow the Secretary to provide debt relief based on borrowers' financial hardship are a critical part of any debt cancellation agenda," they wrote. The Education Department has not yet commented on whether it will add an additional session.
Persons: Joe Biden's, Miguel Cardona, Biden's Organizations: Service, Joe Biden's Education Department, Business, Education Department, Higher, The Education Department, Democratic, Department, Federal
The Education Department agreed to add an additional negotiation session for student-debt relief. AdvertisementFollowing mounting pressure from Democratic lawmakers and advocates, the Education Department said it would allow another opportunity to expand its second student-debt relief plan. On Wednesday, the Education Department announced it will hold a fourth negotiation session on February 22 and 23 to discuss including borrowers with financial hardship in its second attempt at student-debt cancellation. The Education Department agreed to that request. "We look forward to discussing another avenue for borrower relief related to hardship at our next negotiation session," Kvaal said.
Persons: , Joe Biden's, Education James Kvaal, Harris, Kvaal Organizations: Education Department, Service, Democratic, Higher, Education, Biden, Harris Administration, Federal
The nation's central bank started off the new year as it closed out the last: no change to interest rates. On Wednesday, the Federal Open Market Committee announced it would continue its pause on interest rate increases, falling in line with economists' and market watchers' predictions. Still, the FOMC's December Summary of Economic Projections penciled in three interest rate cuts for 2024, suggesting the central bank is anticipating relief at some point this year. AdvertisementAs to how soon a rate cut might come, it's still unclear. But overall, she's optimistic about 2024 and thinks it's "going to be a very good economic year."
Persons: Cory Stahle, Stahle, Jerome Powell, Powell, it's, Sen, Elizabeth Warren, Janet Yellen, Yellen Organizations: Service, Federal, Market Committee, Federal Reserve, Business, Labor Statistics, Democratic, ABC
Read previewThe nation's central bank is gearing up to make its first big decision of 2024 — and while it likely won't be the interest rate cut many Americans are hoping for, it's set to bring them closer to that relief. The Fed hinted at how many interest rate cuts Americans can expect this year in its December Summary of Economic Projections. New labor market data out this Friday will show how employment looked at the start of 2024, and some labor market experts already think 2024 will see a cooler job market . That continuing strength in the labor market does represent a slowdown from the hot post-pandemic recovery in 2022. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the lawmakers wrote.
Persons: , it's, Jerome Powell, Powell, Nick Bunker, would've, Greg McBride, David Kelly, Kelly, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Business, Federal, Federal Reserve, Spelman College, Labor Statistics, Fed, North America, Morgan Asset Management, Democratic Locations: Sens
A leading Democratic lawmaker thinks her party can be doing more to tout President Joe Biden's work — especially when it comes to student-debt relief. "The president has advanced student loan forgiveness just this month for people who have taken out SAVE loans under $12,000. As a result, the Education Department began pursuing a new route for relief using the Higher Education Act of 1965. The department concluded negotiations in December and proposed five groups of borrowers it's considering for the second attempt at relief. Still, Biden and the Education Department have vowed to work quickly to get as much relief to borrowers as they can under the law.
Persons: Joe Biden's, Alexandria Ocasio, Cortez, Biden, , Still Organizations: Service, Sunday, NBC's, Press, Democratic Party, Department, Education Department, Higher Locations: Alexandria, Ocasio
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