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Search resuls for: "Biden's SAVE"


4 mentions found


☆ Over a dozen GOP states seeking to block student-loan forgiveness through Biden's SAVE repayment plan may have been set back by a separate court ruling
  + stars: | 2024-05-29 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewLawsuits to block some of President Joe Biden's targeted student-debt relief efforts are simmering — and a court ruling might have signaled how one case will fare. "Plaintiffs have not alleged that any of their employees have stopped seeking PSLF forgiveness because of the adjustment," the court's decision said. In March, 11 GOP state attorneys general filed a lawsuit to block the SAVE income-driven repayment plan, which the Education Department implemented last summer to give borrowers more affordable monthly payments. Economic assumptions alone were not enough for the Sixth Circuit, nor, for that matter, for the Supreme Court," the Education Department wrote in its legal filing.
Persons: —, Joe Biden's, Circuit wasn't Organizations: Service, New Civil Liberties Alliance, Cato Institute and Mackinac Center for Public, Business, Public, Sixth, Circuit, Education Department, SAVE, Biden's Education Department, Sixth Circuit, Supreme Locations: PSLF
☆ Thousands of student-loan borrowers got their debt wiped through a new repayment reform. 11 GOP states just filed a lawsuit to block that relief.
  + stars: | 2024-03-29 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Eleven GOP state attorneys general filed a lawsuit to block the SAVE income-driven repayment plan. They argued that the shortened timeline for debt relief through the plan is unconstitutional. An Education Department official said Congress allows the authority to set terms for income-driven repayment. While the lawsuit makes several comparisons to the debt relief plan the Supreme Court struck down, the legal basis for the two plans differ. The Education Department is currently undergoing the negotiated rulemaking process for its second attempt at a broader form of debt relief.
Persons: —, Joe Biden's, Kris Kobach —, Miguel Cardona, Biden's, Biden, Kobach, Harris Organizations: GOP, An Education Department, Service, Biden, Education, Republican, Education Department, Business, US Department of Education, Harris Administration, Higher Locations: Kansas
☆ President Biden's ambitious new plan to help student loan borrowers, explained
  + stars: | 2023-09-15 | by ( Devan Burris | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Biden's ambitious new plan to help student loan borrowers, explainedAfter the Biden Administration's student loan forgiveness plan was struck down by the Supreme Court, the president promised to continue fighting for student loan borrowers. This summer the White House launched the SAVE plan, an income-driven repayment plan meant to replace the REPAYE plan. The SAVE plan caps the amount low-income borrowers are required to pay on their student loans at just 5% of their discretionary income. It also allows some borrowers to pay as little as $0 per month towards their student loans. Watch the video above for a breakdown of President Biden's SAVE plan, ahead of student loan payments resuming.
Persons: Biden's Organizations: Biden, Supreme, House, SAVE, Biden's SAVE
☆ Biden's student-debt relief plans will once again face GOP challenges when Congress returns this fall
  + stars: | 2023-08-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Biden formally launched the new income-driven repayment plan, known as the SAVE plan. "Just like Biden's student debt transfer scheme, this IDR rule is deeply unfair to the 87 percent of Americans who currently have no student loans and will now have to foot the bill for someone else's debt." Spokespeople for both lawmakers confirmed to Insider that they will introduce bills in the House and Senate to overturn the SAVE plan. Massachusetts Sen. Elizabeth Warren wrote on X, formerly Twitter, on Tuesday that "Biden's SAVE plan helps Americans with student debt by capping interest growth and lowering monthly payments. In addition to repayment reforms for borrowers, the Education Department is also in the process of implementing broad debt relief again using the Higher Education Act of 1965.
Persons: Biden, Foxx, Cassidy, Joe Biden's, Virginia Foxx, Sen, Bill Cassidy —, —, Massachusetts Sen, Elizabeth Warren Organizations: Service, Education Department, Politico, GOP, Senate, Higher Locations: Wall, Silicon, Massachusetts
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