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☆ Don’t worry if you didn’t get your student debt forgiveness approval yet—‘more are coming,’ Education Secretary says
▼ + stars: | 2022-11-21 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

Over the weekend, federal student loan borrowers who applied for President Joe Biden's debt forgiveness began receiving updates on their applications. Letters sent to borrowers via email let them know their forgiveness application had been approved and their servicer has also been notified. "Your application is complete and approved, and we will discharge your approved debt if and when we prevail in court," the letters continue. The administration is currently barred from accepting more applications for debt forgiveness. Check out: Borrowers react to student loan forgiveness: 'A huge weight has been lifted off of my shoulders'

☆ Millions of student-loan borrowers risk a 'financial catastrophe' if Biden doesn't 'immediately' extend the debt payment pause, 225 advocacy groups say
▼ + stars: | 2022-11-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Over 200 advocacy groups urged Biden to extend the student-loan payment pause on Monday. After two federal courts blocked the relief, they said borrowers should not have to face payments. Two conservative lawsuits have blocked indefinitely the president's plan to forgive up to $20,000 in student loans for federal borrowers. The advocacy groups argued that until borrowers receive the relief they were promised, they cannot be forced back into repayment. The administration also appealed to a lower court the federal judge in Texas' decision to block the relief two weeks ago.

☆ One day after asking the Supreme Court to save its student-loan forgiveness plan, the Biden administration started notifying applicants they've been approved
▼ + stars: | 2022-11-20 | by ( Isabella Zavarise | ) www.businessinsider.com time to read: +2 min

The Biden administration began notifying applicants who have been approved for student-loan relief. The notifications came after the administration asked the Supreme Court to save its debt relief plan. "Your application is complete and approved, and we will discharge your approved debt if and when we prevail in court," Cardona wrote. The filing asked the Supreme Court to lift a ruling handed down Monday by an appeals court that continued the pause on the debt-relief program. According to the Biden administration, around 26 million people applied for student-loan relief and 16 million of those applications have been approved.

☆ Republicans identify 42 Biden administration officials they want to testify
▼ + stars: | 2022-11-18 | by ( David Morgan | ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 18 (Reuters) - Republicans in the U.S. House of Representatives on Friday identified 42 employees from Democratic President Joe Biden's White House and administration, who they expect to testify next year after their party takes control of the chamber. There was no immediate response from the White House. The letters represent the House Judiciary Committee's first request for testimony and documents since Republicans won a narrower-than-expected House majority on Wednesday. Angered by the FBI seizure of classified documents from Trump's Florida home in August, Republicans accuse the Biden administration of politicizing the FBI and Justice Department. The Judiciary and Oversight probes are expected to be among a raft of Republican investigations into Biden and his administration next year.

☆ Biden administration to make it easier for student loan borrowers to discharge debt in bankruptcy
▼ + stars: | 2022-11-17 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

President Joe Biden speaks on the student debt relief plan as Secretary of Education Miguel Cardona listens in at the Eisenhower Executive Office Building in Washington, D.C., on Oct. 17, 2022. The Biden administration announced on Thursday updated guidelines that will make it easier for those struggling with their student debt to discharge it in bankruptcy. Under the rules, the agencies may recommend that a bankruptcy judge discharge a borrower's student debt if they find their case warrants it. Currently, it's difficult, if not impossible, for someone to walk away from their federal student debt in a normal bankruptcy proceeding. Outstanding student debt exceeds $1.7 trillion, and even before the pandemic, some 10 million borrowers were in delinquency or default.

☆ 200,000 student-loan borrowers were just granted $6 billion in debt relief after a federal judge approved a settlement with Biden's Education Department
▼ + stars: | 2022-11-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A federal judge granted final approval of a settlement involving defrauded student-loan borrowers. 200,000 borrowers are expected to get $6 billion in debt relief, and the department will review other pending claims. The 2019 lawsuit was filed in response to a backlog of borrower defense claims that hadn't been processed. The Secretary's improper delay and suspension of processing claims for debt relief has directly led to a specific economic injury to each class member. "It immediately delivers certainty and relief to borrowers who have been waiting years for a fair resolution of their borrower defense claims," she added.

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 in a new court filing Thursday that it will ask the Supreme Court to lift an injunction and allow a major student loan debt relief program to resume. Earlier Thursday, the Biden administration revealed updated guidelines that will make it easier for those struggling with their student debt to discharge it in bankruptcy. "Amidst efforts to block our debt relief program, we are not standing down." "This belief may well stop them from making payments even if the Department is prevented from effectuating debt relief," he wrote.

☆ Student debt forgiveness is on hold for now—here's why it's blocked and what could happen next
▼ + stars: | 2022-11-16 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +9 min

After appearing to clear a number of other legal hurdles, President Joe Biden's student debt forgiveness plan has been blocked. If the president's appeal in Texas is successful, it's likely the plaintiffs will escalate the case to the Supreme Court or vice versa. Still, federal judges are appointed by elected officials, and it so happens the judges striking down Biden's debt forgiveness were nominated by Republican presidents. Aside from appealing in Texas, the president has not yet announced next steps for the debt forgiveness plan or other relief for borrowers. The 8th Circuit Court's decision to keep the block on debt forgiveness for now adds to the likelihood of a Supreme Court case, she says.

REUTERS/Maria Alejandra CardonaNEW YORK, Nov 14 (Reuters) - No charges will be brought in a criminal investigation into business dealings in Ukraine by Rudy Giuliani, Donald Trump's former personal lawyer, the top U.S. prosecutor in Manhattan said in a court filing on Monday. In a sign that the investigation was winding down, FBI agents returned the seized electronic devices to Giuliani, his lawyer said in August. Giuliani, 78, also faces a state-level criminal investigation in Georgia over efforts by Trump and his allies to overturn his 2020 election loss to Biden. Giuliani in 2020 urged the state's lawmakers not to certify Biden's victory in Georgia. In August, Giuliani testified before a Fulton County grand jury after a judge ordered him to comply with a subpoena.

☆ Another federal court just slammed the brakes on Biden's student-loan forgiveness, keeping debt relief from millions of borrowers
▼ + stars: | 2022-11-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The 8th Circuit just blocked Biden's student-loan forgiveness plan in response to a lawsuit filed by six GOP-led states. This means Biden cannot cancel any student debt while the injunction is in place, pending an appeal. It's the second court in recent days to put a block on Biden's plans to cancel up to $20,000 in debt. It also comes after a federal court in Texas struck down Biden's debt relief plan, declaring it illegal on November 10. The Education Department has not yet indicated whether that pause will be further extended, given the injunction on the relief.

☆ Student-loan borrowers should not resume payments in January after federal courts have blocked the relief, advocates say
▼ + stars: | 2022-11-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Two federal courts have blocked Biden's student-loan forgiveness plan so far. Advocates say student-loan payments should not resume in January without relief. These legal challenges could delay the implementation of Biden's debt relief for months — potentially extending into next year, when student-loan payments are scheduled to resume. Alongside the August announcement of broad student-loan forgiveness, the department announced the "final" extension of the student-loan payment pause through December 31. Still, given that the department told borrowers the goal was to have their relief processed before payments resume, advocates are hoping borrowers won't be thrown into repayment too soon.

☆ The federal judge who blocked Biden's student-loan forgiveness plan is playing 'politics instead of actually following the law,' Elizabeth Warren says
▼ + stars: | 2022-11-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A federal judge in Texas blocked Biden's student-loan forgiveness plan last week. Sen. Elizabeth Warren said the judge was playing politics "not actually following the law." Biden's administration appealed the decision, but debt relief cannot be implemented right now. "President Trump did it, President Obama did it, and President Biden has actually done it up to now on student-loan debt payments. At this point, the millions of borrowers who applied for debt relief are in limbo, waiting to see how federal courts will rule on the student-loan forgiveness.

☆ Here's what happens now that Biden's student-loan forgiveness plan is officially blocked
▼ + stars: | 2022-11-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A federal judge in Texas struck down Biden's student-loan forgiveness on Thursday. Now, however, the Education Department has stopped accepting applications. "We are disappointed in the decision of the Texas court to block loan relief moving forward," he added. "Amidst efforts to block our debt relief program, we are not standing down." Where student-loan forgiveness goes from hereShortly after the Texas ruling, the Education Department said the Justice Department had filed an appeal of the court's decision, which will go to the conservative 5th Circuit.

☆ The fate of Biden's student-loan forgiveness rests in the federal courts after neither party looks likely to gain a significant majority in the midterms
▼ + stars: | 2022-11-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

That means that the fate of President Joe Biden's student-loan forgiveness doesn't lie in the hands of lawmakers, but rather, the federal courts. "We are disappointed in the decision of the Texas court to block loan relief moving forward. Amidst efforts to block our debt relief program, we are not standing down," he added. The department also aims to roll out improvements to targeted loan forgiveness programs, like Public Service Loan Forgiveness, by next summer. "It must use all of its tools to fight to ensure that borrowers receive the debt relief they need."

☆ Biden's Education Department just shut the door on new student-loan relief applications following a court ruling
▼ + stars: | 2022-11-11 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Biden's Education Department has stopped accepting applications for student-loan forgiveness. The announcement came after a US District judge ruled on Thursday that the debt relief program was illegal. "Courts have issued orders blocking our student debt relief program," according to a note on the forgiveness application page. The Education Department said in a statement following the ruling that the Department of Justice has filed an appeal. Cardona added: "Amidst efforts to block our debt relief program, we are not standing down."

☆ Biden Administration stops taking applications for student loan forgiveness
▼ + stars: | 2022-11-11 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden is flanked by U.S. Secretary of Education Miguel Cardona as he 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. The Biden administration has stopped accepting applications for federal student loan forgiveness after a court struck down its plan on Thursday evening. "Courts have issued orders blocking our student debt relief program," according to a note on the forgiveness application page at Studentaid.gov. "Amidst efforts to block our debt relief program, we are not standing down." "Judge Pittman's decision was about as wrong and weird as any federal court ruling I can recall reading," Tribe said.

☆ Biden's Education Department 'will hold onto' student-loan borrowers' debt cancellation applications so it can 'quickly process their relief once we prevail in court,' the White House says
▼ + stars: | 2022-11-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The White House said the Education Department will hold onto borrowers' information during this time. The administration is appealing the decision and is confident its debt relief will prevail in court. But Biden's administration remains confident in its authority to discharge millions of borrowers' student loans. In a statement after the ruling, White House Press Secretary Karine Jean-Pierre said that "we strongly disagree with the District Court's ruling on our student debt relief program and the Department of Justice has filed an appeal." But the law is on our side and we will keep fighting for the millions of Americans with student debt."

☆ 3.5 million student-loan borrowers in California will get $1.3 billion in relief because the state won't tax Biden's debt cancellation, Gavin Newsom says
▼ + stars: | 2022-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Gavin Newsom asked the state to prep early to waive state taxes on student-debt relief. Some other states have already said Biden's student-loan relief will be subject to state taxes. "Californians who get student debt relief shouldn't be hit with taxes for it. This will provide up to $1.3 billion in tax relief for more than 3.5 million Californians," Newsom said in a statement. "We believe strongly that the lawsuits are entirely meritless, and that the debt relief plan is lawful and necessary," Cardona said.

☆ Student-loan companies are 'ready to apply' debt cancellation to borrowers' balances, Biden's Education Secretary says
▼ + stars: | 2022-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Miguel Cardona said student-loan companies are "ready to apply" debt relief. But they cannot actually cancel any student debt right now because the plan continues to be stalled. That's due to a ruling from the 8th Circuit in response to a GOP-led lawsuit seeking to halt the relief. "Unfortunately, our ability to process loan forgiveness has been paused," Cardona wrote. "We believe strongly that the lawsuits are entirely meritless, and that the debt relief plan is lawful and necessary," he added.

☆ A key benefit for student-loan borrowers in public service just expired. Here's what happens now.
▼ + stars: | 2022-11-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Public Service Loan Forgiveness waiver expired on October 31. Last October, President Joe Biden's Education Department announced reforms to the Public Service Loan Forgiveness (PSLF) program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments. Well instead, today we are announcing permanent changes to reduce the red tape and the confusing rules that riddle the PSLF program." Part of those changes included a one-time account adjustment to borrowers enrolled in PSLF, along with income-driven repayment plans, to resolve any mistakes on borrowers' payments to date. Beyond that adjustment, PSLF borrowers can expect to see improvements to the program starting next summer.

☆ Education Department overhauls federal student loan system, aiming to make it 'simpler, fairer and more accountable'
▼ + stars: | 2022-10-31 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The U.S. Department of Education announced on Monday sweeping new changes to the federal student loan system, including additional consumer protections for borrowers and limits on the amount of interest that can accrue on the debt. "Today is a monumental step forward in the Biden-Harris team's efforts to fix a broken student loan system and build one that's simpler, fairer, and more accountable to borrowers," said U.S. Secretary of Education Miguel Cardona, in a statement. The Biden administration will also curb the practice of interest capitalization — in which unpaid interest is added to the borrower's principal. The Public Service Loan Forgiveness Program, which allows public servants and those who work for certain nonprofits to get their debt canceled after a decade, will also get an overhaul. Months that previously didn't qualify toward a borrowers' debt relief, including those when they were in a economic hardship deferment, will be counted.

☆ Biden's Education Department just released its 'monumental' plans to make student-debt payments cheaper for borrowers and streamline targeted loan forgiveness programs
▼ + stars: | 2022-10-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Education Department released final plans to improve student-loan forgiveness programs on Monday. "We're also protecting borrowers from higher costs by limiting the practice of tacking unpaid student loan interest onto their principal balances." Improvements to targeted loan forgiveness programsBorrower defense to repayment. Public Service Loan Forgiveness. Preventing interest from spiralingIn July, the Education Department previewed its plan to tackle surging interest.

☆ Student-loan borrowers could see their debt canceled 'in the next two weeks,' Biden says — but the fate of the relief still sits in a conservative court
▼ + stars: | 2022-10-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Biden told NewsNation that student-loan borrowers could get their debt canceled within a few weeks. The relief remains paused following a ruling by the 8th Circuit Court of Appeals. Last week, the conservative 8th Circuit Court of Appeals placed a temporary stay on Biden's debt relief plan, in response to a lawsuit filed by six Republican-led states who argued the up to $20,000 debt cancellation plan would hurt their states' tax revenues. However, it would be surprising is if debt is actually discharged in two weeks, as Biden said, given that the plan is currently on pause. While the Education Department can continue processing applications for the relief as borrowers apply, student-loan companies cannot actually apply the relief to borrowers' accounts yet.

☆ Biden's White House says the GOP's 'MAGA trickle-down economic plan' will increase student-loan payments and raise inflation for Americans
▼ + stars: | 2022-10-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The White House said Republicans will raise inflation through their economic priorities. Biden's student-debt relief plan is currently paused as an appeals court makes a decision on its legality. "Republican officials are suing to block the Biden administration's student debt relief plan. If they succeed, that would mean higher debt payments for the over 40 million Americans who could benefit from up to $20,000 in student debt relief," the White House said. Even before Biden's August announcement of the debt relief, many Republican lawmakers were suspect of its legality.

☆ 2 groups of student-loan borrowers need to take action to get expanded loan forgiveness benefits
▼ + stars: | 2022-10-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced permanent fixes to the Public Service Loan Forgiveness program. It came just days before the PSLF waiver, which expands relief, expires on October 31. As the Education Department announced on Tuesday, though, the waiver may be expiring but reforms will not end there. Borrowers with federal loans that are not direct or managed by the Education Department. To qualify for the PSLF one-time account adjustment, borrowers must have a federal direct loan or a Federal Family Education Loan (FFEL) managed by the department.

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