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Search resuls for: "Education Miguel Cardona"


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☆ Student loan payments may not resume until August. Here's what borrowers need to know
  + stars: | 2022-11-26 | by ( Annie Nova | ) www.cnbc.com   time to read: +8 min
With so much still up in the air, the Biden administration has pushed back the due date on student loan bills again. With previous extensions of the payment pause, the Education Department provided one date for when student loan bills would resume. Betsy Mayotte, president of The Institute of Student Loan Advisors, warned borrowers to first understand the federal protections they're giving up before they refinance. "Refinancing can generate a lower interest rate than federal student loan rates," Mayotte said. Could it make sense to still pay my student loans?
☆ What's happening with student loan forgiveness? Here's the latest, including an extension of the payment pause
  + stars: | 2022-11-25 | by ( Trina Paul | Benji Stawski | Zoe Malin | ) www.cnbc.com   time to read: +9 min
In the past two months, student loan forgiveness has been the target of two high-profile lawsuits. Meanwhile, the Biden administration responded by extending the student loan payment pause yet again. What's happening to student loan forgiveness? Since the status of student loan forgiveness remains in the air, the Biden administration has extended the student loan payment pause until the Supreme Court makes a ruling. Select ranked SoFi Student Loan Refinancing and Earnest Student Loan Refinancing as some of the best companies for refinancing student loans.
☆ 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'
☆ 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.
☆ 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.
☆ 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.
☆ 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.
☆ Education Department to reduce 'red tape' on public service loan forgiveness, making it easier for borrowers to qualify
  + stars: | 2022-10-25 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +2 min
watch nowThe Biden administration announced Tuesday it is making permanent changes to its public service loan forgiveness plan to make it easier for borrowers to have their loans forgiven. "Our team has worked to turn public service loan forgiveness from a promise broken into a promise kept," U.S. Secretary of Education Miguel Cardona said during a press call about the changes. However, from the start, the path to forgiveness has been plagued with problems, making it hard to get relief. Those may include partial, late or lump sum payments, payments made under a different repayment plan and credit for periods in deferment and forbearance. If you have either a Federal Family Education Loan (FFEL) or a Federal Perkins Loan, you now have until July 2023 to consolidate your loans into direct loans with your servicer.
☆ Biden administration could start forgiving student debt as soon as Oct. 23
  + stars: | 2022-10-21 | by ( Annie Nova | ) www.cnbc.com   time to read: +2 min
The Biden administration could start discharging millions of Americans' student debt as soon as this Sunday, Oct. 23. This is possible as some of the legal challenges brought against the sweeping policy by critics fail in courts. A taxpayers' group in Wisconsin earlier this week requested that the U.S. Supreme Court immediately block Biden's plan to cancel up to $20,000 in federal student debt for borrowers, but the court refused to do so. Judge Henry E. Autrey of the Federal District Court in St. Louis said the states did not have sufficient standing to sue. Although there are a number of other legal challenges to the president's plan outstanding, the Biden administration is moving forward with its plan to cancel student debt.
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