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☆ How America’s once great department stores became a dying breed
▼ + stars: | 2024-02-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

But department stores, focused on America’s middle class, are fading. The victims of shifting consumer tastes were not the department stores that anchored the local mall, it was the small, locally owned stores along downtown shopping districts that were closing their doors. And possibly even more than the big box competitors, department stores have suffered from consumers shifting to buying items online rather than in person. The steady closing of the department stores that once served as “anchors” of malls across suburban America has been another nail in the coffin of many malls, hurting the department stores that remained in hollowed-out malls with a fraction of their earlier traffic. Saunders said one of the primary problem for Macy’s is that its holding company, formerly known as Federated Department Stores, spent much of its resources on buying other department store brands, such May’s Department Stores, and Filene’s, rather than investing in the stores its held.

Persons: New York CNN —, Neil Sauders, ”, JC Penney, It’s, “, Neil Saunders, Shannon Stapleton, Saunders, ” Saunders, Al Bello, Sunny Zheng, Macy’s, Tony Spring, Taylor, Brian Snyder, Eddie Lambert, Michael Brown, Kearney, ” Brown, Mike Segar, Richard W, Sears, Alvah Roebuck, Sears Roebuck, Bettmann, PhotoQuest, Jack Manning, Frank Scherschel, Owen, Lucille Jagusch, Arlene Hardt, Martin Luther King Jr, Michael Ochs, Ron Frehm, Ralf, Finn Hestoft, Mark Peterson, Seth Meyers, Hugh Jackman, NBCUniversal, Kaylin Wilson, Jim Cole, Rene Johnston, Maria Alejandra Cardona, Scott Olson, Cesar Villasenor, Mel Melcon, Sarah Blesener, Paul Hennessy, Patti Naleck, Naleck, Stacey Wescott, Brown Organizations: New, New York CNN, American, Walmart, Company, Department, Sears, Target, GlobalData, JCPenney, Research, RadioShack, Reuters Sears, Federated Department Stores, May’s, Reuters, Chicago History, Sears Roebuck, Roebuck, Hulton, AP, AP Soldiers, Michael Ochs Archives, Getty, Bettmann, Kmart, Bloomberg, Toronto Star, Reuters Residents, Los Angeles Times, New York Times, Chicago Tribune, Tribune, Service Locations: New York, GlobalData, America, Nanuet , New York, North Redwood , Minnesota, Chicago, El Paso , Texas, Jackson , Mississippi, Tucson , Arizona, Caracas, Venezuela, Niles , Illinois, Morton Grove , Illinois, Baltimore, White Plains , New York, Woodfield , Illinois, Hicksville , New York, Nashua , New Hampshire, Mentor , Ohio, Mississauga , Ontario, Hialeah , Florida, Janesville , Wisconsin, Santa Monica , California, Rockaway , New Jersey, Leesburg , Florida, Schaumburg , Illinois

☆ How the GOP’s rightward shift on immigration helps explain Trump’s primary success
▼ + stars: | 2024-02-27 | by ( Ron Brownstein | Analysis Ronald Brownstein | ) edition.cnn.com time to read: +17 min

Amid widespread discontent over President Joe Biden’s management of the border, the overall electorate is moving rightward on immigration too, polls show. For now, there’s no question that hardening GOP attitudes on immigration have been critical to Trump’s strong performance through the early primaries. Then, 56% of GOP primary voters said undocumented immigrants should be offered legal status; in last month’s primary, 55% said they should be deported. Immigration ranked as the most important issue for most GOP primary voters in South Carolina, and finished close behind the economy in both Iowa and New Hampshire. McLaughlin said Trump’s dominance among the GOP primary voters most concerned about immigration encapsulates a broader reason for his early success: widespread satisfaction among Republicans about his record in office.

Persons: Donald Trump’s, Joe Biden’s, Trump, What’s, “, Donald Trump, ”, Jim McLaughlin, Joe Biden, ’, Nikki Haley, Trump’s, Haley, Leah Askarinam, McLaughlin, Robert P, Jones, Charles Franklin, Adolf Hitler, ” Biden, Biden, Stephen Miller, Charlie Kirk, Miller, Dwight D, Eisenhower, Matt Barreto, Barreto, Democratic pollster, ” Barreto, Maria Cardona, Tom Suozzi, George Santos, Suozzi, Bill Clinton Organizations: CNN, GOP, Republican, Trump, Biden, Edison Research, Immigration, Former South Carolina Gov, Quinnipiac University, Survey, Religion Research Institute, Marquette Law School, Marquette, Gallup, Republicans, CBS, National Guard, Democratic, UCLA, New, Republican Rep, White, House Republicans Locations: Alabama, Mississippi, New Hampshire, South Carolina, Iowa, New York, Wisconsin, Mexico, United States, American, Trump, Marquette, America, Texas, Celinda, Arizona, Nevada, Mexico ”, week’s State, Brownsville

☆ 153,000 student-loan borrowers are getting $1.2 billion in debt wiped out — the first group to see relief under a new repayment reform
▼ + stars: | 2024-02-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

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

☆ Biden administration to forgive $1.2 billion in student debt for over 150,000 borrowers
▼ + stars: | 2024-02-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The Biden administration said Wednesday it would forgive $1.2 billion in student debt for nearly 153,000 borrowers enrolled its new repayment program, called the Saving on a Valuable Education, or SAVE, plan. Borrowers usually get debt forgiveness under income-driven repayment plans, including SAVE, after 20 or 25 years of payments. But under the SAVE plan, those who borrowed less can get their debt canceled after just a decade. In January, the Biden administration said it would soon start to forgive the debt of these borrowers who had signed up for its new plan. It has now canceled debt for almost 3.9 million borrowers, totaling $138 billion in relief.

Persons: Joe Biden, Biden, you've, Education Miguel Cardona Organizations: White House, Valuable Education, SAVE, Education, Finance, IRS, U.S . Department of Education, CNBC PRO Locations: Washington ,

Photos You Should See View All 33 ImagesSchools won't get the information they need to award financial aid until next month, forcing them to adapt. Just this past week, Virginia Tech, for example, said it had moved its admissions deposit deadline for first-year college students to May 15. More than 17 million students use the FAFSA every year to receive financial aid for their college education. Rachel Reniva of Dothan, Alabama, said the financial aid decision will affect not only her son’s future but also her entire family’s. Although Jaramillo lives in Toronto, he is a U.S. citizen and thus eligible for financial aid.

Persons: they’ll, ”, Jenny Nicholas of Keene, “, ” Juan Espinoza, Agata James, ” James ’, James, Miguel Cardona, Rachel Reniva, Jesus Noyola, hasn’t, It’s, Noyola, Travis Hill, Lorenzo Jaramillo, Jaramillo, Helen Faith, —, Charles Schwab Organizations: Federal Student Aid, The Education Department, Virginia Tech, New, Queens, Education Department, Rensselaer Polytechnic Institute, Social Security, Dallas, Social, Financial, University of Wisconsin, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Jenny Nicholas of Keene , New Hampshire, New York, Dothan , Alabama, Troy , New York, Texas, Toronto, U.S, Madison

☆ Parents who took on student debt for their kids have 'extremely limited' options for loan forgiveness and cheaper monthly payments — but Biden can change that, 9 Democratic lawmakers say
▼ + stars: | 2024-02-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

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

☆ Joe Biden is looking for ways to get his message to break through. He’s hoping his Cabinet can play a key role.
▼ + stars: | 2024-02-10 | by ( Betsy Klein | Camila Dechalus | ) edition.cnn.com time to read: +12 min

Nevertheless, the Biden White House and legal team has taken pains to ensure compliance – an effort to highlight its commitment to ethics and draw a sharp contrast with Trump, who skirted the rule with abandon. And the Biden White House has issued “extensive guidance to and conducts trainings for agencies” on the Hatch Act and how to avoid potential missteps, the official said. Secretary of State Mike Pompeo, for instance, delivered a speech to the Republican National Convention while on official travel in Jerusalem. “Voters of color can see themselves in leaders like Secretary Cardona, Secretary Fudge, and (EPA) Administrator (Michael) Regan. President Biden was intentional about assembling a Cabinet that reflects the diversity of America, and we continue to see how that diversity translates into real political strength,” he told CNN.

Persons: Washington CNN — Janet Yellen isn’t, Joe Biden’s, Biden, SSRS –, Donald Trump, Trump, ”, Yellen, Robert Hur’s, Pete Buttigieg, Gina Raimondo, Jennifer Granholm, Miguel Cardona, they’ve, “, Biden’s, they’re, Jeff Zients, “ Biden, ” Caitlin Legacki, Granholm, Buttigieg, Raimondo, “ We’re, ” Buttigieg, That’s, Mike Pompeo, Biden White, – you’ve, ” Legacki, Julie Su, Isabel Casillas Guzman, Marcia Fudge –, –, Marjory Stoneman, Gevin Reynolds, Kamala Harris, Secretary Cardona, Fudge, Michael, Regan, Young, Tom Vilsack Organizations: Washington CNN, CNN, Economic, of Chicago, Midwest, Treasury, White, Transportation, Democratic, GOP, Cabinet, Biden White, Republican National Convention, Coalition, SSRS, Biden, Trump, Labor, Democrats, Small, Urban, Alpha Kappa Alpha, Palmetto State’s, Education, Marjory Stoneman Douglas High School, “ Locations: Yellen, Wisconsin, New Hampshire, Michigan, Georgia, Florida, Tennessee , Louisiana , California, Delaware, New York, Jerusalem, American, Pacific Islander, Nevada, South Carolina, Iowa

☆ Amid rocky FAFSA rollout, Education Department looks to smooth the so-far bumpy debut — 'too little, too late,' expert says
▼ + stars: | 2024-02-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The U.S. Department of Education announced Monday it is introducing a "FAFSA College Support Strategy" with additional personnel, funding, resources and technology to help colleges process the new Free Application for Federal Student Aid forms after the rollout was repeatedly complicated by a number of setbacks. "We are determined to get this right," U.S. Secretary of Education Miguel Cardona said in a statement. However, the consensus among college financial aid administrators seems to be that it is "too little, too late," said higher education expert Mark Kantrowitz. It will also offer a "concierge service" to answer questions from colleges about the new form and help schools drive FAFSA completion so students can get their aid packages in time. Last week, the Department of Education said colleges won't receive FAFSA applicant information until early March, instead of late January as initially estimated, potentially delaying financial aid award letters until April or later.

Persons: Education Miguel Cardona, Mark Kantrowitz, Biden Organizations: U.S . Department of Education, Federal, Education, Finance, Department of Education

☆ Inside Impeachment’s Rise as a Weapon of Partisan Warfare
▼ + stars: | 2024-02-01 | by ( Peter Baker | ) www.nytimes.com time to read: +1 min

But Mr. Mayorkas is not as lonely as all that. Republicans have also filed articles of impeachment against his boss, President Biden, as well as Secretary of State Antony J. Blinken, Defense Secretary Lloyd J. Austin III, Attorney General Merrick B. Garland and Christopher A. Wray, the F.B.I. director, while threatening them against Transportation Secretary Pete Buttigieg and Education Secretary Miguel Cardona. Indeed, threats of impeachment have become a favorite pastime for Republicans following the lead of former President Donald J. Trump, who has pressed his allies for payback for his own two impeachments while in office. The chances of Mr. Mayorkas, much less Mr. Biden, ever being convicted in the Senate, absent some shocking revelation, seem to be just about zero, and the others appear in no serious danger even of being formally accused by the House.

Persons: impeaches Alejandro, Mayorkas, President Biden, Antony J, Lloyd J, Austin III, General Merrick B, Garland, Christopher A, Wray, Pete Buttigieg, Miguel Cardona, Donald J, Trump, Biden Organizations: Republicans, Transportation

☆ Why college applicants will have to wait months longer to find out how much financial aid they're getting this year
▼ + stars: | 2024-02-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

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

☆ Biden administration looks to forgive student debt of borrowers in hardship
▼ + stars: | 2024-01-31 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden speaks to United Auto Workers members at the UAW's Community Action Program legislative conference in Washington, D.C., on Jan. 24, 2024. The Biden administration announced on Wednesday that it will try to deliver student loan forgiveness to borrowers experiencing financial hardship. After the Supreme Court struck down President Joe Biden's executive order to cancel up to $20,000 in student debt for tens of millions of Americans, his administration has searched for ways to cancel the debt using existing legal authority. In what has become known as Biden's Plan B for student loan forgiveness, the president has turned to the rulemaking process. The Biden administration has been under pressure, however, to expand its aid to borrowers in financial hardship, too.

Persons: Joe Biden, Biden, Joe Biden's, Sen, Elizabeth Warren, Education Miguel Cardona, Jan Organizations: United Auto Workers, Washington , D.C, Department, Education, U.S . Department Locations: Washington ,

☆ Pressure is building on Biden to consider more student-loan borrowers for debt relief
▼ + stars: | 2024-01-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

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

☆ It's not too late for more student-loan borrowers to get relief in Biden's second try at debt cancellation, 38 Democratic lawmakers say
▼ + stars: | 2024-01-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThere's still time for President Joe Biden's Education Department to consider more student-loan borrowers for its second debt relief plan, a group of Democrats said. On Thursday, 38 Democratic lawmakers — including Sens. The key issue concerns the groups of borrowers the Education Department proposed to include in its relief. The Education Department has not yet indicated whether it will add a fourth session. Advertisement"The Department's priority is to support students and borrowers, and is moving as quickly as possible to provide student debt relief to as many borrowers as possible, including through the regulatory process," the spokesperson said.

Persons: —, Joe Biden's, Elizabeth Warren, Chuck Schumer, Bernie Sanders —, Secretary Miguel Cardona, Biden's, didn't, Biden Organizations: Service, Joe Biden's Education Department, Business, Democratic, —, Secretary, Education Department, Higher, Department, Biden Administration Locations: Sens

WASHINGTON (AP) — The White House is trying to enlist school leaders to help spread the word about the importance of safely storing firearms to protect children. Also participating will be Stefanie Feldman, who runs the White House Office of Gun Violence Prevention. "We know safe storage of firearms can save lives, especially by reducing suicide by firearms and school shootings," Feldman told reporters. Guns are the leading cause of death for American children, and most guns used in school shootings are taken from the shooter’s home. There's no federal law requiring gun owners to lock up their firearms, although the White House has encouraged such rules to be implemented at the state level.

Persons: Jill Biden, Miguel Cardona, Stefanie Feldman, Feldman, “, ” Feldman Organizations: WASHINGTON, Education, White, Justice Department, Education Department Locations: Congress

☆ Some student-loan borrowers could get extra money from their school under a new Education Department proposal
▼ + stars: | 2024-01-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewPresident Joe Biden's Education Department has kicked off another round of negotiations to craft new rules for higher education — and it could get some student-loan borrowers extra cash. One of the department's proposals concerns how schools manage students' meal plans. AdvertisementThe department will continue negotiations on these regulations in February and March sessions with stakeholders, with the opportunity for public comment. Along with the cash management proposals, the department is also in the regulatory process of crafting its second attempt at student-debt relief for borrowers. "Failing to finalize a proposal to provide relief for borrowers experiencing hardship would result in millions of borrowers — including most recent graduates, many low-income borrowers, borrowers of color, and borrowers with disabilities — being left out of the necessary debt relief," nearly 70 advocacy groups sent to Education Secretary Miguel Cardona last week.

Persons: —, Joe Biden's, They're, Biden's, Education Secretary Miguel Cardona Organizations: Service, Joe Biden's Education, Business, Education Department, Higher, Education Secretary

☆ All 4 major student-loan companies have now gotten punished for customer service issues as borrowers struggle with repayment — and it might not be the end
▼ + stars: | 2024-01-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Read previewIt hasn't been easy for student-loan borrowers since payments restarted a few months ago — and for the companies that manage their debt. The Education Department is aware of those errors and highlighted them in an internal Federal Student Aid memo in November. AdvertisementIn the past fiscal year, Congress did not boost funding for Federal Student Aid, which oversees all student-loan operations. And in the current round of budget negotiations, House Republicans have proposed steep cuts for Federal Student Aid. One servicer, MOHELA, told Democratic lawmakers in response to queries on repayment preparation that "millions of borrowers resumed repayment simultaneously after a multi-year pause."

Persons: —, Joe Biden's, MOHELA, servicers, Miguel Cardona, that's, servicer, I'm, Harris, Cardona Organizations: Service, Business, Joe Biden's Education Department, Education Department, Department, Education, Federal, Aid, The Education, Federal Student Aid, House Republicans, Democratic, Biden, Harris Administration

☆ Biden administration to forgive $4.9 billion in student debt for 73,600 borrowers
▼ + stars: | 2024-01-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration announced on Friday that it would forgive $4.9 billion in student debt for 73,600 borrowers. The relief is a result of the U.S. Department of Education's fixes to its income-driven repayment plans and Public Service Loan Forgiveness Program. "The Biden-Harris Administration has worked relentlessly to fix our country's broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved," U.S. Secretary of Education Miguel Cardona said in a statement. In addition, 43,900 borrowers who have worked in public service for a decade or more will receive $3.2 billion in loan cancellation, the U.S. Department of Education said. Borrowers in the Public Service Loan Forgiveness program have also struggled to get the debt erasure they've been promised due to errors in their payment counts and other issues.

Persons: Joe Biden, Biden, Harris, Education Miguel Cardona, servicers Organizations: Community Center, U.S . Department, Public, Biden, Harris Administration, Education, Finance, U.S . Department of Education Locations: Raleigh , North Carolina

☆ 74,000 student-loan borrowers are getting $5 billion debt wiped out in Biden's latest batch of repayment reforms
▼ + stars: | 2024-01-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The relief is going to public servants and those on income-driven repayment who made their qualifying payments. AdvertisementMore student-loan borrowers are on track to get debt relief following President Joe Biden's repayment reforms. On Friday, Biden announced that his administration approved another 74,000 borrowers for $5 billion in debt relief. In December, for example, the department approved another $5 billion in relief for 80,000 borrowers on PSLF and income-driven repayment plans. Advertisement"This level of debt relief is unparalleled, and we have no intention of slowing down," Education Secretary Miguel Cardona said in a December statement.

Persons: —, Joe Biden's, Biden, servicers, Biden's, Miguel Cardona Organizations: Service, Public, Department, Education Department Locations: forbearance

The U.S. Department of Education has approved the cancellation of $4.9 billion in federal student loan debt for close to 74,000 borrowers, officials announced on Friday. The announcement – the latest in a series of cancellation efforts that span the last four years – brings the total amount of student loan debt relief under the Biden administration to $136.6 billion for more than 3.7 million borrowers. The additional $1.7 billion in debt relief announced on Friday is the result of fixes to the federal income-driven repayment plan. In the wake of the high court’s decision to strike down the loan cancellation plan, Education Department officials hatched a new strategy to provide large-scale student loan debt cancellation. “In the wake of the Supreme Court’s decision on our student debt relief plan, we are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible,” Biden said in a statement.

Persons: –, Biden, “ The, Harris, Miguel Cardona, ” Cardona, “, Joe Biden, Biden’s, ” Biden Organizations: U.S . Department of Education, “ The Biden, Harris Administration, Public, Valuable Education, Biden, Education Department

☆ Some student loan borrowers will get their debt canceled early, with their balances wiped out next month
▼ + stars: | 2024-01-12 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

Student debt forgiveness is coming faster than expected for some borrowers who have been chipping away at their loans. A key feature of President Joe Biden's new student-loan repayment plan is shortening the forgiveness timeline for some borrowers, particularly those with lower borrowing amounts. "I am proud that my administration is implementing one of the most impactful provisions of the SAVE plan nearly six months ahead of schedule," Biden said in a statement. "Starting next month, borrowers enrolled in SAVE who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining student debt cancelled immediately." He added: "We don't want to go back to the days when a million people defaulted on their student loans every year.

Persons: Joe Biden's, Biden, Education Miguel Cardona Organizations: SAVE, Education Department, Education

☆ Federal agency: Student loan company errors could 'pose serious risks' to borrowers, the economy
▼ + stars: | 2024-01-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Dec. 15, 2022. When student loan servicers make errors by cutting corners or sidestepping the law, it can "pose serious risks to individuals and the economy," said Consumer Financial Protection Bureau Director Rohit Chopra. Borrowers experienced long phone hold times with their servicers, significant delays in the processing of their repayment applications, and inaccurate and untimely billing statements, the bureau found. The U.S. Department of Education announced Friday that it would withhold payments to three student loan servicers as part of its efforts to hold the companies accountable. "Today's actions make clear that the Biden-Harris Administration will not give student loan servicers a free pass for poor performance and missteps that jeopardize borrowers," Secretary of Education Miguel Cardona said in a statement.

Persons: Rohit Chopra, servicers, Mark Kantrowitz, Harris, Education Miguel Cardona Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, U.S . Department of Education, Finance, Biden, Harris Administration, Education Locations: Washington ,, EdFinancial, Nelnet

The results of the Program for International Student Assessment – the first assessment to examine the academic progress of students in math, reading and science in dozens of countries since the outset of the pandemic – marked historic setbacks for children globally. Students hadn’t recorded a change of more than five points in either subject since the exam was first administered in 2000. The COVID-era setbacks spared none, affecting wealthy countries and poor countries and even those long recognized as academic powerhouses. The slumping scores among American students largely mirror results seen on national assessments in recent years. “At an extremely tough time in education, the United States moved up in the world rankings in reading, math, and science – all three categories PISA measures – while, unfortunately, many other countries saw declines.”

Persons: ”, Peggy Carr, hadn’t, Jordan, ” Carr, Miguel Cardona, Donald Trump, “, ” Cardona Organizations: Program, National Center for Education Statistics, U.S . Education Department, “, Organization for Economic Cooperation, Development, Education, Republican Party Locations: U.S, PISA, Albania, Iceland, Norway, Finland, Poland, Singapore, Japan, China, Estonia, Canada, Ireland, United States, –

☆ 4 groups of borrowers may be eligible for student loan forgiveness under Biden's latest proposal
▼ + stars: | 2023-12-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The Biden Administration is moving forward in its negotiated rulemaking process to try to forgive student debt for federal borrowers. The Supreme Court struck down President Joe Biden's initial plan to forgive up to $20,000 of student debt per borrower in June. On Monday, the administration released a draft regulation proposal outlining what its new forgiveness rules would look like. "This rulemaking process is about standing up for borrowers who've been failed by the country's broken student loan system and creating new regulations that will reduce the burden of student debt in this country." The negotiated rulemaking committee will meet later in December to discuss the proposal and aim to reach a consensus on the proposed changes.

Persons: Joe Biden's, Miguel Cardona, who've Organizations: Biden, Department, Education

Released Tuesday, it finds the average international math score fell by the equivalent of three-quarters of a year of learning. Reading scores fell by the equivalent of half a year. Reading scores fell by 10 points. A national study in the U.S. last year found math scores fell by more than ever, with reading scores dropping to 1992 levels. It was joined in the upper echelons by other East Asian countries including Japan and China.

Persons: ”, Peggy Carr, “, didn’t, Jordan, Miguel Cardona, Joe Biden’s Organizations: WASHINGTON, —, Program, Organisation for Economic Co, OECD, Reading, National Center for Education Statistics, U.S . Education Department, Associated Press, Carnegie Corporation of New, AP Locations: United States, Germany, Iceland, Netherlands, U.S, Belgium, Finland, Canada, France, Sweden, Brazil, Ireland, Singapore, Japan, China, Estonia, Albania, Norway, Saudi Arabia, Dominican Republic, Cambodia, Carnegie Corporation of New York

☆ These student-loan borrowers could qualify for up to $20,000 in debt cancellation through Biden's second attempt at relief
▼ + stars: | 2023-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department released new details on its second attempt at debt relief. On Monday, the Education Department released updated regulatory text for its proposal to cancel student debt using the Higher Education Act of 1965. Advertisement"Student loans are supposed to be a bridge to a better life, not a life sentence of endless debt," Education Secretary Miguel Cardona said in a statement. AdvertisementWhile this plan for relief is more narrow than Biden's first attempt, many borrowers experiencing different forms of hardship hope they'll qualify. "I have to pay for my wife's car, plus food, plus utilities, plus the mortgage, plus the car payment," one 63-year-old borrower previously told Business Insider.

Persons: —, Joe Biden's, Biden's, Miguel Cardona, who've, There's Organizations: Education Department, Service, Higher, Public, Department

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