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☆ Boat capsizes off Madagascar on way to Mayotte, 22 killed
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: 1 min

ANTANANARIVO, March 12 (Reuters) - Twenty two people died when a boat carrying them off Madagascar capsized while they attempted to sail to the French island of Mayotte, Madagascar's port authority said on Sunday. The boat, which was carrying 47 people, capsized on Saturday in the seas off Ankazomborona in the north of Madagascar, the Maritime and River Port Agency said in a statement. The agency said the boat had suffered an accident, after which 23 of those on board were saved, while 22 bodies had been found. A police officer who did not wish to be named said most of those who had been rescued had fled to avoid being apprehended for attempting to travel to Mayotte. Reporting by Lovasoa Rabary; Writing by George Obulutsa; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ What to do if Supreme Court strikes down Biden's student loan forgiveness plan
▼ + stars: | 2023-03-06 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Demonstrators in favor of canceling student debt gather outside the U.S. Supreme Court in Washington, D.C., on Feb. 28, 2023. Bloomberg | Bloomberg | Getty ImagesKeep your payments on holdThe Covid pandemic-era policy suspending federal student loan payments and the accrual of interest is still active. Those are the ideal ways to postpone your federal student loan payments, because interest doesn't accrue. For example, full-time teachers who work for five consecutive years in a low-income school may be eligible for up to $17,500 in loan forgiveness under the Teacher Loan Forgiveness Program. And lawyers in Texas who work for specific legal aid programs may be eligible for the Texas Student Loan Repayment Assistance Program.

☆ How to Read a Form 1098-E
▼ + stars: | 2023-03-02 | by ( ) www.wsj.com time to read: +10 min

By Kerri Anne RenzulliIf you have student loans, chances are you’ll encounter the IRS’s Form 1098-E. Those with multiple loans across multiple lenders will be sent a separate 1098-E form by each lending institution. But for those who do, this mark indicates that you took out your student loan before Sept. 1, 2004. Instead of relying on the Form 1098-E, you’ll need to request or download records of what you paid in interest and your payment history from your loan servicer, says Greene-Lewis. Who can claim the student loan interest deduction The $2,500 deduction phases out as your modified adjusted gross income rises.

☆ Some borrowers may qualify for a student loan interest deduction, despite payment pause
▼ + stars: | 2023-01-31 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Fewer borrowers will be able to claim the student loan interest deduction for 2022, with federal loan payments on hold for the duration of the year. However, since March 2020, the U.S. Department of Education has allowed most federal student loan borrowers to pause their monthly bills without interest accruing. As a result, most people with federal student loans haven't made a payment since, and don't qualify for the deduction. If you owe student loans that haven't been eligible for the government's break, including commercially-held Federal Family Education Loans (FFEL) or any private student loans, you may have made interest payments that can be deducted. The best way to determine if you have potential interest to claim is to contact your loan servicer, said Betsy Mayotte, president of The Institute of Student Loan Advisors.

☆ Here are some smart moves borrowers should make while the fate of student loan forgiveness is still up in the air
▼ + stars: | 2022-12-29 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Creatas | Creatas | Getty ImagesIt's been a strange time for people with federal student loans. (The Supreme Court will hear oral arguments at the end of February.) Those are the ideal ways to postpone your federal student loan payments, because interest doesn't accrue. Now that borrowers know how much in loan cancellation is on the table — if the president's policy survives the Supreme Court — borrowers may want to consider the option, Kantrowitz said. Betsy Mayotte president of The Institute of Student Loan Advisors

☆ Student loan forgiveness is headed to the Supreme Court. What that means for the payment pause
▼ + stars: | 2022-12-16 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

The pandemic-era relief policy suspending federal student loan bills and the accrual of interest has been in effect since March 2020. That development is why borrowers have gotten even more time without a student loan bill. Student loan bills could resume as soon as May 1The Education Department has left things a little open-ended when it comes to the timing of federal student loan payments resuming. During the extended payment pause, however, the Education Department is also ceasing all collection activity, it said. And while interest rates on federal student loans are at zero, it's also a good time to make progress paying down more expensive debt, experts say.

☆ Student loan forgiveness could fall through for 30 million borrowers. If it does, consider these 4 relief options
▼ + stars: | 2022-12-12 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Defer payments (once they resume)The pandemic-era policy suspending federal student loan payments and the accrual of interest is still active. Those are the ideal ways to postpone your federal student loan payments, because interest doesn't accrue. Use the Public Service Loan Forgiveness programThe Biden administration has recently made a number of improvements to the Public Service Loan Forgiveness program, which allows those who work for the government and certain nonprofits to get their debt cleared after a decade of payments. To reach forgiveness, you need to have made 120 qualifying, on-time payments in an income-driven repayment plan or the standard repayment plan. Lenders will likely be overwhelmed when they have to begin collecting loan payments from tens of millions of people again.

☆ 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?

☆ Families can get Pell Grants of up to $6,895 to help with college costs. Here's what you need to know
▼ + stars: | 2022-11-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

And it goes further for those who received a Pell Grant in college, a type of aid available to low-income families, by clearing as much as $20,000 from their student debt balance. The federal Pell Grant program, signed into law in 1965, is one of the largest sources of financial aid available to college students. Here's what families need to know about Pell Grants. There's a limit to how many Pell Grants you can getCollege students typically can receive the grant for up to six years. "The student can then use the money to pay for other college costs, such as textbooks," he said.

☆ College costs keep snowballing despite Biden’s efforts to ease student debt burden
▼ + stars: | 2022-10-01 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +6 min

Loans from private banks have gone up even faster, with some charging more than 13% for student loans this fall, people familiar with the industry said. Borrowers with existing loans that have variable rates have started seeing their monthly payments go up from the higher rates, they said. Increased costs mean many students have to borrow more money at higher rates, further exacerbating the student debt problem the Biden administration set out to address. The problem is the cost of higher education,” said Betsy Mayotte, president of The Institute of Student Loan Advisors. “We commend this administration for responding to the call of addressing of the student loan debt crisis,” said Derrick Johnson, president of the NAACP.

☆ Everything parents need to know about student loan forgiveness
▼ + stars: | 2022-09-24 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

More from Personal Finance:How student loan forgiveness will be applied to your debtsKey events on the path to student loan forgivenessHow to calculate your bill for student loan forgiveness Currently, more than 600,000 parents take out student loans for their children each year, up from around 450,000 in 2000, according to data provided by higher-education expert Mark Kantrowitz. The average outstanding Parent PLUS loan is about $30,000, he said. What if I have Parent PLUS loans and my own student loans? Currently, Parent PLUS loans come with an interest rate near 8%, compared with under 5% for undergraduate student loans. If you're still in debt after student loan forgiveness, you'll want to be prepared for the bills to resume in January.

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