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As Miguel A. Cardona, the education secretary, appeared before lawmakers on Wednesday to make his agency’s case for funding next year, members of both parties had something else on their minds: this year’s chaotic college admissions process. Republicans peppered him with questions about the botched rollout of the new Free Application for Federal Student Aid form, which has derailed college admissions this year. Several of them asked whether the agency had diverted resources away from the project in its pursuit of canceling student debt. “There’s nothing more important right now at the Department of Education,” Mr. Cardona told the House Appropriations Committee of the aid form, saying that the agency was successfully juggling multiple priorities with the resources available. “We’re working on this around the clock.”While Mr. Cardona was testifying, the House Subcommittee on Higher Education and Workforce Development held a separate hearing where lawmakers from both parties said the problems with the aid form had harmed aspiring college students.
Persons: Miguel A . Cardona, ” Mr, Cardona Organizations: Federal, Department of Education, Higher Education, Workforce Development
Borrowers with 'runaway interest'More than 25 million borrowers owe more than they originally borrowed in federal student loans because of accrued interest charges, according to the Biden administration. Anyone enrolled in the Saving on a Valuable Education Plan, or SAVE, or any other income-driven repayment plan would be eligible without having to apply. Borrowers eligible for forgiveness programs, who haven't appliedConsumer advocates and borrowers have complained that the government's debt forgiveness programs can be hard to know about and to access. Borrowers who entered repayment over 20 years agoAnother 2.5 million borrowers would benefit from the forgiveness of student loans that have been held for two decades or longer. Borrowers who enrolled in 'low-value' collegesGraduates with loans from "low-value" institutions or programs would also be eligible for loan forgiveness.
Persons: Biden, they're, haven't Organizations: Public, Education, Federal, Aid, Education Department, Corinthian Colleges, ITT Technical Institute
Numerous hiccups in the rollout of the updated Free Application for Federal Student Aid have upended this year's financial aid award season. By now, most of the problems with submitting the form have been resolved, but getting the FAFSA information from the ED's Federal Student Aid office to colleges has introduced another slew of issues. "Continually taking two steps forward and one giant step back is not a sustainable pathway toward getting financial aid offers out to students and families." Outside of those erroneous forms being reprocessed, FSA said as of April, schools should start receiving students' financial information within one to three business days of the student submitting their FAFSA. Still, some students may feel the pressure to commit to a school before they've seen all the financial aid offers available to them or skip the FAFSA — and potentially college — process altogether.
Persons: Justin Draeger, they've Organizations: Federal, Education, National College, Aid, Internal Revenue Service, IRS, National Association of Student Financial
Read previewSome key changes are on the way for thousands of federal student-loan borrowers in public service. President Joe Biden's Education Department recently posted new guidance on Federal Student Aid's website with updates to the Public Service Loan Forgiveness program. Once PSLF processing resumes in July, borrowers' loans will remain with their servicer, but the Education Department will fully manage the program. As a result, borrowers can view their PSLF payments directly on studentaid.gov, access "enhanced" services like status tracking for their applications, and see quicker processing times for PSLF. AdvertisementOn top of this transition, MOHELA is in the process of transitioning borrowers to a new servicing platform, which could mean up to 30-day delays in posting payments.
Persons: , Joe Biden's, MOHELA, that'll, PSLF, Grant, Massachusetts Sen, Elizabeth Warren, Warren, Chuck Schumer, Sen, Bernie Sanders Organizations: Service, Joe Biden's Education Department, Federal, Public, Business, Teacher, College And Higher, Federal Student Aid, Education Department, PSLF, Protection Locations: Massachusetts
Amid arguably the worst year to apply for financial aid, some colleges are implementing new strategies to entice students wary of the high cost. Vanderbilt University announced it is expanding Opportunity Vanderbilt to include full-tuition scholarships to students of families with an annual income of $150,000 or less. Meanwhile, Dartmouth also said it is nearly doubling its current income threshold for a "zero parent contribution" for parents with an annual income of $125,000, up from $65,000. "As costs continue to escalate we think it's so important there is access," said Doug Christiansen, Vanderbilt's dean of admissions and financial aid. "I am concerned on a national level that we will have a portion that think they can't afford it," he said.
Persons: Dartmouth, Doug Christiansen, Christiansen Organizations: Vanderbilt University, Vanderbilt, Finance, Harvard, Federal Student Aid
Antonio Scordo, 50, is struggling to navigate the college financial aid process for his two daughters. Having already sent his son through college, Scordo was familiar with the Free Application for Federal Student Aid, or FAFSA, process — but this year has brought a host of new challenges. "We also don't want to apply for not enough because then you're scrambling to try to find money at the last minute. According to Federal Student Aid, the ability to make corrections and updates will not become available until "the first half of April." To help pay for his son and one of his daughter's schools, he took out nearly $50,000 in parent PLUS loans, per documents reviewed by BI.
Persons: Antonio Scordo, , Scordo, Joe Biden's, she's, she'll, Miguel Cardona, Cardona, they're Organizations: Service, Federal Student Aid, Joe Biden's Education Department, Business, BI, The Education Department, Politico, Microsoft, Education Department Locations: Scordo
A fascination with the eight private colleges that comprise the Ivy League spans decades. What is an Ivy League degree worth? For decades, studies have shown that earning a college degree is almost always worthwhile. A recent report by Harvard University-based nonpartisan, nonprofit research group Opportunity Insights found that an Ivy League degree carries even more weight in the workforce and beyond. In the end, they found that attending an Ivy League college has a "statistically insignificant impact" on earnings.
Persons: Harvard University's, Blake Nissen, Claudine Gay's, Christopher Rim, Connie Livingston, Birkin, Livingston Organizations: The Boston Globe, Getty, Ivy League, Harvard University, Harvard, Princeton, Command, College Board, Brown University, Ivy Locations: Cambridge , Massachusetts
Ms. Yahyaoui’s compelling background helped her stand out among entrepreneurs when she moved in 2018 to San Francisco, where she founded a student aid start-up called Mos. The app hit the top of Apple’s App Store and Ms. Yahyaoui raised $56 million from high-profile investors, including Sequoia Capital, John Doerr and Steph Curry, according to PitchBook, which tracks start-ups. In podcasts, TV interviews and other media, Ms. Yahyaoui, 39, frequently discussed Mos’s success. But internal company data viewed by The New York Times showed that as of early last year, only about 30,000 customers had paid for Mos’s student aid services. Less than 10 percent of Mos’s roughly 153,000 bank users had put their own money into their accounts, the data showed.
Persons: Amira Yahyaoui, Yahyaoui, John Doerr, Steph Curry, Mos Organizations: Sequoia Capital, The New York Times, TechCrunch Locations: Tunisian, Algerian, San Francisco
Congress has until Friday at midnight to pass six major spending bills to avert a partial government shutdown. Six spending bills that cover roughly three-quarters of all federal discretionary spending are at stake:– Defense: Includes funding for nearly all military-related activities. – State, Foreign Operations and Related Programs: Includes funding for U.S. diplomatic activities, cultural exchanges, development and humanitarian assistance. As of Monday morning, appropriators had yet to release any of the six funding bills they’ll need to pass. The stalemate comes in the wake of Republicans killing the bipartisan Senate border deal last month.
Persons: appropriators, they’re Organizations: , – Financial Services, General Government, Department of, Treasury, of Columbia, – Department of Homeland Security, Federal Emergency Management Agency, Coast Guard, Customs, Immigration Services, Labor, Health, Human Services, Education, Centers for Disease Control, Food and Drug Administration, Social Security, National Labor Relations Board, Senate, U.S . Capitol Police, of Congress, Foreign, House Republican, White House, Department of Homeland Security Locations: U.S, – State
"So I mean, we upped our retirement contributions, put more in our savings account because we're saving to buy an apartment." According to David's account, he's expected to resume payments in April, and while he's not yet sure what the amount will be, he's already having to cut back on spending and dig into his retirement savings to make sure he can afford an additional bill. Since federal student-loan payments resumed in October after an over three-year pause, many borrowers have been struggling to get help from their servicers due to strained resources at Federal Student Aid, the office that oversees repayment. AdvertisementAs David waits for clarity, he's evaluating how much money he can withdraw from his savings account to face his student-loan payments once again. "I'm on the fortunate end of this in that I do actually have a savings account," David said.
Persons: David, David —, , MOHELA, he's, We've, we're, Anne, hasn't, I'm Organizations: Service, Business, BI, Public, Education Department, Federal Student Aid, Republican Locations: PSLF, MOHELA
There were just days left to process a batch of federal financial aid applications when Education Department officials made a fateful discovery: 70,000 emails from students all over the country, containing reams of essential data. They were sitting in an inbox, untouched. The students’ futures depended on it. “It needs to get untangled,” Mr. Cordray told his staff members on Thursday, according to recordings of two back-to-back meetings that The New York Times obtained. Three years ago, Congress ordered the Education Department to revamp the new form to make it easier and more accessible.
Persons: Richard Cordray, Mr, Cordray, , Organizations: Education Department, New York Times, Federal Student Aid
The budget seeks to restore the expanded Child Tax Credit and keep Social Security benefits intact. The budget also proposes a tax increase on billionaires, companies, and firms giving executives big paydays. The proposal comes after a tax bill that would partially expand the Child Tax Credit currently lingers untouched in Congress. Advertisement"It cuts costs for families with children and American workers and lowers childcare costs for hardworking families," Young continued. Would a restored child tax credit or maintained Social Security benefits impact your life?
Persons: Joe Biden, , White, Shalanda Young, Young, Biden Organizations: Tax, Social, Service, American, Management, Social Security, Federal, Aid, Republican, Republicans, Democratic, , GOP, Security
It includes a $3.1 billion funding increase for the Education Department to help student-loan borrowers. AdvertisementPresident Joe Biden's budget wish list is out — and it includes boosted funding to help student-loan borrowers as they continue to navigate the return to repayment. Biden's budget request released on Monday outlines what his administration is seeking to prioritize in the final year of his first term. Additionally, the budget request proposes getting rid of student-loan origination fees, or fees a lender charges for processing a borrower's loan. However, many of the initiatives in Biden's budget request would require congressional approval, and with Republicans holding a majority in the House, it's unlikely it would pass in its current form.
Persons: , Joe Biden's, Education James Kvaal, Pell Grant, Biden Organizations: Education Department, Service, Child, Social Security, Federal, Aid, Federal Student Aid, Education, College Fund, Republicans, Business, Management
President Joe Biden recently announced that he was canceling federal student loans for nearly 153,000 borrowers enrolled in the plan, known as the SAVE plan. For Lauran Michael and her husband, the SAVE plan has reduced student loan payments by half. If you are interested in applying for the SAVE plan, here's what you need to know:WHAT IS AN INCOME-DRIVEN REPAYMENT PLAN? Borrowers can apply to the SAVE plan using the Income-Driven Repayment Plan request through the Education Department’s website. If you’d like to repay your federal student loans under an income-driven plan, the first step is to fill out an application through the Federal Student Aid website.
Persons: Joe Biden, Michael, they've, , you’ve, they’re, Biden’s, Charles Schwab Organizations: SAVE, U.S . Education Department, WHO, PLAN, Program, Education, Education Department, Public, Defense, Federal, Aid, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: U.S, Raleigh , North Carolina
When Biden was first running for office, he campaigned on canceling $10,000 in student debt per borrower, along with reforming repayment programs like Public Service Loan Forgiveness. AdvertisementThe Education Department is undergoing a process to get relief to borrowers using a different law, but it will take time to reach borrowers. Targeted student-loan forgivenessWhile the Supreme Court struck down Biden's first try at broad student-loan forgiveness, he has still enacted smaller amounts of relief to borrowers through various reforms. Additionally, the Education Department has announced debt cancellation for borrowers defrauded by the schools they attended, including the major for-profit chains ITT Technical Institute and Corinthian Colleges. In February, the department announced $1.2 billion in debt relief for 153,000 borrowers, the first group to benefit from that provision.
Persons: , Joe Biden, Biden, Clare McCann, Arnold Ventures —, McCann, Biden's, Donald Trump Organizations: Service, Public, Biden, Business, Department, Arnold Ventures, Education Department, ITT Technical Institute, Corinthian Colleges, Education, Higher Locations: PSLF, deferment
As a college staff member, Heater gets deeply discounted tuition at the private Marianist Catholic college with approximately 8,000 undergraduate students. She compared universities in her area and their benefits and decided on University of Dayton, which offers tuition benefits for staff workers and their dependents. Washington said that workers and their dependents can also use a tuition exchange program, which allows them to transfer their tuition benefits within a pool of participating schools. For instance, once the tuition benefit exceeds the IRS' guidelines of $5,250 annually, the rest is generally considered taxable income. She said she thinks a lack of awareness about tuition benefits programs keeps them from being more popular.
Persons: Ariel Skelley, Troy Washington, Washington, Jacob Channel, Sherry Kirkland, Kirkland Organizations: Digitalvision, Getty, University of Dayton, Catholic, University of Dayton's, College and University Professional, for Human Resources, Wilmington University Locations: Ohio, Delaware
Millions of student-loan borrowers might soon see improvements to the platforms they use to pay off their debt. Federal Student Aid also posted an announcement on its website with further details on the platform changes. This is likely an effort to prevent scams by making it clear to borrowers that the servicer works with the federal government. It'll ensure that borrowers can detect whether information is coming from an Education Department website to protect them from scams and reduce disruptions across servicing platforms. Advertisement"You will see more improvements when managing and repaying your loans in the coming year," the email to borrowers said.
Persons: Joe Biden's, MOHELA Organizations: Service, Joe Biden's Education Department, Business, Federal, Aid, Education Department
But more than a decade later, their student loans are preventing them from fully separating. So my current husband has all my kids' student loans in his name," Rowan told BI. AdvertisementShe also can't get a new credit card, and she said that her parents are concerned her inheritance will be garnished because of her student loans. BI recently spoke to Chrystal Copeland, a 46-year-old mom also seeking to get her loan balance separated from her ex-husband. "The only thing that is still holding me in this cycle of abuse is these student loans," Copeland said.
Persons: Shannon Rowan, Rowan, it's, Sen, Mark Warner, David Price, , Joe Biden, It's, Chrystal Copeland, Copeland, she's Organizations: Service, Business, BI, Public, Rowan
President Joe Biden and his administration are continuing their efforts to provide student debt relief to as many borrowers as possible. At this point in the process — which involves a number of discussions with various stakeholders including borrowers, advocacy groups, lawmakers and more — the rulemaking committee has identified five groups of borrowers who should be considered for debt relief. It struggled to come to an agreement on how to define hardship that would render a borrower eligible for relief. As a result, the administration extended negotiation talks and added sessions in February to address the question of hardship. You may notice there aren't explicit thresholds listed for things like "household income" or when considering debt to income ratios.
Persons: Joe Biden, haven't, Pell Grant Organizations: Higher, Federal, Federal Student, Department of Education, CNBC
Under the old FAFSA rules, assets held in grandparent-owned 529 college savings plans were not reported on the form, but distributions from those accounts counted as untaxed student income. Still, the idea of a loophole is not entirely new, according to Kalman Chany, a financial aid consultant and author of The Princeton Review's "Paying for College." "There were always planning strategies that families could use when it came to third-party 529 plans," Chany said. "Even with this change, you still need to look before you leap if grandparents are going to help pay for college," Chany said. The other advantages of 529 plans
Persons: Mark Kantrowitz, Michael Green, Green, Kalman Chany, Chany Organizations: IRS, slims, Apollon Wealth Management, Princeton Locations: Charleston , North Carolina
Chrystal Copeland, 46, is stuck paying off her ex-husband's student loans. While a law passed to allow the separation of spousal balances, it'll take time to implement. But their student loans are keeping them together. "The only thing that is still holding me in this cycle of abuse is these student loans. She now has about $50,000 in student debt, according to documents reviewed by Business Insider, and she's facing payments of about $500 a month.
Persons: Chrystal Copeland, Copeland, , that's, I'm, Sen, Mark Warner, David Price, Joe Biden, she's, she'll, hasn't, I've Organizations: Service, Business, Education Department, Federal, Public, Aid, Federal Student Aid, Group Locations:
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
It is a miserable year to be applying for financial aid. Millions of families probably won’t get a final price tag for college until at least April, because of a series of Education Department delays in rolling out the new FAFSA financial aid form. But if you’re applying for aid and have grandparents who want to help, you may be in luck. But now, thanks to a 2020 law that went into effect this year, those questions about money and income are gone. That means that at most schools, help from a grandparent will no longer count against you.
Persons: Pell Grant Organizations: Education Department, Federal Student Aid
Time is running out for some student-loan borrowers to benefit from a limited-time debt cancellation reform. AdvertisementBorrowers who will receive the account adjustment automatically must be in the federal direct loan program or the Federal Family Education Loan program with loans held by the Education Department. Other borrowers who have loans in the FFEL program that are commercially held would need to consolidate into the direct loan program to receive relief. AdvertisementAt the same time, the Education Department is in the process of crafting its second attempt at more expansive relief for borrowers. On February 22 and 23, it will meet with stakeholders for the fourth time to negotiate the text of debt relief under the Higher Education Act of 1965.
Persons: Joe Biden's, Biden, Biden's Organizations: Service, Joe Biden's Education Department, Public, Business, Aid, Family Education, Education Department, Higher
Above all else, the new Free Application for Federal Student Aid was designed to improve college access. As of the last tally, nearly 4 million students have submitted the 2024-25 FAFSA form so far. That’s a fraction of the 17 million students who use the FAFSA form in ordinary years, according to the U.S. Department of Education. For most students and their families, the amount of financial aid offered and the breakdown between grants, scholarships, work-study opportunities and student loans are key to covering the tab. “Every student should anticipate doing an appeal this year,” said Bethany Hubert, a financial aid specialist with Going Merry by Earnest.
Persons: , Bethany Hubert, Earnest Organizations: Federal Student, U.S . Department of Education, Finance, Biden, College Board
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