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☆ A GOP lawmaker wrote a one-sentence bill to abolish the Department of Education. His reasoning doesn't address student loans, grants, or any of the major things the department does.
▼ + stars: | 2023-02-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The CBO previously said that getting rid of an agency would only cut spending if its programs were eliminated, as well. Last week, Kentucky Rep. Thomas Massie introduced a bill to abolish the Education Department, and it's a short, one-sentence read: "The Department of Education shall terminate on December 31, 2022." Congress recently approved a $1.7 trillion budget for the government, including $79.6 billion for the Education Department. Former President Donald Trump also said in 2015 that he'd consider getting rid of the department, saying it could be cut "way, way, way down." Reagan's efforts were clearly unsuccessful, given both of those agencies are operating at full capacity today, and millions of Americans are now relying on the Education Department's Federal Student Aid Office to facilitate the disbursement of federal student loans and grants.

☆ The College Board claps back at DeSantis, calling Florida's reasoning for banning AP African American studies 'slander'
▼ + stars: | 2023-02-13 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +4 min

The College Board clapped back on Saturday, defending the course. Instead, the College Board said the administration has leaned into spreading misinformation: "We need to clear the air and set the record straight." The College Board maintained that the course framework was just an outline for the pilot course. The organization also slammed the administration for taking credit for changes that the College Board made to the course and said that there have not been any negotiations between the College Board and the FDOE. "The College Board condemns this uninformed caricature of African American Studies and the harm it does to scholars and students," the statement continues.

The Biden administration has proposed changes that could dramatically lower monthly student loan payments. The plan calculates monthly payments based on a borrower's discretionary income. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. APR Variable: 4.49% - 8.99%, Fixed: 4.49% - 8.99% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.99% - 8.99% with AutoPay, Fixed: 4.39% - 8.99% with AutoPay Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Actual rate and available repayment terms will vary based on your income. According to the Education Data Initiative, half of student loan borrowers still owe $20,000 each on outstanding loan balances after 20 years of entering school.

☆ 3 signs Biden's Education Department has not 'efficiently or effectively' taken steps to overhaul the student-loan repayment system, according to the inspector general
▼ + stars: | 2023-01-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department plans to revamp the student-loan servicing system. But a report from the Inspector General found it has not been preparing to do so effectively. Last week, the Education Department's Office of Inspector General released a report analyzing Federal Student Aid's (FSA) efforts to transition the current repayment system to a new one, known as Next Generation (Next Gen) Loan Servicing. Additionally, it recommends that FSA develop a policy that requires a budget request be completed and approved prior to moving forward with any changes to the student-loan servicing system. The exact timeline for when borrowers will experience the revamped student-loan servicing system is unclear at this point, especially as the administration is working to implement other significant changes.

☆ Scammers are using Biden's student-loan forgiveness as a 'cover for fraud' to get borrowers' personal information. The federal government is cracking down.
▼ + stars: | 2022-12-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The scams were directly related to Biden's announcement of broad debt relief in August. Last week, the Federal Communications Commission (FCC) announced it would be cracking down on a scam robocall campaign that used Biden's announcement of up to $20,000 in debt relief to get information from borrowers. The FCC identified Urth Access, LLC as the group responsible for generating upwards of 40% of student debt robocalls in October. "Today we're cutting these scammers off so they can't use efforts to provide student loan debt relief as cover for fraud." A generic script of the call is typically as follows, per the FCC:"Hello this is to inform you that the Student Loan payment suspension has been extended to December 31 of this year.

☆ Student-loan borrowers defrauded by Corinthian were promised $5.8 billion in relief 'immediately.' 6 months later Biden's Education Department says it'll take 'some time.'
▼ + stars: | 2022-11-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

In June, the Education Department approved a $5.8 billion loan discharge for former Corinthian students. Six months later, borrowers are still waiting, and the department said relief will now take "some time." Education Secretary Miguel Cardona said at the time that the impacted Corinthian borrowers will see their loans "immediately forgiven." This prompted Biden's Education Department to reform the process. Still, aside from the June announcement of relief, none of the Education Department's recent actions are giving Corinthian borrowers any certainty.

☆ Education Department begins beta testing for student loan forgiveness application
▼ + stars: | 2022-10-14 | by ( Kelli Grant | Cfp | ) www.cnbc.com time to read: +1 min

Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020. The Education Department began beta testing the student debt forgiveness application Friday night. The portal will be open available on and off during the beta test, according to The Washington Post, which was the first to report on it. "This testing period will allow the Department to monitor site performance through real-world use, test the site ahead of the official application launch, refine processes, and uncover any possible bugs prior to official launch," a Department of Education spokesperson told CNBC in an emailed statement. A preview of the application earlier this week suggested a full rollout of the application could come as soon as next week, said higher education expert Mark Kantrowitz.

☆ What we know so far about the student loan forgiveness application coming soon from the Education Department
▼ + stars: | 2022-10-13 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Delmaine Donson | E+ | Getty ImagesThe U.S. Department of Education has said that its student loan forgiveness application will go live in "early October." The Education Department will be considering people's so-called adjusted gross income, or AGI, which may be different than your gross salary. The White House also says borrowers won't need their FSA ID to apply for forgiveness and that they can request the cancellation on a desktop computer or on their mobile phone. Some borrowers may need to verify incomeAlthough you won't be asked prove your income on the main forgiveness application, some borrowers may later need to provide documentation at the Education Department's request. "In addition, a borrower who lied on the form might be subject to wire fraud or mail fraud [charges]," he said.

☆ The CEO of a major student-loan company says Biden's loan forgiveness plan has 'created all types of confusion' for borrowers
▼ + stars: | 2022-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Navient CEO Jack Remondi said Biden's student-loan forgiveness has created "confusion." He said borrowers with FFEL loans still need additional guidance on steps they need to take to get relief. Currently, the Education Department is advising people with FFEL loans to consolidate into direct loans to qualify. "Probably the most challenging thing for us right now is what we don't know," Remondi said. Navient owns some loans within the Federal Family Education Loan (FFEL) program, which are privately-held loans that would not automatically qualify for Biden's federal debt relief.

☆ I was paying off school loans while I was the secretary of education under Obama. Here's why Biden needs to cancel student debt.
▼ + stars: | 2022-02-23 | by ( John B. King Jr. | ) www.businessinsider.com time to read: +7 min

He says he was still paying off his student loans while serving as a Cabinet member. President Biden should use his executive authority to unilaterally cancel student debt for each borrower. I was still paying off my own student loans while serving as US Secretary of Education for President Obama. Some have argued that it would be odd to cancel student debt retroactively without solving the problem going forward. Republican A. Wayne Johnson, former Federal Student Aid chief, proposed canceling up to $50,000 of student debt for each borrower.

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