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Search resuls for: "Mark Kantrowitz"


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☆ U.S. student debt relief: What you need to know now
  + stars: | 2022-10-20 | by ( Chris Taylor | ) www.reuters.com   time to read: +6 min
But the Biden administration’s new U.S. student debt relief program is not just an academic subject for her. That is because McKay is still dealing with student debt from her days getting a graduate degree at Carnegie Mellon University. So she is not just studying the student debt relief application that went live the other day (https://studentaid.gov/debt-relief/application) – she is filling it out herself. When and if the debt relief goes through, your loan servicer will let you know. BEWARE OF SCAMSThe student debt relief program has already brought scammers out of the woodwork, warns the Federal Trade Commission (https://consumer.ftc.gov/consumer-alerts/2022/10/now-student-loan-debt-relief-application-open-spot-scams).
☆ Student loan forgiveness application is in a beta period. Here's what to know if you apply
  + stars: | 2022-10-17 | by ( Annie Nova | ) www.cnbc.com   time to read: +5 min
Wpadington | Istock | Getty ImagesWithout much fanfare, the U.S. Department of Education made available on Friday evening an early version of its student loan forgiveness application. A number of Republican legal challenges have been brought against the Biden administration's student loan forgiveness plan, risking to put the policy in jeopardy. Any borrower who has already received forgiveness will likely get to keep it, even if the courts block the President's plan. After a borrower applies for forgiveness, they'll receive an email confirmation from the Education Department, Kantrowitz said. Make sure your servicer, as well as the Education Department, has the most recent contact information for you.
☆ 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.
☆ Here's why more than 7 million student loan borrowers could miss out on federal forgiveness program
  + stars: | 2022-10-10 | by ( Annie Nova | Nicole Webb | Senior Vice President Financial Advisor At Wealth Enhancement Group | ) www.cnbc.com   time to read: +2 min
Freshsplash | E+ | Getty ImagesThe White House has repeatedly said that its application for student loan forgiveness, which is expected to go live within days, will be simple. Still, consumer advocates say that any red tape around the relief is likely to cause millions of borrowers to miss out on it. Applicants may miss out due to mistaken beliefsA big reason some eligible borrowers may not apply is that they'll mistakenly believe their income disqualifies them, Kantrowitz said. However, the vast majority of people with student debt fall under these income caps, Kantrowitz said. Some borrowers, meanwhile, may have outdated contact information on file with their student loan servicer, and therefore not be getting updates about the relief, according to Kantrowitz.
☆ 8 million student loan borrowers will get automatic forgiveness. Here's what you need to know
  + stars: | 2022-09-27 | by ( Annie Nova | Andrew Graham | Founder | ) www.cnbc.com   time to read: +3 min
Leopatrizi | E+ | Getty ImagesAs part of President Joe Biden's historic student loan forgiveness plan, up to 8 million people could get automatic debt relief, according to the White House. Those who will get automatic loan cancellation are those for whom the U.S. Department of Education already has income data on file and can therefore verify eligibility without waiting for an application. Who qualifies for the automatic loan cancellation? Review your recent tax returns to confirm your income fell below those thresholds in 2020 or 2021 (either will work). The Education Department will be considering people's so-called adjusted gross income, or AGI, which may be different than your gross salary.
☆ 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.
☆ 3 steps to take now to get ready for student loan forgiveness, so you can apply ASAP
  + stars: | 2022-09-21 | by ( Annie Nova | ) www.cnbc.com   time to read: +3 min
Polina Lebed | Istock | Getty ImagesIn just a few weeks, tens of millions of Americans may be able to apply for student loan forgiveness. It said its application will be simple, but the federal student loan system is famously complicated. The Education Department will be considering people's so-called adjusted gross income, or AGI, which may be different than your gross salary. 2. Review your loan detailsMost federal student loans qualify for the cancellation. Recent news that some Republicans may bring a legal challenge against student loan forgiveness means the relief could be thrown in jeopardy.
☆ Here's how many people will get student loan forgiveness in each state
  + stars: | 2022-09-20 | by ( Annie Nova | ) www.cnbc.com   time to read: +1 min
The White House released an analysis on Tuesday of how many people in each state stand to benefit from its student loan forgiveness plan, including a count of borrowers who received a Pell Grant. There is no precedent for the sweeping loan relief President Joe Biden announced last month, which may cost up to $1 trillion. 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 forgivenessMost Pell Grant recipients come from families with incomes of less than $60,000, says higher education expert Mark Kantrowitz. The relief is limited to individuals earning no more than $125,000 a year, or households making less than $250,000. Rep. Ayanna Pressley, D-Mass., a longtime advocate for student loan forgiveness, said she became emotional looking at the numbers.
☆ Student loan payments are set to resume in September — should you pay now or wait for loan forgiveness?
  + stars: | 2022-08-04 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +4 min
Borrowers who can afford to pay say it's a 'big deal' to chip away at their principal loan balance. But it's unclear what the government's next steps will be on loan debt and time is running out for students. "One recent study shows that student loan borrowers were more likely to have taken out a first mortgage while payments have been frozen compared with those who have no student loans," Leondis wrote. With the current interest rate at zero, student loan repayments would go directly toward the borrower's principal balance. One Tiktoker who typically posts about student loan forgiveness has advised viewers to "pay attention to communication from (their) loan servicer" in the coming weeks.
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