DIRS.INFO The most relevant business & tech news

More than 40 million borrowers like Morales-Bartlett were eligible to cancel up to $20,000 in federal student loan debt under President Joe Biden’s one-time student loan forgiveness plan. Meanwhile, the pandemic-era federal student loan repayment pause has been extended while the government awaits the court’s decision. The average federal student loan debt nears $30,000. Brown’s son still has about $50,000 in student debt despite being one of the thousands of North Carolinians who received some student loan relief as part of a multistate settlement with Navient, one of the nation’s largest student loan servicers, over allegations of unfair and deceptive student loan servicing and predatory lending practices, according to Pennsylvania Attorney General Josh Stein's office. He also applied to the currently blocked student loan forgiveness program and is waiting to hear back.

☆ A conservative group that blocked student-loan forgiveness wants the Supreme Court to take it up as the second case on the matter, arguing that 'Congress never could have fathomed' Biden would cancel
▼ + stars: | 2022-12-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

A conservative group that blocked Biden's student-debt relief asked SCOTUS to take on the case. The group argued Biden overstepped his authority to enact relief. On Wednesday, the Job Creators Network, a conservative group representing plaintiffs who sued Biden's debt relief in October, wrote in a legal filing that the Supreme Court should take up the case. The group argued that Biden should have gone through the typically rulemaking process and solicited public comment rather than decide to cancel student debt without input from the public or Congress. It's likely the Supreme Court could agree to combine both cases and hear them early next year.

☆ Giving babies a government trust fund at birth could help get rid of student debt and build wealth, report says
▼ + stars: | 2022-12-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Democrats released a report highlighting the benefits of "Baby Bonds," which are trust funds given to kids at birth. The report said that the funds would help Americans build wealth over a lifetime. It could help reduce the need for students to take on excessive debt to go to college. On Wednesday, the Joint Economic Committee — led by Democratic Rep. Don Beyer — released a report on the benefits of "Baby Bonds." Baby Bonds could be a part of that.

☆ Biden's student-loan forgiveness might not be doomed if the Supreme Court strikes it down — he could take another legal path
▼ + stars: | 2022-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

Some advocates and lawmakers argue the Higher Education Act can be used to cancel student debt. "I believe it probably would have been better for him to use the Higher Education Act of 1965," Weiss said. The Higher Education Act as an alternativeSome Democratic lawmakers and experts argue that the authority to cancel student debt has always existed under the Higher Education Act. Legal experts have also voiced support for the Higher Education Act. The Education Department did not immediately respond to Insider's request for comment on whether it is considering pursuing alternative routes to debt relief, including via the Higher Education Act.

Rulings by lower courts in two challenges filed against the debt relief program have put Biden's policy on ice. Biden announced in August that the U.S. government would forgive up to $10,000 in student loan debt for borrowers making less than $125,000 a year, or $250,000 for married couples. The Congressional Budget Office in September calculated that the debt forgiveness program would cost taxpayers about $400 billion. Biden and his predecessor Trump had invoked the law to pause student loan repayments. Biden on Nov. 22 extended the repayment pause to no later than next June 30 to give the Supreme Court time to decide the case.

WASHINGTON — The Supreme Court on Thursday delayed a decision on whether to grant President Joe Biden's bid to implement his student loan forgiveness plan, announcing instead that it will hear full oral arguments on an expedited basis. In a brief order, the court said it would hear arguments in February with a decision soon to follow. Circuit Court of Appeals on Wednesday refused to lift that hold, meaning that the administration could soon appeal that case to the Supreme Court too. A federal judge had ruled that the states did not have legal standing to pursue the lawsuit, but the appeals court disagreed, focusing on a Missouri agency that services federal student loans. The overall program is anticipated to help more than 40 million borrowers, the administration has said.

☆ Federal appeals court rejects Biden's bid to revive student debt plan
▼ + stars: | 2022-12-01 | by ( ) www.nbcnews.com time to read: +3 min

A federal appeals court on Wednesday declined to put on hold a Texas judge’s ruling that said President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt was unlawful. Circuit Court of Appeals rejected the Biden administration’s request to pause a judge’s Nov. 10 order vacating the $400 billion student debt relief program in a lawsuit pursued by a conservative advocacy group. Circuit Court of Appeals that, at the request of six Republican-led states, had barred it from cancelling student loans. Biden announced in August that the U.S. government would forgive up to $10,000 in student loan debt for borrowers making less than $125,000 a year, or $250,000 for married couples. About 26 million Americans have applied for student loan forgiveness, and the U.S. Department of Education had already approved requests from 16 million by the time Pittman issued his ruling.

☆ U.S. appeals court rejects Biden's bid to reinstate student debt plan
▼ + stars: | 2022-12-01 | by ( ) www.cnbc.com time to read: +2 min

A federal appeals court on Wednesday declined to put on hold a Texas judge's ruling that said President Joe Biden's plan to cancel hundreds of billions of dollars in student loan debt was unlawful. A federal appeals court on Wednesday declined to put on hold a Texas judge's ruling that said President Joe Biden's plan to cancel hundreds of billions of dollars in student loan debt was unlawful. Circuit Court of Appeals that, at the request of six Republican-led states, had barred it from cancelling student loans. Biden announced in August that the U.S. government would forgive up to $10,000 in student loan debt for borrowers making less than $125,000 a year, or $250,000 for married couples. Biden's program has drawn opposition from Republicans, who have portrayed it as shifting the burden of debt from wealthy elites to lower-income Americans.

Nov 30 (Reuters) - A federal appeals court on Wednesday declined to put on hold a Texas judge's ruling that said President Joe Biden's plan to cancel hundreds of billions of dollars in student loan debt was unlawful. Circuit Court of Appeals rejected the Biden administration's request to pause a judge's Nov. 10 order vacating the $400 billion student debt relief program in a lawsuit pursued by a conservative advocacy group. Circuit Court of Appeals that, at the request of six Republican-led states, had barred it from cancelling student loans. Biden announced in August that the U.S. government would forgive up to $10,000 in student loan debt for borrowers making less than $125,000 a year, or $250,000 for married couples. About 26 million Americans have applied for student loan forgiveness, and the U.S. Department of Education had already approved requests from 16 million by the time Pittman issued his ruling.

Circuit Court of Appeals on Wednesday declined to put that decision on hold, and the administration has said it plans to ask the U.S. Supreme Court to intervene. Biden announced in August that the U.S. government would forgive up to $10,000 in student loan debt for borrowers making less than $125,000 a year, or $250,000 for married couples. A view of the U.S. Supreme Court building on the first day of the court's new term in Washington, U.S. October 3, 2022. "We stand firm against the president's political exploitation of our student loan program just before an election," Peterson said in a statement. Biden on Nov. 22 extended the repayment pause to no later than next June 30 to give the Supreme Court time to decide the case.

☆ Why Biden's student-loan forgiveness plan is legal and should be reinstated by the Supreme Court, according to 44 economists, legal experts, and advocates
▼ + stars: | 2022-11-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Biden's administration recently asked the Supreme Court to revive its student-debt relief plan. Biden's Justice Department quickly appealed the 8th Circuit's decision and took the issue to the Supreme Court, asking it on November 18 to revive the student-loan forgiveness plan. It's unclear when, or what, the highest court will ultimately decide, but 44 advocates, economists, legal experts, and scholars joined the Biden administration's fight by filing amicus curiae briefs before Thanksgiving supporting the revival of debt relief. As you know, it's up to the Supreme Court, and we're going to continue to fight. Here are the main arguments the experts and advocates used as to why the Supreme Court should reinstate Biden's student-debt cancellation plan.

In the past two months, student loan forgiveness has been the target of two high-profile lawsuits. Meanwhile, the Biden administration responded by extending the student loan payment pause yet again. What's happening to student loan forgiveness? Since the status of student loan forgiveness remains in the air, the Biden administration has extended the student loan payment pause until the Supreme Court makes a ruling. Select ranked SoFi Student Loan Refinancing and Earnest Student Loan Refinancing as some of the best companies for refinancing student loans.

☆ 3 steps that would help 'cure the disease' of the student-debt crisis after Biden's one-time relief, according to experts
▼ + stars: | 2022-11-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

"We really need to figure out a way to cure the disease and fix the problem," Levine said. "The rising cost of college can put valuable options out of reach for students who need them the most. Grants, when based on financial need, are a key step toward a more equitable system." Biden noted his plan was a "one-time" relief measure and borrowers would not see another broad loan forgiveness action during his term. While its implications are significant — the relief would wipe out the entire balances for 20 million borrowers — it's currently blocked.

☆ Six states urge U.S. Supreme Court to keep block on Biden student debt relief
▼ + stars: | 2022-11-23 | by ( Andrew Chung | ) www.reuters.com time to read: +4 min

In their filing, the states said Biden's administration is trying to "assert power far beyond anything Congress could have conceived." The administration has said the Nov. 14 decision to block the plan leaves millions of economically vulnerable borrowers in limbo. The administration stopped taking applications for student debt relief after that decision. Biden's administration asserts that the pandemic represented such an emergency. That timing, Biden said, would give the Supreme Court time to decide the case before the pause ends.

The Biden administration has extended the student loan repayment pause into 2023. 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. If you make student loan payments during the pause, all the money goes toward reducing the principal. Here's how much you could have saved had you continued to make regular student loan payments throughout the duration of the repayment pause. "When student loan payments start again, many are in for a rough time," Zigmont said.

☆ Explainer: What's the latest on Biden's U.S. student loan forgiveness?
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

On Nov. 22, Biden said he would extend the COVID-19 pandemic-era pause in student loan payments until no later than June 30, 2023. WHO IS ELIGIBLE FOR LOAN FORGIVENESS? About 26 million Americans have applied for student loan forgiveness since August, and the U.S. Department of Education has already approved requests from 16 million. U.S. borrowers hold about $1.77 trillion in student debt, according to the latest Federal Reserve figures. Biden's student loan forgiveness plan could add $300 billion to $600 billion to the federal debt, economists estimate.

☆ Don’t worry if you didn’t get your student debt forgiveness approval yet—‘more are coming,’ Education Secretary says
▼ + stars: | 2022-11-21 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

Over the weekend, federal student loan borrowers who applied for President Joe Biden's debt forgiveness began receiving updates on their applications. Letters sent to borrowers via email let them know their forgiveness application had been approved and their servicer has also been notified. "Your application is complete and approved, and we will discharge your approved debt if and when we prevail in court," the letters continue. The administration is currently barred from accepting more applications for debt forgiveness. Check out: Borrowers react to student loan forgiveness: 'A huge weight has been lifted off of my shoulders'

☆ A first-generation college student with $146,000 in student debt says blocking Biden's relief 'feels like a really sick game': 'It's not the American dream that we were promised'
▼ + stars: | 2022-11-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Guilherme Lopes, 31, is a first-generation college student with $146,000 in student debt. He said the recent court decisions blocking the debt relief "feels like a really sick game." When his high-school guidance counselors advised him to take out student loans to finance his education, that's exactly what he did. He also had high hopes that it would aid his mother and brother, who also hold student debt. While Biden's administration has expressed confidence that it will prevail in court, Lopes said he's upset these lawsuits even happened in the first place.

The injunction will put the program on hold pending an appeal of a lower court ruling that had allowed the debt relief program to go forward. The Biden administration could ask the Supreme Court to lift the injunction. "The injunction will remain in effect until further order of this court or the Supreme Court of the United States," a three-judge panel of the appeals court said in its ruling. Monday's decision by the appeals court came after six GOP-led states argued in a lawsuit that the loan relief program threatens their future tax revenues, and that the plan circumvents congressional authority. The ruling by 8th Circuit Court of Appeals in St. Louis is the latest in a series of legal challenges to President Joe Biden's plan to cancel up to $20,000 in student debt for millions of Americans.

☆ Why a Trump-appointed Texas judge blocked Biden's student-debt cancellation plan
▼ + stars: | 2022-11-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Trump-appointed Judge Mark Pittman struck down Biden's debt relief in Texas last week. They claimed that enacting broad student-loan forgiveness is an overreach of the authority and should require Congressional approval, while Biden has maintained one-time student-loan forgiveness is well within the administration's legal authority. The plaintiffs' standing to sueBoth of the plaintiffs who brought the Texas lawsuit hold student loans. The first plaintiff, Myra Brown, sued because her loans are commercially-held and therefore ineligible for Biden's debt relief, which requires the borrower to owe their debt directly to the federal government. Pittman said that Biden's Justice Department argument that the plaintiffs' standing does not exist is "untrue."

Companies United States of America FollowNov 14 (Reuters) - A U.S. appeals court has extended a block on President Joe Biden's administration from fulfilling his plan to cancel hundreds of billions of dollars in student loan debt at the urging of six Republican-led states, a court filing on Monday showed. Circuit Court of Appeals issued an injunction barring the U.S. Department of Education from erasing student loan debt as part of Biden's plan to deliver "life-changing relief" to tens of millions of borrowers. The court on Oct. 21 temporarily barred Biden's administration from discharging student loans while it considered an emergency request by the six states for an injunction. Debt forgiveness would eliminate about $430 billion of the $1.6 trillion in outstanding student debt and that over 40 million people were eligible to benefit, according to the nonpartisan Congressional Budget Office. The plan calls to forgive up to $10,000 in student loan debt for borrowers making less than $125,000 per year, or $250,000 for married couples.

The increase in college tuition and predatory lending have created a situation where, unless you’re fortunate to get a full-ride scholarship or come from a lot of money, students are vulnerable. Though Biden’s debt relief focused on federal student loans, there have been problems with private lenders as well, including the suit against student loan giant Navient. Research has shown that student loans increase access to financing and add to student diversity, which is great, but data also shows that women and people of color are disproportionately more likely to have debt. Student debt relief is one way to let people be people, first and foremost, and loanees second. But we need to do these things because we choose to and not because our college system is broken.

☆ Federal judge declares Biden's student debt relief plan unlawful
▼ + stars: | 2022-11-11 | by ( ) www.nbcnews.com time to read: +3 min

A federal judge in Texas on Thursday ruled that President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated, delivering a victory to conservative opponents of the program. The debt relief plan had already been temporarily blocked by the St. Louis-based 8th U.S. About 26 million Americans have applied for student loan forgiveness, and the U.S. Department of Education has already approved requests from 16 million. The plan, announced in August, calls for forgiving up to $10,000 in student loan debt for borrowers making less than $125,000 per year, or $250,000 for married couples. The non-partisan Congressional Budget Office in September calculated the debt forgiveness would eliminate about $430 billion of the $1.6 trillion in outstanding student debt and that over 40 million people were eligible to benefit.

☆ A federal judge just struck down Biden's student-loan forgiveness plan — the most serious legal setback for the debt relief so far
▼ + stars: | 2022-11-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A federal judge in Texas struck down Biden's student-loan forgiveness on Thursday. It's in response to a lawsuit filed by two student-loan borrowers who didn't qualify for the relief. This is the most serious legal setback to Biden's debt relief so far. This was in response to a lawsuit filed by two student-loan borrowers, Myra Brown and Alexander Taylor, represented by conservative group the Job Creators Network, who sued because they were left out of debt relief. "Today, a federal judge conspired with right-wing politicians and corrupt corporations to block life-changing student debt relief for tens of millions of families," executive director of advocacy group Student Borrower Protection Center Mike Pierce said in a statement.

Nov 10 (Reuters) - A federal judge in Texas on Thursday ruled that President Joe Biden's plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated, delivering a victory to conservative opponents of the program. The debt relief plan had already been temporarily blocked by the St. Louis-based 8th U.S. "The Program is thus an unconstitutional exercise of Congress's legislative power and must be vacated," Pittman wrote. The non-partisan Congressional Budget Office in September calculated the debt forgiveness would eliminate about $430 billion of the $1.6 trillion in outstanding student debt and that over 40 million people were eligible to benefit. The plan, announced in August, calls for forgiving up to $10,000 in student loan debt for borrowers making less than $125,000 per year, or $250,000 for married couples.

Search resuls for: "Pell Grant"

25 mentions found