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☆ The Daughter Who Got the Government to Cancel Her Mother’s Debt
▼ + stars: | 2023-05-13 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

After that, Susan went to her second job working with autistic toddlers, while her daughter was in after-school care. The debt repayment process had kicked in while she was raising Arianna, as did the confusion that so many borrowers have faced over the years. There are different types of loans and various interest rates for each of them. There are a bunch of ways you can repay them, a variety of ways to consolidate them and several ways to have the loans canceled. An employee at one of the four entities that had serviced her loans suggested consolidating her debt so she could make just one payment each month.

☆ Pakistan’s political crisis will deepen its economic misery
▼ + stars: | 2023-05-12 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

London CNN —The political unrest that’s engulfed Pakistan since former Prime Minister Imran Khan was arrested earlier this week will complicate efforts to secure a financial lifeline from the International Monetary Fund and exacerbate the country’s economic crisis. Pakistan’s economic meltdownThe political tumult in Pakistan comes as the country grapples with a dire economic outlook. The government has been working with the International Monetary Fund to resume a financing program that’s been stalled since November and expires in June. Prime Minister Shehbaz Sharif said in a televised address Friday that the country’s economic problems stem from his predecessor. In February, the ratings agency said about 50% of government revenue will need to go to debt interest payments “for the next few years,” compounding economic woes and fanning political discontent.

☆ Meet a mom with $610,000 in student debt who still can't separate her balance from her ex-husband's 8 years after their divorce: 'This one thing is still holding me stuck to him'
▼ + stars: | 2023-05-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Dawn Rose, 53, has $610,000 in student debt after combining balances with her then-husband in 1999. They divorced in 2015, but Rose is stuck paying off her ex-husband's debt. After taking out student loans for four semesters of college, Rose said her husband — now ex-husband — was finishing his master's degree, which was also financed by student loans. Now Rose is stuck paying off $610,000 in student debt, per documents reviewed by Insider — the majority of which she said belonged to her ex-husband. Dawn Rose, 53, has $610,000 in student debt.

☆ The federal student loan payment pause may end soon—how borrowers can get ready now
▼ + stars: | 2023-05-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +6 min

While the summer signals music festivals and vacations for many, this year it will also mean the return of federal student loan payments. Interest hasn't been accruing and borrowers haven't been required to make payments on their federal student loans since March 2020. But as the federal government winds down its pandemic relief, student loan borrowers are bracing to resume payments, or start making them for the first time. If you graduated or left school between March 2020 and now, you may have never been required to make a payment on your federal student loans. If you're not sure, you can log into your Federal Student Aid (FSA) account and scroll down to the "My Loan Servicers" section, or call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Our Experts for the Best Personal Loans With No Origination FeesWe consulted personal loan and financial experts to give their insights into finding the best personal loans with no origination fees. Personal Loan With No Origination Fees Frequently Asked QuestionsCan you get a personal loan without an origination fee? How to Choose the Best Personal Loan With No Origination FeesTo select the best personal loan for you, look at the factors that are most important to you. Methodology: How we chose the best personal loans without origination feesWe rate all personal loan products in our reviews and guides on a 1-5 scale.

☆ Meet a 64-year-old therapist who's been making student-loan payments for decades while working in public service — but still hasn't gotten loan forgiveness
▼ + stars: | 2023-04-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Greg Ogden, 64, said he's been paying off his student loans since 1994 while working in public service. He said he applied for Public Service Loan Forgiveness but paperwork errors have kept him in repayment. Now, he said he owes about $25,000 in student debt, and he's frustrated it's still hanging over his head at this point in his life. "I want to fulfill my obligations, but I would like them to honor the payments that I've made," Ogden said. Do you have a story to share about your student debt?

☆ What Happens If You Don’t Pay Your Student Loans?
▼ + stars: | 2023-04-25 | by ( ) www.wsj.com time to read: +9 min

Read on to understand the details of not paying your student loans:What happens if you don’t pay your student loans? “The key is to communicate with their servicer or lender.”What happens when you don’t pay your student loans varies by loan type: Defaulting on federal student loans can follow you for life, whereas private student loan collections efforts have a statute of limitations. Here’s a closer look at what happens when you don’t pay your federal student loans, followed by what happens when you don’t pay your private loans. What happens if you don’t pay your federal student loans? “The Fresh Start program is likely the best pandemic-era student loan program to actually fix structural problems hurting student loan borrowers,” says Farrington.

☆ Why a millennial with $134,000 in student debt hasn't made payments while living abroad for nearly a decade
▼ + stars: | 2023-04-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Todd Squitieri, 37, has $134,000 in student debt he's placed in forbearance for nearly a decade. He moved abroad and says he's much happier, but he couldn't leave the student debt behind. Even with $134,000 in student debt hanging over his head. But as Squitieri was traveling and not making payments on his student loans, the balance was growing, and leaving the country doesn't mean he can leave his student debt behind. Biden's student-loan forgiveness is 'token service'There could be relief on the horizon for millions of borrowers with federal student debt.

☆ How borrowers can keep their student loan payments on hold once bills resume
▼ + stars: | 2023-03-29 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

watch nowThe Education Department in November said student bills would resume 60 days after the litigation over its student loan forgiveness plan resolves. If you're unemployed when student loan payments resume, you can request an unemployment deferment with your servicer. The maximum time you can use an unemployment or hardship deferment is usually three years per type. Forbearances also keep bills on holdStudent loan borrowers who don't qualify for a deferment may request a forbearance. Kantrowitz provided an example: A $30,000 student loan with a 5% interest rate would increase by $1,500 a year under a forbearance.

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Our Experts for the Best Personal Loans With No Origination FeesWe consulted personal loan and financial experts to give their insights into finding the best personal loans with no origination fees. See our full ratings methodology for personal loans »Best personal loans without origination fees LightStream Personal LoanSoFi Personal LoanDiscover Personal LoanWells Fargo Personal LoanPenFed Credit Union Personal LoanUSAA Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Personal Loan With No Origination Fees Frequently Asked QuestionsCan you get a personal loan without an origination fee? How to Choose the Best Personal Loan With No Origination FeesTo select the best personal loan for you, look at the factors that are most important to you.

☆ Millions of student-loan borrowers will experience 'devastating' delays in debt relief if a GOP proposal to cut spending goes through, Biden's Education Secretary says
▼ + stars: | 2023-03-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Rosa DeLauro asked all federal agency heads how GOP spending cut proposals would impact them. Miguel Cardona outlining the "devastating" impact the cuts would have on student-loan borrowers. He said the cuts would delay student-debt relief and make it even harder to get customer service help. Education Secretary Miguel Cardona, in his response, elaborated on the "devastating effects" the GOP proposal would have on students and parents who rely on financial aid — especially student-loan borrowers. But the agency already has a lot on its plate with minimal resources, given Congress approved a budget last year that did not increase Federal Student Aid's funding.

☆ Guerrilla Gardeners Meet Billionaire Doomsayer. Hurly-Burly Ensues.
▼ + stars: | 2023-03-13 | by ( Dwight Garner | ) www.nytimes.com time to read: +3 min

Catton resembles one of those teachers who can take a student’s simple-minded question and, without condescending, shape it into an ingenious one. The bullets really fly in “Birnam Wood.” The big explosion will probably go off. The Birnam Wood collective makes sure its apolitical Facebook page is sunny and welcoming. Birnam Wood has this cockeyed, D.I.Y. She’s aching to leave the collective, and she may not be as sensible as we think she is.

On average, this is how long it takes a homeowner to make up for mortgage interest and closing costs. Then, there are closing costs to consider. You aren't expecting to pay the capital gain tax, but there are still closing costs to consider. If $441,000 is your listing price, you can expect to pay 10% of it in closing costs — or $44,100. How to avoid selling too earlyIf you've done the math and found that you'll lose money if you sell the house, consider the alternatives.

☆ 3 reasons why a major student-loan lender thinks millions of borrowers should be thrown back into repayment, with or without debt relief
▼ + stars: | 2023-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Student-loan lender SoFi filed a lawsuit to end the student-loan payment pause. The administration pushed back on the lawsuit, saying the payment pause is legal. Here are three reasons why SoFi thinks it's time for millions of student-loan borrowers to start paying off their debt. SoFi has suffered revenue loss from the payment pauseSoFi laid out direct harm the student-loan payment pause has caused its business. If the court does not end the entire student-loan payment pause, SoFi is asking that borrowers ineligible for broad relief reenter repayment and place a permanent injunction preventing the Education Department from giving those borrowers additional relief.

☆ When Will Student Loan Payments Resume?
▼ + stars: | 2023-03-06 | by ( ) www.wsj.com time to read: +7 min

When will student loan payments resume? While student loan payments have been put on ice since March of 2020, you may have to start paying them back again this summer or fall. Student loan payments are set to resume 60 days after June 30, 2023, or 60 days after the Court’s decision, whichever comes first. We will notify borrowers before payments restart.”That means your federal student loan payments will be due at the end of August 2023 or sooner. Don’t expect your student loan payments to automatically debit from your account, though.

☆ Consumers keep spending. That might not be good news for them or the Fed
▼ + stars: | 2023-03-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

And by November and December, those predictions appeared to be materializing, when data showed consumers had pulled back during the holiday shopping season. During a month chock full of suprisingly strong economic data, the Commerce Department’s retail sales and consumer spending reports far surpassed expectations. “It’s not sustainable to keep spending above their means.”Eyes on the FedHearty consumer spending at a time like this is a double-edged sword, said Ted Rossman, senior industry analyst for Bankrate and CreditCards.com. “The resilience of consumer spending is probably the biggest thing that’s pushed this recession timetable out,” Rossman said. The Home Depot (HD) warned of flat sales for 2023 as consumers continue shift spending from goods to services.

☆ 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.

☆ Opponents of Biden's student-loan forgiveness are spotlighting another way to give borrowers debt relief
▼ + stars: | 2023-03-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A challenger to Biden's student-debt relief argued he could have used the Higher Education Act of 1965 to cancel student debt. "During the campaign, they were talking about doing broad-based debt relief," he said. Senator Warren and others passed resolutions urging the Secretary to use the Higher Education Act to pass debt forgiveness. She added at the end of the arguments that Biden's relief "is a pandemic-related program. So unlike the HEROES Act, the Higher Education Act would allow for the canceling of debts without the existence of an emergency like COVID-19.

☆ Biden's student-loan forgiveness plan is in jeopardy. Here are 4 major takeaways from the Supreme Court's oral arguments.
▼ + stars: | 2023-02-28 | by ( Ayelet Sheffey | Oma Seddiq | ) www.businessinsider.com time to read: +11 min

The Supreme Court heard oral arguments for Biden's student-debt relief on Tuesday. The nation's highest court heard more than four hours of oral arguments in two high-profile cases that reviewed Biden's plan to cancel up to $20,000 in debt for federal borrowers, which lower courts temporarily paused in November. "We're talking about half a trillion dollars and 43 million Americans," Chief Justice John Roberts said, referring to the estimated costs of Biden's plan and the number of affected borrowers. Justice Elena Kagan raised a hypothetical national emergency of an earthquake and the education secretary responded by deciding to cancel student loans for those harmed. Still, even if Barrett and the court's three liberals find that the states and borrowers lack standing, they would need another conservative vote to uphold Biden's debt relief.

☆ Inflation is doing a crab walk and Fed officials fear its pinch
▼ + stars: | 2023-02-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Some background: The Covid-19 crisis triggered a sudden shift in student loan policy and a new openness to forgiveness. About 40% of those with federal student loan debt would have a zero balance; even more would have a much smaller monthly payment. But, “if payments resume without debt relief, we expect both student loan default and delinquencies to rise and potentially surpass pre-pandemic levels,” warned Fed researchers. Those missed payments suggest that some federal student loan borrowers are having trouble meeting their monthly debt obligations. “We expect these delinquency patterns to worsen if federal student loan payments resume without relief,” said the report.

☆ 53% of student loan borrowers say their financial stability relies on debt forgiveness
▼ + stars: | 2023-02-13 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

The Supreme Court will hear oral arguments at the end of this month ahead of its final decision on President Joe Biden's plan to forgive up to $20,000 in student debt for federal loan borrowers. In fact, 53% of federal student loan borrowers say their financial stability relies on their loans being forgiven, according to a recent Credit Karma survey of 1,009 adults in the U.S. The summer will be here before you know it and with it, the return of student loan payments on or around June 30. Over half (56%) of survey respondents say their financial stability relies on not being required to make payments. With or without student debt, the last year has been financially difficult for many Americans as record-high inflation sent prices up on nearly everything from rent to eggs.

☆ Transitioning millions of student-loan borrowers back into repayment this year will be a 'huge undertaking,' Biden's Education Department says
▼ + stars: | 2023-01-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Federal Student Aid's 2022 annual report said that resuming student-loan payments this year will be a "huge undertaking." It cited the unprecedented nature of Biden's broad debt relief and extensions of the payment pause. The agency said it will improve customer service, but borrowers are continuing to struggle with their loan servicers. But it also noted changes that came from Biden's announcement in August to cancel up to $20,000 in student debt for federal borrowers making under $125,000 a year. Insider previously reported on hours-long hold times some borrowers were experiencing when trying to get help from MOHELA, a company currently involved in one of the lawsuits seeking to block Biden's broad debt relief.

☆ I borrowed $50,000 to pay for college 10 years ago — now I owe double. The interest fees are screwing everyone over.
▼ + stars: | 2023-01-21 | by ( Robin Madell | ) www.businessinsider.com time to read: +6 min

Lisa Sass, 31, took out $50,000 in private student loans to pay for college. At 31 years old, I never thought I'd be nearly $100,000 in debt — and that's just for student loans. Paying half allows me to afford living expenses and other bills, but my student-loan payments only cover the interest. I still owe $95,576 in loans, and it sucks that private loans were left out of President Joe Biden's forgiveness program. I think loans need to get repaid, but I don't think interest rates should be as high as they are.

Federal student loan rates for the 2023-24 school year have risen by the widest margin in about two decades. While private student loan rates aren't directly affected by federal rates, they're likely to increase because they don't have to stay as low to remain competitive with federal ones. For instance, the Biden administration extended the repayment pause on federal student loans through the end of August 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. Federal student loans have a number of protections that private student loans don't.

☆ 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

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