DIRS.INFO The most relevant business & tech news

The amount of money you can get depends on your financial need, which is determined by your college's cost of attendance minus your Expected Family Contribution (EFC). Your college's financial aid office will determine your financial aid package, which includes both federal and institutional assistance. The more financial need you have, the higher likelihood you have to qualify for more financial aid. Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses. Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses.

You'll receive $10,000 in student-loan forgiveness if you meet the income requirements. You'll receive $20,000 in forgiveness if you received a Pell Grant and meet the income requirements. If you meet the income requirements above and did not receive a Pell Grant, you're eligible to receive $10,000 in student-loan forgiveness. Which loans qualify for student-loan forgiveness? studentaid.govThere is no partial student-loan forgiveness for people who do not meet the income requirementAt the time of this writing, student-loan forgiveness is not available for people who make more than the income requirements outlined in Biden's plan.

Perkins loans that aren't held by the US government do not qualify for Biden's new student-loan forgiveness. To qualify for up to $20,000 in forgiveness, you must consolidate your loans into Direct loans. This may not be the best option for everyone, since some Perkins loans are forgiven after five years. Unlike federal student loans, some Perkins loans are serviced by the school you attended, but the federal government pays for interest accrued while you're still in school. studentaid.govOnly consolidate loans that are not Direct loans.

☆ A conservative group is suing to block Biden's student debt forgiveness, but it faces legal hurdles
▼ + stars: | 2022-09-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The Pacific Legal Foundation announced Tuesday it was filing suit against student loan relief. "Congress did not authorize the executive branch to unilaterally cancel student debt," Caleb Kruckenberg, an attorney at Pacific Legal Foundation, said in a press release. The nonpartisan Congressional Budget Office has estimated that, according to projections spanning the next 30 years, student loan relief will cost $400 billion. "The claim is baseless for a simple reason: No one will be forced to get debt relief. Because opponents of the debt relief plan are trying anything they can to stop this program that will provide needed relief to working families."

☆ The White House calls a lawsuit to block student loan forgiveness 'baseless' because anyone can opt out of relief
▼ + stars: | 2022-09-27 | by ( Juliana Kaplan | Jason Lalljee | ) www.businessinsider.com time to read: +4 min

A conservative legal organization sued the Education Department over Biden's debt relief plan. It's the first major lawsuit against the Biden administration's announcement that it would forgive up to $20,000 in student debt for federal borrowers making under $125,000. "The claim is baseless for a simple reason: No one will be forced to get debt relief. Anyone who does not want debt relief can choose to opt out," Abdullah Hassan, White House assistant press secretary, said in a statement to Insider. Because opponents of the debt relief plan are trying anything they can to stop this program that will provide needed relief to working families."

Average interest rates on refinanced undergraduate student loans are at new yearly highs, according to Credible. Federal student loan rates for 2022-23 will increase by the most in 17 years. These new rates won't have a direct impact on private student loan rates, but private rates may rise as they don't have to remain as low to be on par with federal loan rates. 5-year variable student loan refinancing ratesUndergraduate rates have hit the highest point in the past year, settling at 7.78%. All types of federal loans will be eligible for forgiveness, but private student loans won't be.

Only loans held by the federal government are eligible for Biden's student-loan forgiveness. If you refinance your student loans with a private lender, those loans are no longer eligible. You must have the correct federal student loan type to be eligibleGenerally, only loans held by the federal government are eligible for Biden's forgiveness plan. If you refinance your student loans, you won't be eligible for Biden's forgiveness plan of up to $20,000. The long-term benefits of student-loan forgiveness and income-driven repayment plans outweigh the short-term benefits of refinancing with a private lender.

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.

☆ Biden’s student loan cancellation plan to cost $400B, Congressional Budget Office estimates
▼ + stars: | 2022-09-26 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Rebecca-Shabad-Circle-Byline-Template.Jpg | Rebecca Shabad | ) www.nbcnews.com time to read: +2 min

WASHINGTON — President Joe Biden's plan to forgive $10,000 in federal student debt for most borrowers will cost the government about $400 billion over 10 years, the nonpartisan Congressional Budget Office said in an estimate released Monday. The report also noted that the administration plan to extend a pause on federal student loans will also cost about $20 billion. The Committee for a Responsible Federal Budget, a group that advocates for lower deficits, said the CBO's predictions confirm "the outrageous cost" of Biden's student loan plan. "The Biden Administration’s student debt bailout is even more expensive than we initially thought," tweeted Rep. Andy Biggs, R-Ariz. "The current bailout will cost Americans $420 BILLION, according to the CBO. Rep. Mariannette Miller-Meeks, R-Iowa, tweeted, "President Biden isn’t forgiving student loans—he’s charging hardworking Americans $400 billion."

☆ This map shows how many people in each state could benefit from Biden's student loan forgiveness
▼ + stars: | 2022-09-26 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +4 min

President Joe Biden's recently announced student debt forgiveness could impact states differently. The estimated share of a state's population that is eligible for student loan forgiveness varies across the US. Insider looked at how many people could be eligible for student loan forgiveness after adjusting by population. As The Columbus Dispatch reported, over 94% of student loan borrowers in Ohio could be eligible for this student loan relief. Even in the states where Republicans have opposed Biden's debt relief, millions of borrowers could benefit.

☆ Biden's student loan relief could cost $400 billion, Congressional Budget Office says
▼ + stars: | 2022-09-26 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

Student loan borrowers stage an Aug 25, 2022 rally in front of the White House to celebrate President Joe Biden canceling some federal student debt. President Joe Biden's student loan cancellation plan will cost an estimated $400 billion, according to the Congressional Budget Office. In addition to the costs to forgive that debt, the CBO estimated the cost of Biden's pause on student loan payments from September through December 2022 will total to $20 billion. The Committee for a Responsible Federal Budget, a think tank opposed to Biden's student loan plan, has estimated the change will cost an additional $120 billion. The White House says more than 40 million Americans may be affected by the student loan changes, and half of those could see their entire balance wiped out.

☆ 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.

☆ A majority of Georgia voters support President Biden's student-loan forgiveness plan, poll says
▼ + stars: | 2022-09-24 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

A new AJC poll showed that 54% of Georgia voters backed Biden's student-loan forgiveness plan. Warnock and Abrams back Biden's plan, while Kemp and Walker are opposed to the framework. The same poll showed Biden's job approval rating in the state at 37%, with 58% disapproving of his performance. Walker said during a recent campaign event that Biden's student-loan forgiveness plan was "not right." Abrams has praised Biden's plan and last month used the president's announcement to take a swipe at Kemp's policies.

To qualify for forgiveness, FFEL and Perkins loan borrowers can consolidate into a Direct loan. Student loan expert Sonia Lewis, who has worked with over 20,000 clients to help them navigate their student loans via the Student Loan Doctor LLC, says most people don't know their loan type in the first place. studentaid.govHere's a list of all the different loan types, and whether or not they qualify for student loan forgiveness. If you have privately-held FFEL loans, you must consolidate your FFEL loans into a Direct loan to qualify for Biden's student-loan forgiveness plan. Additionally, if you refinanced your federal student loans with a private lender, those loans are no longer eligible for Biden's student-loan forgiveness plan.

Some FFEL loans are federally-backed student loans held by private student loan servicers, and others are held by the US government. Student loan expert Sonia Lewis of the Student Loan Doctor explains, "FFEL loans are federally-backed loans that were funded by a private company." Those loans already qualify for student-loan forgiveness; if your FFEL loans have been on pause during the pandemic, they're eligible for forgiveness. If your FFEL loans are privately held, you'll need to consolidate them into Direct loans that are owned by the government to qualify for forgiveness. How to fill out a Direct loan consolidation applicationThe first step is to fill out a Direct loan consolidation application at studentaid.gov.

☆ Earn More Than $125,000? You May Still Be Able to Qualify for Student-Loan Forgiveness
▼ + stars: | 2022-09-22 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

When President Biden announced his student-loan forgiveness plan last month for individuals earning less than $125,000, borrowers with incomes just over the limit wondered if there was a way to make the cut. There is an exception: Some taxpayers with self-employment income who requested an extension to file their 2021 returns may be able to reduce their income just enough to get the $10,000 in federal-debt forgiveness, tax professionals say. Pell grant recipients are eligible for forgiveness of up to $20,000. The debt forgiveness program applies to individual borrowers with adjusted gross income of under $125,000, or under $250,000 for married couples filing jointly, based on tax years 2020 or 2021. (That is Line 11 on the 1040 individual income tax return.)

☆ JPMorgan's Jamie Dimon slams Biden's student-loan forgiveness as 'badly done' and 'didn't fix the problem which will now be ongoing'
▼ + stars: | 2022-09-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase CEO Jamie Dimon said Biden's student-debt relief was "badly done." He told lawmakers he wished the relief had been further targeted to those who need it most. At the end of August, Biden announced up to $20,000 in student-loan forgiveness for federal borrowers making under $125,000 a year, and JPMorgan's Jamie Dimon told lawmakers he thought the policy was "badly done." "We basically put a Band-Aid on, spent a lot of money and didn't fix the problem which will now be ongoing," he added. Still, as Democrats and the Biden administration have noted, this one-time relief is only the first step toward addressing the problem.

☆ 54% of Americans say their mental health issues like anxiety and depression are directly related to student loan debt
▼ + stars: | 2022-09-21 | by ( Renée Onque | ) www.cnbc.com time to read: +1 min

While the previous student debt cancellations implemented by the Biden Administration have been beneficial for some, they haven't even put a dent in the debt acquired by many others, a new survey finds. Of 2,000 U.S. participants polled in a survey conducted by online education program, ELVTR, 63% of Americans are still wrestling with debt from student loans. And 54% of respondents say their mental health struggles are directly related to that debt. Close to 2% of student loan debt has forgiven by the Biden administration. Additionally, the Biden administration's larger plan — announced in August — will rid working- and middle-class borrowers of up to $10,000 of student loan debt, and Pell Grant recipients in the same income bracket could have up to $20,000 shaved off of their student debt.

☆ 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.

Average interest rates on refinanced student loans are mostly flat or slightly down from two weeks ago, according to Credible. Federal student loan rates for 2022-23 will increase by the most in 17 years. These new rates won't have a direct impact on private student loan rates, but private rates may rise as they don't have to remain as low to be on par with federal loan rates. 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. All types of federal loans will qualify for forgiveness, but private student loans aren't included.

☆ One-time presidential pardon will not do much to alleviate student debt crisis, economists say. These changes may be a better solution
▼ + stars: | 2022-09-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Student loan debtors are poised to get some breathing room after President Joe Biden unveiled a plan last month to forgive up to $20,000 in federal student loans per borrower. But some experts say the one-time presidential pardon will not do much to alleviate the student debt crisis affecting millions of borrowers around the country. Student loans provided by the government similarly place an undue burden on younger Americans, he said. 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"My message would be, 'Don't borrow for college to begin with — period,'" Kotlikoff said. That's as more than 40 million people hold $1.7 trillion in student loan debt.

The fact is, there are several important reasons I will continue saving for my kid's college education, and why those who can afford to do so should do the same. Today's forgiveness plan won't help future borrowersOne big issue I have with Biden's forgiveness plan is that it is a one-time action that does nothing to fix our broken higher education system. Biden's forgiveness plan once again limits relief to individual borrowers with incomes of $125,000, or couples who earn $250,000 or less. For these reasons and plenty of others, we are still saving for our children's college education on a monthly basis. APR Variable: 1.79% - 12.99%, Fixed: 3.22% - 13.95% 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: 3.25% - 13.59%, Fixed: 3.75% - 13.72% Editor's Rating 3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 2.52% - 11.11%, Fixed: 3.89% - 13.16% 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 Find your rate On College Ave's website Find your rate On Sallie Mae's website Find your rate On Ascent's website

☆ After Biden's student-loan forgiveness, Democrats move to 'improve the lives' of borrowers with a bill to make future debt easier to pay off
▼ + stars: | 2022-09-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Democrats introduced a bill to make student loans easier to pay off after Biden's debt relief. The bill would improve PSLF while lowering interest rates on new student loans. "Simply put, by making loans cheaper to take out and easier to pay off, the LOAN Act will help improve the lives of student-loan borrowers — both now and in the future." Specifically, according to a fact sheet, the Democrats' bill would:Double the Pell Grant by raising the maximum award over five years to $13,000. But Democrats are continuing to laud the loan forgiveness, and House Speaker Nancy Pelosi is on board with taking the relief further.

☆ Student-loan borrowers still need answers from Biden on these 3 things before payments resume next year, according to a Democratic senator
▼ + stars: | 2022-09-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Bob Menendez lauded Biden's recent $20,000 student-loan forgiveness announcement. But he said borrowers still need more answers before payments resume next year. He wants additional details on the PSLF waiver and income-driven repayment plans. Biden promised loan forgiveness on the campaign trail, and Menendez said it marks "an important step towards restoring faith in the American Dream." The Public Service Loan Forgiveness (PSLF) waiver.

Search resuls for: "Pell"

25 mentions found