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☆ Student-loan borrowers can expect 2 of Biden's key debt relief efforts to face roadblocks under Trump
▼ + stars: | 2024-11-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

President-elect Donald Trump is unlikely to continue Biden's student-debt relief efforts. Two of Biden's debt relief plans remain blocked in court, keeping borrowers in limbo. "He's throwing money out the window," Trump previously said of Biden's debt relief efforts, also calling broad relief "vile" and illegal. If they secure the majority in both the House and Senate, legislation to rescind Biden's debt relief efforts has a chance of being signed into law. For now, millions of borrowers remain on forbearance as they wait for the courts to decide what will come of Biden's broader debt relief efforts, leaving their timeline for repayment in limbo.

Persons: Donald Trump, Trump, —, Joe, Biden, hasn't, Karoline Leavitt, Vance, Mike Pierce, Pierce Organizations: Service, GOP, Education Department, Public, Business, Trump, Protection, Republican, Senate

☆ 8 million student-loan borrowers who remain blocked from cheaper payments and debt cancellation are getting a step closer to a final decision on Biden's new repayment plan
▼ + stars: | 2024-10-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

A Missouri court will hear oral arguments for Biden's SAVE student-loan repayment plan on October 24. The SAVE plan has been blocked for months following challenges from GOP state attorneys general. The case now sits with the 8th Circuit, and the Supreme Court urged for a quick decision. AdvertisementMillions of student-loan borrowers are getting a step closer to a court ruling on cheaper payments and debt relief. Advertisement"An appellate court has to apply the law from the US Supreme Court," Nahmias said.

Persons: —, Biden, Mohela, David Nahmias, Nahmias Organizations: SAVE, 8th Circuit, Service, Education Department, GOP, Federal Government, UC Berkeley Center, Consumer Law, Economic, US, Circuit, Federal Student Aid Locations: Missouri, Mohela

☆ 8 million student-loan borrowers on Biden's new repayment plan just got more bad news after a federal court officially blocked cheaper payments and debt cancellation
▼ + stars: | 2024-08-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The 8th Circuit officially blocked the SAVE student-loan repayment plan in its entirety. It replaces its temporary stay on the plan from July, which paused cheaper payments and debt relief. Enrolled borrowers will likely be in limbo for long as the legal process progresses. AdvertisementThe legal roller coaster for millions of student-loan borrowers continues. On Friday, the 8th Circuit Court of Appeals placed a preliminary injunction on President Joe Biden's SAVE income-driven repayment plan, intended to lower monthly payments and shorten the timeline for relief for the 8 million borrowers enrolled.

Persons: —, Joe Organizations: Service, Circuit, Business

☆ A boomer with $50,000 in student loans voted for Trump in the last election. But with Biden's new repayment plan blocked, she's considering supporting a Democratic ticket.
▼ + stars: | 2024-07-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

"I want to be able to just breathe, but retiring and having to pay for student loans when I'm not even working anymore and paying most of my Social Security to student loans, it's ridiculous. Hill said the uncertainty with her student loans is forcing her to push back her timeline to retire. She's a teacher and has loans because she went back to school in 2009 to get her teaching degree, which she funded through grants, scholarships, and student loans. AdvertisementThe Education Department has vowed to continue fighting for the SAVE plan in court. Are your student-loan payments influencing how you will vote in the election?

Persons: —, Rebecca Hill isn't, Hill, Joe Biden's, that's, I've, She's, she's, I'm, Trump, Biden's, Biden, Mitch McConnell, Bill Cassidy, Kamala Harris Organizations: Service, Trump, Business, Security, GOP, Circuit, University of Pennsylvania's Wharton School, Democratic Party, Invest, Republican, Department, Public Locations: Wisconsin, PSLF

☆ A millennial dad's $0 student-loan payments gave his family some breathing room. Then courts blocked Biden's repayment plan leaving 8 million borrowers like him in limbo.
▼ + stars: | 2024-07-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Throughout his repayment, Pedrick has been on an income-driven repayment plan, which calculated his payments based on his five-figure salary. "And I was really thankful not to have to pay my student loan payments at that point." Earlier this year, two separate groups of attorneys general filed lawsuits to block the SAVE plan. The department is still carrying out account adjustments, during which it brings borrowers' payments up to date to bring them closer to relief. Are you concerned about the future of your student-loan payments?

Persons: Alan Pedrick, he's, Pedrick, Joe, He's, Biden, — Pedrick, Bill Cassidy, Biden's, Cassidy, Miguel Cardona, Cardona, it's, I'm Organizations: Service, Business, GOP, SAVE, forbearance, Education Department, Senate, Republican

☆ Student loan payments go on pause for millions of borrowers
▼ + stars: | 2024-06-28 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration is pausing student loan payments for about three million borrowers who are enrolled in its new repayment plan as it defends the program in court against Republican-backed lawsuits. The preliminary injunctions are a result of lawsuits filed earlier this year by Republican-led states, including Florida, Arkansas and Missouri. The states argued that the Biden administration was overstepping its authority and trying to find a roundabout way to forgive student debt after the Supreme Court blocked its sweeping plan last year. Under the SAVE plan, many borrowers pay just 5% of their discretionary income toward their debt each month, and its guidelines state anyone making $32,800 or less has a $0 monthly payment. It also expedited the timeline after which many borrowers receive the full cancellation of their debt.

Persons: Joe Biden, Education Miguel Cardona, Biden, Joe Biden's Organizations: Education, White, Republican, Valuable Education, U.S . Department of Education, CNBC, Finance, Social Security Workers, SAVE Locations: Washington, Kansas, Missouri, Florida , Arkansas

☆ 'A recipe for chaos': Student debt stakeholders react to federal courts blocking Biden's SAVE plan
▼ + stars: | 2024-06-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Summer plans may have just been dashed for federal student loan borrowers hoping to see their payments drop in July. Federal judges in Kansas and Missouri issued rulings on Monday on separate lawsuits aiming to block further implementation of President Joe Biden's Saving on a Valuable Education income-driven repayment plan. Some borrowers have already seen their loans forgiven due to the SAVE plan. "The Department of Justice will continue to vigorously defend the SAVE Plan," Secretary of Education Miguel Cardona said in a statement. Borrowers can continue to enroll in the SAVE plan if they haven't already, according to the Federal Student Aid website, which says it will provide more updates soon.

Persons: Joe Biden's, Biden, Education Miguel Cardona, Cardona Organizations: Department, Justice, SAVE, Education, Republican, Higher, Federal, Aid Locations: Kansas, Missouri

☆ Over a dozen GOP states seeking to block student-loan forgiveness through Biden's SAVE repayment plan may have been set back by a separate court ruling
▼ + stars: | 2024-05-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewLawsuits to block some of President Joe Biden's targeted student-debt relief efforts are simmering — and a court ruling might have signaled how one case will fare. "Plaintiffs have not alleged that any of their employees have stopped seeking PSLF forgiveness because of the adjustment," the court's decision said. In March, 11 GOP state attorneys general filed a lawsuit to block the SAVE income-driven repayment plan, which the Education Department implemented last summer to give borrowers more affordable monthly payments. Economic assumptions alone were not enough for the Sixth Circuit, nor, for that matter, for the Supreme Court," the Education Department wrote in its legal filing.

Persons: —, Joe Biden's, Circuit wasn't Organizations: Service, New Civil Liberties Alliance, Cato Institute and Mackinac Center for Public, Business, Public, Sixth, Circuit, Education Department, SAVE, Biden's Education Department, Sixth Circuit, Supreme Locations: PSLF

☆ Thousands of student-loan borrowers got their debt wiped through a new repayment reform. 11 GOP states just filed a lawsuit to block that relief.
▼ + stars: | 2024-03-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Eleven GOP state attorneys general filed a lawsuit to block the SAVE income-driven repayment plan. They argued that the shortened timeline for debt relief through the plan is unconstitutional. An Education Department official said Congress allows the authority to set terms for income-driven repayment. While the lawsuit makes several comparisons to the debt relief plan the Supreme Court struck down, the legal basis for the two plans differ. The Education Department is currently undergoing the negotiated rulemaking process for its second attempt at a broader form of debt relief.

Persons: —, Joe Biden's, Kris Kobach —, Miguel Cardona, Biden's, Biden, Kobach, Harris Organizations: GOP, An Education Department, Service, Biden, Education, Republican, Education Department, Business, US Department of Education, Harris Administration, Higher Locations: Kansas

☆ President Biden's ambitious new plan to help student loan borrowers, explained
▼ + stars: | 2023-09-15 | by ( Devan Burris | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Biden's ambitious new plan to help student loan borrowers, explainedAfter the Biden Administration's student loan forgiveness plan was struck down by the Supreme Court, the president promised to continue fighting for student loan borrowers. This summer the White House launched the SAVE plan, an income-driven repayment plan meant to replace the REPAYE plan. The SAVE plan caps the amount low-income borrowers are required to pay on their student loans at just 5% of their discretionary income. It also allows some borrowers to pay as little as $0 per month towards their student loans. Watch the video above for a breakdown of President Biden's SAVE plan, ahead of student loan payments resuming.

Persons: Biden's Organizations: Biden, Supreme, House, SAVE, Biden's SAVE

☆ Biden's student-debt relief plans will once again face GOP challenges when Congress returns this fall
▼ + stars: | 2023-08-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden formally launched the new income-driven repayment plan, known as the SAVE plan. "Just like Biden's student debt transfer scheme, this IDR rule is deeply unfair to the 87 percent of Americans who currently have no student loans and will now have to foot the bill for someone else's debt." Spokespeople for both lawmakers confirmed to Insider that they will introduce bills in the House and Senate to overturn the SAVE plan. Massachusetts Sen. Elizabeth Warren wrote on X, formerly Twitter, on Tuesday that "Biden's SAVE plan helps Americans with student debt by capping interest growth and lowering monthly payments. In addition to repayment reforms for borrowers, the Education Department is also in the process of implementing broad debt relief again using the Higher Education Act of 1965.

Persons: Biden, Foxx, Cassidy, Joe Biden's, Virginia Foxx, Sen, Bill Cassidy —, —, Massachusetts Sen, Elizabeth Warren Organizations: Service, Education Department, Politico, GOP, Senate, Higher Locations: Wall, Silicon, Massachusetts

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