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☆ Millions of student-loan borrowers are waiting for broad debt cancellation. The next president won't have any immediate answers.
▼ + stars: | 2024-11-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

Neither former President Trump nor VP Kamala Harris would be able to act on them imminently. Despite its inability to provide broad cancellation, Biden's Education Department has issued targeted relief that has given nearly 5 million borrowers debt cancellation to date. Constance, 65, has nearly $200,000 in student debt, an amount that's ballooned since she graduated from law school in 1994. "I would expect continued improvements and limited expansions of debt relief where legally possible under a Harris-Walz administration," Partridge said. Regardless of who wins the election, legal challenges to debt relief will keep borrowers in limbo.

Persons: Joe Biden's, Trump, Kamala Harris, Harris, —, Donald Trump, Education James Kvaal, That's, it's, NORC, Biden, Constance, Constance —, It's, Sara Partridge, " Partridge, Kvaal, Partridge, Walz, Sen, Bill Cassidy Organizations: Service, GOP, Education Department, Biden's Education, Education, AP, Biden's Education Department, Public, American Progress Action, Trump, Republican, Senate

☆ FICO and VantageScore are the 'Coke and Pepsi' of credit scoring, says credit expert—what to know about each
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

When you view your credit score, you're likely to see a different three-digit number depending on whether you checked your score online, on your banking app or via another means. Although you have multiple credit scores, they're mainly calculated by two companies: VantageScore and FICO, which are the two main credit scoring systems used by the majority of lenders to evaluate how well you're managing your credit. "Think of those like Coke and Pepsi," John Ulzheimer, a credit expert who formerly worked for FICO and Experian, tells CNBC Make it. And your credit history needs to be at least six months long in order for FICO to generate your score. Although FICO scores are also used by lenders when you apply for credit, a mortgage or an auto loan, FICO weighs the factors it uses to calculate its credit scores differently.

Persons: John Ulzheimer, VantageScore, FICO, Matt Schulz, LendingTree's, Schulz Organizations: Pepsi, FICO, CNBC Locations: U.S

☆ These 17 factors could soon make you eligible for student loan forgiveness
▼ + stars: | 2024-10-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

After a months-long negotiated rulemaking process, President Joe Biden and his administration have unveiled a new proposed regulation to provide debt relief to student loan borrowers facing financial hardship. It goes on to list 17 non-exclusive factors that could substantiate hardship. The other pathway will likely be primarily application-based and will see the department considering individual cases for debt relief using these factors or other evidence of hardship. The proposal will soon be entered into the Federal Register where it will undergo a 30-day public comment period. This debt relief action stems from the Supreme Court's ruling against President Biden's plan to enact broad student loan forgiveness in June 2023.

Persons: Joe Biden, Pell Grant, Biden's Organizations: Federal, Federal Student, Department of Education, CNBC

☆ 8 million student-loan borrowers struggling to afford key long-term expenses could get debt cancellation through a new Biden proposal
▼ + stars: | 2024-10-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department released its proposal to provide student-debt relief to borrowers facing hardship. AdvertisementPresident Joe Biden's Education Department has released another student-debt relief proposal — this time for borrowers facing hardship. "The rules proposed by the Biden-Harris Administration today would provide hope to millions of struggling Americans whose challenges may make them eligible for student debt relief." After that, the public will be able to submit comments and offer feedback to the Education Department on the plan. "If you are having to take on student debt, that is the hardship, point blank, period."

Persons: —, Joe Biden's, it's, Miguel Cardona, Harris, Cardona, Wisdom Cole, Persis Yu Organizations: Education Department, Service, Joe Biden's Education Department, Biden, Harris Administration, Federal, Education, GOP, Protection

The best way to determine how much house you can afford is by working backward from your current budget. Current mortgage rates: The lower your mortgage rate, the more house you can afford. Where you live can impact home affordabilityHow much house you can afford depends a lot on where you live. How much house can I afford FAQsWhat percentage of my income should I spend on a house? The more debt you have, the less house you'll be able to afford.

Persons: You'll, Brian Walsh, Walsh, you'll, Freddie Mac, that's, it's, homebuyers Organizations: Business, CFP, . Census Bureau, National Association of Insurance, Consulting, homeownership, DTI, Chevron Locations: West Virginia, U.S, Washington, Alabama, New Jersey, Chevron

Best Personal Loans With No Origination Fees of 2024We've rounded up the best no origination fee personal loans for people in a range of financial situations, with an emphasis on finding those that offer low APRs. Compare Personal Loan RatesTop Personal Loans with No Origination Fee ComparisonNot all personal loans have origination fees — and choosing a loan with no origination fee will save you money. Here is each lender's score:Lender BBB Grade LightStream Personal Loan A SoFi Personal Loan A+ Wells Fargo Personal Loan F PenFed Personal Loan A+ USAA Personal Loan A+All of our top picks, except Wells Fargo, are rated A or higher by the BBB. Best Personal Loans with No Origination Fee FAQsWhy is there an origination fee for personal loans? See our full ratings methodology for personal loans »Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: what's, Wells Fargo, Wells, PenFed, you've, You'll, They're, Markia Brown, Sean August, Ryan Wangman, Brown, Read, Elias Shaya, Elias Organizations: Credit, PenFed Credit Union, you'll, PenFed, Credit Unions Credit, Better Business Bureau, Wells, BBB, Consumer Financial, Bureau, Chevron, Better, Wealth Management, Business, Finance, Northwestern University, Boston Globe Locations: Wells Fargo, New York City

AssumptionAn assumable mortgage will let a borrower transfer the mortgage to someone else even if they haven't fully paid it off. Assumable mortgagesIf you have an adjustable-rate mortgage or a government-backed mortgage (including FHA, VA, and USDA mortgages), you might have an assumable mortgage. Finally, if you want to transfer a property into a trust, a mortgage transfer may be able to help, too. Mortgage transfer processIf you think a mortgage transfer is the right move for your needs, follow this step-by-step process. If the lender doesn't approve a mortgage transfer, you will need to explore other options, such as refinancing your mortgage or selling your house.

Persons: You'll, Molly Grace, Molly, Read, Aly J, Yale Aly J, Aly, She’s Organizations: Chevron, Business, Rocket Companies, Indiana University, Yale, Finance, Dallas Morning News, CBS, Forbes, Fortune, Money, Newsweek, US, Wall Street Journal, Yahoo Finance, Mortgage, National Association of Real, Insurance, Texas Christian University Locations: Chevron, Michigan

☆ A millennial dentist with $231,000 in student debt is worried he'll have to sell his home or get a second job if Biden's new repayment plan is axed
▼ + stars: | 2024-08-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Related storiesShould the plan ultimately be blocked, David said he might have to sell his home or get a second job to afford higher student-loan payments again. But he's highly concerned about his fate with the SAVE plan up in the air. They cited an estimate from the Wharton School of the University of Pennsylvania that found the SAVE plan could cost $475 billion over 10 years. Are you enrolled in the SAVE plan and concerned about student-loan payments? Will student loans influence how you vote in the election?

Persons: David, David —, —, Joe Biden's, we've, you'll, he's Organizations: Service, Business, BI, Circuit, GOP, Education Department, Wharton School, University of Pennsylvania, SAVE Locations: recalculate

☆ UK lenders slash mortgages as Bank of England rate cut brings relief to homeowners
▼ + stars: | 2024-08-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Homeowners on tracker mortgages, which follow the Bank's base rate, will be the first to benefit from the savings. Barclays , Santander, Metro Bank, Lloyds , Halifax, Nationwide and HSBC all cut repayments costs by 25 basis points shortly after the BOE's announcement. Those on standard variable rates, which typically take effect once a borrower's tracker or fixed rate deal ends, will also see savings. Given their more volatile nature, tracker and SVR mortgages remain a relatively niche part of the U.K. mortgage market. However, analysts suggest it may not be long until reductions feed through to the 6.93 million households on fixed rate mortgages.

Organizations: Bank of England, HSBC, Santander, Nationwide, Homeowners, Barclays, Metro Bank, Lloyds, Finance Locations: London's Muswell Hill, London, Halifax, Santander

☆ Here's what happens to your student loan debt when you die
▼ + stars: | 2024-07-30 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Artisteer | Istock | Getty ImagesIt's not unusual to hear people struggling with their student loan debt bemoan that they feel like they'll be paying until they die. It may be a question increasingly on people's minds, as the number of older student loan borrowers trends upward. Federal student loans die with youFortunately, no one will be responsible for your federal education debt when you're gone, said higher education expert Mark Kantrowitz. watch nowThose who've lost someone with student debt should ask the borrower's loan servicer what proof they'll need to discharge it, Mayotte said. With private student loans, responsibility is murkier

Persons: Betsy Mayotte, Mark Kantrowitz, Kantrowitz, who've Organizations: Istock, Getty, U.S . Department of Education, The, Student Loan Advisors Locations: Mayotte, Studentaid.gov

In America's 20 biggest cities, a 20% down payment ranges from $39,127 in Oklahoma City to $263,392 in San Jose, California. On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. The exact amount you'll pay depends on your down payment and whether you've gotten a VA loan previously. PMI protects lenders on mortgages with high loan-to-value ratios, and it's added to the borrower's monthly mortgage payment.

Persons: you'll, Insider's, Fannie Mae, Freddie Mac, you've, You'll, it's Organizations: Phoenix, Fort, Oklahoma, PMI, Opportunity, National Association of Realtors, Chevron, USDA Locations: Oklahoma City, San Jose , California, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Jose, Fort Worth , TX, Columbus, Charlotte, NC, Indianapolis, Francisco, Seattle, WA, Denver, homeownership, Chevron

What is a Master Promissory Note (MPN)? A Master Promissory Note, or MPN, is a legal document that outlines the terms and conditions of your federal student loans. Note: You'll only have to fill out one Master Promissory Note for all the federal student loans you take out while you're in school, provided your enrollment is continuous. Why the MPN mattersIt's important for student loan borrowers to sign and understand an MPN for the following reasons:It's Not Optional: Required to receive federal student loans. Defaulting on a federal loan will cause you to lose eligibility to receive federal student aid.

Persons: Mark Kantrowitz, You'll, Stacey MacPhetres, Andrew Pentis Organizations: Parent PLUS, Department of Education, Bright, Borrower's, Loan, Federal, Aid Locations: Chevron

☆ Student loan forgiveness deadline is June 30. Here's what borrowers need to know
▼ + stars: | 2024-06-20 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Those with several student loans who apply for so-called loan consolidation by June 30 — a move that packages multiple federal student loans into a single new loan — may benefit from the temporary policy. Student loan borrowers have until the end of June to meet a deadline that could lead to quicker debt forgiveness. Many student loan borrowers have multiple education loans, either because they borrowed repeatedly throughout college or returned to school at some point. "Many borrowers will get complete debt cancellation, particularly those who have been paying for over twenty years," Fox said. Usually, a student loan consolidation restarts a borrower's forgiveness timeline to zero, making it a terrible move for those working toward cancellation.

Persons: Biden, Jane Fox, Fox Organizations: CNBC, Finance, Treasury Department Locations: deferments

☆ Jeffrey Gundlach likes this corner of fixed income as the Fed keeps rates high. It's yielding 8%
▼ + stars: | 2024-06-17 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

The timing of cuts from the Federal Reserve is looking uncertain, but fixed income investor Jeffrey Gundlach has a way to play the theme: BB-rated bank loans. Playing the bank loans space The actual bank loans themselves are made by lending institutions to companies. Rather, large institutional investors snap them up and add them to their fixed income portfolios. The Fed's rate policy presents another wrinkle for bank loans: These loans have a floating coupon rate component. Accessibility through ETFs A fixed income sleeve should include exposure to high-quality bonds.

Persons: Jeffrey Gundlach, We've, Gundlach, FFRHX, Collin Martin Organizations: Federal, SEC, Schwab Center, Financial Research, Exchange, Blackstone Senior Loan Locations: BlackRock

☆ You may not have to make a student loan payment in July—what borrowers need to know
▼ + stars: | 2024-06-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

It's not often student loan borrowers are excited to see their monthly billing statement. But loan servicers have been instructed to pause payments in July for some borrowers enrolled in the SAVE plan while their new monthly payments are calculated and their accounts updated. Loan servicers have begun notifying the affected borrowers who will not need to make payments in July. The July payment is entirely skipped and borrowers won't need to make additional payments in August, the ED spokesperson confirmed. The 4.6 million borrowers who qualify for $0 monthly payments on the SAVE plan will not need to go into forbearance, the department said.

Persons: It's Organizations: of Education, New York Times, CNBC, SAVE, Public Locations: forbearance

☆ Home equity is near a record high. Tapping it may be tricky due to high interest rates
▼ + stars: | 2024-06-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

But tapping it may be tough due to high interest rates, according to financial advisors. Reverse mortgageA reverse mortgage is a way for older Americans to tap their home equity. A reverse mortgage is likely best for people who have much of their wealth tied up in their home, advisors said. A home equity conversion mortgage (HECM) is the most common type of reverse mortgage, according to the Consumer Financial Protection Bureau. watch nowA reverse mortgage is available as a lump sum, line of credit or monthly installment.

Persons: Selma Hepp, Hepp, Lee Baker, Atlanta . Baker, Kamila Elliott, Grace Cary, Elliott, Baker, Alexander Spatari, Cash Organizations: Getty, Apex Financial Services, Collective Wealth Partners, Consumer Financial, Bureau Locations: Cultura, Atlanta .

A Master Promissory Note, or MPN, is a legal document that outlines the terms and conditions of your federal student loans. Promissory notes are used for all types of loans, like auto loans, mortgages, and personal loans, though an MPN is a special type of promissory note used exclusively for federal student loans. Why the MPN mattersIt's important for student loan borrowers to sign and understand an MPN for the following reasons:It's Not Optional: Required to receive federal student loans. In general, you'll default on most federal student loans if you have not made a payment in more than 270 days. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: Mark Kantrowitz, You'll, Stacey MacPhetres, Andrew Pentis, Ryan Wangman, Read Organizations: Parent PLUS, Department of Education, Bright, Borrower's, Loan, Federal, Aid, Finance, Northwestern University, Boston Globe Locations: Chevron

☆ An important student loan forgiveness deadline is hours away — and it takes under 15 minutes to apply
▼ + stars: | 2024-04-30 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

urbazonSome student loan borrowers have until the end of Tuesday to take advantage of an opportunity to get their debt forgiven sooner than they would have otherwise. If these borrowers are enrolled in an income-driven repayment plan, it can mean that they're also on multiple different timelines to forgiveness. "This will ensure folks get the maximum number of months of credit towards student debt cancellation," Fox said. Usually, a student loan consolidation restarts a borrower's forgiveness timeline to zero, making it a terrible move for those working toward cancellation. You can apply for a Direct Consolidation Loan at StudentAid.gov or with your loan servicer.

Persons: Jane Fox, Fox, Mark Kantrowitz, Kantrowitz Organizations: Biden, Finance, Cash, Family, Parent, Perkins, CNBC

The role of credit bureaus in credit card applicationsCredit bureaus play a pivotal role in the credit card application process. How credit bureau information influences approval decisionsCredit bureau information plays a pivotal role when financial institutions make credit decisions. Credit bureau reporting frequently asked questionsDo all banks use the same credit bureau for credit card applications? Even though the three credit bureaus score credit slightly differently, improving your credit habits will typically raise your score across the board. Our guide to the best credit cards for pre-approval can help you identify which credit cards you're most likely to be approved for.

Persons: you'll, Here's, TransUnion, Experian, Banks, Chase, —, cardholders, Discover's, Wells, Wells Fargo, Wells Fargo's, that's Organizations: Vantage, Bank, American Express, American Express American, Credit, Bank of America Bank of America, Bank of America, Chase Chase Bank, Chase, Capital, Citi Citi, Citi, Discover Discover Locations: Equifax, Transunion, Wells Fargo Wells, Experian, Wells, Chevron

☆ A $0 monthly student-loan payment could hurt some borrowers in the long term. An upcoming policy could change that.
▼ + stars: | 2024-03-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A Philadelphia Federal Reserve paper examined $0 monthly student-loan payments on income-driven payment plans. AdvertisementA $0 monthly student-loan payment might only help some borrowers for so long. With student-loan payments often presenting a significant financial burden for borrowers, income-driven repayment plans were created with the idea that borrowers would face a monthly payment they can afford based on their income. In some cases, IDR plans would give borrowers a $0 monthly payment that would still count toward their forgiveness process. Borrowers will still be able to do so manually, but the automatic option could protect those with $0 monthly payments from falling behind on the payment plan's requirements.

Persons: —, servicers Organizations: Philadelphia Federal Reserve, Service, Education Department, Education

☆ Biden wants to make student loan forgiveness tax-free permanently
▼ + stars: | 2024-03-18 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Sara Stathas | Bloomberg | Getty ImagesHow student loan forgiveness used to be taxedBefore that Covid-era change, any student loan debt canceled by the government was considered taxable and levied at the borrower's normal income tax rate. The federal tax bill could be hefty. watch now'Replacing education debt with tax debt'Many student loan borrowers who get forgiveness aren't able to afford a tax bill, Kantrowitz said. If borrowers sign up for a payment plan with the IRS, they're merely "replacing education debt with tax debt," Kantrowitz said. Other student debt forgiveness plans, including a popular one for public servants and another that cancels the debt for those with serious disabilities, are already nontaxable.

Persons: Joe Biden, Sara Stathas, Mark Kantrowitz, Kantrowitz, aren't, they're Organizations: Hillside Boys, Girls Club, Bloomberg, Getty Locations: Milwaukee , Wisconsin

☆ Student-loan borrowers could see an easier repayment process through Biden's budget request — along with efforts to make college cheaper
▼ + stars: | 2024-03-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It includes a $3.1 billion funding increase for the Education Department to help student-loan borrowers. AdvertisementPresident Joe Biden's budget wish list is out — and it includes boosted funding to help student-loan borrowers as they continue to navigate the return to repayment. Biden's budget request released on Monday outlines what his administration is seeking to prioritize in the final year of his first term. Additionally, the budget request proposes getting rid of student-loan origination fees, or fees a lender charges for processing a borrower's loan. However, many of the initiatives in Biden's budget request would require congressional approval, and with Republicans holding a majority in the House, it's unlikely it would pass in its current form.

Persons: —, Joe Biden's, Education James Kvaal, Pell Grant, Biden Organizations: Education Department, Service, Child, Social Security, Federal, Aid, Federal Student Aid, Education, College Fund, Republicans, Business, Management

Biden unveiled a plan that includes tax credits and down payment assistance to improve housing affordability. Eligible homebuyers would get this tax credit for two years, meaning you could get a total of $10,000 in tax credits for buying a house. Down payment assistanceAnother piece of Biden's plan for more affordable homeownership is the $25,000 in down payment assistance he wants Congress to provide to first-generation homebuyers. What hopeful homebuyers should knowAs a whole, this plan could substantially improve housing affordability, enabling more Americans to become homeowners. And even for homebuyers who qualify for tax credits or other assistance, saving up for a down payment remains a big barrier to homeownership.

Persons: Biden, —, Dan Green, homebuyers Biden, hasn't, doesn't, Green, Daryl Fairweather, Fairweather, White, homebuyers Organizations: Biden, Service, Federal Housing Finance Agency, Consumer Financial, homebuilders, Loan, Program, Bank of America Mortgage, Democrats

☆ Biden Administration lists 17 factors that could qualify student loan borrowers for relief due to financial hardship
▼ + stars: | 2024-02-29 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

President Joe Biden and his administration are continuing their efforts to provide student debt relief to as many borrowers as possible. At this point in the process — which involves a number of discussions with various stakeholders including borrowers, advocacy groups, lawmakers and more — the rulemaking committee has identified five groups of borrowers who should be considered for debt relief. It struggled to come to an agreement on how to define hardship that would render a borrower eligible for relief. As a result, the administration extended negotiation talks and added sessions in February to address the question of hardship. You may notice there aren't explicit thresholds listed for things like "household income" or when considering debt to income ratios.

Persons: Joe Biden, haven't, Pell Grant Organizations: Higher, Federal, Federal Student, Department of Education, CNBC

FHA loan borrowers struggling to keep up with their mortgage may soon be able to reduce their payments by as much as 25%. The FHA launched the Payment Supplement option in response to high mortgage rates. Lenders can offer the Payment Supplement starting May 1, and they have to start offering it by January 1, 2025. FHA loan borrowers who are struggling to keep up with their mortgage payments will soon have a new option to help them avoid losing their homes to foreclosure. Called the Payment Supplement, this new option can temporarily lower a borrower's monthly payment so they can get back on their feet after a financial hardship.

Persons: —, forbearance, Charles Williams, Percy, you'll, Julia Gordon Organizations: FHA, Service, Finance, Federal, Administration

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