DIRS.INFO The most relevant business & tech news

☆ 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

☆ More student-loan borrowers are getting debt cancellation through bankruptcy 2 years after Biden streamlined the process
▼ + stars: | 2024-07-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThe Biden administration's new process to help student-loan borrowers get rid of their debt in court is working. On Wednesday, the Justice Department released an update on bankruptcy for borrowers following new guidance it released in 2022. "Our clear, fair, and practical standards are helping struggling borrowers find relief that was previously out of reach," Under Secretary of Education James Kvaal said in a statement. "This data should puncture the myth that struggling borrowers cannot discharge their student loan debt through bankruptcy," he continued. AdvertisementThe Justice Department did not immediately respond to Business Insider's request for the total number of borrowers who have received discharges through this process.

Persons: —, Biden, Education James Kvaal, Sen, Elizabeth Warren, Benjamin Mizer Organizations: Service, Justice Department, Business, Education, Justice, Department of Justice, Student Defense, Democratic

☆ Some student-loan borrowers have one week left to benefit from a temporary measure that'll bring them closer to debt cancellation
▼ + stars: | 2024-06-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewSome student-loan borrowers are approaching the deadline to take advantage of a measure that could bring them closer to debt relief. They would bring them closer to the loan forgiveness promised through their repayment programs or push them over the threshold and automatically grant them debt relief. Most recently, the Education Department canceled $7.7 billion in student debt for 160,500 borrowers, some of which were a result of the one-time account adjustments. As of that May announcement, one of every 10 federal borrowers has now been approved for debt relief. AdvertisementThe department is also working on enacting its broader student-loan forgiveness plan, which is intended to benefit over 30 million borrowers.

Persons: —, Joe Biden's, Education James Kvaal Organizations: Service, Joe Biden's Education Department, Public, Business, Family Education, Federal Student Aid, Education, Education Department

☆ Education Department looks to expand Public Service Loan Forgiveness eligibility
▼ + stars: | 2024-06-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The U.S. Department of Education may extend the eligibility of a popular student loan forgiveness program to early childhood educators. The agency on Thursday announced that it was issuing a request for information on potentially broadening the Public Service Loan Forgiveness program to include workers in early childhood education settings, many of whom report low wages. "Early childhood educators help young children learn, grow, and thrive," said U.S. "If these educators can access Public Service Loan Forgiveness, we can help our youngest children, their families, and their communities." Including early childhood educators would likely expand the reach of the program to at least some for-profit employers.

Persons: Education James Kvaal, Kvaal, George W, Bush, Xers, Mark Kantrowitz Organizations: U.S . Department of Education, Education, Finance, Trump, Education Department

☆ 160,500 more student-loan borrowers are getting $7.7 billion in 'much needed' debt cancellation
▼ + stars: | 2024-05-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewAnother batch of student-loan borrowers has been approved for debt relief. On Wednesday, President Joe Biden's Education Department announced that it approved $7.7 billion in debt cancellation for 160,500 borrowers on Public Service Loan Forgiveness — which forgives student debt for government and nonprofit workers after 10 years of qualifying payments — or income-driven repayment plans. Specifically, according to the announcement, 66,900 borrowers are receiving relief through fixes to PSLF, 54,300 borrowers are receiving relief through the SAVE income-driven repayment plan, and 39,200 borrowers are receiving relief through one-time account adjustments to bring payments on income-driven repayment plans up to date. This provision forgives student debt for borrowers who originally took out $12,000 or less in student loans and made as few as 10 years of payments. "I will never stop working to cancel student debt — no matter how many times Republican elected officials try to stop us."

Persons: —, Joe Biden's, Harris, Education James Kvaal, There's, Biden Organizations: Service, Joe Biden's Education Department, Public, Business, Education Department, Biden, Harris Administration, Education, Republican

☆ Biden administration extends key deadline for student loan forgiveness
▼ + stars: | 2024-05-15 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The U.S. Department of Education is giving borrowers more time to meet a key student loan forgiveness deadline. "The Department is working swiftly to ensure borrowers get credit for every month they've rightfully earned toward forgiveness," U.S. Borrowers pursuing the popular Public Service Loan Forgiveness program can also receive additional credit from the payment count adjustment, as long as they certify their qualifying employment for those months. The payment count adjustment is an attempt to rectify longstanding issues for student loan borrowers. The Consumer Financial Protection Bureau also found borrowers were needlessly steered into expensive forbearances, during which interest accrues and credit toward forgiveness is paused.

Persons: —, Biden, Education James Kvaal, weren't Organizations: U.S . Department of Education, Education, Finance, Public, Government, Office, Consumer Financial Locations: U.S, deferments

☆ Student-loan borrowers just got 2 extra months to benefit from a temporary debt relief reform
▼ + stars: | 2024-05-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewPresident Joe Biden's Education Department is giving student-loan borrowers more time to get closer to debt cancellation. On Wednesday, the Education Department announced that it's extending the deadline for borrowers to benefit from the one-time account adjustments. To receive the account adjustment automatically, borrowers must be in the federal direct loan program or have federally held loans in the Federal Family Education Loan program. "FFEL borrowers should consolidate as soon as possible in order to receive this benefit that has already provided forgiveness to nearly 1 million borrowers." Since the adjustments began, according to the department, 996,000 borrowers have received $49.2 billion in debt relief.

Persons: —, Joe Biden's, Education James Kvaal Organizations: Service, Joe Biden's Education, Education Department, Public, Business, Family Education, Education, Federal, Aid Locations: PSLF

☆ Biden's new student-loan forgiveness plan just began its 30-day public comment period — and anyone can tell the administration what they think of the relief
▼ + stars: | 2024-04-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

It's the next step in implementing a broader version of debt relief for borrowers. Comments can be submitted to the Federal Register here, which the Education Department will then review. While lawsuits have yet to be formally filed against Biden's administration, Missouri's Attorney General Andrew Bailey wrote on X in response to Biden's relief proposals: "See you in court." And some experts said a conservative Supreme Court could likely rule like they did with Biden's first debt relief plan, striking it down. Following the public comment period, the Education Department will review comments and could choose to adjust their proposals based on the feedback they receive.

Persons: —, Joe Biden, Education James Kvaal, Andrew Bailey, Biden's, Cary Coglianese, it's, It's Organizations: Service, Education Department, Federal, Higher, Department, Education, Business, University of Pennsylvania

☆ 277,000 student-loan borrowers who have 'paid what they can afford' for at least a decade are getting $7.4 billion in debt wiped out
▼ + stars: | 2024-04-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden announced another $7.4 billion in student-debt relief for 277,000 borrowers. It impacts borrowers on the SAVE plan, along with others on income-driven repayment plans and PSLF. The new relief comes just after Biden released new details for his broader student-debt relief plan. On Friday, President Joe Biden and the Education Department announced that 277,000 more borrowers will get $7.4 billion in debt relief. Still, the administration is moving forward with more targeted efforts for debt cancellation through its fixes to repayment plans, recently announcing $1.2 billion in relief for 153,000 borrowers through the SAVE plan.

Persons: Biden, —, Joe Biden, Education James Kvaal, Biden's Organizations: Service, Education Department, Public, Education, SAVE, Biden, Higher, GOP, Republican

☆ 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

☆ 153,000 student-loan borrowers are getting $1.2 billion in debt wiped out — the first group to see relief under a new repayment reform
▼ + stars: | 2024-02-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Thousands of student-loan borrowers just became the first group to see relief under President Joe Biden's new repayment reform. On Wednesday, Biden — along with the Education Department — announced that 153,000 borrowers are getting $1.2 billion in debt cancellation as a result of a new provision in the SAVE income-driven repayment plan. "If you've been paying for a decade, you've done your part, and you deserve relief," Education Secretary Miguel Cardona said in a statement. The Education Department first implemented the SAVE plan over the summer, intended to make borrowers' monthly payments cheaper. Of course, the relief comes as many borrowers are encountering challenges with the return to repayment that began in October.

Persons: Joe Biden's, Biden, —, you've, Miguel Cardona, Biden's, Education James Kvaal Organizations: Wednesday, Education Department —, Education Department, Business, Administration, SAVE, The Education Department, Public, Department, Education

☆ How struggling student-loan borrowers could qualify for debt cancellation under Biden's second attempt at relief
▼ + stars: | 2024-02-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department released a proposal for including borrowers with hardship in debt relief. AdvertisementPresident Joe Biden's Education Department unveiled another group of student-loan borrowers it's considering for its second try at debt relief. On Thursday, the Education Department released its proposed text that focused on debt cancellation for borrowers facing financial hardship. Advertisement"College is meant to lead to a better life, but too many students end up struggling due to their student debt," Under Secretary of Education James Kvaal said in a statement. The Education Department emphasized in its press release that it "may consider these and other factors to determine whether borrowers are experiencing the type of hardship that would qualify for debt relief."

Persons: —, Joe Biden's, Biden's, Education James Kvaal, Kvaal, Harris, Pell Grant Organizations: Education Department, Service, Joe Biden's Education Department, Higher, Democratic, Education, Biden, Federal

☆ A new type of student-loan forgiveness is coming this month
▼ + stars: | 2024-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewMore student-loan borrowers can expect debt relief starting this month through a new repayment reform. AdvertisementIt's unclear how many borrowers will immediately qualify for relief, and when those notices will start being sent out this month. Additionally, borrowers who are not currently enrolled in the SAVE plan will need to enroll at studentaid.gov in order to qualify for this benefit. For other borrowers, SAVE will calculate the most affordable payment based on income. "We look forward to discussing another avenue for borrower relief related to hardship at our next negotiation session," Kvaal said.

Persons: —, Education James Kvaal, Biden, Biden's, Kvaal Organizations: Service, Education Department, Business, Education, SAVE, Public, Democratic, Higher Locations: South Carolina

☆ Why college applicants will have to wait months longer to find out how much financial aid they're getting this year
▼ + stars: | 2024-02-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The latest delay means financial aid awards might not come until April. AdvertisementThe sole application for receiving college financial aid has had a rocky rollout this year — and it means reward letters will be delayed by months. AdvertisementThe latest delay in receiving financial aid awards can be attributed to the department's efforts to update FAFSA qualifications to expand families' financial aid eligibility. However, that'll take time — and could leave some families in a time crunch when it comes to evaluating their financial aid packages. "Updating our calculations will help students qualify for as much financial aid as possible."

Persons: —, That's, they'll, that'll, Education James Kvaal, Justin Draeger, Draeger, Virginia Foxx, Burgess Owens, Secretary Miguel Cardona, Sen, Bill Cassidy, Biden, Cassidy, Foxx, Richard Cordray Organizations: Education Department, Service, Federal Student Aid, Education, U.S . Department of Education, National Association of Student Financial, Republican, Secretary, Department, Office, Aid

☆ The Education Department agrees to consider more student-loan borrowers for its second attempt at debt relief
▼ + stars: | 2024-01-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department agreed to add an additional negotiation session for student-debt relief. AdvertisementFollowing mounting pressure from Democratic lawmakers and advocates, the Education Department said it would allow another opportunity to expand its second student-debt relief plan. On Wednesday, the Education Department announced it will hold a fourth negotiation session on February 22 and 23 to discuss including borrowers with financial hardship in its second attempt at student-debt cancellation. The Education Department agreed to that request. "We look forward to discussing another avenue for borrower relief related to hardship at our next negotiation session," Kvaal said.

Persons: —, Joe Biden's, Education James Kvaal, Harris, Kvaal Organizations: Education Department, Service, Democratic, Higher, Education, Biden, Harris Administration, Federal

☆ Student-loan forgiveness is coming early for some borrowers. Here's what you need to do to qualify.
▼ + stars: | 2024-01-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

This benefit will be put into effect ahead of schedule — all provisions of the SAVE plan were set to be implemented by July 1, 2024. Which borrowers qualify for early relief? Borrowers must first be enrolled in the SAVE plan to qualify for this early relief, which they can do at studentaid.gov. Borrowers who automatically qualify for the shortened timeline for relief will begin seeing their balances wiped out in February. The department said it will continue to identify borrowers who qualify for relief on "a regular basis," per the press release.

Persons: —, Joe Biden's, Education James Kvaal Organizations: Service, Business, Joe Biden's Education Department, Education, SAVE, Education Department

☆ 2.9 million student-loan borrowers are making $0 monthly payments through a new program Republicans are trying to repeal
▼ + stars: | 2023-11-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department released data showing 5.5 million borrowers have enrolled in the new SAVE plan. Of those borrowers, 2.9 million of them are making $0 monthly payments. AdvertisementAdvertisementMillions of student-loan borrowers are not paying anything toward their balances right now thanks to President Joe Biden's new repayment plan — but Republicans and one Democrat are seeking to block it. On Wednesday, the Education Department announced that 5.5 million student-loan borrowers are now enrolled in the new SAVE income-driven repayment plan intended to lower monthly payments to borrowers. The latest SAVE data from the Education Department comes just over a month after federal student-loan payments resumed following an over three-year pause.

Persons: Joe Manchin, —, Joe Biden's, Education James Kvaal, Pell Grant, Democratic Sen, Bill Cassidy, John Thune, John Cornyn, Biden, servicers Organizations: Education Department, Republican, Service, Education, SAVE, Democratic, GOP, Federal Student Aid, Federal Locations: Sens, Biden's

☆ 3,500 student-loan borrowers got $109 million in debt wiped out after being 'cheated' by their schools. Top Democrats want relief for taxpayers, too.
▼ + stars: | 2023-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some Democrats want the Education Department to recoup funds from Ashford and University of Phoenix. The department previously accused those schools of fraud, granting thousands of borrowers debt relief. The lawmakers want the schools to pay up so taxpayers don't foot the bill for the relief. The Democrats referenced two recent actions to provide relief for borrowers who went to for-profit schools accused of predatory behavior: $72 million in relief for 2,300 borrowers "cheated" by Ashford University, and $37 million in relief for 1,200 borrowers "deceived" by the University of Phoenix, according to the Education Department. AdvertisementAdvertisement"This would send a strong warning signal to other predatory for-profit colleges that there are substantial financial consequences for defrauding students," the Democrats wrote.

Persons: —, Joe Biden, Sen, Dick Durbin, Rosa DeLauro, — Sen, Elizabeth Warren —, Secretary Miguel Cardona, ike, hoenix, J ames Organizations: Education Department, Ashford and University of Phoenix, Service, Secretary, Ashford University, University of Phoenix Locations: Ashford, Phoenix

☆ Student-loan borrowers could take legal action against their servicers or the Biden administration if repayment mistakes aren't fully fixed, a new federal memo says
▼ + stars: | 2023-11-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department released a memo detailing mistakes it found student-loan servicers are making with repayment. It pushed for the mistakes to be remedied for borrowers to avoid legal action. AdvertisementAdvertisementPresident Joe Biden's Education Department is concerned student-loan borrowers could turn to legal action if issues with their accounts aren't fully resolved. The Education Department said it will continue enforcing oversight over servicers to ensure borrowers are not further harmed by mistakes to no fault of their own. "We are committed to making things right for borrowers and holding our contractors accountable for errors when they do occur."

Persons: MOHELA, —, Joe Biden's, Education James Kvaal, servicers, I've, it's, Richard Cordray Organizations: Education Department, Service, Joe Biden's Education Department, Wednesday, Federal Student Aid, Education, MOHELA, Department, The Education Department Locations: forbearance

☆ Biden's Education Department reveals the 4 groups of student-loan borrowers it's prioritizing for its second attempt at debt relief
▼ + stars: | 2023-10-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department released the draft text of its second attempt at student-debt relief. AdvertisementAdvertisementPresident Joe Biden's Education Department just released the latest details on its second attempt at student-loan forgiveness. On Monday, the department released the draft text of its proposal to cancel student debt for federal borrowers using the Higher Education Act of 1965. The high court ruled Biden did not have the authority to cancel student debt broadly using that law. AdvertisementAdvertisementA senior department official also told reporters that the amount of student debt canceled could vary by each group.

Persons: —, Joe Biden's, Biden, Harris, Miguel Cardona, Education James Kvaal, Tamy Abernathy, it's, Ashley Pizzuti Organizations: Education Department, Service, Joe Biden's Education Department, Higher, Education

☆ New rules prevent colleges from leaving student-loan borrowers with 'shoddy educations' and lots of debt, Biden's Education Department says
▼ + stars: | 2023-10-24 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department released new rules to protect student-loan borrowers from unaffordable debt. They also require colleges to be upfront with a student on the amount of debt they'll take on for a program. AdvertisementAdvertisementPresident Joe Biden's Education Department finalized rules to hold colleges accountable for loading student-loan borrowers up with unaffordable debt. On Tuesday, the Education Department released its final regulations to strengthen oversight over colleges and enhance protections for student-loan borrowers. "They will help prevent fly-by-night colleges from leaving students and taxpayers holding the bag for shoddy educations," he continued.

Persons: —, Joe Biden's, Education James Kvaal, they're, Kelly McManus, Barack Obama's, Donald Trump, Miguel Cardona Organizations: Education Department, Service, Joe Biden's Education, Education, Arnold Ventures

☆ A millennial paid off his $18,000 student debt load. 4 months later, the payment still hasn't processed and his balance is even bigger.
▼ + stars: | 2023-10-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Xiong Chang made an $18,000 payment on his remaining student-loan balance in June. But it hasn't been processed yet, and his balance has grown due to interest. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But it's been over four months since he made that payment, and it still is not reflected in his account. According to his account, his balance now stands at $19,019.44 — with $96 in accrued interest.

Persons: Xiong Chang, He's, —, it's, Xiong, Joe Biden's, Education James Kvaal, I've, MOHELA Organizations: Service, Education, Consumer Financial, Education Department, Federal Student Aid, Republicans

☆ The student-loan payment restart is about to put pressure on an already-fragile economy
▼ + stars: | 2023-10-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The resumption of student-loan payments is expected to add further strain. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe US economy has thrived over the past three years, since the initial shock of COVID-19 gave way to a rapid recovery. Here's what banks and economists are saying about the impact of the student-loan payment resumption on the economy. AdvertisementAdvertisementWhat will happen to the economy with the student-loan payment restartIt's difficult to predict how exactly the economy will respond to a surge of borrowers facing student-loan payments again — and it depends on a number of factors.

Persons: —, Marshall Steinbaum —, University of Utah —, Jerome Powell, Wells Fargo, Goldman Sachs, Jeff Gennette, Michael Fiddelke, Jefferies, Education James Kvaal Organizations: Service, Family Institute, University of Utah, Education Department, Federal, United Auto Workers, Bank of America, Education Locations: Helena

☆ 125,000 student-loan borrowers are getting $9 billion in debt wiped out through a series of Biden's repayment reforms
▼ + stars: | 2023-10-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced $9 billion in student-debt relief for 125,000 borrowers. It impacts borrowers in public service, on income-driven plans, and those with total and permanent disabilities. AdvertisementAdvertisementPresident Joe Biden's Education Department just announced its latest batch of student-debt relief for targeted groups of borrowers. On Wednesday, the department announced that it has approved $9 billion in debt cancellation for 125,000 borrowers. That included a one-time account adjustment for borrowers on income-driven repayment plans and PSLF — most recently, the department announced it had approved relief for 804,000 borrowers on income-driven repayment.

Persons: —, Joe Biden's, Biden, Miguel Cardona, Harris, It's, they're, Education James Kvaal, he's Organizations: Education Department, Service, Joe Biden's Education Department, Public, Social Security Administration, Biden, Education

☆ Student-loan borrowers are facing 'excessively long' wait times for help from their servicers, Biden's Education Secretary says — and it'll take more money from Congress to fix it
▼ + stars: | 2023-10-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers started to face monthly bills again this week. Miguel Cardona told Insider he's aware of the challenges with repayment. October 1 marked the official end of pandemic relief for federal student-loan borrowers. Education Secretary Miguel Cardona told Insider in an interview that he's aware of the challenges this transition is bringing to both borrowers and servicers. AdvertisementAdvertisementStill, some student-loan servicers continue to point to lack of resources when faced with customer service complaints.

Persons: Miguel Cardona, —, we're, Cardona, Joe Biden's, Education James Kvaal, he's, Kvaal, Massachusetts Sen, Elizabeth Warren, Warren, servicers, MOHELA Organizations: Service, Bills, Education Department, Education, Federal Student Aid, Republicans Locations: Massachusetts

Search resuls for: "Education James Kvaal"

25 mentions found