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☆ The 2025-26 FAFSA is open ahead of schedule — here's why it's important to file for college aid early
▼ + stars: | 2024-11-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

This week, the new Free Application for Federal Student Aid expanded its "phased rollout" so all students can now apply for aid for the upcoming academic year. Up until Monday, the 2025-26 FAFSA was only available to limited groups of students in a series of beta tests that began on Oct. 1. Now, the form is open to all and the Department of Education has said it will be out of testing entirely by Nov. 22 — which puts the official launch ahead of schedule. This year, the plan was to be available to all students and contributors on or before Dec. 1. Students who submit a form during this final "expanded beta" phase before Nov. 22 will not need to submit a subsequent 2025–26 FAFSA form, the Education Department said.

Persons: FAFSA, Mark Kantrowitz Organizations: Federal Student Aid, Department of Education, Education Department, Finance

☆ The 2025-26 FAFSA is open ahead of schedule—how to apply for aid
▼ + stars: | 2024-11-18 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Just ahead of the official Dec. 1 launch date, the Department of Education announced all students and families can now access the 2025-26 Free Application for Federal Student Aid. Select students and families were invited to fill out the 2025-26 FAFSA starting on Oct. 1 as part of a beta testing period. The application is still in beta testing as the department ensures it still functions successfully with a greater influx of applicants. But those who submit a form now while in beta mode will not need to submit another application after Dec. 1. "Students who submit a FAFSA form during any beta period…will be able to make any needed corrections to the form and will not need to submit a subsequent 2025–26 FAFSA form."

Persons: studentaid.gov Organizations: Department of Education, Federal Student Aid

☆ FAFSA rollout is 'on track,' despite remaining unresolved issues, Education Department says
▼ + stars: | 2024-10-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The "phased rollout" of the new Free Application for Federal Student Aid is on track for the upcoming academic year, the U.S. Department of Education says. So far, the 2025-26 FAFSA has been available to limited groups of students in a series of beta tests that began on Oct. 1. It will become available to all students and contributors on or before Dec. 1, the Education Department said. As of Oct. 29, the government's FAFSA Issues page lists 22 unresolved issues, down from 25 a few weeks ago, he said. "We've made a lot of progress resolving those issues and we are now seeing more students able to complete their form."

Persons: James Kvaal, Mark Kantrowitz, We've, Kvaal Organizations: Federal Student, U.S . Department of Education, Education Department, Education, CNBC, Finance, Ivy League

☆ 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 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

☆ A major student-loan company is being punished for preventing over 460,000 borrowers from accessing cheaper monthly payments
▼ + stars: | 2024-10-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department said student-loan company MOHELA failed to process borrower applications for income-driven repayment plans. AdvertisementThe Education Department notified student-loan company MOHELA on Tuesday that it would be facing penalties for failing to perform the servicing obligations required in its contract. According to a document from the Education Department reviewed by Business Insider, MOHELA has failed to process over 460,000 applications for borrowers on income-driven repayment plans, preventing those borrowers from accessing more affordable monthly payments. "Federal Student Aid has determined, through its oversight of federal student loan servicers, that MOHELA has not consistently met the Department's standards for serving borrowers. In January, the department withheld pay from the remaining three major federal servicers over failure to deliver on-time billing statements to borrowers.

Persons: MOHELA, —, Miguel Cardona, servicers, MOHELA's, Cardona, Sen, Elizabeth Warren, we've, Warren Organizations: Education Department, Service, Business, Department, Aid, Federal

☆ More colleges set to close in 2025, even as 'Ivy Plus' schools experience application boom
▼ + stars: | 2024-10-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Many colleges are under financial pressure, and the cracks are starting to show. At least 20 colleges closed in 2024, and more are set to shut down after the current academic year, according to the latest tally by Implan, an economic software and analysis company. Altogether, more than 40 colleges have closed since 2020, according to a separate report by Best Colleges. Experts have continuously warned that ongoing problems with the new Free Application for Federal Student Aid form have resulted in fewer students applying for financial aid, which could also contribute to declining enrollment. That has left some colleges and universities in a bind, especially "small private — often liberal arts — schools," said Candi Clouse, a vice president at Implan.

Persons: Implan, Candi Clouse Organizations: Best Colleges, Finance, Teens, Federal Locations: Implan

In the first college admissions process since the Supreme Court struck down affirmative action last year, Asian American enrollment at the most prestigious U.S. schools paints a mixed, uneven picture. Columbia University — which, unlike the other Ivies, groups Pacific Islanders with Asian Americans — saw an increase of nine percentage points in its enrollment of Asian American applicants, while Brown saw an increase of four percentage points. It doesn’t mean that race is entirely ruled out of the admissions process, however. Poon, who is the author of “Asian American is Not a Color: Conversations about Race, Affirmative Action, and Family,” said that with race masked in the admissions process, concerns around biases are actually more prevalent. And it’s going to be difficult to determine, for example, why there were drops in Asian American enrollment at some schools as well.

Persons: ”, OiYan Poon, ” Poon, —, Brown, St . Louis, Edward Blum, Hopi Hoekstra, ” Hoekstra, Jonathan Palumbo, Whitney Soule, Dartmouth —, John Roberts, ” Julie J, Poon Organizations: Ivy League, Yale, Princeton, Harvard, University of Illinois, Columbia University —, Pacific Islanders, MIT, Amherst College, Washington University, Conservative, Fair, NBC News, ” Harvard, of Arts and Sciences, Harvard Crimson, ”, University of Pennsylvania, — Cornell, Dartmouth, University of North, University of Maryland, Universities, Federal Student Aid, NBC Asian Locations: U.S, Columbia, Brown, University of Illinois Urbana, Champaign, St ., University of North Carolina, NBC Asian America

☆ How Wall Street Giants Made Billions Preying on College Students
▼ + stars: | 2024-09-10 | by ( Ryann Liebenthal | ) www.businessinsider.com time to read: +13 min

In 1970 there had been only 18,333 students enrolled at degree-granting for-profit schools, less than a quarter of a percent of the total number of college students. In 2010, Tom Harkin, chair of the Senate's education committee, began a two-year investigation into for-profit schools. But even more shocking, federal money flowing to for-profit schools accounted for 25% of all federal student aid and 47% of eventual loan defaults. Students' money enriched every corner of the for-profit industry except one: quality of instruction. In fact, these for-profit students were actually worse off than if they hadn't gone to school at all.

Persons: Kaplan, bankrolling, —, underperformers, Ashford, Warburg Pincus, Tom Harkin, Harkin, Goldman Sachs, Goldman, Pell Grant, Ryann Liebenthal Harper, Stephanie Riegg Cellini, Cellini, Ryann Liebenthal Organizations: University of, Apollo Group, ITT Tech, Fortune, Federal Family Education, Ashford, University, company's, Ashford University, Bridgepoint Education, New, Defense Department, Bloomberg, Camp Lejeune, Ryann Liebenthal Harper Collins Publishers, Books, HarperCollins Publishers Locations: California, New York City, Bridgepoint, Pell, Vietnam, Iraq, Camp, Oakland , California

The Education Department is assuring schools and students that its financial aid process is under control, after a botched overhaul over the past year that some colleges say has dented incoming classes. Education Secretary Miguel Cardona has vowed that the FAFSA process is being improved after recent missteps. I want to close up [the] Department of Education, move education back to the states. In May, Cardona announced a “full-scale review” of the Federal Student Aid office that oversees FAFSA and promised “transformational changes” at the division. I’ve taken a college and career readiness class from my high school, but it all sounded really confusing,” she said.

Persons: Miguel Cardona, he’s, We’ve, miguel cardona, “ We’ve, ” Cardona, ”, Peter G ., NAICU, couldn’t, ” Mark Becker, Donald Trump, disburses Pell, ” Trump, Elon, Cardona, “ We’re, they’re, ” “, falloff, Beth Maglione, Hanalise Yarbrough, Kristi Childs, Kristi Childs Kristi Childs, Childs, Mason Yarbrough, “, ” Childs, Hanalise, John Jay, she’s “, I’ve, who’s “ Organizations: Department, Education, Federal Student Aid, NBC News, National Association of Independent Colleges, Universities, Education Department, Association of Public, Grant Universities, Department of Education, Republican, Federal, Aid, College, Network, National Association of Student Financial, Madison, Northwest Mississippi Community College, John, John Jay College of Criminal Locations: U.S, DeSoto County , Mississippi, New York City

☆ Meet the millennials who got student-loan forgiveness and now have the freedom to save for retirement, grow their families, and consider going back to school
▼ + stars: | 2024-08-14 | by ( Ayelet Sheffey | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +17 min

Scott M. Smith, 40, wasn't expecting student-loan forgiveness. Scott M. Smith, 40, received student-loan forgiveness through PSLF. AdvertisementThe freedom to go back to schoolFor Paul Smylie, 39, student-loan forgiveness means something else. Smylie's student-loan forgiveness is giving him the financial freedom to consider doing just that. In a rule first established under President Barack Obama, any student-loan borrower who can prove they are totally and permanently disabled is eligible for student-loan forgiveness.

Persons: Scott M, Smith, wasn't, — Smith, servicer, hadn't, —, who's, PSLF, Joe Biden's, Millennials who've, Zers, millennials —, Gen Xers —, Paul Smylie, Smylie, Gen Xers, Chloe Moore, Financial Staples, Keenan Casey, CiCora Leigh, Leigh, Cicora Leigh, Barack Obama, Beverley —, Beverley, Grayson Hofferber, Hofferber, they'll, that's, someone's, Casey Organizations: Service, Public, Business, Education Department, Federal Reserve, SAVE, Appeals, Associated Press, Gallup, Lumina Foundation, millennials, Financial, Army, University of Mississippi, Veterans Affairs, BI, Millennial Wealth Management Locations: Mississippi, Beverley, forbearance, deferment

☆ FAFSA rollout was 'a stunning failure,' college aid expert says. Here's how next year will compare
▼ + stars: | 2024-08-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

watch nowBy most accounts, the rollout of the new Free Application for Federal Student Aid, better known as FAFSA, was disastrous from the start. Even now, some college students don't know the status of their aid awards for the fall. "The Department's poor planning has led to a stunning failure: Some college students might not have financial aid dollars in their hands in time to start classes in the next few weeks," said Beth Maglione, interim president and CEO of the National Association of Student Financial Aid Administrators. Families 'are falling back on borrowing for college'For many families, financial aid is crucial when it comes to covering college costs, which have now crept into the six figures. The share of parents taking out federal parent PLUS loans to help cover the costs of their children's college education has also grown, other studies show.

Persons: Beth Maglione, Education Miguel Cardona, Mark Kantrowitz, —, Kantrowitz, Sallie Mae's, Jennifer Berg, Sallie Mae, " Berg Organizations: Federal Student Aid, National Association of Student Financial, U.S . Department of Education, Education Department, Department, Education, Finance, Harvard, College

☆ FAFSA delays will keep plaguing students for 2025-26 school year—how to maximize your chances of getting financial aid
▼ + stars: | 2024-08-12 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Students and their families, along with college financial aid administrators, hoped the 2025-26 school year would be a return to normalcy. Financial aid administrators continue to deal with problems even as the school year quickly approaches. But ultimately, financial aid advocates conceded that they'd rather have a delayed-yet-functional application than an on-time and glitchy one. There's not much applicants can do at this point to ease stress about the financial aid timeline. Still, Vasconcelos shares three tips for incoming or current college students as the upcoming financial aid cycle approaches.

Persons: they'd, Shannon Vasconcelos, It's, Vasconcelos, Vasoncelos, We've Organizations: of Education, Federal, Congressional, Bright Horizons, CNBC, didn't, Aid, Social

☆ Millions of student-loan borrowers are getting new details on qualifying for Biden's broader debt cancellation plan coming this fall
▼ + stars: | 2024-08-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe Education Department is getting closer to delivering student-loan forgiveness to millions of borrowers. Specifically, the department said that only borrowers who have "entered repayment on at least one of their loans when the debt relief is applied would be eligible for forgiveness on the loan(s) in repayment." Borrowers with PLUS loans are considered to have entered repayment when their loans are fully disbursed. Are you hoping to benefit from Biden's student-loan forgiveness plan?

Persons: —, Joe Biden's Organizations: Service, Department, Higher, Business, Public, Federal, Aid

☆ 1 million people now owe more than $200,000 in federal student loans
▼ + stars: | 2024-07-29 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The number of federal student loan borrowers with six-figure debts is on the rise. In the second quarter of 2024, 2.4 million borrowers carried a federal student loan balance between $100,000 and $200,000, up from 1.8 million people who owed that much during the same period in 2017, according to new data by the U.S. Department of Education. Meanwhile, 1 million people had a federal student loan balance of more than $200,000, up from 600,000 individuals. Wayne Johnson, who served as the chief operating officer of the Office of Federal Student Aid from 2017 until 2019, tells CNBC he saw some eye-popping balances during his time at the Education Department. "There are quite a number of people who owe the federal government over $2 million in federal student loans," Johnson said.

Persons: Wayne Johnson, Johnson, IRAs Organizations: U.S . Department of Education, Federal, Aid, CNBC, Education Department, Finance, Wall Street

☆ A major student-loan company is being sued over claims it mismanaged 8 million borrowers' accounts, blocking them from lower payments and debt relief
▼ + stars: | 2024-07-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA major student-loan company just got hit with a lawsuit over claims it harmed the millions of borrowers it services. The lawsuit claims that MOHELA's mismanagement has harmed the 8 million borrowers it services and requests that a judgment be entered requiring MOHELA to provide relief to harmed borrowers for violating consumer protection law. "Individually, any one of MOHELA's failings would be sufficient to cause financial, mental, and emotional distress," the lawsuit said.

Persons: —, servicer MOHELA, MOHELA, Randi Weingarten, it's, Elizabeth Warren, Chuck Schumer, Bernie Sanders, Warren, Winston Berkman, Breen Organizations: Service, Teachers, Business, Education Department, AFT, Federal, Democratic, we're Locations: American, Sens

☆ If you enrolled in the SAVE plan, you may not have a payment due for now—what borrowers need to know
▼ + stars: | 2024-07-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Federal student loan borrowers on the SAVE plan were expecting or already enjoying lower monthly payments from July onward, and others were hoping to see their loans forgiven after a decade of payments. The temporary stay blocks all aspects of the SAVE plan from moving forward until further notice. If you're already enrolled in the SAVE plan, you'll be placed in an interest-free forbearance while the administration "continues to vigorously defend the SAVE Plan in court," the statement said. The 8th Circuit ruling addresses just one of the two lawsuits currently being litigated to determine the SAVE plan's fate. If the 10th Circuit Court of Appeals in Kansas issues a different ruling, the Supreme Court may have to step in.

Persons: Joe Biden's, Education Miguel Cardona, you'll, Biden Organizations: Circuit, Federal, Education, Protection Locations: Missouri, Kansas

The annual and lifetime borrowing limits on subsidized loans are more rigid than unsubsidized loans. Year Dependent Students Independent Students First-Year Undergraduate Subsidized: $3,500 Unsubsidized: $5,500 Subsidized: $3,500 Unsubsidized: $9,500 Second-Year Undergraduate Subsidized: $4,500 Unsubsidized: $6,500 Subsidized: $4,500 Unsubsidized: $10,500 Third-Year and Beyond Undergraduate Subsidized: $5,500 Unsubsidized: $7,500 Subsidized: $5,500 Unsubsidized: $12,500 Graduate or Professional Student N/A Unsubsidized: $20,500 Aggregate Loan Limit Subsidized: $23,00 Unsubsidized: $31,000 Subsidized: Undergraduate: $23,000Graduate or Professional Students: $65,500 Unsubsidized Undergraduates: $57,500Graduate or Professional Students: $138,500Time limitsFor subsidized loans taken out after July 1, 2013, there is a limit to how many academic periods you can receive funds. Interest rates and feesFor undergraduate students, subsidized and unsubsidized loans charge the same interest rate. Subsidized and unsubsidized loans: ConclusionBoth subsidized and unsubsidized loans can be crucial tools for financing your education. Prioritize subsidized loans, understand the implications of unsubsidized interest, and make informed borrowing decisions.

Persons: You'll, they're Organizations: Education, Department, Federal Student Aid, Chevron Locations: deferment

You can see the amount of aid you may receive using the Federal Student Aid Estimator. The more financial need you have, the higher likelihood you have to qualify for more financial aid. Types of financial aid you might qualify forYour financial aid package will be broken up into several parts: grants, scholarships, work-study, and loans. Work-studyWork-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses. Financial aid amount through FAFSA: ConclusionThe amount of financial aid you receive can vary greatly depending on many factors.

Persons: It's, you'll, Pell, aren't, —, I'm Organizations: Federal, Aid

Why scammers target student loan borrowersStudent loan scams are common, especially as confusion remains over student loan forgiveness. There are currently forgiveness programs in place for federal student loans, like Public Service Loan Forgiveness, and accommodating repayment options, like Income-Driven Repayment Plans. What are the real student loan forgiveness programs? Real student loan forgiveness programs include Public Service Loan Forgiveness (PSLF), Income-Driven Repayment (IDR) forgiveness, teacher forgiveness, etc. Student loan scams: ConclusionDon't let scammers profit off your student debt.

Persons: Scammers, Biden, I've, you've Organizations: Public, of Education, Social, Federal, Bureau, Federal Trade Commission, Department of Education, Chevron, Real

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

☆ How a bad year for college financial aid is shaping these students' futures
▼ + stars: | 2024-07-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

However, with a sticker price of nearly $80,000 per year, including tuition, fees, and room and board, Montiel-García, like many college hopefuls, needed financial aid to bring the cost down. Because of problems with the new form, financial aid award letters were delayed and some high school seniors, like Montiel-García, had trouble applying for any aid at all. In previous years, financial aid award letters were sent out at about the same time as admission letters, meaning students had several weeks to compare offers ahead of National College Decision Day, the deadline for most admitted students to decide on a college. Because of the extensive delays this year, some students won't get their final financial aid award letter until the end of August, the U.S. Department of Education said in a recent update. The high school graduate from Riverdale Park, Maryland, secured enough additional funding from the Maryland College Aid Processing System to afford his top choice school: Towson University.

Persons: Ramon Montiel, García Ramon Montiel, Montiel, García, —, NCAN, Laura Ipsen, Eric Greenberg, Andrea Garcia, Garcia, Emory doesn't, Mark Kantrowitz, Greenberg, mani Murphy, Murphy Organizations: KIPP, Denver Leadership Academy, Colorado ., KIPP Northeast Denver Leadership Academy, Wheaton College, Federal Student Aid, Wheaton, University of Colorado, National College, Greenberg Educational Group, U.S . Department of Education, Emory University, Education Department, Riverdale, Maryland College, Towson University Locations: García, Colorado, Massachusetts, U.S, Montiel, Denver, New York, Atlanta, Ky, Riverdale Park , Maryland, Towson

☆ '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

☆ The best private and public colleges for financial aid: Some 'have really stepped up,' expert says
▼ + stars: | 2024-06-24 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowOngoing problems with the new Free Application for Federal Student Aid have delayed financial aid award letters — and have even prevented many high school seniors and their families from applying for aid at all. Yale UniversityLocation: New Haven, ConnecticutSticker price: $87,150Average need-based scholarship: $71,577Average total out-of-pocket cost: $15,573 2. Vassar CollegeLocation: Poughkeepsie, New YorkSticker price: $85,220Average need-based scholarship: $61,252Average total out-of-pocket cost: $23,968 3. Williams CollegeLocation: Williamstown, MassachusettsSticker price: $85,820Average need-based scholarship: $70,764Average total out-of-pocket cost: $15,056 4. Pomona CollegeLocation: Claremont, CaliforniaSticker price: $86,814Average need-based scholarship: $65,925Average total out-of-pocket cost: $20,889 5.

Persons: Robert Franek, Yale University Yana Paskova, Stringer, Win McNamee Organizations: Federal, Aid, National College, Princeton, Yale University, Vassar College, Williams, Pomona, California Institute of Technology, University of Virginia, Getty Locations: New Haven , Connecticut, Poughkeepsie , New York, Williamstown , Massachusetts, Claremont , California, Pasadena , California, Charlottesville , Virginia

☆ 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

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