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☆ Biden hosts formal ceremony to celebrate federal support for Hispanic-serving institutions
▼ + stars: | 2024-10-31 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

President Joe Biden hosted a formal ceremony Wednesday to publicly celebrate his executive order establishing an initiative to increase funding for Hispanic-serving institutions and create a board of advisors on HSIs. Flores said the executive order shows a federal understanding of how crucial HSIs are to the future of the nation. The more than 500 HSIs in the U.S. and Puerto Rico serve more than 4.7 million students every year, according to federal data. Many students are low-income, and nearly a third are eligible for Pell grants, which are federal scholarships for students in need. “The president’s executive order will strengthen these critical institutions and build their capacity to provide economic mobility for all their students.”

Persons: Joe Biden, Education Miguel Cardona, Biden, Antonio R, Flores, ” Flores, Pell, ”, Neera Tanden Organizations: Census, Education, Hispanic Association of Colleges, Universities, House, Associated Press Locations: U.S, Puerto Rico, American

☆ 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

☆ Biden's latest student debt plan would create forgiveness path for borrowers facing financial ruin
▼ + stars: | 2024-10-25 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

US President Joe Biden gestures after speaking about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. The Biden administration introduced a new proposal Friday to deliver student loan forgiveness to Americans who experience "financially devastating hardships." The announcement was the latest effort by the Education Department under President Joe Biden to cancel people's education debt. However, the department's previous attempts to provide wide-scale student loan forgiveness are currently being blocked by the courts after a wave of GOP-led legal challenges. Former President Donald Trump is a vocal critic of policies to reduce or eliminate the balances of student loan holders.

Persons: Joe Biden, Biden, it's, Miguel Cardona, Donald Trump, Kamala Harris Organizations: Madison Area Technical College, Education Department, Republican, Federal, Democratic Locations: Madison , Wisconsin

WASHINGTON — The Biden administration announced a milestone Thursday in its effort to cancel Americans' student debt: it has provided relief to more than one million borrowers who work in public service. The Education Department said that before Biden's presidency, only 7,000 public servants had ever received student debt relief through the Public Service Loan Forgiveness Program. The milestone comes after the administration has faced legal challenges to a number of its student debt relief proposals and roadblocks put up by court rulings. The Supreme Court, for example, ruled last year that the administration’s original student debt forgiveness program couldn't take effect. That plan would have benefited 43 million borrowers by canceling up to $20,000 in debt, potentially costing more than $400 billion.

Persons: WASHINGTON —, Joe Biden, Biden's, Miguel Cardona, ” Cardona, Cardona, Kamala Harris Organizations: Biden, of Education's Public, The Education Department, Public, Education Department, Republican

☆ 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

☆ 60,000 student-loan borrowers in public service are getting $4.5 billion in debt cancellation while Biden's broader relief remains blocked in court
▼ + stars: | 2024-10-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden announced an additional $4.5 billion in student-debt cancellation for 60,000 borrowers in public service. It's a result of fixes to the Public Service Loan Forgiveness program over the past few years. At the same time, Biden's broader student-debt relief plans remain stalled in court. AdvertisementAnother batch of student-loan borrowers in public service has been approved for billions of dollars in debt relief. According to the White House, this brings the number of borrowers approved for debt relief through PSLF to 1 million under the Biden administration.

Persons: Biden, —, Joe Biden, Harris, Miguel Cardona, Trump, Biden's Organizations: Public, Service, Education Department, White, GOP, Higher, Republican Locations: It's, PSLF

President Joe Biden's student loan forgiveness program can proceed after a judge Wednesday let a temporary restraining order on the plan expire. He wrote that he would transfer the case to the U.S. District Court for the Eastern District of Missouri. The states that brought the lawsuit have argued that the administration’s rule that would mass-cancel student debt would be detrimental to income tax revenue. Biden laid out the revised plan in April after the Supreme Court nullified the administration’s original student debt forgiveness program in 2023. If the administration’s proposed rules are finalized this fall, it would bring the total number of recipients of student debt relief under Biden's tenure to 30 million, the Department of Education said in August.

Persons: Joe Biden's, Biden, Miguel Cardona, Randall Hall, Hall Organizations: GOP, Biden, Education, Miguel Cardona . U.S, District, Southern District of, Georgia, U.S, Eastern, of Missouri, Department of Education Locations: — Alabama, Arkansas, Florida, Georgia , Missouri, North Dakota, Ohio, Miguel Cardona ., Southern District, Southern District of Georgia, Georgia

☆ Millions of student-loan borrowers just lost access to a key debt relief program — and it could have big financial consequences
▼ + stars: | 2024-10-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The on-ramp period for student-loan borrowers ended October 1. The Fresh Start program, set to return defaulted borrowers to good standing, ends October 2. AdvertisementA program that protected student-loan borrowers from the consequences of missed payments has come to an end. The on-ramp period was implemented last October to give borrowers some leeway after the over three-year pause on federal student-loan payments ended. With the on-ramp period now over, those consequences are back.

Persons: —, Joe Biden, Secretary Miguel Cardona, Pew Organizations: Service, Social Security, Center for American, Secretary, Department, Education Department, Pew Research Center, BI, Higher

Harris’ campaign is pouring more money and effort into advertising, targeted messaging and on-the-ground organizing. “One in five Latino voters in this election are going to be voting for the first time, so they’re forming their opinions about the candidates. English is predominantly our first language,” Enriquez said on a Trump campaign press call earlier this month. “A full 55% of Latino voters had not heard from anybody, not just candidates, but nonpartisan or any other type of organization. The Latino Victory Fund on Saturday kicked off a plan to bus volunteers from New York to Pennsylvania to engage with the state’s more than 400,000 eligible Latino voters.

Persons: Kamala Harris, Harris, Donald Trump, Trump, “ Harris, ” Mya Brady, Barack Obama, Hillary Clinton, Joe Biden, Clarissa Martinez De Castro, ” De Castro, they’ve, Harris ’, —, Abraham Enriquez, ”, ” Enriquez, Tony Fabrizio, ” Fabrizio, Vianca Rodriguez, “, Anuel AA, Emmanuel Gazmey Santiago, ” Trump, Nicky Jam, Nick Rivera Caminero, “ It’s, Nicky, Caminero, Julie Chavez Rodriguez, Walz, ” Rodriguez, Miguel Cardona, Xavier Becerra, Rodriguez, Sen, Ben Ray Luján, Adriano Espaillat, Canelo Alvarez, Edgar Berlanga, Victor Martinez, It’s, Maca Casado, ” Harris, Liza Colón, Zayas, Anthony Ramos, Tim Walz, Hurricane Maria, Colón, “ Trump, can’t, De Castro, “ You’ve Organizations: NBC, Democrats, NBC News, Telemundo, CNBC, Latino, Republicans, ”, Trump, “ Republicans, Republican Party, Black, Puerto Ricans, Trump ., Puerto, Dominican, Let’s, Latina, Education, Human Services, New York, Harris, Fund Locations: TUCSON, Ariz, West, Pittsburgh, UnidosUS, Nevada and Arizona, Pennsylvania, North Carolina, Georgia, Puerto Rican, Johnstown , Pennsylvania, Trump . ” Pennsylvania, Las Vegas, Arizona, Nevada, New Mexico, New, Spanish, Douglas , Arizona, Lehigh County , Pennsylvania, Hurricane, Puerto Rico, New York

☆ Student-loan companies that don't do their jobs should be fired, Elizabeth Warren says. Her next target is one that manages 8 million borrowers.
▼ + stars: | 2024-09-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

For nearly a decade, Massachusetts Sen. Elizabeth Warren has been working to enforce oversight over Navient, a major student-loan company. Warren and some of her Democratic colleagues were concerned that the company was not properly managing student-loan borrowers' payment options, causing them to accumulate unaffordable student debt. However, it released an accountability framework in December that outlined enforcement actions it would take should servicers harm borrowers, including fining servicers and transferring borrowers to better-performing servicers. For example, MOHELA was the first servicer to be hit with a $7 million fine last October for failing to send on-time billing statements to over 2 million borrowers. Terminate MOHELA's contract and put loan services on notice: we will not tolerate your negligence and exploitation; we will not let you profiteer off vulnerable student borrowers."

Persons: Massachusetts Sen, Elizabeth Warren, Rohit Chopra, Warren, We've, Navient, Chopra, there's, Jim Clyburn, Miguel Cardona, MOHELA, fining, servicers, Ayanna Pressley, we've, who've Organizations: Service, Warren, Democratic, Consumer Financial Protection, Navient, Business, Education Department, BI, Sec, The Education Department Locations: Massachusetts, CFPB

WASHINGTON — The Harris campaign is launching its largest effort yet to reach Latino voters, with new spending on Spanish-language radio and an organizing push around boxing matches and baseball games as National Hispanic Heritage Month kicks off this weekend. Vice President Kamala Harris will address the Congressional Hispanic Caucus Institute’s annual conference on Wednesday, according to a senior campaign official, and Minnesota Gov. Tim Walz is expected to pitch Latino voters in swing states in the coming weeks. The Harris campaign is also planning to host gatherings around Mexican Independence Day on Monday, including voter contact events at churches. The Harris campaign is especially focused on reaching undecided Latino voters who may be persuaded by some of Trump’s economic message.

Persons: WASHINGTON, Harris, Kamala Harris, Tim Walz, Adriano Espaillat, Sen, Ben Ray Lujan, Julie Chavez Rodriguez, Canelo Alvarez, Edgar Berlanga, Donald Trump, Luchadora, Walz ”, Chuy Garcia, Chavez Rodriguez, ” Chavez Rodriguez, Trump, Xavier Becerra, Miguel Cardona, Walz ” WhatsApp, Trump’s, Matt Baretto Organizations: Hispanic Heritage, Congressional Hispanic, Minnesota Gov, NBC News, Detroit Tigers Hispanic Heritage, Health, Human Services, Trump, BSP Research, Democratic Locations: Arizona , Nevada, Pennsylvania, Las Vegas, Mobile, California, Michigan, Arizona, UnidosUS

☆ Biden administration did not fast-track student loan relief before final rule: official
▼ + stars: | 2024-09-11 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

U.S. President Joe Biden speaks as he announces a new plan for federal student loan relief during a visit to Madison Area Technical College Truax Campus, in Madison, Wisconsin, U.S, April 8, 2024. But the Biden administration official told CNBC that the Department of Education had only instructed loan servicers to get ready for the debt cancellation. The program is the third Biden administration effort to forgive student debt to end up blocked by Republican-led legal challenges. In June 2023, the Supreme Court ruled that the administration's first attempt to cancel up to $400 billion in student debt without prior authorization from Congress was unconstitutional. Two months ago, a federal appeals court temporarily halted Biden's new affordable repayment plan for student loan borrowers, known as SAVE.

Persons: Joe Biden, Joe Biden's, Miguel Cardona, servicers, Randal Hall, Mark Kantrowitz, Kantrowitz, Biden, Hall, Luke Herrine Organizations: Madison Area Technical, Truax, Biden, U.S . Department of Education, AGs, of Education, CNBC, Department of Education, DOE, Missouri Attorney General's, Department, Republican, SAVE, University of Alabama Locations: Madison , Wisconsin, U.S, Georgia, Augusta , Georgia, Missouri, Alabama, Arkansas, Florida, North Dakota, Ohio

☆ Millions of student-loan borrowers' payments are being 'wildly' mismanaged by a major servicer — and it might be time to terminate its contract, over 50 Democratic lawmakers say
▼ + stars: | 2024-09-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

A group of Democratic lawmakers requested increased oversight over student-loan company MOHELA. They said that the Education Department should consider ending MOHELA's contract. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt might be time for the Education Department to consider firing a major student-loan company, a group of Democratic lawmakers say. For example, in October last year, the Education Department withheld over $7 million in pay from the servicer over its failure to send on-time billing statements to 2.5 million borrowers.

Persons: MOHELA, —, Sen, Elizabeth Warren, Jim Clyburn, Secretary Miguel Cardona Organizations: Democratic, Education Department, Service, Secretary, Business

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

☆ 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

☆ President Biden is moving forward with another student debt relief plan—you have until August 30 to opt out
▼ + stars: | 2024-07-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

President Joe Biden is making another move to forgive student debt for millions of borrowers. Borrowers will have until August 30 to contact their loan servicer to opt out of any relief they may otherwise receive. The administration says if the rules are finalized as drafted, eligible borrowers shouldn't have to take any action to see debt relief. Borrowers who choose to opt out, however, will not have the opportunity to opt back in. "By providing more information to borrowers on how they can take advantage of our upcoming debt relief programs, borrowers will be prepared to benefit swiftly once the rules are final," Biden said in a statement.

Persons: Joe Biden, Harris, Education Miguel Cardona, Cardona, Biden Organizations: Biden, Harris Administration, Education

☆ Millions of student-loan borrowers should be on the lookout for an email update on Biden's broader debt cancellation plan. They might need to take action.
▼ + stars: | 2024-07-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

On Wednesday, the Education Department announced it was taking another step toward implementing its plan to cancel student debt using the Higher Education Act of 1965. A copy of the email reviewed by Business Insider told borrowers that "if you WANT to be included in potential student debt relief, you don't need to take any action." "Today, my Administration took another major step to cancel student debt for approximately 30 million Americans," Biden said in a statement. "Despite attempts led by Republican elected officials to block our efforts, we won't stop fighting to provide relief to student loan borrowers, fix the broken student loan system, and help borrowers get out from under the burden of student debt." The Education Department released its draft rules for debt relief in April.

Persons: —, Joe Biden's, Biden, Harris, Miguel Cardona Organizations: Service, Education Department, Higher, Business, finalization, Republican, Biden, Harris Administration

☆ Check your email: U.S. government is sending notes to millions about eligibility for student loan forgiveness
▼ + stars: | 2024-07-31 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Two federal judges in Kansas and Missouri on Monday at the urging of several Republican-led states blocked President Joe Biden's administration from further implementing a new student debt relief plan that lowers payments. The Biden administration is gearing up to try to forgive the student debt of tens of millions of Americans again, after the Supreme Court struck down its first effort last year. In the coming days, the U.S. Department of Education will begin emailing borrowers who may be eligible for the wide-scale loan cancellation, the department said on Wednesday. The same day the Supreme Court blocked President Joe Biden's first attempt at sweeping student loan forgiveness, he announced that the White House would try to deliver the relief another way. For his Plan B, he has directed the Education Department to pursue the regulatory process, which experts say should increase its chances of surviving the inevitable next round of legal challenges.

Persons: Joe Biden's, Biden, Harris, who've, Education Miguel Cardona, IRAs Organizations: Republican, U.S . Department, Education, Biden, Finance, Education Department Locations: Kansas, Missouri

☆ 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

☆ Here's what a Kamala Harris administration could mean for your wallet
▼ + stars: | 2024-07-22 | by ( Cnbc.Com Personal Finance Staff | ) www.cnbc.com time to read: +8 min

Harris' visit, following the attempted assassination of former President Trump, makes this her fourth trip to Michigan this year and seventh visit since taking office. However, Harris voiced some distinctions from Biden before becoming vice president, Watson noted. The vice president plans to bring more relief to borrowers, they said. Harris proposed repealing the Trump tax cuts to pay for it. — Jessica DicklerHousingHarris has been a proponent for affordable housing policies both during her tenure as vice president and as senator.

Persons: Kamala Harris, Trump, Olivia Troye, Amanda Stratton, Harris, Chris duMond, Chris Dumond, Biden, Garrett Watson, Watson, — Kate Dore, Drew Altman, Altman, She'd, Fatima Goss Graves, Roe, Wade —, Greg Iacurci, Pell Grant, Joe Biden, Miguel Cardona, Annie, Laura Veldkamp, Veldkamp, — Jessica Dickler, May, — Ana Teresa Solá Organizations: Getty, Tax, Tax Foundation, Biden, — Kate Dore Health, Affordable, Medicaid, National Women's Law, CNBC, Current U.S . Department of Education, Corinthian Colleges, U.S . Department, Corinthian, Columbia University Business School, U.S . Department of Housing, Urban Locations: KALAMAZOO , MICHIGAN, Kalamazoo , Michigan, Michigan, North Carolina, California, U.S

☆ 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

☆ Education Department to pause student loan payments for millions amid legal battle
▼ + stars: | 2024-07-19 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

US President Joe Biden speaks about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. The U.S. Department of Education says it will pause millions of student loan borrowers' payments while it defends its relief plan against legal challenges. Borrowers enrolled in the Biden administration's new repayment plan, known as SAVE, will be placed "in an interest-free forbearance," according to a statement from U.S. Secretary of Education Miguel Cardona. "It's shameful that politically motivated lawsuits waged by Republican elected officials are once again standing in the way of lower payments for millions of borrowers," Cardona said. Before the legal challenges, the Education Department had already forgiven $5.5 billion in student debt for 414,000 borrowers through the SAVE Plan.

Persons: Joe Biden, Education Miguel Cardona, White, Biden, Cardona Organizations: Madison Area Technical College, U.S . Department of Education, Biden, Education, Republican, Finance, Education Department, SAVE Locations: Madison , Wisconsin, Arkansas, Florida, Missouri

☆ Biden Administration Pauses Student Loan Payments Amid Legal Challenges
▼ + stars: | 2024-07-19 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

The Biden administration is pausing student loan payments for eight million borrowers enrolled in its new repayment plan, known as SAVE, after a federal appellate court issued a ruling temporarily blocking the program. “Borrowers enrolled in the SAVE plan will be placed in an interest-free forbearance while our administration continues to vigorously defend the SAVE plan in court,” Miguel Cardona, the secretary of education, said in a statement. “The Department will be providing regular updates to borrowers affected by these rulings in the coming days.”For now, borrowers are unable to apply to the SAVE repayment plan, and applications for other income-driven repayment plans are also unavailable. The U.S. Court of Appeals for the Eight Circuit, based in St. Louis, granted a request by Missouri and other Republican-led states for an administrative stay, which prevents the Biden administration from “implementing or acting pursuant” to the rule that created the SAVE program last summer, according to the court filing.

Persons: Biden, ” Miguel Cardona, Louis, ” Organizations: U.S, Appeals, Republican Locations: St, Missouri

☆ Education Department to forgive $1.2 billion in student debt for 35,000 borrowers
▼ + stars: | 2024-07-18 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. The Biden administration announced it will cancel $1.2 billion in student debt for 35,000 workers, as a result of its recent fixes to a popular debt relief program for public service workers. But the program has been plagued by problems, making people who qualified for the relief a rarity in the past. Under the Biden administration, the U.S. Department of Education gave borrowers a second chance to qualify, as long as they'd been making payments on their loans and working for an eligible employer. The Biden administration has so far cleared $69.2 billion in student debt for 946,000 borrowers under PSLF, according to the Education Department.

Persons: Joe Biden, Biden, Harris, Education Miguel Cardona, George W, Bush Organizations: Madison College, Biden, Public, Education, U.S . Department of Education, Education Department Locations: Madison , Wisconsin

☆ Here's some relief student loan borrowers can still count on — at least for now — amid legal challenges
▼ + stars: | 2024-07-13 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Alexandra Pavlova | Getty ImagesThe Biden administration's efforts on student loan forgiveness have repeatedly been met with legal challenges. And experts say Biden's do-over effort at delivering sweeping debt forgiveness is almost certain to face similar opposition. Amid all the anxiety-provoking news, here's what relief student loan borrowers can still count on — at least for now. Most of SAVE plan is still in effectThe Biden administration rolled out the SAVE plan in the summer of 2023, describing it as "the most affordable student loan plan ever." "[They] deserve relief and this is why it's critical for the administration to finalize its debt relief rules and enact debt relief for as many borrowers as possible."

Persons: Alexandra Pavlova, Biden, Joe Biden's, Miguel Cardona, Aissa, Bañez Organizations: Republican, SAVE, Finance, Education Department, Biden, U.S . Department of Education, Student, Protection Locations: Arkansas, Florida, Missouri, Kansas

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