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☆ 8 million student-loan borrowers enrolled in Biden's new repayment plan won't have to make payments for at least another 6 months
▼ + stars: | 2024-10-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department extended the student-loan payment pause by at least 6 more months for borrowers on the SAVE plan. The department said it would reopen other repayment plans because SAVE remains blocked. AdvertisementMillions of student-loan borrowers on President Joe Biden's new repayment plan got updates on their payments due to ongoing legal challenges. In the meantime, the Education Department "re-programs its systems" to comply with the preliminary injunction on the plan. These plans were previously closed because the SAVE plan offered the same benefits as the other income-driven repayment plans.

Persons: —, Joe Biden's Organizations: Department, Service, Education Department, SAVE, Public, GOP, The Education Department

☆ Student-loan borrowers on Biden's new repayment plan have 2 options to get credit toward debt cancellation while the program is blocked
▼ + stars: | 2024-07-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Read previewThe Education Department has updates on the next steps for student-loan borrowers enrolled in President Joe Biden's new repayment plan. The ruling follows a roller coaster of court decisions regarding the SAVE plan. AdvertisementThe department recently updated its guidance on what this forbearance period means for borrowers — including two avenues for borrowers to receive forgiveness credit despite the forbearance. The first option is for borrowers on SAVE to switch to a new income-driven repayment plan, including PAYE, income-based repayment, or income-contingent repayment — all of which are not blocked in court. Along with switching repayment plans to receive credit toward forgiveness, the Education Department highlighted another option for borrowers on PSLF to receive forgiveness credit: a "buy back."

Persons: —, Joe Biden's, IDR, Donald Trump Organizations: Service, Department, Appeals, Business, SAVE, GOP, Education Department, Public, PSLF, Democrat, Invest Locations: forbearance

☆ The SAVE plan is touted as the most affordable student loan repayment option—how to know if it's right for you
▼ + stars: | 2023-08-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

The Biden administration has touted the new Saving on a Valuable Education repayment plan as the "most affordable repayment plan ever," boasting that it can cut federal student loan borrowers' payments in half and save them thousands of dollars a year. But the SAVE plan may not be the best option for you. Depending on your repayment goals and income, you might be better off sticking to the standard repayment plan or another income-driven plan. Here's a look at the factors to consider before you apply for the SAVE repayment plan. Cons of the SAVE repayment plan

Persons: Biden, you've, Lauryn Williams, who's, Williams, they've Organizations: of Education, Federal, CNBC

The Biden Administration announced $39 billion in automatic loan forgiveness to 804,000, according to a July 14 press release from the U.S. Department of Education. This wave of student loan forgiveness is separate from the forgiveness plan outlined in August 2022 that the Supreme Court recently struck down in June 2023. Under Secretary James Kvaal said in the statement that "millions of borrowers had earned loan forgiveness but never received it." Who qualifies for the Biden Administration's student loan forgiveness? With the Biden administration's widespread student debt relief blocked by the Supreme Court, the future of student loan forgiveness is currently on hold.

Persons: James Kvaal, Kamala Harris, Mark Kantrowitz, they've, accrual Organizations: Biden Administration, U.S . Department of Education, Supreme Court, Federal, Department of Education, Biden, CNBC, of Education, Department, Education, Supreme, The, CNBC Select's, Facebook, Twitter

☆ Over 800,000 student-loan borrowers are getting their debt wiped out in the coming months. Here's what other borrowers should know if they also want that relief.
▼ + stars: | 2023-07-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department announced $39 billion in debt relief for over 800,000 borrowers. On Friday, President Joe Biden's Education Department announced that over 800,000 student-loan borrowers will receive $39 billion in debt relief in the coming months thanks to a one-time adjustment to accounts enrolled in an income-driven repayment plan. Here's what borrowers should know if they want to benefit from the relief. How to make sure your loans qualifyThe account adjustment only applies to direct federal loans and FFEL loans held by the Education Department. How to get a refund if a borrower overpaysOnce a borrower reaches the repayment threshold, they automatically qualify for forgiveness.

Persons: Joe Biden's, Education Department —, you'll Organizations: Education Department, Service, Joe Biden's Education Department, Family Education, Federal Student Aid Locations: Wall, Silicon, PAYE

Many other hospitals were also reported to have come under attack on Monday, the third day of fighting in Sudan. Russia has also been trying to make inroads in Sudan, and members of the Kremlin-affiliated Wagner private military company are posted there. Leaders from around the world called for a cease-fire, but it was not clear who, if anyone, was in control of Sudan, Africa’s third-largest country, by area. “Everyone is afraid,” said Ahmed Abuhurira, a 28-year-old mechanical engineer who went out to try to charge his cellphone. “The humanitarian situation in Sudan was already precarious and is now catastrophic,” he said.

☆ New York’s student loan forgiveness program covers 24 monthly payments. Here's what borrowers need to know
▼ + stars: | 2023-01-24 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Not all student loans qualify for the state relief. Private student loans are ineligible. Unsure of what kind of student loans you hold? Up to 24 months of student loan payments availableUnder the Get On Your Feet Loan Forgiveness Program, New York state may cover your full student loan bill for up to 24 months under a qualifying income-driven repayment plan. The state makes the payments directly to your student loan servicer.

☆ What student-loan borrowers should know about Biden's new debt relief proposals — and why advocates argue they're not enough
▼ + stars: | 2023-01-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Biden proposed reforms to income-driven repayment plans for student-loan borrowers. "Today the Biden-Harris administration is proposing historic changes that would make student loan repayment more affordable and manageable than ever before," Education Secretary Miguel Cardona said in a statement. Here's what you need to know about these proposed reforms, and why some advocates are still pushing for further relief. This revision mean that the department will also be phasing out other versions of income-driven repayment plans. If you have a federal graduate or undergraduate student loan, who will be eligible for these reforms.

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