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☆ Could Trump reinstate the student debt that Biden forgave? Here's what experts say
▼ + stars: | 2024-11-20 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Under Trump, the U.S. Department of Education is likely to abandon its efforts to deliver wide-scale student loan relief , experts say. It has done so mostly by improving existing student loan relief programs that had long been plagued by problems, including the Public Service Loan Forgiveness initiative and income-driven repayment plans. In June, U.S. District Judge Daniel Crabtree in Wichita, Kansas, described student loan forgiveness as having an "irreversible impact," in his decision to block one of the Biden administration's relief measures. For example, in February, some borrowers saw their debts reinstated under the Public Service Loan Forgiveness program. In a new report, the Consumer Financial Protection Bureau cites, among the errors reported by student loan borrowers, "balance reinstatements," in which a loan servicer tacks a loan balance back on to one's account.

Persons: I've, Trump, Mark Kantrowitz, who've, Joe Biden, Betsy Mayotte, Daniel Crabtree, Biden, aren't, Kantrowitz, they've, tacks Organizations: Trump, U.S . Department of Education, Education Department, Public, The, Student Loan Advisors, District, Finance, Black, College Investor, Consumer Financial, Bureau Locations: U.S, Wichita , Kansas

The Fed cut interest rates in its September meeting, which is the first cut in years. Experts say not to rush to action with your cash savings — but start doing some research. But, the Fed finally cut interest rates by 50 basis points at its meeting on September 18 — the first rate cut since March 2020. This is true now, but it will be just as true if the Fed continues to drop the federal funds rate in the future. However, interest rate increases could lead to having to sell the note on the secondary market at a loss.

Persons: Robert Farrington, Paul Miller, Andrew Crowell, D.A, Davidson, Joseph DiSanto, DiSanto, doesn't, Holly Johnson Freelance, Holly Johnson, Johnson Organizations: Federal Reserve, Fed, The, Investor, Miller & Company, Barclays, U.S . News, Club Locations: U.S

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). AdvertisementAdvertisementAs of October 2023, student loans payments are back, but there are options if you can't afford them. As of October 2023, monthly payments are once again due on federal student loans after being paused since March 2020. Fortunately, there are solutions for people who can't afford student loan payments now. Borrowers who don't want to pay the payment on a standard 10-year repayment plan should look into income-driven repayment plans (including Biden's new SAVE repayment plan).

Persons: —, Jared Costigan, Costigan, Robert Farrington, Farrington, Danny Cieniewicz, you'll, Kantrowitz, Ben Markley Organizations: Service, White, The College Investor, Hyperion, Public, More College Financial

☆ How to Pay Off Your Student Loans
▼ + stars: | 2023-06-28 | by ( Rebecca Safier | ) www.wsj.com time to read: +13 min

Here’s how to pay off student loans in a way that works for your budget and goals. Look into specialized loan forgiveness programsWhile the Supreme Court hasn’t shared its ruling on Biden’s widespread forgiveness initiative yet, there are other options for loan discharge, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. You can pay off federal student loans early, as there’s no student loan prepayment penalty. If you want to retain access to federal protections, it wouldn’t make sense to refinance your federal student loans. In the end, there’s no single right way to pay off student loans faster.

Persons: Rebecca Safier, Biden’s, ”, Robert Farrington, you’re, you’ve, Michael Lux, “, Farrington, Autopay, servicers, autopay, servicer Nelnet, hasn’t, Adam Minsky, You’ll, Mark Kantrowitz Organizations: Education Department, College Investor, millennials, Federal, Aid, Grad, Student Loan Sherpa, Student Aid, autopay, Peace Corps, Corinthian, Education Locations: “, SavingforCollege.com

☆ What Happens If You Don’t Pay Your Student Loans?
▼ + stars: | 2023-04-25 | by ( ) www.wsj.com time to read: +9 min

Read on to understand the details of not paying your student loans:What happens if you don’t pay your student loans? “The key is to communicate with their servicer or lender.”What happens when you don’t pay your student loans varies by loan type: Defaulting on federal student loans can follow you for life, whereas private student loan collections efforts have a statute of limitations. Here’s a closer look at what happens when you don’t pay your federal student loans, followed by what happens when you don’t pay your private loans. What happens if you don’t pay your federal student loans? “The Fresh Start program is likely the best pandemic-era student loan program to actually fix structural problems hurting student loan borrowers,” says Farrington.

☆ College costs keep snowballing despite Biden’s efforts to ease student debt burden
▼ + stars: | 2022-10-01 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +6 min

Loans from private banks have gone up even faster, with some charging more than 13% for student loans this fall, people familiar with the industry said. Borrowers with existing loans that have variable rates have started seeing their monthly payments go up from the higher rates, they said. Increased costs mean many students have to borrow more money at higher rates, further exacerbating the student debt problem the Biden administration set out to address. The problem is the cost of higher education,” said Betsy Mayotte, president of The Institute of Student Loan Advisors. “We commend this administration for responding to the call of addressing of the student loan debt crisis,” said Derrick Johnson, president of the NAACP.

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