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☆ What Trump's win could mean for student loan forgiveness
▼ + stars: | 2024-11-07 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

St. Louis-based U.S. District Judge Matthew Schelp, a Trump appointee, issued the latest preliminary injunction against Biden's revised student loan forgiveness plan. Student loan forgiveness likely to dry up under TrumpU.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. Kevin Lamarque | ReutersBiden has forgiven more federal student debt than any other president. It has done so mostly by improving existing student loan relief programs that had long been plagued by problems. "The Biden administration has been making periodic announcements about loan forgiveness," Kantrowitz said.

Persons: Donald Trump, Trump's, Trump, Mark Kantrowitz, Joe Biden's, Biden, Matthew Schelp, Biden's, Kantrowitz, Joe Biden, Kevin Lamarque, Reuters Biden, George W, Bush, Mike Pierce, Mario Tama Organizations: U.S . Department, Trump, Biden, District, Center for American, Congressional Research Service, Trump U.S, Madison Area Technical, Truax, Reuters, Education Department, Public, Senate, Protection Center, University of Southern, USC, Getty Locations: Racine , Wisconsin, Louis, U.S, Madison , Wisconsin, University of Southern California, Los Angeles , California

☆ Biden extends student loan payment pause by 6 months for 8 million SAVE plan borrowers
▼ + stars: | 2024-10-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 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. Federal student loan payments for some 8 million borrowers will remain on pause for six months or longer, a spokesperson for the U.S. Department of Education said. The development on Monday comes as the administration has been dragged into a slew of legal battles waged by Republicans over its recent student loan relief efforts. The borrowers who are excused from their monthly payments are those enrolled in the Biden administration's new SAVE plan. 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, Biden Organizations: Madison Area Technical, Truax, Federal, U.S . Department of Education, Biden, Education Department, SAVE Locations: Madison , Wisconsin, U.S, Kansas and Missouri

☆ 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

☆ Student loan forgiveness may be on the way for roughly 25 million borrowers. Here's what to know
▼ + stars: | 2024-08-01 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Kevin Lamarque | ReutersThe Biden administration is sending emails to tens of millions of borrowers this week about its new plans to cancel student debt. The Department of Education estimates that at least 25 million borrowers could qualify. The same day the Supreme Court blocked President Joe Biden's first attempt at sweeping student loan forgiveness, Biden announced that the White House would try to deliver the relief another way. People who are already eligible for student loan forgiveness under one of the government's existing programs but just haven't yet applied. The Education Department is expected to publish its final rule on the debt relief sometime in October.

Persons: Joe Biden, Kevin Lamarque, Biden, Joe Biden's, IRAs, Luke Herrine, Herrine, Mark Kantrowitz, Kantrowitz, Will Organizations: Madison Area Technical, Truax, Reuters, U.S . Department of Education, CNBC, of Education, Education Department, Finance, University of Alabama Locations: Madison , Wisconsin, U.S

☆ Biden administration releases draft text of student loan forgiveness plan. Here's what borrowers need to know
▼ + stars: | 2024-04-16 | by ( Annie Nova | ) www.cnbc.com time to read: +1 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. The Biden administration on Tuesday released the draft text of its new student loan forgiveness proposal, which could reduce or eliminate the balances of millions of borrowers. The proposed rules should be formally published in the Federal Register on Wednesday and will be followed by a 30-day comment period. The regulatory text comes about a week after President Joe Biden revealed the details of his Plan B for student loan forgiveness. The Department of Education reviews comments from the public, it hopes to finalize the new rules and start canceling borrowers' debts in the fall, it said.

Persons: Joe Biden, Biden, Harris, Education Miguel Cardona, FAFSA, Biden's Organizations: Madison Area Technical, Truax, Tuesday, Federal, Biden, Harris Administration, Education, Finance, Harvard, Supreme, U.S, The Locations: Madison , Wisconsin, U.S

☆ Biden’s new student loan forgiveness plan could erase up to $20,000 in interest for millions of borrowers
▼ + stars: | 2024-04-08 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

More than 25 million federal student borrowers owe more than they originally borrowed, according to the Biden administration. It estimates that, if its new plan is enacted as proposed, borrowers will get up to $20,000 of unpaid interest on their federal student debt forgiven, regardless of their income. Borrowers would need to be enrolled in an income-driven repayment plan to qualify but shouldn't have to apply for the relief. "Student debt interest capitalization has been keeping families from accessing their version of the American Dream," said Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending. "Erasing that debt will lessen the burden of student loan debt on millions of borrowers and allow them to pay off their loans in a timely manner."

Persons: Joe Biden, Kevin Lamarque, Biden, Jaylon Herbin Organizations: Madison Area Technical, Truax, Reuters, Consumer, Center for Locations: Madison , Wisconsin, U.S

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