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☆ 3 options for struggling student loan borrowers when payments restart
▼ + stars: | 2023-08-10 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Jacob Wackerhausen | Istock | Getty ImagesWith other household debt on the rise, the restart of student loan payments in less than two months may cause financial hardship for many Americans. The pause on federal student loan payments is one of the last Covid pandemic-era relief measures still in effect, but the bills are expected to finally resume in October. If you're unemployed when student loan payments resume, you can request an unemployment deferment with your servicer. The maximum amount of time you can use an unemployment or hardship deferment is usually three years, per type. Kantrowitz provided an example: A $30,000 student loan with a 5% interest rate would increase by $1,500 a year under a forbearance.

Persons: Jacob Wackerhausen, Mark Kantrowitz, Kantrowitz, Betsy Mayotte, Biden Organizations: Istock, Deferments, Peace Corps, The, Student Loan Advisors Locations: Mayotte

☆ Is Biden's $39 billion student loan forgiveness action legal? 'Be assured it's going to stay,' says expert
▼ + stars: | 2023-07-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Demetrius Freeman/The Washington Post via Getty ImagesHow are the two loan forgiveness actions different? There are four of these plans, which aim to make loan payments more affordable for lower earners. That law gave the president power to revise student loan programs during national emergencies. The Trump administration had leveraged the Heroes Act to implement a student loan payment pause at the onset of the Covid-19 pandemic. However, Congress has already authorized loan forgiveness relative to income-driven repayment plans, dating to when it created them in the 1990s.

Persons: Joe Biden, Education Miguel Cardona, Demetrius Freeman, —, Biden, hasn't, Virginia Foxx, Abby Shafroth, who've, Trump, Shafroth, Kantrowitz Organizations: U.S, Education, Washington, Getty, White, U.S . Department of Education, Department of Education, National Consumer Law Center, National Consumer Law, of Education

☆ Biden administration forgives $39 billion in student debt for more than 800,000 borrowers
▼ + stars: | 2023-07-14 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

President Joe Biden announces new actions on June 30, 2023 to protect borrowers after the Supreme Court struck down his student loan forgiveness plan. The relief is a result of fixes to the student loan system's income-driven repayment plans . The Biden administration announced on Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. To bring people over the line for forgiveness, the Biden administration counted payments for borrowers who'd paused their payments in certain deferments and forbearances and those who'd made partial or late payments. The announcement comes weeks after the Supreme Court struck down President Joe Biden's sweeping student loan forgiveness plan, which would have delivered relief to about 37 million people.

Persons: Joe Biden, Biden, Education Miguel Cardona, who'd, Joe Biden's Organizations: Education, The Education Department

Georgetown University in Washington, D.C. Not everyone with debt would have been covered under the Biden administration’s student loan forgiveness plan. The Supreme Court has barred the Biden administration from carrying out its plan to extinguish up to $20,000 in federal student loan debt, and millions of borrowers will continue to struggle under the weight of their loans. Ms. Schmidt owes $64,000 in student debt, more than half of which is for her graduate work in nursing. But she’s already contemplating how she’ll finance her dream of becoming a civil rights lawyer, which typically requires an additional six figures in student debt. Yet her mother is still paying down student debt of her own.

Persons: Biden, Gina McDavitt, weren’t, Pell, “, ”, McDavitt, ” Ms, Ms, Monica Schmidt, Schmidt, Kevin Serna, Dorien Rogers, Rogers, Asha Anthony, she’s, —, Anthony, Mr, don’t, Joanna Leiserson, Brian Kaiser, “ I’m, Leiserson Organizations: Georgetown University, Biden, College of San, San Francisco State University, The New York Times, University of Phoenix, Northern Illinois University, Public, Schaun, Tax, Howard University, Salisbury University, The New York, Republicans Locations: Washington ,, College of San Mateo, Bay, Vallejo , Calif, Genoa, Ill, Germantown, Md, Credit, Montgomery County, Mesa, Maryland, Spokane, —, forbearance

☆ Borrowers brace for student loan bills to resume — '$600 a month, where is that going to come from?'
▼ + stars: | 2023-06-04 | by ( Annie Nova | ) www.cnbc.com time to read: +6 min

As a result of the policy, the average borrower likely saved around $15,000 in student loan payments, Kantrowitz said. ″[T]he one-time student loan debt relief program was intended to avoid" that problem, he added. Yet consumer advocates say the troubles for student loan borrowers are far from over. "Borrowers are not ready to resume payments," said Persis Yu, deputy executive director at the Student Borrower Protection Center. To be able to afford his student loan payment in September, Berlet plans to cut back on how much food he buys.

Persons: Donald Trump, Mark Kantrowitz, Kantrowitz, James Kvaal, Joe Biden's, Mark, Kvaal, Kevin McCarthy, Biden, McCarthy, Persis Yu, Yu, they'd, Paul, Berlet, he'll, Brooks, didn't, wasn't, Paul Berlet Organizations: Twitter, Student, Protection, Kantrowitz, Education Department, Pennsylvania Higher Education Assistance Agency, Granite State Locations: U.S, Pennsylvania, Granite, Wilmington , Delaware

☆ The federal student loan payment pause may end soon—how borrowers can get ready now
▼ + stars: | 2023-05-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +6 min

While the summer signals music festivals and vacations for many, this year it will also mean the return of federal student loan payments. Interest hasn't been accruing and borrowers haven't been required to make payments on their federal student loans since March 2020. But as the federal government winds down its pandemic relief, student loan borrowers are bracing to resume payments, or start making them for the first time. If you graduated or left school between March 2020 and now, you may have never been required to make a payment on your federal student loans. If you're not sure, you can log into your Federal Student Aid (FSA) account and scroll down to the "My Loan Servicers" section, or call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

☆ How borrowers can keep their student loan payments on hold once bills resume
▼ + stars: | 2023-03-29 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

watch nowThe Education Department in November said student bills would resume 60 days after the litigation over its student loan forgiveness plan resolves. If you're unemployed when student loan payments resume, you can request an unemployment deferment with your servicer. The maximum time you can use an unemployment or hardship deferment is usually three years per type. Forbearances also keep bills on holdStudent loan borrowers who don't qualify for a deferment may request a forbearance. Kantrowitz provided an example: A $30,000 student loan with a 5% interest rate would increase by $1,500 a year under a forbearance.

☆ President Biden just announced updates to student loan repayment—here's what borrowers need to know
▼ + stars: | 2023-01-12 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +4 min

The Biden Administration released details this week on its plan to overhaul the current income-driven repayment plan known as Revised Pay As You Earn plan (REPAYE) for federal student loan borrowers. All student borrowers with direct federal loans (not parent PLUS loans) are eligible for REPAYE repayment plans. The change would also stop interest from accruing on balances while borrowers qualify for $0 monthly payments. No interest accumulation while making regular paymentsUnder the current REPAYE plan, sometimes borrowers' monthly payments are lower than the interest accrued on the loan. Those who borrowed $12,000 or less would be eligible for loan forgiveness after 10 years of monthly payments.

☆ Biden administration warns of 'historically large increase' in student loan defaults without debt forgiveness
▼ + stars: | 2022-11-16 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020. Student loans plagued with problems before CovidEven before the pandemic, when the U.S. economy was enjoying one of its healthiest periods in history, problems plagued the federal student loan system. watch nowFederal student loan payments have been on pause since March 2020, when the coronavirus pandemic first hit the U.S. and crippled the economy. Despite offering student loan borrowers forbearances during previous natural disasters, default rates still skyrocketed, Kvaal said in the filing. "[T]he one-time student loan debt relief program was intended to avoid" that problem, he added.

☆ It's about to get easier for government and nonprofit workers with student debt to get loan forgiveness even though the waiver expires in 6 days. Here's what you need to know.
▼ + stars: | 2022-10-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department announced permanent fixes to PSLF after the waiver expires on Oct. 31. President Joe Biden's Education Department announced temporary reforms in October 2021 to the Public Service Loan Forgiveness (PSLF) program, which intends to forgive student debt for government and nonprofit workers after ten years of qualifying payments. Well instead, today we are announcing permanent changes to reduce the red tape and the confusing rules that riddle the PSLF program. How these changes will work with the PSLF waiverBorrowers who apply for the PSLF waiver by the October 31 deadline will have their payments credited under the waiver. Along with these changes, the department still recommends borrowers take advantage of the PSLF waiver before it expires by checking their eligibility here.

☆ Schlumberger evaluates options for Russia staff as Ukraine war escalates -CEO
▼ + stars: | 2022-10-20 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Oilfield services provider Schlumberger (SLB.N) is evaluating unspecified options for its thousands of Russian employees as the war in Ukraine escalates, Chief Executive Olivier Le Peuch told Reuters an interview. Among Western companies that did not exit following the February invasion of Ukraine, Schlumberger is one of the biggest employers in Russia. Ukrainian Foreign Minister Dmytro Kuleba in a tweet blasted the firm's Russia presence as contributing to war crimes and genocide. President Vladimir Putin last month issued a decree seeking to add 300,000 troops to the war effort amid high casualties in Ukraine. Le Peuch said Schlumberger "management in the country is pursuing all options to assist employees," without providing details.

☆ The Columbus, Ohio, Warehouse Boom: How warehouses brought stifling dust and diesel fumes — and a chance for refugees to grab the American dream
▼ + stars: | 2022-10-19 | by ( Emma Cosgrove | Katherine Long | ) www.businessinsider.com time to read: +27 min

What binds them, despite different nationalities, immigration stories, and languages, are warehouse jobs. As Columbus' warehouse development begins encroaching into residential areas, a consensus is gathering here — as it has elsewhere — that warehouses make for poor neighbors. Tariq Tarey for InsiderIn Canal Winchester, Halstead's efforts to put the question of warehouse development before voters were stymied. The town council bypassed her group's referendum by declaring a state of emergency to approve the warehouse development. There aren't clear lines between the winners and losers of Columbus' warehouse boom.

☆ EXCLUSIVE Schlumberger faces employee backlash in Russia over cooperation on draft
▼ + stars: | 2022-10-14 | by ( Liz Hampton | ) www.reuters.com time to read: +5 min

Human rights groups are watching how the company responds to the concerns. Schlumberger suspended new investments and technology deployment in Russia, but unlike some of its peers and customers, decided to remain. Schlumberger leaves decision-making on Russia employment policies to local managers, the U.S.-based spokesperson said. The Business & Human Rights Resource Centre requested information from Schlumberger and other non-Russian companies with operations in the country on their handling of the mobilization. Schlumberger rivals Baker Hughes (BKR.O) and Halliburton (HAL.N) are selling or have sold their oilfield services units in Russia.

"The mobilisation declaration and the strengthening of geopolitical and sanctions risk are launching the second wave of the economic crisis," said Evgeny Suvorov, an economist at CentroCreditBank, expecting Russia's economic contraction to worsen in the final months of the year. But there was no acknowledgement of any link to his sudden partial mobilisation announcement on Sept. 21. The central bank on Tuesday said economic activity in Russia slowed significantly at the end of September. "The main consequence of mobilisation is the loss of human capital," said veteran economist Natalya Zubarevich. "It was possible to count exclusively on human capital to pull the economy through, but now a part of this human capital of productive age is subject to mobilisation and another part is leaving," Polevoy said.

You may be eligible for payment assistance toward your mortgage, car payment, credit card, personal loan, or private student loan. 34 banks helping customers impacted by the coronavirusAlly BankMortgagesYou can defer mortgage payments through Ally for up to 120 days. ChaseMortgagesChase is offering mortgage payment assistance. Car paymentsTo request payment assistance for a car loan or other type of consumer loan, visit Regions' loan assistance page or call 1 (866) 298-1113.Credit cardsTo request payment assistance for a credit card, visit Regions' loan assistance page or call 1 (866) 298-1113. Personal loansWebster is offering personal loan payment assistance on a case-by-case basis.

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