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☆ A couple with over $250,000 in student debt finally got their balance wiped out after nearly 3 decades of repayment: 'This is life-altering for us'
▼ + stars: | 2023-08-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

"I fully expect this debt will follow me to the grave," Ron Rizzardi told Insider in 2021. AdvertisementAdvertisementRon and Marcia Rizzardi just got their student-loan balance forgiven. "It's a little unbelievable — surreal, maybe," Ron Rizzardi told Insider after he received that letter. AdvertisementAdvertisementFor the Rizzardis, their chapter of student-loan repayment is now closed. "I had just gotten back from a meeting, and I sat down, and I just got into the habit of looking at my servicer's account every day," Ron Rizzardi said.

Persons: Ron, Marcia Rizzardi, Ron Rizzardi, Harris, we'll, it's, I've, Joe Biden's, We've, We'd, It's, —, servicers Organizations: Service, Harris Administration, Students, Education Department Locations: Wall, Silicon

As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."

Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America

☆ How Biden's new student-loan repayment plan could keep borrowers from owing far more debt than they originally took out
▼ + stars: | 2023-08-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden formally launched the new income-driven repayment plan, known as the SAVE plan. Interest capitalization often keeps borrowers in repayment without being able to touch their principal balance. AdvertisementAdvertisementThe new SAVE plan would work to prevent that from happening. AdvertisementAdvertisementAside from the SAVE plan, the Education Department had previously announced plans to tackle growing interest on borrowers' balances. The formal launch of the SAVE plan comes as the student-loan payment pause is about to end after over three years.

Persons: Biden, Joe Biden's, Biden's Organizations: Service, Economic Advisors, CEA, Education Department, Higher Locations: Wall, Silicon, Biden's

☆ Distressed US corporate debt trading touches 11-month low: JPM
▼ + stars: | 2023-08-08 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Stephanie Keith/File Photo/File PhotoAug 8 (Reuters) - The amount of U.S. corporate loans and bonds trading at distressed levels has reached its lowest in 11 months, according to a JPMorgan (JPM.N) research report on Tuesday. However, the volume of junk-rated corporate loans themselves trading at distressed levels has fallen for two consecutive months, nearing a year-to-date low in July, it said. At the end of July, $110 billion of outstanding loans traded at distressed levels. It marked the second straight month of declining distressed trading of junk-rated loans, after reaching a year-high in May, according to data in the report. At 22%, loans to junk-rated healthcare sector issuers made up the highest portion of distressed trading last month, according to the JPMorgan report.

Persons: Stephanie Keith, Shirley Singh, Singh, Matt Tracy, Deepa Babington Organizations: JPMorgan, REUTERS, Moody's Investors Service, Moody’s, Thomson Locations: New York City, U.S, . Federal

☆ The lawsuits to block student-loan forgiveness keep coming — and the latest would keep borrowers who 'have earned the forgiveness' in debt, Biden's Education Department says
▼ + stars: | 2023-08-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Conservative groups filed a lawsuit last week to block Biden's latest student-debt relief effort. The relief would discharge loans for over 800,000 borrowers on income-driven repayment plans. But there are similarities in the arguments from the October lawsuit, and the most recent one challenging the income-driven repayment relief. "Unlawful cancellation of student-loan debt reduces the amount of a borrower's PSLF-cancellable debt and thus reduces the amount by which PSLF benefits qualified employment," it said. It's unclear how this lawsuit will impact debt discharges, but the administration has made no indication yet that the process will be halted.

Persons: Joe Biden's, —, Harris Organizations: PSLF, Service, New Civil Liberties Alliance, Cato Institute, Mackinac Center for Public, Education Department, Biden, Harris Administration, Public, Cato Institute and Mackinac Center, Federal Register Locations: Wall, Silicon

☆ Some student-loan companies are offering borrowers cheaper payments before the October restart. Making the switch could strip away a range of debt relief programs.
▼ + stars: | 2023-08-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some student-loan companies are encouraging federal borrowers to refinance before the payment restart. Companies that manage private loans have started reaching out to federal borrowers, encouraging them to refinance their federal debt to get a better deal on payments. For example, SoFi — a student-loan refinancing company — sent letters to borrowers last month with a header reading, "Federal student loan forbearance is ending soon. Consumer Financial Protection Bureau Advisor to the Director Andrea Matthews told Insider in September that "the benefits to having a federal student loan have never been more tangible. Before federal payments resume in October, borrowers can enroll in the Education Department's new SAVE Plan, which is an income-driven repayment plan intended to lower monthly payments.

Persons: Joe Biden's, It's, —, forbearance, Biden's, Earnest, refinancer, refinancers, Andrea Matthews, Tanya Burnett, Burnett Organizations: Service, Education Department, Public, Biden, Consumer Financial Locations: Wall, Silicon

☆ A conservative group filed a lawsuit to block $39 billion in debt relief for 800,000 borrowers on income-driven repayment plans
▼ + stars: | 2023-08-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Conservative groups just filed a lawsuit to block Biden's latest student-debt relief effort. Last month, Biden announced $39 billion in relief for 800,000 borrowers through an adjustment to income-driven repayment plans. Last month, the Education Department said it would be automatically canceling $39 billion in student debt for 804,000 borrowers as a result of changes to the department's income-driven repayment plans. The relief was for borrowers who have completed the necessary 20 or 25 years of qualifying payments. They argued that as nonprofits, "unlawful cancellation of student-loan debt reduces the amount of a borrower's PSLF-cancellable debt and thus reduces the amount by which PSLF benefits qualified employment."

Persons: Biden, Joe Biden's, —, Biden's Organizations: Service, New Civil Liberties Alliance, Cato Institute, Mackinac Center for Public Policy, Education Department, Court, Eastern, Eastern District of Michigan, Department, Public Locations: Wall, Silicon, Eastern District

See our picks for the best personal loans for bad credit >>Steps to get a loan with bad credit1. Get your most recent credit scoreIt's one thing to suspect you have bad credit, and another to know exactly how bad it is. Consider a credit unionCredit unions are a great option for those looking to get a loan with bad credit. Where to get a personal loan with bad creditYou can get a personal loan with bad credit from many banks, credit unions, and online lenders. How to get a loan with bad credit FAQsIs there really a way to get a loan with bad credit?

Persons: It's, it's, We've, Jamie Young, Young, Priyanka Prakash, Prakash, Nathalie Noisette, Experian, Holly Johnson, Johnson, Banks, Josh Goodwin, Eric Rosenberg, you'll Organizations: Service, you'll, Credit, Companies, Business, Goodwin Mortgage Group, National Credit Union Administration, Chevron Locations: Wall, Silicon

U.S. Capitol police stand outside the Capitol building as the Senate votes on debt ceiling legislation to avoid a historic default at the U.S. Capitol in Washington, U.S., June 1, 2023. Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills. With the downgrade it becomes the second major rating agency after Standard & Poor’s to strip the United States of its triple-A rating. Investors use credit ratings to assess the risk profile of companies and governments when they raise financing in the debt capital markets. Other analysts had pointed to the risk that another downgrade by a major rating agency could affect investment portfolios that hold top-rated securities.

Persons: Evelyn Hockstein, Fitch, Joe Biden, Janet Yellen, Biden, Karine Jean, Pierre, Keith Lerner, Raymond James, Ed Mills, Mohamed El, Davide Barbuscia, Jyoti Narayan, Lewis Krauskopf, Saeed Azhar, Megan Davies, Arun Koyyur, David Gregoiro, Gerry Doyle Organizations: Capitol, U.S, REUTERS, White, AAA, Standard, Democratic, Republican, Treasury, Advisory Services, ” Treasury, Fitch, AA, Queens ' College, Thomson Locations: Washington , U.S, States, United States, Atlanta, New York, Bengaluru

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). The easiest personal loans to get are ones with low or flexible credit score requirements. Quick tip: A secured personal loan is even easier to qualify for than a traditional personal loan . There are more places than ever to get personal loans, but there isn't a one-size-fits-all personal loan source for everyone. Because of their lax credit score requirements, these lenders are often the easiest overall sources of personal loans.

Persons: you've, you'll, Michael Pugh, Banks, Pugh Organizations: Service, Federal Savings Bank, Chevron Locations: Wall, Silicon, Plenty, Chevron

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

☆ 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

☆ Owe federal student loans and earn $15 an hour or less? You could qualify for a $0 monthly payment
▼ + stars: | 2023-07-07 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

The SAVE plan will replace the existing REPAYE plan and offer the lowest monthly payment of any IDR plan available, the Education Department announced last week. Here's how the SAVE plan works and how you may be able to use it to manage your loans. Bigger income protections Similar to the REPAYE plan, the SAVE plan caps monthly payments at a percentage of your discretionary income, currently 10%. So any borrower earning that salary — which is about $15 an hour for a full-time worker — or less could qualify for a $0 monthly payment on the SAVE plan. No co-sign required for married borrowers Borrowers will be able to apply for the SAVE plan without having their spouse co-sign.

Persons: Joe Biden's, Biden, Here's Organizations: Education Department, SAVE, Department of Education

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Borrowers who have refinanced federal loans into private loans are ineligible for forgiveness. See Insider's picks for the best student loan refinance lenders >>What is Biden's student loan forgiveness plan? Federal student loans you've refinanced are not eligible for forgiveness under Biden's debt relief plan. Types of student loans that are eligible for forgivenessThe Education Department maintains a list of eligible student loans on its website, which includes the following:Federal Direct Loans — subsidized, unsubsidized, PLUS loans, and consolidation loansFederal Family Education Loan (FFEL) Program loans (ended in 2010)Federal Perkins Loan Program loans (ended in 2017)Education Department-held defaulted loansAll loans funds must have been received on or before June 30, 2022.

Persons: Pell Grant, —, Biden, Pell, you've, doesn't, Andrew Latham, Biden's, Perkins, Latham Organizations: Service, —, Pell Grants, Education Department, US, of Education, Department, Federal, Family Education, Loan Program, Public

☆ A key driver behind ballooning student-loan balances is about to come back after a 3-year pause
▼ + stars: | 2023-06-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Student-loan payments, and interest, have been on pause for over three years. Interest has been a key driver of surging student-loan balances due to capitalization. "I feel like I've actually been responsible, and I've paid a considerable amount of money on my student loans," Wise said. "The only policy that has ever ended this debt cycle is the repayment pause, and the cycle is all but guaranteed to restart once the repayment pause comes to an end." "It would be political malpractice to have students repay student loans under Biden when Trump provided the relief," California Rep. Ro Khanna told The Washington Post.

Persons: —, David Wise, I've, Wise, Miguel Cardona, Joe Biden, Biden, " Cardona, Trump, Ro Khanna Organizations: Service, Education Department, Supreme, Jain, Institute, Federal Student Aid, Congress, Democratic, Biden, Washington Post Locations: California

See Insider's picks for the best personal loans >>Compare Personal Loan RatesHow to get a $5,000 loanYou'll need to meet some lender qualification requirements before you can be approved for a $5,000 loan. How to qualify for a $5,000 loan with bad creditCredit scores are key in determining whether or not you'll be able to pay back your loan. Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to get a $5,000 loan FAQsHow much would a $5,000 loan cost per month? The monthly cost of a $5,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.

Persons: —, You'll, they'll, Goldman Sachs, Avant, you've Organizations: Service, Social, National Credit Union Administration, PenFed Credit, Chevron Locations: Massachusetts , Ohio, New Mexico, Georgia

☆ Meet a millennial radio host in England with 62,000 pounds in student debt who says he's 'not that worried about it' — even though 'there's no option to pay it all off'
▼ + stars: | 2023-06-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Jordan Lee, 28, has 62,000 pounds in student debt and works as a radio host in Manchester, England. Jordan Lee, 28, has 62,000 pounds in student debt. In the meantime, monthly payments are required to receive eventual relief, and spiking interest rates have made that more of a burden. One couple, for example, started with $54,000 in student debt, paid $140,000 toward it, and still owe $130,000 — all thanks to surging interest rates on student loans in the US. "When it comes to university and getting a degree, it's like, there's the 50,000 pounds debt there.

Persons: Jordan Lee, he's, —, Lee, who's, that's, Joe Biden's, you'll, You've Organizations: Service Locations: Manchester, England, London, United Kingdom

"The risk of a downgrade is exacerbated every time Congress flirts with the debt ceiling," said Calvin Norris, Portfolio Manager & US Rates Strategist at Aegon Asset Management, who sees another downgrade as still a risk. Economic damage from the 2011 and 2013 debt ceiling battles had a chilling impact. Rating agency Fitch and other smaller agencies recently placed the U.S. credit rating under review. Reuters GraphicsCASCADE EFFECTInvestors use credit ratings as one of the metrics to assess the risk profiles of governments and companies. In the 2013 debt ceiling crisis the legislative standoff did not cause a rating downgrade, although Fitch placed its rating under review.

Persons: Kevin McCarthy, Joe Biden, Leah Millis, Calvin Norris, Wendy Edelberg, Edelberg, Fitch, William Foster, ”, Andy Sparks, Olivier d'Assier, Peter Crane, MSCI's Sparks, Davide Barbuscia, Megan Davies, Nick Zieminski Organizations: U.S, White, REUTERS, Senate, Republicans, Aegon Asset Management, AAA, Government, Office, The, Brookings Institution, Moody's, Moody’s Investors Service, Applied Research, Crane, Treasury, Thomson Locations: Washington , U.S, U.S, United States, Washington, APAC, Qontigo

☆ Meet a single dad with $550,000 in student loans for his 5 children: 'I'm just not going to take the chance on not sending my kids to school'
▼ + stars: | 2023-06-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

He took out parent PLUS loans to fund their education and told Insider he now has $550,000 in debt. Clark was preparing to pay for his five kids' education as part of a two-income family, but he and his wife divorced in 2011. Just a few years later, when the children started going to college, he decided to turn to federal loans to finance their education himself. Parent PLUS loans, the type of loan Clark is paying off, are federal loans that let parents pay for their children's education. Clark says he wanted what was best for his kids, and parent PLUS loans allowed him that opportunity.

Persons: Reid Clark, —, Clark, isn't, Andrew Gillen, It's, Joe Biden's Organizations: Service, Parent, Texas Public, Foundation, Yahoo Finance Locations: Pennsylvania, East

☆ The homeowner basics of financing solar power for residential real estate
▼ + stars: | 2023-05-21 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +11 min

There are a host of complicated issues in the solar market, including some contentious politics. Last year, the growth of residential solar in the U.S. boomed. It won't repeat that in 2023, but will remain a large part of the solar market. Ohio, for example, has a state program that offers a reduced rate on a solar loan with certain lenders. GoodLeap (26% of the residential solar market) was No.

☆ Biden administration has canceled $66 billion in student debt. How to know if you qualify
▼ + stars: | 2023-05-14 | by ( Annie Nova | ) www.cnbc.com time to read: +6 min

Still, advocates are worried about the administration's plan to soon resume federal student loan payments, which have been suspended since March 2020, without deeper debt cancellation. Even before the Covid-19 pandemic, 1 in 4 student loan borrowers were in delinquency or default. Here's a breakdown of the debt relief already granted — and how to know if you qualify for it. Defrauded borrowers got $13 billion in reliefThe Biden administration has been focused on canceling the student debt of borrowers who say their colleges misled them. Betsy Mayotte president of The Institute of Student Loan AdvisorsThe Project on Predatory Lending at Harvard University has a list of some of the institutions that were part of a student loan cancellation settlement.

☆ 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.

The changes will update the current fee structure on the majority of loans originated by mortgage lenders in the US. Prior to these fee changes, that same borrower would been charged a fee equal to 0.75% of the loan amount. On a $300,000 loan, that's the difference between a $375 fee and a $2,250 fee. While fees have generally been reduced for borrowers with lower scores compared to the old fee structure, those with low scores will still pay higher fees than those with high scores. DTI fee changes coming August 1Another fee change is set to go into effect on August 1, after its implementation was postponed following pushback from the mortgage industry.

☆ When buying a Tesla or other electric vehicle, a green auto loan could make it cheaper
▼ + stars: | 2023-04-16 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +5 min

Beyond financial credits and rebates, many car shoppers don't know they may also be able to get a better deal on a car loan associated with an electric vehicle. These so-called green auto loans aren't necessarily well-advertised, so consumers need to do their homework. There's no difference between green auto loans and other car loans, other than that the borrower might be able to get a discount for purchasing an EV. A standard internal combustion car loan is set in 12-month increments from 24 months to 84 months, with 72 months typical. By contrast, green auto loans could extend the repayment beyond the standard timeframe, at favorable rates, he said.

☆ This new paperwork rule could make getting student-loan forgiveness easier for government and nonprofit workers
▼ + stars: | 2023-04-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department updated guidance for applying for Public Service Loan Forgiveness. Previously, strict paperwork requirements caused many borrowers' applications to be rejected. President Joe Biden's Education Department updated guidance for the Public Service Loan Forgiveness (PSLF) program, which is intended to forgive student debt for government and nonprofit workers after ten years of qualifying payments. "FSA has begun to implement and test a digital employer signature for PSLF," an Education Department spokesperson told Insider. In October 2021, it implemented a limited-time waiver to allow previously ineligible payments to count toward a borrower's loan forgiveness progress.

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