Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Education Department"


25 mentions found


Endowment tax in focus: Here's what to know
  + stars: | 2024-08-08 | by ( Robert Frank | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEndowment tax in focus: Here's what to knowCNBC's Robert Frank, Natasha Sarin, Yale Law School and Yale School of Management professor and former Treasury Department official, and William Trachman, Mountain States Legal Foundation general counsel and former Trump education department appointee, join 'Squawk Box' to discuss JD Vance's plan to tax university endowments, how much revenue the tax would raise, and more.
Persons: CNBC's Robert Frank, Natasha Sarin, William Trachman, JD Organizations: Yale Law School, Yale School of Management, Treasury Department, States Legal Foundation, Trump Locations: States
The Department is still working out the details of the plan, and will notify eligible borrowers soon. "Once these rules are finalized, 30 million Americans will get to benefit and experience the life-changing impact of student debt cancellation," said Aissa Canchola Bañez, policy director at the Student Borrower Protection Center. These are the four groups who stand to benefit from partial or full debt relief, if the plan survives the inevitable next round of lawsuits. Many student loan borrowers aren't aware of the relief options available to them, such as income-driven repayment plans and the Public Service Loan Forgiveness program, consumer advocates say. The Education Department says it will look into when those underlying loans initially entered repayment.
Persons: Joe Biden, Irfan Khan, Biden, Joe Biden's, Canchola, haven't Organizations: Los Angeles Times, Getty, Education Department, Student, Protection, Department, Public Locations: Culver City , California
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe Education Department is getting closer to delivering student-loan forgiveness to millions of borrowers. Specifically, the department said that only borrowers who have "entered repayment on at least one of their loans when the debt relief is applied would be eligible for forgiveness on the loan(s) in repayment." Borrowers with PLUS loans are considered to have entered repayment when their loans are fully disbursed. Are you hoping to benefit from Biden's student-loan forgiveness plan?
Persons: , Joe Biden's Organizations: Service, Department, Higher, Business, Public, Federal, Aid
Related storiesShould the plan ultimately be blocked, David said he might have to sell his home or get a second job to afford higher student-loan payments again. But he's highly concerned about his fate with the SAVE plan up in the air. They cited an estimate from the Wharton School of the University of Pennsylvania that found the SAVE plan could cost $475 billion over 10 years. Are you enrolled in the SAVE plan and concerned about student-loan payments? Will student loans influence how you vote in the election?
Persons: David, David —, , Joe Biden's, we've, you'll, he's Organizations: Service, Business, BI, Circuit, GOP, Education Department, Wharton School, University of Pennsylvania, SAVE Locations: recalculate
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
Two federal judges in Kansas and Missouri on Monday at the urging of several Republican-led states blocked President Joe Biden's administration from further implementing a new student debt relief plan that lowers payments. The Biden administration is gearing up to try to forgive the student debt of tens of millions of Americans again, after the Supreme Court struck down its first effort last year. In the coming days, the U.S. Department of Education will begin emailing borrowers who may be eligible for the wide-scale loan cancellation, the department said on Wednesday. The same day the Supreme Court blocked President Joe Biden's first attempt at sweeping student loan forgiveness, he announced that the White House would try to deliver the relief another way. For his Plan B, he has directed the Education Department to pursue the regulatory process, which experts say should increase its chances of surviving the inevitable next round of legal challenges.
Persons: Joe Biden's, Biden, Harris, who've, Education Miguel Cardona, IRAs Organizations: Republican, U.S . Department, Education, Biden, Finance, Education Department Locations: Kansas, Missouri
On Wednesday, the Education Department announced it was taking another step toward implementing its plan to cancel student debt using the Higher Education Act of 1965. A copy of the email reviewed by Business Insider told borrowers that "if you WANT to be included in potential student debt relief, you don't need to take any action." "Today, my Administration took another major step to cancel student debt for approximately 30 million Americans," Biden said in a statement. "Despite attempts led by Republican elected officials to block our efforts, we won't stop fighting to provide relief to student loan borrowers, fix the broken student loan system, and help borrowers get out from under the burden of student debt." The Education Department released its draft rules for debt relief in April.
Persons: , Joe Biden's, Biden, Harris, Miguel Cardona Organizations: Service, Education Department, Higher, Business, finalization, Republican, Biden, Harris Administration
The number of federal student loan borrowers with six-figure debts is on the rise. In the second quarter of 2024, 2.4 million borrowers carried a federal student loan balance between $100,000 and $200,000, up from 1.8 million people who owed that much during the same period in 2017, according to new data by the U.S. Department of Education. Meanwhile, 1 million people had a federal student loan balance of more than $200,000, up from 600,000 individuals. Wayne Johnson, who served as the chief operating officer of the Office of Federal Student Aid from 2017 until 2019, tells CNBC he saw some eye-popping balances during his time at the Education Department. "There are quite a number of people who owe the federal government over $2 million in federal student loans," Johnson said.
Persons: Wayne Johnson, Johnson, IRAs Organizations: U.S . Department of Education, Federal, Aid, CNBC, Education Department, Finance, Wall Street
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
"I want to be able to just breathe, but retiring and having to pay for student loans when I'm not even working anymore and paying most of my Social Security to student loans, it's ridiculous. Hill said the uncertainty with her student loans is forcing her to push back her timeline to retire. She's a teacher and has loans because she went back to school in 2009 to get her teaching degree, which she funded through grants, scholarships, and student loans. AdvertisementThe Education Department has vowed to continue fighting for the SAVE plan in court. Are your student-loan payments influencing how you will vote in the election?
Persons: , Rebecca Hill isn't, Hill, Joe Biden's, that's, I've, She's, she's, I'm, Trump, Biden's, Biden, Mitch McConnell, Bill Cassidy, Kamala Harris Organizations: Service, Trump, Business, Security, GOP, Circuit, University of Pennsylvania's Wharton School, Democratic Party, Invest, Republican, Department, Public Locations: Wisconsin, PSLF
We Are | Digitalvision | Getty ImagesFederal student loan payments are on pause for millions of borrowers while the Biden administration defends its new relief program in court. The U.S. Department of Education is placing federal student loan borrowers enrolled in the Biden administration's new income-driven repayment plan, known as SAVE, into an administrative forbearance. The SAVE plan has been a magnet for controversy ever since the Biden administration rolled out the program in the summer of 2023, describing it as "the most affordable student loan plan ever." Borrowers can explore their other repayment plan options, "but that would lead to a higher monthly loan payment," Kantrowitz said. "By staying in the SAVE plan, the borrower doesn't lose anything other than time," he added.
Persons: They'll, IRAs, Biden, Mark Kantrowitz, Kantrowitz Organizations: Getty, Biden, U.S . Department of Education, Finance, White, SAVE, Education Department, Republican Locations: forbearance, Missouri
Throughout his repayment, Pedrick has been on an income-driven repayment plan, which calculated his payments based on his five-figure salary. "And I was really thankful not to have to pay my student loan payments at that point." Earlier this year, two separate groups of attorneys general filed lawsuits to block the SAVE plan. The department is still carrying out account adjustments, during which it brings borrowers' payments up to date to bring them closer to relief. Are you concerned about the future of your student-loan payments?
Persons: Alan Pedrick, he's, Pedrick, Joe, He's, Biden, — Pedrick, Bill Cassidy, Biden's, Cassidy, Miguel Cardona, Cardona, it's, I'm Organizations: Service, Business, GOP, SAVE, forbearance, Education Department, Senate, Republican
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA major student-loan company just got hit with a lawsuit over claims it harmed the millions of borrowers it services. The lawsuit claims that MOHELA's mismanagement has harmed the 8 million borrowers it services and requests that a judgment be entered requiring MOHELA to provide relief to harmed borrowers for violating consumer protection law. "Individually, any one of MOHELA's failings would be sufficient to cause financial, mental, and emotional distress," the lawsuit said.
Persons: , servicer MOHELA, MOHELA, Randi Weingarten, it's, Elizabeth Warren, Chuck Schumer, Bernie Sanders, Warren, Winston Berkman, Breen Organizations: Service, Teachers, Business, Education Department, AFT, Federal, Democratic, we're Locations: American, Sens
This could be good news for student-loan borrowers looking for relief. When it comes to broader student-loan forgiveness, Harris has stood behind Biden's efforts to cancel student debt. AdvertisementBiden's administration is now working toward a second attempt at broader student-loan forgiveness, which is expected to benefit over 30 million borrowers. Harris's office did not immediately respond to a request for comment from Business Insider on the higher education and student-loan forgiveness policies she might prioritize as a candidate. Beyond student-loan forgiveness, Harris has also vouched for free college and supported Sen. Bernie Sanders's College for All Act, which would make tuition free for students at community colleges and four-year public institutions making up to $125,000 a year.
Persons: , Joe Biden, Kamala Harris, Biden, Harris, Pell Grant, Sen, Bernie Sanders's Organizations: Service, Business, Corinthian College, Education Department, Corinthian, Administration, Politico, Bernie Sanders's College, All
Amid a widespread global IT outage, some investors were experiencing disruptions on Friday at financial services companies, including Charles Schwab , one of the country's largest brokerage firms. The issues stem from a faulty software update from cybersecurity company CrowdStrike, which affected businesses worldwide, including airlines, banks and media outlets. CrowdStrike CEO George Kurtz said the company is "actively working with customers impacted by a defect found in a single content update for Windows hosts." A banner across Charles Schwab's website said "certain online functionality may be intermittently slow or unavailable," noting that phone services may be disrupted with "longer than usual hold time." Charles Schwab did not immediately respond to CNBC's request for comment.
Persons: Charles Schwab, George Kurtz, Charles Schwab's Organizations: Windows, Finance, Education Department
US President Joe Biden speaks about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024. The U.S. Department of Education says it will pause millions of student loan borrowers' payments while it defends its relief plan against legal challenges. Borrowers enrolled in the Biden administration's new repayment plan, known as SAVE, will be placed "in an interest-free forbearance," according to a statement from U.S. Secretary of Education Miguel Cardona. "It's shameful that politically motivated lawsuits waged by Republican elected officials are once again standing in the way of lower payments for millions of borrowers," Cardona said. 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, Education Miguel Cardona, White, Biden, Cardona Organizations: Madison Area Technical College, U.S . Department of Education, Biden, Education, Republican, Finance, Education Department, SAVE Locations: Madison , Wisconsin, Arkansas, Florida, Missouri
The Education Department announced $1.2 billion in debt relief for 35,000 student-loan borrowers in public service. The relief is a result of ongoing fixes to the Public Service Loan Forgiveness program. AdvertisementAnother batch of student-loan borrowers will soon see their balances turned to zero. On Thursday, President Joe Biden's Education Department announced that it approved $1.2 billion in student-loan forgiveness for 35,000 public service workers. The relief is a result of ongoing fixes to the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments.
Persons: , Joe Biden's Organizations: Education Department, Public, Service, Joe Biden's Education Department, Business
US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. The Biden administration announced it will cancel $1.2 billion in student debt for 35,000 workers, as a result of its recent fixes to a popular debt relief program for public service workers. But the program has been plagued by problems, making people who qualified for the relief a rarity in the past. Under the Biden administration, the U.S. Department of Education gave borrowers a second chance to qualify, as long as they'd been making payments on their loans and working for an eligible employer. The Biden administration has so far cleared $69.2 billion in student debt for 946,000 borrowers under PSLF, according to the Education Department.
Persons: Joe Biden, Biden, Harris, Education Miguel Cardona, George W, Bush Organizations: Madison College, Biden, Public, Education, U.S . Department of Education, Education Department Locations: Madison , Wisconsin
However, with a sticker price of nearly $80,000 per year, including tuition, fees, and room and board, Montiel-García, like many college hopefuls, needed financial aid to bring the cost down. Because of problems with the new form, financial aid award letters were delayed and some high school seniors, like Montiel-García, had trouble applying for any aid at all. In previous years, financial aid award letters were sent out at about the same time as admission letters, meaning students had several weeks to compare offers ahead of National College Decision Day, the deadline for most admitted students to decide on a college. Because of the extensive delays this year, some students won't get their final financial aid award letter until the end of August, the U.S. Department of Education said in a recent update. The high school graduate from Riverdale Park, Maryland, secured enough additional funding from the Maryland College Aid Processing System to afford his top choice school: Towson University.
Persons: Ramon Montiel, García Ramon Montiel, Montiel, García, , NCAN, Laura Ipsen, Eric Greenberg, Andrea Garcia, Garcia, Emory doesn't, Mark Kantrowitz, Greenberg, mani Murphy, Murphy Organizations: KIPP, Denver Leadership Academy, Colorado ., KIPP Northeast Denver Leadership Academy, Wheaton College, Federal Student Aid, Wheaton, University of Colorado, National College, Greenberg Educational Group, U.S . Department of Education, Emory University, Education Department, Riverdale, Maryland College, Towson University Locations: García, Colorado, Massachusetts, U.S, Montiel, Denver, New York, Atlanta, Ky, Riverdale Park , Maryland, Towson
Read previewSheila Reed, 57, is no longer facing a lifetime of student-loan payments. 'I'm just glad it's over'Reed didn't know she would struggle so much to pay off her student loans. But with the relief, she can now begin to save money as she nears retirement and is grateful her student loans are in the rearview mirror. Advertisement"Now, when I do think about the student loans, I think of them being discharged," she said. Are you struggling with student-loan payments?
Persons: , Sheila Reed, Reed, I'm, Reed didn't, she's Organizations: Service, Westwood College, Business, BI —, Education Department, Westwood, Public, Corinthian Colleges, ITT Technical Institute, Republican
Alexandra Pavlova | Getty ImagesThe Biden administration's efforts on student loan forgiveness have repeatedly been met with legal challenges. And experts say Biden's do-over effort at delivering sweeping debt forgiveness is almost certain to face similar opposition. Amid all the anxiety-provoking news, here's what relief student loan borrowers can still count on — at least for now. Most of SAVE plan is still in effectThe Biden administration rolled out the SAVE plan in the summer of 2023, describing it as "the most affordable student loan plan ever." "[They] deserve relief and this is why it's critical for the administration to finalize its debt relief rules and enact debt relief for as many borrowers as possible."
Persons: Alexandra Pavlova, Biden, Joe Biden's, Miguel Cardona, Aissa, Bañez Organizations: Republican, SAVE, Finance, Education Department, Biden, U.S . Department of Education, Student, Protection Locations: Arkansas, Florida, Missouri, Kansas
AP —Twelve schoolchildren and their driver were killed in South Africa on Wednesday when their minibus overturned and caught fire on a road in Gauteng province, officials said. Seven other children were injured in accident, which took place in the town of Merafong, west of the country’s economic hub Johannesburg. Education and transport officials visited the scene of the crash and the injured children at a hospital in the nearby area of Carletonville. Head of the Gauteng provincial government, Panyaza Lesufi, also visited the injured children. Gauteng education department spokesman Steve Mabona said 11 of the children who died attended Rocklands Primary School while the twelfth child went to Laerskool Blyvooruitsig in Carletonville.
Persons: Panyaza Lesufi, Steve Mabona, Laerskool, ” Mabona Organizations: Rocklands Primary Locations: South Africa, Gauteng, Merafong, Johannesburg, Carletonville, South
Read previewLegal challenges against student-debt relief efforts continue, making the fate of millions of borrowers all the more uncertain. When it comes to higher education, the ruling will impose more barriers on regulations that are particularly controversial, like efforts to forgive student debt. The Education Department is working on finalizing its second attempt at a broader debt relief plan, which it hopes to implement this fall. But striking down Chevron could pose even more barriers to debt relief and many higher education regulations borrowers rely on. After the Supreme Court's Chevron ruling, Sen. Bill Cassidy — top Republican on the Senate education committee — sent a letter to Education Sec.
Persons: , Chevron, Jon Fansmith, Fansmith, Joe Biden, haven't, It's, Neal Hutchens, Sen, Bill Cassidy —, Miguel Cardona, Cassidy, Hutchens Organizations: Service, Business, American Council, Education, Higher, Education Department, Chevron, of Educational Policy, University of Kentucky, Republican, Sec Locations: Chevron
The Education Department announced it plans to finalize its broader student-loan forgiveness plan in October. This means millions of borrowers could get relief weeks before the election. The department also plans to propose a separate debt relief rule for borrowers facing hardship. AdvertisementMillions of student-loan borrowers could benefit from President Joe Biden's broader debt relief plan just weeks before the election. The department's broader plan to cancel student debt — proposed after the Supreme Court struck down Biden's first attempt — is expected to be finalized in October.
Persons: , Joe Biden's, Biden's Organizations: Education Department, Service, Business
Many young conservatives also support student loan cancellation, with 49% of Gen Z and millennial Republicans surveyed saying some or all outstanding education debt should be erased. As president, Trump called for the elimination of the U.S. Department of Education's existing loan relief programs, including the popular Public Service Loan Forgiveness initiative. He also wanted to slash the department's budget, and his administration halted a regulation aimed at providing loan forgiveness to those defrauded by their schools. He has repeatedly attacked Biden's loan relief policies, and he said in a campaign video in late 2023 that he wants to close the Education Department altogether. For critics of broad student loan forgiveness, Biden's new plan looks a lot like his first.
Persons: Joe Biden's, Ryan Walker, Walker, Gen, Z, Trump, Biden's, Biden, Andrew Bailey, Bailey Organizations: Republican, Bloomberg, Getty, Biden, Heritage Action, America, U.S . Department, Public, Education Department, Supreme Locations: Kansas, Missouri, SocialSphere, U.S, . Missouri, Arkansas , Iowa , Kansas , Nebraska, South Carolina
Total: 25