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☆ How Biden is defending his student-loan forgiveness plan ahead of a federal hearing that could halt the policy this week
  + stars: | 2022-10-10 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
A federal judge will hear arguments this week on blocking Biden's student-loan forgiveness. In response, Biden's administration filed its first legal defense of the policy. Its arguments focused on the authority granted under the HEROES Act and the need for pandemic relief. Even if it doesn't prevail, it could delay the implementation of debt relief. That's why the department determined a targeted debt relief plan to aid lower-income borrowers would prevent them from falling behind once payments resume next year.
☆ Student-loan borrowers with private debt might be stuck watching their balances balloon as Biden carries out federal forgiveness
  + stars: | 2022-09-22 | by ( Jason Lalljee | Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
It means student-loan borrowers with private loans could see interest rates, and their balances, climb. This comes as Biden is implementing his federal debt relief, which private borrowers can't access. Private student loans can have fixed or variable interest rates, and as the Fed raises rates, those with variable interest rates will end up paying more. Insider previously spoke to May, a borrower with private student loans who requested her last name be withheld for privacy. "Maybe this will open up discussion about canceling private loans, or a future where the federal government can actually regulate private loan companies and lenders."
☆ 3 steps to take now to get ready for student loan forgiveness, so you can apply ASAP
  + stars: | 2022-09-21 | by ( Annie Nova | ) www.cnbc.com   time to read: +3 min
Polina Lebed | Istock | Getty ImagesIn just a few weeks, tens of millions of Americans may be able to apply for student loan forgiveness. It said its application will be simple, but the federal student loan system is famously complicated. The Education Department will be considering people's so-called adjusted gross income, or AGI, which may be different than your gross salary. 2. Review your loan detailsMost federal student loans qualify for the cancellation. Recent news that some Republicans may bring a legal challenge against student loan forgiveness means the relief could be thrown in jeopardy.
☆ Student loan forgiveness and income caps: Here's what married couples need to know
  + stars: | 2022-09-19 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +3 min
Shapecharge | E+ | Getty ImagesWhen the income cap may confuse married couplesHowever, there may be some murky situations for married couples based on their income. They qualify for forgiveness based on their $210,000 joint income. Qualifying loans include Direct Stafford Loans, all Direct subsidized and unsubsidized federal student loans, Parent Plus and Grad Loans, for example. But would the lower-earning spouse qualify for forgiveness based on their individual income? This would render an amended tax return unnecessary, if it occurs.
☆ The CEO of a major student-loan company says Biden's loan forgiveness plan has 'created all types of confusion' for borrowers
  + stars: | 2022-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Navient CEO Jack Remondi said Biden's student-loan forgiveness has created "confusion." He said borrowers with FFEL loans still need additional guidance on steps they need to take to get relief. Currently, the Education Department is advising people with FFEL loans to consolidate into direct loans to qualify. "Probably the most challenging thing for us right now is what we don't know," Remondi said. Navient owns some loans within the Federal Family Education Loan (FFEL) program, which are privately-held loans that would not automatically qualify for Biden's federal debt relief.
☆ A worker at a student-loan company says the 'lack of guidance' from Biden's Education Department on debt cancellation is hurting borrowers: 'I'm just so worried people are going to be left out'
  + stars: | 2022-09-18 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
A student-loan company worker expressed concern with the lack of guidance on Biden's debt relief. "There's a complete lack of guidance from the Education Department on what to advise borrowers," the worker, who requested to remain anonymous but whose identity is known to Insider, said. The worker specifically assists borrowers within the Federal Family Education Loan (FFEL) program, who have loans that are commercially-held and not eligible for federal relief. Currently, the Education Department is advising those borrowers to consolidate their loans into direct federal loans so they can qualify for forgiveness. In response to the worker's concerns, an Education Department spokesperson pointed Insider to the FFEL guidance already on its website and did not have any additional details to provide.
☆ The CEO of a major student-loan company says he won't sue Biden on debt cancellation even though he 'clearly' has standing
  + stars: | 2022-09-16 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Navient CEO Jack Remondi said he won't sue Biden on his student-loan forgiveness plan. However, he did note his company would have standing to bring forth legal action. Remondi addressed those threats and said that Navient would "clearly" have the legal standing to challenge the policy because it owns loans within the Federal Family Education Loan (FFEL) program. But in terms of whether Navient will actually sue, Remondi said: "It won't be us." "It's pretty clear that the precedent here requires someone to have standing in order to sue.
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