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☆ Biden promised student-loan borrowers cheaper payments and more debt relief. The government might not have enough money for everyone to actually get those benefits.
▼ + stars: | 2023-05-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

With broad student-debt relief, many student-loan borrowers anticipate reforms to payment programs. Congress didn't increase funding for Federal Student Aid last year, and the impacts already show. Federal student-loan borrowers are facing a consequential year ahead. Alex Wong/Getty Images'We really need to be worried and concerned'The issue of a lack of funding, and how it impacts student-loan borrowers, has been on some Democratic lawmakers' radars. "That's why I'll continue to fight for the increased funding the Student Aid Administration needs to provide quality services and support at-risk borrowers," she said.

☆ Susan Rice to Step Down as Biden’s Domestic Policy Adviser
▼ + stars: | 2023-04-24 | by ( Zolan Kanno-Youngs | ) www.nytimes.com time to read: +1 min

Susan Rice, President Biden’s domestic policy adviser, will step down next month after overseeing some of the administration’s most polarizing issues, including gun control, student loan relief and immigration, the White House announced on Monday. “As the only person to serve as both national security adviser and domestic policy adviser, Susan’s record of public service makes history,” Mr. Biden said in a statement. During more than two years in office, she worked on Mr. Biden’s student loan cancellation plan, a police reform executive order and a policy to cap the price of insulin at $35. She also worked on a plan to pardon thousands of people convicted of marijuana possession and advance Mr. Biden’s racial equity agenda. Ms. Rice will step down on May 26, as the Biden administration is expected to lift a Trump-era public health rule that has empowered it to expel thousands of migrants.

☆ Supreme Court will rule against Biden's student loan forgiveness plan, legal experts predict
▼ + stars: | 2023-04-22 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

WASHINGTON, DC - FEBRUARY 27: Student loan borrowers gather at Supreme Court the evening before the court hears two cases on student loan relief to state the relief is legal and needs to happen immediately on February 27, 2023 in Washington, DC. "I expect the court will rule against the Biden administration," said Paul Collins, Jr., professor of legal studies and political science at the University of Massachusetts Amherst. "The Supreme Court is an incredibly ideological and partisan institution in 2023 — perhaps more so than at any other point in American history," he said. The White House has insisted that it's acting within the law, noting that the Heroes Act of 2003 grants the U.S. education secretary the authority to make changes to the federal student loan system during national emergencies. That act followed the 9/11 terrorist attacks, providing relief to federal student loan borrowers who'd been affected by those events.

☆ House Republicans want to ban student-loan forgiveness and immediately end the payment pause in their new debt ceiling bill
▼ + stars: | 2023-04-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

House Republicans unveiled their bill to raise the debt ceiling on Wednesday. On Wednesday, House Republicans unveiled a bill to raise the debt ceiling through March 2024, and alongside increasing the limit, they have 320 pages worth of proposed spending cuts alongside it. Since Biden took office, many GOP lawmakers have slammed the president's debt relief plans, saying they are an overreach of authority and costly to taxpayers. In the meantime, Democratic lawmakers and advocates have been urging Congress to raise the debt ceiling and avoid a financially catastrophic default. "Everyone in the House and Senate must reject the Speakers and GOP efforts to repeal student loan relief, changes to PSLF + IDR, and preventing future relief," she said.

☆ Millions of student-loan borrowers will face 'catastrophic consequences' like delays in debt relief if Congress doesn't give Biden's Education Department more money, 17 Democratic lawmakers say
▼ + stars: | 2023-04-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Seventeen Democrats wrote a letter to lawmakers asking them to increase Federal Student Aid funding. The Democrats said lack of funding is "catastrophic" for millions of borrowers relying on relief. Congress didn't increase FSA funding last year, causing delays in repayment reforms. They called on the subcommittee to provide $2.7 billion in funding for FSA in fiscal year 2024, consistent with President Joe Biden's budget request. "The lack of adequate resources creates more barriers for students to continue their education," the lawmakers wrote.

☆ The Supreme Court justices deciding whether to axe Biden's student loan relief program paid an average of $42,539 to go to college. Today, they'd have to pay around $320,531.
▼ + stars: | 2023-03-01 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +8 min

The Supreme Court heard oral arguments for Biden's student debt relief on Tuesday. The cost of getting an undergraduate degree was significantly cheaper when they graduated than now. When Roberts graduated in 1979, it cost $21,400; in 1992 when Jackson earned her undergraduate degree, it would have cost $75,360. When Roberts graduated in 1979, it cost $21,400; in 1992 when Jackson earned her undergraduate degree, it would have cost $75,360. Student loan borrowers gathered at the Supreme Court today to tell the court that student loan relief is legal on January 2, 2023.

☆ The US economy has been 'more than fine' without your student debt
▼ + stars: | 2023-03-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

Her story shows the extra juice that delaying — or as some would argue, canceling — student debt can provide to people's lives and the economy as a whole. "If we cancel student debt, what that really means is the federal government is choosing not to collect payments from debtors on the debt that's already issued," Steinbaum said. Biden's student loan bailout will cost every taxpayer, even those who never went to college, at least $2,500." But to be clear, we don't have the most concrete data about the effects of student loan relief — since, well, it hasn't been done. Do you have a story to share about student debt?

Student loan borrowers gathered at the Supreme Court in Washington, D.C., the evening before the court hears two cases on the White House student loan relief plan. Jemal Countess | Getty Images Entertainment | Getty ImagesOn the night before the Supreme Court was set to hear oral arguments over the Biden administration's student loan forgiveness plan, Amanda Smitley sat outside the court on an aluminum blanket holding an umbrella. Student loan borrower Amanda Smitley, 20, joined the student loan borrowers gathered at Supreme Court on Feb. 27, 2023, the night before the court hears two cases on student loan forgiveness. With a $175 monthly student loan bill, though, he won't be able to help them. Student loan borrowers gathered outside the U.S. Supreme Court on Feb. 27, 2023, the night before the court hears two cases on student loan forgiveness.

People rally in support of the Biden administration's student debt relief plan in front of the the U.S. Supreme Court on February 28, 2023 in Washington, DC. The Supreme Court began hearing arguments Tuesday morning in the first of two cases challenging the Biden administration's plan to forgive an estimated $400 billion or more in federal student loan debt for tens of millions of Americans. President Joe Biden unveiled the plan, which would wipe out up to $20,000 in loans for certain borrowers, last year. "Do you think Congress shouldn't be surprised when half a trillion dollars gets wiped off the books?" Under that doctrine, the Supreme Court has said previously said that Congress must approve a federal agency's action on an issue of major national significance.

Around 40% of outstanding federal student loan debt is now taken on post-college for master's and PhD programs. The average student debt balance among parents was more than $35,000 in 2018-19, up from around $5,000 in the early 1990s. Meanwhile, the private student loan market has grown more than 70% over the last decade, according to the Student Borrower Protection Center. Americans now owe more in private student loans than they do for past-due medical debt or payday loans. Every year millions of new students are pumped into the student loan system while current borrowers struggle to exit it.

☆ How the Supreme Court may approach Biden's student-loan forgiveness plan
▼ + stars: | 2023-02-28 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +7 min

The Supreme Court will hear oral arguments on Tuesday on Biden's student-loan relief plan. Supporters say the relief is lawful, while opponents say Biden's policy is unconstitutional. The states claim that MOHELA will lose revenue from servicing loans because of Biden's relief. Concerning the constitutionality of Biden's plan, advocates on both sides say they feel confident their respective views will prevail at the Supreme Court. The Supreme Court is expected to hand down its decisions by June.

☆ A 'financial disaster for millions of Americans' could arise if the Supreme Court strikes down Biden's student-loan forgiveness, Elizabeth Warren details in a new report
▼ + stars: | 2023-02-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The cases that challenged Biden's debt relief are headed to the Supreme Court on Tuesday. "If the Supreme Court sides with the extremist judges, millions of Americans' monthly costs will rise significantly when student loan payments resume later this year," the report said. Still, Republican lawmakers have been adamant that canceling student debt broadly is unfair to those who already paid off their loans or did not borrow for college. Lawsuits are causing 'financial anxiety for vulnerable borrowers'Failing to implement debt relief would put a strain on younger and older borrowers alike. Now, all eyes turn to the Supreme Court, which is expected to hand down rulings in the two cases before the end of its term, typically in late June or early July.

[1/4] A Russian police officer stands in front of a branch of the Raiffeisen Bank in Moscow, Russia, February 27, 2016. It made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business. Of UniCredit's more than 20 billion euro total revenue last year, Russia accounted for more than 1 billion euros. Meanwhile, Russian savers lodged more than 20 billion euros with the bank, which offers a place to deposit funds with fewer sanctions risks. It banned investors from so-called unfriendly countries from selling shares in banks, unless the Russian President grants an exemption.

☆ It just got easier for defrauded student-loan borrowers to apply for debt cancellation
▼ + stars: | 2023-02-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department launched a new website to help defrauded student-loan borrowers apply for debt relief. While this website may ease the application process, many defrauded borrowers continue to wait for relief. Approval of those claims means the department will discharge any debt the student took out to attend the school in question. It includes information on reasons borrowers apply for borrower defense, what type of misconduct qualifies for debt relief, specific details on information borrowers should include in their claims, and what happens after a borrower applies. A section of Federal Student Aid's new borrower defense website detailing information to include in a claim.

☆ A top Republican says Biden's proposals to make monthly student-loan payments cheaper are a 'backdoor' for his 'radical free college agenda'
▼ + stars: | 2023-01-10 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Biden administration announced new regulations to improve income-driven repayment plans. The changes are meant to make payments cheaper, and "create faster pathways to forgiveness," according to Education Secretary Miguel Cardona. Foxx has been an outspoken opponent of Biden's broad student loan forgiveness and other pandemic-era debt-relief measures. Under IDR, borrowers are meant to make monthly payments based on their incomes, with eventual loan forgiveness after at least 20 years of payments. "These plans will significantly cut monthly loan payments and it's part of a real transformation of the student loan system."

Average interest rates on refinanced student loans are mixed from two weeks ago, according to Credible. Federal student loan rates for the 2023-24 school year have risen by the widest margin in about 20 years. While private student loan rates aren't directly affected by federal rates, they may also go up because they don't have to stay as low to remain competitive with federal ones. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. For instance, you won't qualify for the COVID-19-related student loan payment pause, currently in place through the end of August 2023, and federal student loan relief programs like Public Service Loan Forgiveness.

The average 10-year fixed student loan rate for borrowers with credit scores below 680 is 7.75%. Federal student loan rates for the 2023-24 school year have risen by the widest margin in about two decades. While private student loan rates aren't directly affected by federal rates, they may also go up because they don't have to stay as low to remain competitive with federal ones. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. For instance, you won't qualify for the COVID-19-related student loan payment pause, currently in place through the end of August 2023, and federal student loan relief programs like Public Service Loan Forgiveness.

☆ What to know about the two student loan forgiveness cases the Supreme Court will hear legal arguments on in February
▼ + stars: | 2022-12-23 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Student loan borrowers protest the GOP outside the Republican National Committee's offices in Washington, D.C,. for denying student loan relief to 40 million borrowers on Nov. 18, 2022Two of the legal challenges brought against President Joe Biden's student loan forgiveness plan have reached the U.S. Supreme Court. Individuals who earned more than $125,000, or families making more than $250,000, were excluded from the relief. The battle has made its way through the courts, and now the nine justices of the U.S. Supreme Court have scheduled their high-profile legal arguments over the plan for the end of February. Here's what you need to know about the two cases that will be heard.

☆ Biden's student-loan forgiveness 'does not go far enough' for seniors and people with disabilities facing 'crippling debt,' a Democratic lawmaker says
▼ + stars: | 2022-12-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A group of Democrats introduced a bill to wipe out student debt for Medicare and Social Security Disability Insurance recipients. Rep. Jamaal Bowman said Biden's broad debt relief "does not go far enough" to help those borrowers. Social Security benefits risk being seized if a borrower falls behind on student debt payments. More than three million Americans over 60 collectively owe more than $86 billion in student loans, per the Consumer Financial Protection Bureau. Social Security benefits are also at risk of seizure if a borrower defaults on paying their student loans.

☆ Colleges should provide the true cost of attendance after report finds most schools don't give clear information
▼ + stars: | 2022-12-13 | by ( Katie Lobosco | ) edition.cnn.com time to read: +4 min

Congress should require colleges to give students an accurate price for the cost of attendance, the Government Accountability Office said in a recent report that found that most colleges fail to provide all the financial information students need. Prospective college students usually receive a financial aid letter from schools once they are accepted. “Federal law doesn’t require colleges to include clear, standard information in all of their financial aid offers. The bill is one of many legislative efforts that aim to provide students and their families better information about the cost of college. In addition, last month, the Department of Justice released new guidance that aims to make it easier to have federal student loan debt discharged in bankruptcy – a particularly difficult legal process under the previous policy.

Average interest rates on refinanced student loans are up on 10-year loans from two weeks ago, according to Credible. Federal student loan rates for the 2023-24 school year have risen by the widest margin in about 20 years. While private student loan rates aren't directly affected by federal rates, they may also go up because they don't have to stay as low to remain competitive with federal ones. 5-year variable student loan refinancing ratesRates on 5-year variable undergraduate student loans are down by 45 basis points over the past week. For instance, you won't qualify for the COVID-19-related student loan payment pause, currently in place through the end of August 2023, and federal student loan relief programs like Public Service Loan Forgiveness.

☆ Supreme Court takes second case challenging Biden student loan relief
▼ + stars: | 2022-12-12 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden delivers remarks about the student loan forgiveness program from an auditorium on the White House campus in Washington, October 17, 2022. The Supreme Court on Monday agreed to hear arguments in a second case challenging the legality of the Biden administration's ambitious student loan relief program. The case, originally filed in Texas, will be argued in February before the Supreme Court along with the first case the court accepted. The Supreme Court, when it accepted the first case on Dec. 1, declined to lift the orders blocking the program from taking and processing applications. That pause will continue until June, or until the Supreme Court rules on the program's legality.

More than 40 million borrowers like Morales-Bartlett were eligible to cancel up to $20,000 in federal student loan debt under President Joe Biden’s one-time student loan forgiveness plan. Meanwhile, the pandemic-era federal student loan repayment pause has been extended while the government awaits the court’s decision. The average federal student loan debt nears $30,000. Brown’s son still has about $50,000 in student debt despite being one of the thousands of North Carolinians who received some student loan relief as part of a multistate settlement with Navient, one of the nation’s largest student loan servicers, over allegations of unfair and deceptive student loan servicing and predatory lending practices, according to Pennsylvania Attorney General Josh Stein's office. He also applied to the currently blocked student loan forgiveness program and is waiting to hear back.

The Federal Communications Commission said Thursday that it had blocked all U.S. phone companies from taking calls from a tiny communications company accused of sending robocalls that push fraudulent student loan relief services. “Today we’re cutting these scammers off so they can’t use efforts to provide student loan debt relief as cover for fraud,” FCC Chair Jessica Rosenworcel said in an emailed statement. It identified a single company, UrthAccess, as the central origin for a substantial amount of student loan spam. UrthAccess was by far the single biggest provider of student loan robocalls in recent months, Quilici said. It was responsible for more than 40% of all student loan robocalls in October, the FCC said.

☆ Young voters propelled Raphael Warnock to victory in the Georgia Senate runoff, but the work to boost their political engagement continues: 'We're not stopping here'
▼ + stars: | 2022-12-08 | by ( John L. Dorman | ) www.businessinsider.com time to read: +6 min

Sen. Raphael Warnock's runoff victory was driven in large part by his support among young voters. But young voters — with Gen Z and younger millennials flexing their political power — emerged as a critical demographic in the Georgia Senate race. Looking at the Georgia Senate runoff results, what actually happened to get more young voters to the polls? Heightened voter engagementVoters of Tomorrow, a Gen Z-led voter-engagement nonprofit organization, sent 2.5 million calls and texts to young Georgia voters urging them to participate. But it will take continued engagement with young voters to ensure robust participation in the future, especially in non-presidential election cycles.

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