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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.
☆ A conservative group just asked a federal court to end the student-loan payment pause immediately — partly because 'some junior associates at major law firms saw their six-figure salaries increase' du
  + stars: | 2023-05-11 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Conservative nonprofit Mackinac Center asked a federal court to immediately end the student-loan payment pause on Thursday. The ongoing payment pause is currently set to end this summer. In April, the group filed its initial lawsuit against the Education Department to end the pause and prevent a further extension. Additionally, in Thursday's complaint, the group claimed that not every student-loan borrower required the relief the payment pause brought. Nationwide debt relief that fails to distinguish between the two groups provides an unlawful windfall to the latter.
☆ The Biden administration has forgiven $42 billion in student loan debt for borrowers in public service
  + stars: | 2023-05-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com   time to read: +1 min
Since the Biden administration announced improvements to Public Service Loan Forgiveness (PSLF) and temporarily expanded forgiveness eligibility in October 2021, 615,000 public service workers have seen $42 billion in student debt erased, according to a Department of Education (ED) statement released Monday. PSLF allows federal student loan borrowers who go into public service — such as teachers, nurses, government employees and more — an opportunity to have their debt forgiven after completing 10 years of service. That's why the Biden administration has made it a priority to address issues with the process and make it easier for qualifying borrowers to see forgiveness. Borrowers are required to be on an income-driven repayment plan to make their 120 monthly payments to qualify for forgiveness. But under the temporary expansion, which ended in October 2022, eligible borrowers could receive forgiveness regardless of the type of payment plan they followed.
☆ 615,000 student-loan borrowers in public service have now gotten $42 billion in debt wiped out under temporary reforms — and getting relief going forward will soon be a lot easier, Biden's Education D
  + stars: | 2023-05-08 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The Education Department said 615,000 borrowers have gotten $42 billion in relief since October 2021. That's a result of temporary reforms to the Public Service Loan Forgiveness program. On Monday, the department announced that 615,000 borrowers in public service have received $42 billion in student-loan forgiveness since October 2021. That's why it implemented a limited-time waiver that allowed past payments to count toward borrowers' forgiveness progress, including those that were previously deemed ineligible for relief. Have you recently received debt relief through the public service loan forgiveness program?
☆ Student-loan borrowers who combined their balances with a spouse just got new guidance on separating their loans. Here's what you need to know.
  + stars: | 2023-05-05 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Last year, a bill to allow student-loan borrowers to separate balances from a spouse was signed into law. In September, the Joint Consolidation Loan Separation Act of 2021 was signed into law, which allowed borrowers in the spousal joint consolidation loan program to separate their combined balances. On Friday, the Federal Student Aid website posted new guidance detailing the process for borrowers to go about separating their balances. A separate application: This application option would allow just one of the coborrowers to apply for separation of the balances, regardless of what the other coborrower decides. According to FSA, borrowers with direct joint consolidation loans will receive those adjustments when they become available, and separation of loans is not necessary to receive those benefits.
☆ 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.
☆ A student-loan company at the center of a lawsuit blocking Biden's debt cancellation with a 'dubious record of customer service' just got a new contract to keep servicing millions of borrowers, Cori B
  + stars: | 2023-05-03 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
The Education Department awarded five student-loan companies new contracts, including MOHELA. "No company should be profiting from the student debt crisis, especially MOHELA with their dubious record of customer service in the past," she continued. "My office will continue our work to hold student loan servicers accountable for their harm to our communities. Ultimately, there is still much work to be done to provide student debt relief, bolster college affordability, and begin the transition to a world without student debt at all." As Bush referenced, MOHELA is responsible for the whole PSLF portfolio, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.
☆ Millions of student-loan borrowers could find out in the next 2 months if they will get Biden's debt relief. Here's what's at stake — beyond a reduction to balances.
  + stars: | 2023-05-01 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +8 min
The Supreme Court is expected to issue a decision on Biden's student-debt relief by the end of June. They could have debt relief right now if it weren't for these lawsuits." And it looks like the Education Department is planning for those payments to resume with or without relief. The implementation of targeted debt relief reformsThe Education Department has some other things in the works, aside from broad student-debt relief. Share your student debt story with this reporter at asheffey@insider.com.
☆ Meet a 64-year-old therapist who's been making student-loan payments for decades while working in public service — but still hasn't gotten loan forgiveness
  + stars: | 2023-04-30 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +7 min
Greg Ogden, 64, said he's been paying off his student loans since 1994 while working in public service. He said he applied for Public Service Loan Forgiveness but paperwork errors have kept him in repayment. Now, he said he owes about $25,000 in student debt, and he's frustrated it's still hanging over his head at this point in his life. "I want to fulfill my obligations, but I would like them to honor the payments that I've made," Ogden said. Do you have a story to share about your student debt?
☆ A new bipartisan bill would make sure government and nonprofit workers can get student-loan forgiveness — even if they leave public service after 10 years
  + stars: | 2023-04-27 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
The bill would eliminate the requirement to be employed in public service at the time of debt relief. It would ensure that borrowers that complete the required 120 qualifying payments will get loan forgiveness. The Public Service Loan Forgiveness (PSLF) program was created in 2007 to give government and nonprofit workers student-loan forgiveness after ten years, or 120 qualifying payments. "Since its creation, the Public Service Loan Forgiveness program has had persistent issues that have made it difficult for public service employees to access student debt relief in exchange for their dedicated service to our nation," Menendez said in a statement. "Our public servants, like police officers and teachers, rightfully have access to student loan forgiveness after ten years of public service," Houlahan said in a statement.
☆ 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.
☆ 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.
☆ 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.
☆ A nonprofit just joined forces with a major student-loan lender in asking a federal court to end the payment pause, saying the relief has limited the 'financial incentive' to work in public service
  + stars: | 2023-04-06 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A nonprofit filed a lawsuit on Thursday to end Biden's student-loan payment pause and prevent another extension. It comes after SoFi Bank filed a lawsuit last month to end the payment pause. The lawsuit targets Biden's continued extensions of the student-loan payment pause, and it asks the federal court in the Eastern District of Michigan to end the current pause and prevent Biden from issuing a further extension. As a result, Biden extended the student-loan payment pause, with waived interest, through 60 days after June 30, or 60 days after the Supreme Court issues a final decision on the relief's legality, whichever happens first. The bank cited revenue loss that is said was directly caused by the continued payment pause extensions.
☆ Meet a teacher who paid his student loans for 6 more years than he needed to qualify for debt cancellation. Now he can't get his money back.
  + stars: | 2023-04-02 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +8 min
He contacted his servicer, MOHELA, in August to get refunded on those payments, but hasn't had any luck. Currence, 41, took on about $13,000 in student loans for his Bachelor's degree in 2005, and he had nearly paid it all off by the time he took on another $15,000 in loans in 2018 for his Master's degree. Given his career in public service, Currence wanted to take advantage of the Public Service Loan Forgiveness (PSLF) program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments. Currence jumped at the opportunity to consolidate his loans into federal direct loans under student-loan company MOHELA to qualify for debt relief. They told him he could then consolidate his loans to get his remaining balance wiped out under PSLF, he said.
☆ 453,000 student-loan borrowers in public service have gotten their debt wiped out over the past year — and more are still to come, Biden's Education Department says
  + stars: | 2023-03-29 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
453,000 student-loan borrowers have gotten debt relief through the PSLF waiver, the Education Department said. Biden's Education Department announced in October 2021 temporary reforms for PSLF, a program that allows government and nonprofit workers to receive loan forgiveness after ten years of qualifying payments. While many borrowers are still waiting for their applications to be processed, the Education Department also announced permanent reforms to PSLF in October following the waiver's expiration. "Higher education should lift you up, not weigh you down," Education Secretary Miguel Cardona wrote on Twitter in January. "Thanks to changes we've made to the Public Service Loan Forgiveness program, everyday Americans can reach dreams they put off for far too long.
☆ Biden's Education Department just pushed back the deadline for student-loan borrowers to see debt relief through a one-time reform
  + stars: | 2023-03-20 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The Education Department announced a one-time account adjustment for borrowers in PSLF and income-driven repayment plans. It comes as Federal Student Aid did not receive any additional funding to implement reforms to a series of debt relief programs. PSLF promises debt relief for government and nonprofit workers after ten years of qualifying payments, and IDR plans give borrowers affordable monthly payments based on their income with the promise of debt relief after at least 20 years. According to new guidance on Federal Student Aid's website, though, the deadline for borrowers to receive relief through the account adjustment got pushed back. All borrowers can do right now is wait for updates from the department regarding the implementation of reforms — and of course, the Supreme Court's decision on broad debt relief.
☆ If Student Loan Forgiveness Is Overturned by the Supreme Court, Refinancers Are Waiting
  + stars: | 2023-03-07 | by ( Thomas Gokey | ) www.businessinsider.com   time to read: +16 min
The PSLF program cancels federal student loans for people who work in public-service jobs for 10 years, and the impact of relief is profound. In the process, borrowers forfeit many protections that come with federal student loans, including the chance to get their loans canceled. In one survey, more than one-third of respondents who refinanced their federal student loans said they eventually came to regret it. President Biden announced a plan to cancel $10,000 in student loan debt, but if you privately refinanced, you won't benefit. Most private student loans allow for some kind of "cosigner release" so no one else is on the hook for your loans.
☆ Student-Debt Relief: Why Refinancing Your Student Loans Is a Trap
  + stars: | 2023-02-28 | by ( Thomas Gokey | ) www.businessinsider.com   time to read: +15 min
The PSLF program cancels federal student loans for people who work in public-service jobs for 10 years, and the impact of relief is profound. In the process, borrowers forfeit many protections that come with federal student loans, including the chance to get their loans canceled. Recent changes to the law require private student loans to be discharged if you die, but that isn't the case with older loans. Most private student loans allow for some kind of "cosigner release" so no one else is on the hook for your loans. Refinancing companies make the system worse for everyonePrivate refinancing companies don't just hand out their loans to anyone.
☆ A former Trump official is pitching Republicans on a cost-cutting proposal that includes getting rid of a student-loan forgiveness program for public servants
  + stars: | 2023-02-20 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Former Trump budget official Russell Vought is pitching a spending cut plan to Republicans as part of debt ceiling negotiations, per The Washington Post. Part of those cuts include phasing out the federal student-loan program and getting rid of Public Service Loan Forgiveness. House Republicans are in the midst of negotiations to raise the debt ceiling before the US runs out of money to pay its bills, likely some point this summer. It's unclear how big of an influence Vought's proposals will have in Republicans' final deal to raise the debt ceiling. Trump also advised the GOP to leave those programs out of negotiations, and Voight doesn't think those programs should be in the spotlight at all.
☆ Meet a Navy officer who just got $323,000 in student loans forgiven and said public service was 'the only way' he could have paid off his debt
  + stars: | 2023-02-19 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +7 min
Jared Weegmann, 37, got $323,000 in student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. "I just remember thinking, the only way this is ever gonna get off me is if I immediately start some public service job." Jared Weegmann (left) had $323,000 student loans forgiven through the Public Service Loan Forgiveness program. "We determined you have successfully met the requirements of the PSLF Program and your loans listed below have been forgiven. Thanks to changes we've made to the Public Service Loan Forgiveness program, everyday Americans can reach dreams they put off for far too long.
☆ Biden touts 'making progress reducing student debt' but doesn't call out the lawsuits blocking his broad loan forgiveness plan during the State of the Union
  + stars: | 2023-02-08 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Biden touted "reducing student debt" during his State of the Union address. He did not mention the ongoing lawsuits that have blocked his broad student-loan forgiveness plan. When it comes to education, the president addressed increasing pay for teachers and providing two years of free community college, but he didn't have much to say about student debt. "And we're making progress by reducing student debt and increasing Pell Grants for working- and middle-class families." "Look, the opponents suing to stop my plan are the only thing standing between millions of Americans' crushing student debt and relief," he wrote on Twitter last month.
☆ Arizona throws out one of the first lawsuits seeking to block Biden's student-loan forgiveness
  + stars: | 2023-01-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Arizona's new Democratic attorney general dismissed a lawsuit seeking to block student-debt relief. It was the third lawsuit filed that attempted to block the relief, and on Friday, Arizona's new Democratic attorney general Kris Mayes dismissed the case. Mayes took office earlier this month, and she indicated that she would be reviewing whether to continue her predecessor's legal challenge to Biden's broad debt relief. Two other lawsuits succeeded in pausing the implementation of Biden's debt relief, and those cases are now headed to the Supreme Court, which will hear the oral arguments on February 28. One of the lawsuits was filed by six Republican-led states who sued because they argued the debt relief would hurt their states' tax revenues, along with that of student-loan company MOHELA.
☆ Meet a 52-year-old who has struggled to repay their $480,000 in student debt on income-driven plans and has pushed off retirement: 'This is an albatross around my neck for the rest of my life'
  + stars: | 2023-01-22 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +7 min
Angel, a 52-year-old student-loan borrower, has $480,000 in student debt. Their debt has surged due to payments on income-driven repayment plans and ballooning interest. Biden announced reforms to those repayment plans, but it's unclear how they will be implemented. "And I know that that's a concern for a lot of people I know with student loans." "If education is really about us being better contributors to society, then why are they charging interest on the student loans?"
☆ A major student-loan company just laid off over 500 employees due to lack of work from Biden's stalled debt relief
  + stars: | 2023-01-19 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Student-loan company Nelnet just laid off over 500 employees. The company confirmed the reason for the layoffs was due to lack of work from Biden's stalled debt relief. Insider first reported in May 2022 that Nelnet laid off 150 employees due to the student-loan payment pause. But the debt relief has been blocked since October due to two conservative-backed lawsuits, and Biden extended the student-loan payment pause past December 31. Other student-loan companies have not yet publicly confirmed any employment changes due to Biden's debt relief — but the industry will go through significant changes this year.
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