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Search resuls for: "Biden's Education"


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☆ 20 GOP-led states are asking the Supreme Court to halt Biden's latest student-debt cancellation for 200,000 borrowers, backing a request from 3 schools accused of defrauding their students
  + stars: | 2023-04-11 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A federal judge ruled that 200,000 borrowers can move forward with relief in a borrower defense settlement. Last month, three schools mentioned in the settlement appealed the decision to the Supreme Court. 20 GOP-led states filed an amicus brief supporting the schools, arguing Biden doesn't have authority to carry out this relief. Unlawful delay of debt relief results in clear monetary harm." The Education Department has until Wednesday to file a response to the three schools' lawsuit, which currently sits with Supreme Court Justice Elena Kagan.
☆ 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 major student-loan lender is 'actively working to harm' millions of borrowers by trying to block Biden's debt relief, Elizabeth Warren and Ayanna Pressley say. They're demanding answers about this '
  + stars: | 2023-04-05 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
In March, SoFi Bank filed a lawsuit to end the latest extension of the student-loan payment pause. SoFi argued in its complaint that it has suffered financial harm directly resulting from the payment pause. "Indeed, your company has thrived during the pandemic payment pause, and you have been richly rewarded. "SoFi's lawsuit against ED is a dangerous and cynical ploy to prevent millions of borrowers from obtaining relief," they added. Additionally, as Warren and Pressley referenced, the lawsuit was not entirely unexpected — Noto said in February that the latest payment pause extension will "subsidize people that don't need it."
☆ $6 billion in student-loan forgiveness for 200,000 borrowers just cleared another hurdle — and all members involved in the years-long lawsuit can now get relief
  + stars: | 2023-04-05 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
An appeals court rejected three companies' request to pause relief for borrowers in the Sweet vs. Cardona lawsuit. Last year, a federal judge signed off on a settlement in the case that would give 200,000 borrowers $6 billion in debt relief. Those borrowers filed a lawsuit in 2019 over stalled borrower defense claims against the schools they attended. Cardona agreed to a settlement last summer in the case that would give 200,000 impacted borrowers $6 billion in debt relief. Borrowers who filed a claim against a school not included on that list will receive relief based on the following timeline:
☆ Biden could protect student-loan borrowers from being stuck with useless degrees and a lot of debt by bringing back a rule Trump ditched, progressive lawmakers say
  + stars: | 2023-04-03 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
It included reinstating and strengthening the gainful employment rule, which protects student-loan borrowers from unaffordable debt post-graduation. Biden delayed implementation of the rule until 2024 and is expected to put out a proposal this month. "The Gainful Employment rule is a cornerstone of our ambitious regulatory agenda," the spokesperson said. Along with reinstating gainful employment, lawmakers and advocates have also called for the executives of for-profit schools to be held liable for costs when the school shuts down, rather than taxpayers and borrowers. Now, lawmakers and advocates await the department's gainful employment proposal.
☆ 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 blasts the GOP's new plan to strike down student-loan forgiveness, saying it's a 'shame' for the borrowers who live in their districts
  + stars: | 2023-03-28 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Cardona said it's a "shame" for the millions of borrowers who would benefit in the GOP lawmakers' districts. After the Republicans introduced the resolution, Cardona said in a statement that those lawmakers "represent millions of borrowers who have applied for student debt relief." Biden's plan to cancel student debt has been paused since November due to two conservative-backed lawsuits seeking to permanently block the relief. And Sen. Joe Manchin, a centrist Democrat, previously called the debt relief "excessive." "We're talking about more than 2.1 million borrowers who have applied for student debt relief in Texas, more than 380,000 borrowers in Louisiana, more than 250,000 borrowers in Iowa."
☆ Elizabeth Warren wants Biden's Education Department to go beyond broad student-loan forgiveness and crack down on the institutions that cause borrowers' debt loads to spiral
  + stars: | 2023-03-27 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +7 min
Sen. Elizabeth Warren sent a letter to the Education Department with recommendations to better protect student-loan borrowers. Biden's Education Department has reformed the borrower defense to repayment, which are claims students can file if they believe they were defrauded by the school they attended. In her letter, Warren urged Cardona to ensure predatory schools cannot receive federal aid. It aimed to prevent students from borrowing federal loans for programs they probably wouldn't be able to pay off. But in 2010, former President Donald Trump repealed the rule, and Biden's Education Department pushed off reinstating it until 2024.
☆ 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.
☆ Millions of student-loan borrowers will experience 'devastating' delays in debt relief if a GOP proposal to cut spending goes through, Biden's Education Secretary says
  + stars: | 2023-03-20 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Rep. Rosa DeLauro asked all federal agency heads how GOP spending cut proposals would impact them. Miguel Cardona outlining the "devastating" impact the cuts would have on student-loan borrowers. He said the cuts would delay student-debt relief and make it even harder to get customer service help. Education Secretary Miguel Cardona, in his response, elaborated on the "devastating effects" the GOP proposal would have on students and parents who rely on financial aid — especially student-loan borrowers. But the agency already has a lot on its plate with minimal resources, given Congress approved a budget last year that did not increase Federal Student Aid's funding.
☆ Chuck Schumer vows to fight the latest GOP attempt to block student-loan forgiveness in Congress 'with everything we have'
  + stars: | 2023-03-20 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The GAO confirmed to the GOP lawmakers that the debt relief is a rule that can be subject to oversight. The Government Accountability Office confirmed to the GOP lawmakers that it considers Biden's debt relief plan a rule, and "no exception applies." Since Biden announced his debt relief, Republicans have criticized the policy and introduced legislation to block the president from implementing loan forgiveness. "We will continue to fight this cruel Republican attempt to end student debt relief with everything we have." Biden's debt relief plan is currently blocked due to two conservative-backed lawsuits that paused its implementation in November.
☆ Student-loan borrowers just got an added layer of protection from schools that take advantage of them 'to make a quick buck'
  + stars: | 2023-03-15 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
It will be using secret shoppers to identify misleading behavior that push students to take on debt. Findings from secret shopping will be used as evidence to support any investigation the department will conduct into a school that could be engaging in predatory behavior. "Secret shopping is another tool in FSA's toolbox as we expand our oversight work to hold predatory schools accountable," FSA Director Richard Cordray said in a statement. "Our focus—as always—is to ensure that students, borrowers, families, and taxpayers are not being preyed upon to make a quick buck." "Consequences for schools that violate these prohibitions could include the termination or limitation of a school's participation in the Department's federal student aid programs," Kristen Donoughue, FSA's chief enforcement officer, wrote in the blog.
☆ A major student-loan lender is putting millions of borrowers 'at serious risk of financial harm' by filing a lawsuit to end the payment pause, Biden's Education Department says
  + stars: | 2023-03-07 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Student-loan lender SoFi asked a federal court to end the student-loan payment pause. The Education Department said the pause is legal, and the lawsuit puts borrowers "at serious risk of financial harm." On Friday, SoFi Bank and SoFi Lending Corp. — a student-loan refinancing company — sued the Education Department and asked the District Court for the District of Columbia to end Biden's latest extension of the student-loan payment pause. The White House has not yet commented on whether it will consider additional relief, such as a further payment pause extension if its relief gets struck down. It also claimed that it has suffered direct harm to its student-loan refinancing business, saying that the student-loan payment pause "has eliminated the primary benefits of student loan refinancing.
☆ Canceling student debt for millions of borrowers 'cheated by for-profit colleges' isn't enough, Biden's Education Department says — it's time for the top executives to pay up
  + stars: | 2023-03-06 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The Education Department released new guidance to hold executives of for-profit colleges financially liable for unpaid costs to the government. When a school shuts down or is accused of fraud, taxpayers or students often pay the costs. Last week, the Education Department released new guidance on implementing the Education Secretary's authority to hold executives of private colleges financially liable for the cost of unpaid debts defrauded students took on. "The Biden-Harris Administration is canceling the loans of more than a million borrowers cheated by for-profit colleges. But too often, the owners and executives of these colleges escape liability," Under Secretary of Education James Kvaal said in a statement.
☆ Biden's Education Secretary responds to student-loan borrowers with private debt who don't qualify for federal relief: 'We can control our loans. We can't control other loans'
  + stars: | 2023-03-01 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Miguel Cardona pushed back on opponents who say Biden's debt relief is unfair to those with private loans. He said the department "can't control other loans," responding to those with private debt. The Supreme Court heard oral arguments to the federal relief plan on Tuesday. He was asked what he would say to those who do not qualify for the federal relief, like borrowers with private loans. Shortly after Biden's debt relief was announced, the Education Department changed the eligibility requirements due to the rising legal challenges.
☆ Biden's student-loan forgiveness is about to have its day at the Supreme Court. Here's everything you need to know.
  + stars: | 2023-02-25 | by ( Ayelet Sheffey | Oma Seddiq | ) www.businessinsider.com   time to read: +8 min
The Supreme Court will hear two challenges to Biden's student-debt-relief plan on Tuesday. But the Biden administration has defended its legal authority and expressed confidence that the Supreme Court will uphold the plan. Prominent figures in the legal and political worlds have weighed in on the two high-profile Supreme Court cases in dozens of briefs filed to the Supreme Court. More than 170 Republican members of Congress have argued against Biden's relief, along with 17 Republican-led states, the US Chamber of Commerce, and over a dozen conservative-leaning advocacy groups. Millions of student-loan borrowers' financial futures hang in the balance.
☆ Clarence Thomas was still making student loan payments when he joined the Supreme Court — and a fellow Yale law student suggested he declare bankruptcy to avoid the 'crushing weight' of payments: book
  + stars: | 2023-02-25 | by ( Sarah Al-Arshani | Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The Supreme Court will hear two challenges to Biden's student loan debt relief plan on Tuesday. In 2007, Justice Clarence Thomas wrote about the "crushing weight" of student debt in his own life. In his 2007 memoir "My Grandfather's Son," Thomas, the court's longest-serving justice, spoke of the "crushing weight" of student debt from his time at Yale Law School. In August, Biden announced plans to cancel up to $20,000 in student debt for federal borrowers making under $125,000 a year. Biden's Education Department has begun reforming the process to make it easier, but right now, the main focus is the president's broad debt relief plan.
☆ 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.
☆ 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.
☆ 200,000 student-loan borrowers will be 'severely harmed' if a judge rules in favor of 3 companies who want to block them from getting $6 billion in debt relief, a new legal filing says
  + stars: | 2023-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A federal judge signed off on a settlement giving 200,000 student-loan borrowers $6 billion in debt relief last year. In January, three companies requested a stay on the relief, citing reputational harm the settlement brought them. Borrowers in the case recently filed a motion opposing the stay due to the harm postponing the relief would bring. Some of the borrowers who were set to see debt forgiveness attended colleges run by those companies, which were among many named in the November settlement. One hundred and forty-four borrowers have submitted declarations attesting to the harm a stay would cause them."
☆ Transitioning millions of student-loan borrowers back into repayment this year will be a 'huge undertaking,' Biden's Education Department says
  + stars: | 2023-01-26 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Federal Student Aid's 2022 annual report said that resuming student-loan payments this year will be a "huge undertaking." It cited the unprecedented nature of Biden's broad debt relief and extensions of the payment pause. The agency said it will improve customer service, but borrowers are continuing to struggle with their loan servicers. But it also noted changes that came from Biden's announcement in August to cancel up to $20,000 in student debt for federal borrowers making under $125,000 a year. Insider previously reported on hours-long hold times some borrowers were experiencing when trying to get help from MOHELA, a company currently involved in one of the lawsuits seeking to block Biden's broad debt relief.
☆ A top Republican lawmaker accuses the Education Department of 'blatantly lying' about how much its student-loan forgiveness costs
  + stars: | 2023-01-26 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
An independent auditor found "weakness" in how the Education Department calculated student-debt relief costs. GOP Rep. Virginia Foxx accused the department of "blatantly lying" in its estimates. The auditor did not make that accusation, and a department spokesperson said the court challenges blocking the relief have led to limited data. "The Department is blatantly lying about how much taxpayer money it is giving away," Foxx said in a statement. In September, the department estimated that its broad student-debt relief plan would cost $30 billion annually over the next decade, and that 81% of borrowers would participate in the relief.
☆ Nearly 2,000 people flooded a federal website to oppose Biden's 'totally unjust' and 'completely illegal' student-loan forgiveness proposals
  + stars: | 2023-01-24 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Over a thousand people flooded the section with identical comments opposing debt relief. The comment begins: "My name is [NAME] and I am writing to oppose this regulation to 'cancel' student debt." Screenshot of a public comment opposing student-debt relief on the Federal Register. Republican lawmakers have long reiterated similar points to the comments opposing relief. But as Cardona wrote on Twitter on on Monday, the administration welcomes "the Supreme Court's decision to hear the case on our student debt relief plan.
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