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☆ A conservative group just asked the Supreme Court to block Biden's student-loan forgiveness, saying it is 'critical' the relief is halted this week
▼ + stars: | 2022-10-19 | by ( Ayelet Sheffey | Oma Seddiq | ) www.businessinsider.com time to read: +5 min

A Wisconsin conservative group is asking SCOTUS to block Biden's student-debt relief. The group argued that the loan forgiveness has an "improper racial motive" and is unconstitutional. It said Biden exceeded his constitutional power by enacting the loan relief without congressional approval. While that decision is being appealed, the group is now escalating the issue to the Supreme Court in an effort to block Biden's plan from taking effect. The HEROES Act has been widely debated even before Biden announced debt relief.

☆ The government has already canceled $800 million of debts for US farmers, and says that's 'just the first step' in its loan relief programme
▼ + stars: | 2022-10-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

The USDA has canceled $800 million in debts for 13,100 farmers, it said Tuesday. The Inflation Reduction Act included $3.1 billion in assistance for distressed farm loan borrowers. The USDA said Tuesday's announcement was "just the first step" in aiding distressed farmers. This came from the $3.1 billion in assistance for distressed farm loan borrowers included in the Inflation Reduction Act, which President Joe Biden signed in August. The USDA said it would start processing up to $500 million more in debt relief for up to 23,000 more borrowers.

The student-loan forgiveness application is live on the federal student aid website. Over 8 million Americans applied for student-loan forgiveness using the beta version of the application, released on Friday, October 14. Can I still get student-loan forgiveness if I haven't filed my tax return? To receive a non-filing letter from the IRS, fill out Form 4506-T.Will the amount of student-loan forgiveness I receive get taxed? Parents whose children are also applying for student-loan forgiveness must file a separate application for debt relief for their Parent PLUS loans using the same application.

☆ How to find out your new monthly student-loan payment after applying for Biden's debt cancellation
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

But he emphasized that borrowers with remaining balances still have to resume payments next year. Once borrowers apply, their student-loan company should notify them of their new monthly payments. But Biden also reminded borrowers that the student-loan payment pause is not going to last forever. "In relieving student debt, we're also resuming a student loan program that we paused during the pandemic," Biden said during his Monday remarks. If you have a remaining balance, your loan company will let you know what your new monthly payment will be once payments resume in January.

☆ If you want to opt out of Biden's student-loan forgiveness, you have less than a month to do so. Here's how.
▼ + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

The Education Department is notifying borrowers who are automatically eligible for debt relief. Around 8 million borrowers will receive that notice, but some of them might choose to opt out. On Monday, President Joe Biden and Education Secretary Miguel Cardona officially launched the application site for student-loan forgiveness. Here's how you would do that, according to Federal Student Aid:Determine who your student-loan servicer is by logging into studentaid.gov, selecting "My Aid," and then selecting "View loan servicer details." Contact your servicer by phone or email and tell them you do not want to receive federal student-loan relief.

WASHINGTON, Oct 18 (Reuters) - U.S. farmers in economic distress have received nearly $800 million in loan relief from the Department of Agriculture (USDA)using funds from the Inflation Reduction Act, Agriculture Secretary Tom Vilsack and Deputy Secretary Jewel Bronaugh announced on Tuesday. The new law allocates $3.1 billion for USDA to make loan adjustments or payments for financially distressed farmers. The agency also cleared debt held by about 2,100 farmers who had been foreclosed on but still owed money. USDA will administer another $500 million to aid farmers with more complex financial situations, including where farmers are facing bankruptcy or foreclosure, the agency said. An earlier debt relief program in the American Rescue Plan would have allocated debt relief to farmers of color.

☆ GOP lawmakers are bashing Biden for driving up inflation, but they could make it worse by extending Trump's tax cuts
▼ + stars: | 2022-10-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Republicans are eyeing a midterm victory as a method to extend Trump's tax cuts. Biden continues to resist Trump's tax policies but has run into roadblocks from centrist Democrats. But as Republican lawmakers have been blaming Biden for high inflation levels in the country, extending Trump's tax cuts could cause prices to climb because it would stimulate consumer spending, causing demand to overpower supply. The Trump tax cuts have proven to have real political staying power, even with Democrats' razor-thin majority. Any real discussion of the future of the tax cuts probably won't come until 2025, when the individual cuts provision expires.

☆ Pakistan keeps policy rate at 15%, projects high inflation, weak growth
▼ + stars: | 2022-10-10 | by ( Syed Raza Hassan | ) www.reuters.com time to read: +4 min

GDP growth could fall to around 2% in the 2023 financial year compared to previous forecast of 3%-4% before the floods, the central bank statement said. However, the central bank later said the economy faces significant imbalances including a large current account deficit and persistently high inflation. INFLATION VS POLICY RATEThe central bank projected inflation after the floods to be on higher side compared to the last estimate of between 18%-20% in FY2022-23. Higher food prices could raise average headline inflation, the bank said, adding that the impact on the current account deficit was likely to be muted. It said it will leave the current account deficit in the vicinity of the previously forecast 3% of GDP.

☆ The average student loan borrower will see their monthly bill drop by up to $300 a month when payments restart, says the Education Department
▼ + stars: | 2022-09-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

President Biden is forgiving up to $20,000 in student loans for federal borrowers making under $125,000. A Department of Education official said borrowers who see relief, monthly payments will shrink. That means, according to Powell, monthly payments will be recalculated based on a borrower's remaining balance. "We estimate the average borrower on a standard repayment plan will see their monthly payments drop by around $200 to $300 a month," Powell said. As part of the president's debt cancelation, student loan payments were paused for "one final time" through the end of 2022.

☆ A conservative group is suing to block Biden's student debt forgiveness, but it faces legal hurdles
▼ + stars: | 2022-09-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The Pacific Legal Foundation announced Tuesday it was filing suit against student loan relief. "Congress did not authorize the executive branch to unilaterally cancel student debt," Caleb Kruckenberg, an attorney at Pacific Legal Foundation, said in a press release. The nonpartisan Congressional Budget Office has estimated that, according to projections spanning the next 30 years, student loan relief will cost $400 billion. "The claim is baseless for a simple reason: No one will be forced to get debt relief. Because opponents of the debt relief plan are trying anything they can to stop this program that will provide needed relief to working families."

☆ Biden's student loan relief could cost $400 billion, Congressional Budget Office says
▼ + stars: | 2022-09-26 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

Student loan borrowers stage an Aug 25, 2022 rally in front of the White House to celebrate President Joe Biden canceling some federal student debt. President Joe Biden's student loan cancellation plan will cost an estimated $400 billion, according to the Congressional Budget Office. In addition to the costs to forgive that debt, the CBO estimated the cost of Biden's pause on student loan payments from September through December 2022 will total to $20 billion. The Committee for a Responsible Federal Budget, a think tank opposed to Biden's student loan plan, has estimated the change will cost an additional $120 billion. The White House says more than 40 million Americans may be affected by the student loan changes, and half of those could see their entire balance wiped out.

☆ This map shows how many people in each state could benefit from Biden's student loan forgiveness
▼ + stars: | 2022-09-26 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +4 min

President Joe Biden's recently announced student debt forgiveness could impact states differently. The estimated share of a state's population that is eligible for student loan forgiveness varies across the US. Insider looked at how many people could be eligible for student loan forgiveness after adjusting by population. As The Columbus Dispatch reported, over 94% of student loan borrowers in Ohio could be eligible for this student loan relief. Even in the states where Republicans have opposed Biden's debt relief, millions of borrowers could benefit.

☆ Biden's student loan relief plan will cost $400 billion. Republicans call it 'unsustainable' and Democrats say it will give 'Americans more breathing room.'
▼ + stars: | 2022-09-26 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A new report from the Congressional Budget Office finds student loan relief will cost $400 billion. Now, the nonpartisan Congressional Budget Office is shedding light on how much relief will cost: $400 billion, plus $20 billion from outstanding loan payments and interest being paused through December. The $400 billion also pales in comparison to major expenditures from the administration, like $796 billion on defense in 2022. The student loan relief will disproportionately impact Black and Latino borrowers, millennials, and public servants such as teachers, police, and non-profit workers. "Today's CBO estimate makes clear that millions of middle class Americans have more breathing room thanks to President Biden's historic decision to cancel student debt," Sens.

☆ A majority of Georgia voters support President Biden's student-loan forgiveness plan, poll says
▼ + stars: | 2022-09-24 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

A new AJC poll showed that 54% of Georgia voters backed Biden's student-loan forgiveness plan. Warnock and Abrams back Biden's plan, while Kemp and Walker are opposed to the framework. The same poll showed Biden's job approval rating in the state at 37%, with 58% disapproving of his performance. Walker said during a recent campaign event that Biden's student-loan forgiveness plan was "not right." Abrams has praised Biden's plan and last month used the president's announcement to take a swipe at Kemp's policies.

☆ Here's how many people will get student loan forgiveness in each state
▼ + stars: | 2022-09-20 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The White House released an analysis on Tuesday of how many people in each state stand to benefit from its student loan forgiveness plan, including a count of borrowers who received a Pell Grant. There is no precedent for the sweeping loan relief President Joe Biden announced last month, which may cost up to $1 trillion. More from Personal Finance:How student loan forgiveness will be applied to your debtsKey events on the path to student loan forgivenessHow to calculate your bill for student loan forgivenessMost Pell Grant recipients come from families with incomes of less than $60,000, says higher education expert Mark Kantrowitz. The relief is limited to individuals earning no more than $125,000 a year, or households making less than $250,000. Rep. Ayanna Pressley, D-Mass., a longtime advocate for student loan forgiveness, said she became emotional looking at the numbers.

☆ There are 'many moving parts' with student-loan forgiveness but the process to get relief will be 'better than people expect,' Biden's Education Secretary says
▼ + stars: | 2022-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Miguel Cardona said student-loan forgiveness will roll out "better than people expect." He said he is working hard to ensure the process to get relief is as smooth as possible. "So, early October, and we expect the process to be a smooth process, a simple process, a quick process." Still, Cardona said he is aware of those concerns, and the department is acting accordingly to ensure relief will get to borrowers as efficiently as possible. And we're making sure that when we roll this process out, it can be smooth.

☆ States may not tax Biden's student loan forgiveness after all, says one tax expert
▼ + stars: | 2022-09-17 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Six states are on track to tax Biden's student loan debt forgiveness. Borrowers could be left with an average bill of $500 for the student loan relief if it is taxed. Historically, any sort of debt forgiveness or debt cancellation at the state or federal level has been considered taxable income. But under the American Rescue Plan act any student loan debt forgiveness between 2021 and 2025 will not attract federal tax. This is where most of the state-by-state deviation on taxing student loan forgiveness stems from.

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). As the coronavirus affects Americans' finances, the federal government has put federal student loans in forbearance. Forbearance can be a great source of relief for people with federal student loans. David Klein, CEO of CommonBond (Update: Beginning with the 2022-23 academic year, CommonBond is no longer originating student loans nor offering refinancing), suggests three possible approaches to federal student loans during the pandemic. Come October, your federal student loan balance won't be lower, but you'll owe less on your most expensive debts.

Persons: Insider's, forbearance, David Klein, CommonBond, Klein, autopay, servicer, you've Organizations: Service, Loan Relief Locations: Wall, Silicon, forbearance

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