DIRS.INFO The most relevant business & tech news

☆ It's about to become much harder for young people to buy a home as student-loan repayments resume
▼ + stars: | 2023-09-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Student-loan repayments will restart on October 1 following a three and a half year hiatus. After more than three and a half years of moratoriums on student loans, repayments are set to resume on October 1. The average student loan borrower has more than $37,000 in federal student-loan debt, according to Bankrate. Manny Garcia, a senior population scientist at Zillow, told Insider that student-loan repayments will likely jeopardize buyers' ability to afford home purchases this year. "Before the pandemic, borrowers were already choosing between meeting their own basic needs and making their student-loan payments.

Persons: —, it's, Manny Garcia, Garcia, Pulsenomics, Zillow, Will Lemke, Stephanie Hall Organizations: Service, Center for American Progress, Wall Street Journal, Inside Mortgage Finance

☆ 260,000 student-loan borrowers who were approved for debt relief might be pushed back into repayment anyway, a legacy advocacy group says
▼ + stars: | 2023-09-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Student-loan borrowers who were part of a 2022 settlement are still waiting for their relief to be processed. A legal advocacy group said a student-loan company is not carrying out the settlement terms correctly. It said some borrowers within the settlement were told they have to resume payments in October. The group said that forcing borrowers with pending borrower defense claims back into repayment "violates the court-approved Settlement Agreement and applicable regulations." The federal pause on student-loan payment ended on September 1 when interest began accruing again on borrowers' balances.

Persons: They're, Cardona —, Donald Trump's, Joe Biden's, it's, MOHELA, Scott Giles, servicers, Cardona, Virginia Foxx, Sen, Bill Cassidy —, —, New Jersey Sen, Bob Menendez, Secretary Miguel Cardona Organizations: Service, Education Department, Donald Trump's Education Department, Department, Consumer Financial, Bureau, Democratic, New, Secretary, Public, The Education Department Locations: Wall, Silicon, New York, Sweet v, New Jersey

☆ Student-loan borrowers eligible for debt cancellation might be 'forced back into repayment' anyway because of their servicer's poor customer service, 6 Democratic senators say
▼ + stars: | 2023-09-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Six Democratic lawmakers requested the Education Department look into student-loan company MOHELA. They said they're concerned with paperwork delays that could force borrowers who qualify for PSLF relief back into repayment. Federal student-loan payments are resuming on October 1. "With the restart of repayments, these issues are likely to worsen for borrowers," the lawmakers said in the letter. "Borrowers who are eligible to have their debt cancelled under the PSLF program should not be forced back into repayment due solely to MOHELA's processing delays, which cause difficult financial situations for so many borrowers.

Persons: MOHELA, New Jersey Sen, Bob Menendez, Sen, Elizabeth Warren, Secretary Miguel Cardona, they've, Angus King, Alex Padilla, Ed Markey, Cory Booker, Cardona, Katie Porter, Joe Courtney, Scott Giles, that's, Scott Buchanan, servicers — Organizations: Democratic, Education Department, Federal, Service, Secretary, Public, MOHELA, Department, Student Loan, — Locations: Wall, Silicon, New Jersey, PSLF, Sens

☆ There's no proof that student-loan companies are prepared to bring millions of borrowers back into repayment in under 2 weeks, 2 top Republican lawmakers say
▼ + stars: | 2023-09-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Virginia Foxx and Sen. Bill Cassidy asked the GAO to investigate the student-loan payment resumption. They said they're concerned loan servicers are not adequately prepared to facilitate repayment. The student-loan payment pause officially ended on September 1 when interest began accruing again on federal borrowers' balances, and bills will start becoming due next month. Additionally, Cassidy and Foxx said that it is "unclear whether borrowers will begin repayments when billing statements resume. In other cases, there will be borrowers who will take some time to work student loans back into their household budgets."

Persons: Virginia Foxx, Sen, Bill Cassidy, they're, Bill Cassidy —, —, Foxx, Cassidy, servicers, Education James Kvaal, Kvaal Organizations: Service, Office, Education, Education Department, GAO, Public Locations: Wall, Silicon

☆ Student-loan payments are resuming the same day the government could shut down. Here's what that means for borrowers.
▼ + stars: | 2023-09-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A shutdown would coincide with the first day federal student-loan payments are set to resume. If not, Americans will face a government shutdown on October 1, which also happens to be the same day federal student-loan payments resume. All that could be much worse if the Education Department shuts down at the same time payments are supposed to start up. AdvertisementAdvertisementAfter over three years on pause, federal borrowers will start footing an extra monthly bill as early as October 1. AdvertisementAdvertisementThe Education Department has said it remains in frequent contact with servicers to ensure a smooth transition back into repayment.

Persons: —, servicers Organizations: Education Department, Service, Sunday, Republicans, Management, Federal Student, Education, Department Locations: Wall, Silicon

☆ Why a single mom is stuck paying her ex husband's student debt — and needs his permission to make any changes to her payments
▼ + stars: | 2023-09-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

Biden signed into law a bill allowing student-loan borrowers who combined balances with a spouse to separate their loans. They wouldn't owe payments, and if approved for administrative forbearance, their interest rates would be set to zero. Brigid, a 55-year-old borrower with spousal loans, told Insider she's experienced a similar dilemma. However, because of the strict nature of spousal loans, she would also have to meet the hardship requirements by, for example, also having cancer in order to receive the deferment. But she's been unable to receive administrative forbearance, and she's frustrated borrowers with spousal loans are blocked from opportunities federal borrowers are receiving.

Persons: Biden, Theresa, she's, Theresa —, —, Sen, Mark Warner, David Price, Joe Biden, Price, it's, That's, hasn't, servicer, Brigid, servicers, It's, they'll, Elizabeth Organizations: Service, Education Department, Federal Student Aid, Group, Family Education, forbearance Locations: Wall, Silicon, forbearance

☆ Homeowners should be worried about a legal battle that could jeopardize 'the stability of the housing market,' the head of a federal consumer watchdog says
▼ + stars: | 2023-09-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Supreme Court will soon hear a case challenging the CFPB's funding structure. Housing groups also warned of chaos in the industry if CFPB's funding is upended. But the Supreme Court threat to the CFPB's funding structure "would raise significant concerns for the stability of the housing market and the financial system more broadly," Chopra said. "Reverting to a system without these regulations would create uncertainty for the mortgage industry and the economy," Chopra said. At this point, it's unclear how broadly the Supreme Court will rule, and if it will strike down the CFPB's funding structure entirely.

Persons: Rohit Chopra, —, Chopra, homebuyers Organizations: Housing, Service, Financial, Community Financial Services Association of America Ltd, Consumer Financial, Bureau, Federal Reserve, Fifth Circuit, Mortgage Collaborative National Conference, Congress, Mortgage Bankers Association, National Association of Home Builders, National Association of Realtors Locations: Wall, Silicon

☆ 'My face hurt from smiling': After 20 years, this artist got $60,000 in student loan debt forgiven
▼ + stars: | 2023-09-12 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Wendee Goles Courtesy: Wendy GolesIn July, Wendee Goles saw headlines that the Biden administration planned to cancel the student loans of more than 800,000 people. The Biden administration announced this summer that it would automatically forgive $39 billion in federal student debt for hundreds of thousands of borrowers. Wendee Goles artistWhenever Goles found herself with extra cash, she threw it at her student debt. And so her student debt led to medical debt. Although it was hard to believe at first, she's finally coming around to the idea that she doesn't have student debt any more.

Persons: Wendee, Wendy Goles, Wendee Goles, Biden, didn't, Goles, Joe Biden's, It'll, Greg, I'm, Jobs, she's Organizations: School, The Art Institute of Chicago, Supreme Locations: Villa Park , Illinois, forbearance

☆ Student-loan borrowers who miss payments aren't fully protected during Biden's 'on-ramp' period
▼ + stars: | 2023-09-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan payments are resuming in October. The Education Department's one-year "on-ramp" period means it won't report missed payments to credit agencies. However, credit agencies might still factor in missed payments on credit scores. "This on-ramp period protects borrowers from having a delinquency reported to credit reporting agencies. AdvertisementAdvertisementThe Education Department has said it continues to remain in close contact with servicers, but experts expect a flood of administrative challenges when borrowers' first bill comes due.

Persons: she's, — Organizations: Service, Education Department, Department Locations: Wall, Silicon, Helena

☆ Relief could be on the way for student-loan borrowers who paid one of the 52 companies suspected of 'falsely promising' them loan forgiveness, Minnesota's attorney general says
▼ + stars: | 2023-09-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Minnesota AG Keith Ellison opened investigations into 52 student-debt relief companies. He said those companies are suspected of "falsely promising" loan forgiveness to borrowers for fees. Should the investigations find wrongdoing, impacted borrowers could receive relief. Last week, Minnesota Attorney General Keith Ellison announced that his office has opened investigations into 52 student-debt relief companies "suspected of violating Minnesota law," according to the press release. The FTC had previously halted operations of two different debt relief companies that scammed borrowers out of $8.8 million under the guise of debt relief.

Persons: Keith Ellison, California —, Ellison, Joe Biden's, servicers Organizations: Service, Minnesota, Joe Biden's Education, Federal Trade Commission, Justice Department, FTC, Consumer Financial Protection Locations: Minnesota, Wall, Silicon, California

☆ How to Pay Off Your Student Loans Fast
▼ + stars: | 2023-09-10 | by ( Rebecca Safier | ) www.wsj.com time to read: +11 min

5 strategies to pay off your student loans ahead of scheduleMore than half of students take out student loans to pay for college, with the average debt load upon graduation totaling nearly $30,000. Be cautious about refinancing federal student loans: Doing so means sacrificing federal repayment plans and other protections. Pay off interest during school and your grace periodInterest starts accruing on most student loans, such as federal unsubsidized loans and private student loans, from the day they are paid out (known as the disbursement date), usually at the beginning of each semester. Pursue student loan forgiveness and assistanceIf you’re open to switching jobs, consider pursuing a role that would make you eligible for student loan forgiveness or assistance. If you have federal student loans, you may need to set up autopay again before the payment pause ends in October.

Persons: Rebecca Safier, you’d, “, ”, Karen McCarthy, Let’s, you’ll, Biden, Michael Lux, Joe DePaulo, McCarthy, autopay, forbearance, It’s, you’ve, Jan Miller Organizations: National Association of Student Financial, Public, Student Loan Sherpa, College Ave

☆ Student-loan borrowers' biggest defender in the government is in jeopardy
▼ + stars: | 2023-09-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

The ruling could have significant implications for student-loan borrowers — and consumers nationwide. As federal borrowers have been gearing up for the return to loan repayment in October, the agency cracked down on companies that it accused of illegally charging borrowers for normally free debt-relief services. The Supreme Court is hearing oral arguments on the case on October 3. The CFPB's enforcement actions against this type of illegal conduct are important to protecting borrowers' financial security and obtaining their money back." Now consumers will have to wait and see how the Supreme Court views a top federal consumer watchdog's constitutionality.

Persons: Sen, Elizabeth Warren of Massachusetts, Shahid Naeem, Naeem, Dodd, Frank Wall, Bill Clark, Devin Watkins, they're, beholden Organizations: Service, Supreme, Financial, Community Financial Services Association of America Ltd, Consumer Financial, Federal Reserve, Fifth Circuit, Trump, Fifth, Financial Services Association of America, American Economic Liberties, Congress, Frank Wall Street Reform, Consumer, Federal Deposit Insurance Corp, Inc, Getty, Competitive Enterprise Institute, American Association of, Social Security Locations: Wall, Silicon, Washington , DC

☆ Student-loan borrowers should be on the lookout for misleading repayment practices that could make them pay 'more than they should,' a federal watchdog says
▼ + stars: | 2023-09-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The CFPB warned student-loan borrowers that their servicers might engage in misleading behavior. On Tuesday, the Consumer Financial Protection Bureau released a blog post outlining what protections and options borrowers have as payments resume. The agency has long been looking into potentially misleading behavior that has put student-loan borrowers at risk. As Insider previously reported, the transition back into repayment will be a significant challenge for borrowers, the Education Department, and student-loan servicers. AdvertisementAdvertisementStill, the Education Department said it remains committed to ensuring borrowers are receiving the best information from their servicers on their options for repayment.

Persons: servicers, CFPB, Rohit Chopra, Joe Biden's, Carolyn Fast Organizations: Service, Consumer Financial, Education Department, The Century Foundation Locations: Wall, Silicon

☆ Why student-loan borrowers could face a 'perfect storm' of obstacles once payments resume next month
▼ + stars: | 2023-09-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Experts told Insider lack of broad debt relief and high inflation could contribute to the challenges. After more than three years, President Joe Biden officially ended the pandemic pause on federal student-loan payments, with waived interest, on Friday. "Before the pandemic, borrowers were already choosing between meeting their own basic needs and making their student-loan payments. "The more resource-strapped a servicer is and the more resource-strapped FSA is, the heightened concerns we have for that treatment of borrowers and just for the accuracy on the part of servicers giving information to borrowers," Hall said. In the meantime, the department recommends borrowers make their payments and wait for Biden's new plan for broad debt relief.

Persons: Joe Biden, she's, it's, Carolyn Fast, servicers, Biden, Stephanie Hall, Hall, Scott Buchanan, —, there's Organizations: Service, The Century Foundation, Education Department, An Education Department, Center for American Progress, Department, Student Loan, —, Management, Federal, Aid, Federal Student Aid Locations: Wall, Silicon

☆ The housing market is about to take a hit as student loan payments restart
▼ + stars: | 2023-09-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The restart of student loan payments is about to hit the housing market. 58% of polled experts believe that the resumption of student loan payments could have a significant impact on mortgage affordability, according to a recent analysis conducted by Pulsenomics. Student loan payments will kick back in at a time when housing affordability is already strained. The effects of the student loan payment restart may be felt for years to come, too. AdvertisementAdvertisementStudent loan payments are set to resume on October 1, ending a three-year payment pause that began during the pandemic.

Persons: Morgan Stanley, That's Organizations: Service, Pulsenomics, Inside Mortgage Finance, US Department of Education, Education Data Initiative Locations: Wall, Silicon, delinquencies

☆ Student-loan borrowers are facing new bills next month — but minor paperwork errors and lost payments are causing 'a lack of clarity about absolutely anything'
▼ + stars: | 2023-09-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The student-loan payment pause is over, and some borrowers are facing problems with repayment. "You remain responsible for making your monthly payments." AdvertisementAdvertisementAfter more than three years, the pause on federal student-loan payments ended on Friday — interest started accruing again on September 1, and borrowers will face monthly bills again beginning in October. Still, there's a chance relief could come for borrowers who have been making payments on income-driven repayment plans. But for borrowers like Hunter who are struggling to get answers from their servicer, it's unclear what improvements can be made.

Persons: they're, Heather Hunter, Hunter, Sarah, she's, —, servicers, there's, Joe Biden Organizations: Service, Education Department, Consumer Financial, Federal Student Aid Locations: Wall, Silicon, autopay

☆ Student loan payments restart in October — here are changes borrowers can expect
▼ + stars: | 2023-08-31 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

A new servicer, for someMillions of federal student loan borrowers will have a different servicer when payments resume in October. Impacted borrowers should get emails about the change, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Another repayment optionFederal student loan borrowers can now sign up for the Biden administration's new loan repayment plan, and they could be enrolled in it by the time the bills resume. If your student loan servicer can't process your application for the SAVE plan by the time payments resume, it should place you in a temporary forbearance.

Persons: Julia Amaral, they'll, Granite State —, Scott Buchanan, Buchanan, FAFSA, Mark Kantrowitz, Kantrowitz, servicer, Biden, they're, Joe Biden Organizations: Istock, Pennsylvania Higher Education Assistance Agency, Student Loan, Alliance, Finance, Missouri Higher Education Loan Authority, EdFinancial Services, Lakes Higher, Federal Services, Biden, Valuable Education, Public, Education Department Locations: That's, Pennsylvania, Granite State, MOHELA, Missouri, StudentAid.gov

[1/2] A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. A lawyer for BNY Mellon also declined to comment. They have long said their contracts shielded them from liability for RMBS losses, and that particularly sophisticated investors should have known the risks. In its December 2015 complaint, Commerzbank accused BNY Mellon of sitting "idly" as losses piled up, rather than force lenders to buy back and servicers to address troubled loans. The case is Commerzbank AG v. The Bank of New York Mellon et al, U.S. District Court, Southern District of New York, No.

Persons: Brendan McDermid, Germany's, George Daniels, Commerzbank's, Dave Wollmuth, BNY Mellon, Commerzbank, Daniels, The Bank of New York Mellon, Jonathan Stempel, Grant McCool Organizations: REUTERS, Bank of New York Mellon, District, BNY Mellon, Countrywide, NovaStar, BNY, New York, CDO, Commerzbank, The Bank of New York, Court, Southern District of, Thomson Locations: New, U.S, Manhattan, Barrington, Southern District, Southern District of New York, New York

☆ Many student-loan borrowers are struggling to access their servicer's website and call center due to 'technical difficulties' days before the payment pause is set to end
▼ + stars: | 2023-08-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan company Nelnet's call center and website temporarily shut down due to "technical difficulties." The student-loan payment pause is set to end on Friday. AdvertisementAdvertisementAfter over three years, the federal student-loan payment pause is about to end. AdvertisementAdvertisementHowever, it's a critical time for student-loan borrowers to ensure they can financially plan for the payment resumption, and these technical issues are not making matters easier. Are you experiencing challenges with the student-loan payment resumption?

Persons: Nelnet, it's, I've Organizations: Service, An Education Department, Federal Student Aid Locations: Wall, Silicon, Houston

☆ A couple with over $250,000 in student debt finally got their balance wiped out after nearly 3 decades of repayment: 'This is life-altering for us'
▼ + stars: | 2023-08-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

"I fully expect this debt will follow me to the grave," Ron Rizzardi told Insider in 2021. AdvertisementAdvertisementRon and Marcia Rizzardi just got their student-loan balance forgiven. "It's a little unbelievable — surreal, maybe," Ron Rizzardi told Insider after he received that letter. AdvertisementAdvertisementFor the Rizzardis, their chapter of student-loan repayment is now closed. "I had just gotten back from a meeting, and I sat down, and I just got into the habit of looking at my servicer's account every day," Ron Rizzardi said.

Persons: Ron, Marcia Rizzardi, Ron Rizzardi, Harris, we'll, it's, I've, Joe Biden's, We've, We'd, It's, —, servicers Organizations: Service, Harris Administration, Students, Education Department Locations: Wall, Silicon

☆ Student-loan repayment is about to be 'more affordable than ever before' through a new plan that will cut monthly payments to $0 for those making under $15 an hour, Biden's Education Department says
▼ + stars: | 2023-08-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Biden officially launched the new income-driven student-loan repayment plan, known as the SAVE plan. On Tuesday, Biden's administration announced that student-loan borrowers can now officially enroll in the Saving on a Valuable Education, or SAVE, plan, after it began beta testing the program in July. "The SAVE plan is a sea change for students, making college loans far more affordable than ever before," Under Secretary of Education James Kvaal said in a statement. Borrowers who are currently enrolled in the REPAYE plan will automatically have their monthly payments adjusted to the new SAVE plan before payments restart." AdvertisementAdvertisement"The SAVE plan is a game changer," Education Secretary Miguel Cardona told reporters on a Monday press call.

Persons: Biden, Joe Biden, Biden's, Education James Kvaal, Miguel Cardona, we're Organizations: Service, Valuable Education, Education Department, SAVE, Education, Federal, Internal Revenue Service, NAACP Locations: Wall, Silicon

☆ When student loan payments restart, many borrowers may have a different servicer
▼ + stars: | 2023-08-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Mementojpeg | Moment | Getty ImagesLook out for notices about the changeScott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, said impacted borrowers should get emails about the change. Higher education expert Mark Kantrowitz has been tracking the transfers. Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Accounts with Great Lakes Higher Education, Kantrowitz said, should be managed by Nelnet going forward. Also, Kantrowitz said, "whenever there is a change of loan servicer, there can be problems transferring borrower data."

Persons: Scott Buchanan, servicers, Buchanan, Mark Kantrowitz, Kantrowitz, You'll Organizations: Student Loan, Alliance, Missouri Higher Education Loan Authority, EdFinancial Services, Lakes Higher, Federal Services Locations: MOHELA, Missouri, Granite State, StudentAid.gov

☆ ‘I’ve had this black cloud looming over me’: How private lenders have left millions of college students with no hope for the future
▼ + stars: | 2023-08-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +15 min

We both do DoorDash, and probably when those federal student loans start up, it'll be more of a necessity to do that." While private debt makes up just about 10% of the $1.7 trillion student-debt mountain in the US — about $136 billion — the industry has exploded over the past decade: the amount of outstanding private debt has jumped an estimated 47% since 2014. "Regardless, the student loan debt that was supposed to be an investment in their futures is dragging them down." To be sure, some private servicers do disclose benefits private borrowers could lose should they choose to refinance. Moran said he didn't regret taking out private student loans because it allowed him to pursue his desired nursing career.

Persons: Brianne Jones, Jones, she's, We're, it'll, Michele Shepard, they've, it's, Shepard, Suzanne Martindale, —, Anna Anderson, you've, It's, Navient, Martindale, Ryan Moran, Moran, Moran isn't, Joe Biden, I've, Anderson, forbearance, Steve Cohen, didn't Organizations: Eastern Michigan University, West, Federal Direct Loan Program, Institute for College, California's Department of Financial Protection, National Consumer Law Center, Consumer Financial, Bureau, Consumer Financial Protection Bureau, — Maryland Locations: Florida, —, California

☆ A $49,000 monthly student-loan bill and incomplete debt relief: Borrowers are facing confusion as repayment looms
▼ + stars: | 2023-08-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

Some student-loan borrowers are running into hurdles leading up to the payment resumption. Insider spoke to borrowers with inaccurate monthly statements and incomplete debt relief. Jess's incorrect monthly payment statement is just one of the challenges borrowers are facing as President Joe Biden's Education Department and federal student-loan companies work to transition millions of borrowers back into repayment. This announcement was part of the department's one-time account adjustment to get relief to borrowers who have reached the repayment threshold. "Right now, House Republicans are pursuing an appropriations bill that cuts $22.5 BILLION from education," Education Secretary Miguel Cardona wrote on X last month.

Persons: Jess, couldn't, Jess —, —, she's, there's, Joe Biden's, Scott Buchanan, servicers —, Buchanan, we've, Karin Smith, Smith, I'm, It's, haven't, Miguel Cardona Organizations: Service, Joe Biden's Education Department, Student Loan, —, Education Department, The Education Department, House Republicans, Republican Locations: Wall, Silicon

☆ Thousands of student-loan borrowers celebrating Biden's latest debt relief might have to pay taxes on it in these 5 states
▼ + stars: | 2023-08-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Biden recently announced student-debt relief for over 800,000 borrowers on income-driven repayment. The American Rescue Plan said debt relief will not be subject to federal taxes through 2025. While most states adopted the same guidance, some states could tax the latest relief. However, states can choose whether to craft their tax laws in accordance with federal law — and while most states have chosen not to tax debt relief, some have. Along with the varying state laws, the blog said that borrowers who receive debt relief through Public Service Loan Forgiveness are exempt from taxes, along with those who receive relief if their school closed down.

Persons: Biden, Joe Biden's, — Organizations: American, Plan, Service, Joe Biden's Education Department, of Education, Mississippi North Carolina Indiana Wisconsin, Arkansas Revenue, Tax Foundation, Public Locations: Wall, Silicon, Mississippi North Carolina, Mississippi North Carolina Indiana Wisconsin Arkansas

Search resuls for: "servicers"

25 mentions found