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Search resuls for: "Biden's Education"


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☆ Biden's Education Department is notifying 8 million student-loan borrowers that they do not need to apply for debt cancellation and their relief will be automatically processed
  + stars: | 2022-10-18 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
The Education Department is notifying around 8 million borrowers automatically eligible for relief. Those borrowers will not need to apply, but those who want to opt out must do so by November 14. Those eligible for automatic relief can also choose to submit a form if they want it processed sooner. The Washington Post first reported on Tuesday that the Education Department has started notifying those borrowers that they are eligible to have their loans wiped out automatically. Failure to do so means the relief will be processed for the borrowers after that deadline.
☆ Why you should apply for Biden's student-loan forgiveness before mid-November
  + stars: | 2022-10-17 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Student-loan borrowers can apply for debt relief now during a beta testing period. While the site is not formally live, the Education Department advises borrowers apply by mid-November. This will ensure the relief will hit their accounts before payments resume in January 2023. On Friday evening, President Joe Biden's Education Department launched the student-loan forgiveness application in beta mode — a time period during which borrowers can apply for up to $20,000 in loan forgiveness while the department monitors the website and determines any needed fixes before making the application officially live. Biden's administration recommends borrowers submit the forms before mid-November to ensure they can be processed before payments resume in January 2023.
☆ Biden's student-debt cancellation goes to court today. Republican arguments will center around the 'enormous' financial harm the relief will cause loan companies and states.
  + stars: | 2022-10-12 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
Six Republican-led states are seeking to block Biden's student-loan forgiveness. Their defense outlines financial harms the relief will cause to state and company revenues. Financial harms to MOHELAThe Republicans countered the Biden administration's claim that MOHELA is separate from the state, and financial harms to the company would not impact the state. They said that MOHELA must report to the Missouri government, and because student-loan forgiveness would impact revenue from direct loans, "it reduces MOHELA's resources to perform these essential education-advancing functions for Missouri. The filing also noted that there is "concrete and direct — and enormous" harm to MOHELA's finances brought on by debt relief, citing a loss of tens of millions of dollars per year in revenue should the relief go through.
☆ The student-loan forgiveness application will cost the US government nearly $100 million per year to process, Biden's Education Department estimates
  + stars: | 2022-10-12 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
The Education Department estimates the student-loan forgiveness application will cost nearly $100 million per year. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyCreating the student-loan forgiveness application isn't cheap, new documents show. On Tuesday, President Joe Biden's Education Department released the first preview of what the application for up to $20,000 in student-debt cancellation will look like. But the application cost could support points some Democratic lawmakers made prior to the debt relief announcement, in which they suggested the relief be made available to all borrowers without any means testing. With regards to the full cost of debt relief, the Congressional Budget Office estimated it would cost $400 billion over 30 years.
☆ Biden's Education Department will test the application for student-loan forgiveness with 'members of the general public' before it officially goes live
  + stars: | 2022-10-10 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
The Education Department is testing its student-loan forgiveness application with some members of the general public. It also affirmed it will not cancel any student debt before October 23. This new information comes in a legal filing defending debt relief from GOP-led lawsuits. The Education Department said that while around 8 million borrowers would automatically be eligible for debt relief, the majority would have to apply through an application that was set to become available in early October. The Education Department has affirmed that the process will be "smooth and simple," and borrowers will not need to upload any documents to verify their incomes.
☆ The student-loan forgiveness application wasn't ready when Biden announced relief because the Education Department couldn't move forward until it was an official policy, the Education Secretary says
  + stars: | 2022-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
An application for student-loan forgiveness is set to become live in early October. Miguel Cardona said it wasn't ready in August because Biden needed to give the green light. "We couldn't create an application if it hadn't been a policy that the president would have put forth," he said. As to why the application couldn't be ready immediately, Education Secretary Miguel Cardona told NPR in a recent interview that the department needed Biden's official green light before moving ahead with implementation. "And we couldn't create an application if it hadn't been a policy that the president would have put forth.
☆ 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.
☆ A worker at a student-loan company says the 'lack of guidance' from Biden's Education Department on debt cancellation is hurting borrowers: 'I'm just so worried people are going to be left out'
  + stars: | 2022-09-18 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
A student-loan company worker expressed concern with the lack of guidance on Biden's debt relief. "There's a complete lack of guidance from the Education Department on what to advise borrowers," the worker, who requested to remain anonymous but whose identity is known to Insider, said. The worker specifically assists borrowers within the Federal Family Education Loan (FFEL) program, who have loans that are commercially-held and not eligible for federal relief. Currently, the Education Department is advising those borrowers to consolidate their loans into direct federal loans so they can qualify for forgiveness. In response to the worker's concerns, an Education Department spokesperson pointed Insider to the FFEL guidance already on its website and did not have any additional details to provide.
☆ Student-loan borrowers will automatically receive refunds on pandemic-era payments if they qualify for Biden's debt relief
  + stars: | 2022-09-14 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
The Education Department updated guidance on the process for receiving student-loan payment refunds. Borrowers who apply for and receive Biden's debt cancellation will get refunds automatically. In an FAQ posted on studentaid.gov with details on accessing Biden's debt relief, the department recently added a refund section explaining that borrowers can automatically receive a refund for payments they made during the pause if:You apply for and receive loan forgiveness through Biden's plan. "We're glad to see that the Department understands the importance of automation and maximizing relief to borrowers. We urge them to deliver the rest of Biden's promised debt cancellation by making it all automatic."
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