Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Education Department"


25 mentions found


"So I mean, we upped our retirement contributions, put more in our savings account because we're saving to buy an apartment." According to David's account, he's expected to resume payments in April, and while he's not yet sure what the amount will be, he's already having to cut back on spending and dig into his retirement savings to make sure he can afford an additional bill. Since federal student-loan payments resumed in October after an over three-year pause, many borrowers have been struggling to get help from their servicers due to strained resources at Federal Student Aid, the office that oversees repayment. AdvertisementAs David waits for clarity, he's evaluating how much money he can withdraw from his savings account to face his student-loan payments once again. "I'm on the fortunate end of this in that I do actually have a savings account," David said.
Persons: David, David —, , MOHELA, he's, We've, we're, Anne, hasn't, I'm Organizations: Service, Business, BI, Public, Education Department, Federal Student Aid, Republican Locations: PSLF, MOHELA
Read previewThousands of student-loan borrowers are getting checks in the mail after paying companies accused of scamming them for debt relief services. The Federal Trade Commission on Wednesday announced it would be sending over $4.1 million in refunds to 27,584 borrowers who gave money to South Dakota corporations Mission Hills Federal and Federal Direct Group. According to the press release, the FTC said the companies "lured consumers with fake loan forgiveness claims and pocketed their money." Advertisement"Moreover, because Defendants have failed to apply most or any of consumers' payments to their student loans, many consumers have accrued additional capitalized interest on the balance of their loans," the complaint said. Those with questions about the payments can contact JND Legal Administration — the company overseeing FTC's refunds — at 844-566-0108, or seek information through the FTC's refund information website.
Persons: Organizations: Service, Federal Trade Commission, Wednesday, Mission Hills Federal, Federal Direct Group, Business, FTC, Court, Central, Central District of, , Consumer Financial, Education Department Locations: South Dakota, Central District, Central District of California, California, reportfraud.ftc.gov
There were just days left to process a batch of federal financial aid applications when Education Department officials made a fateful discovery: 70,000 emails from students all over the country, containing reams of essential data. They were sitting in an inbox, untouched. The students’ futures depended on it. “It needs to get untangled,” Mr. Cordray told his staff members on Thursday, according to recordings of two back-to-back meetings that The New York Times obtained. Three years ago, Congress ordered the Education Department to revamp the new form to make it easier and more accessible.
Persons: Richard Cordray, Mr, Cordray, , Organizations: Education Department, New York Times, Federal Student Aid
It includes a $3.1 billion funding increase for the Education Department to help student-loan borrowers. AdvertisementPresident Joe Biden's budget wish list is out — and it includes boosted funding to help student-loan borrowers as they continue to navigate the return to repayment. Biden's budget request released on Monday outlines what his administration is seeking to prioritize in the final year of his first term. Additionally, the budget request proposes getting rid of student-loan origination fees, or fees a lender charges for processing a borrower's loan. However, many of the initiatives in Biden's budget request would require congressional approval, and with Republicans holding a majority in the House, it's unlikely it would pass in its current form.
Persons: , Joe Biden's, Education James Kvaal, Pell Grant, Biden Organizations: Education Department, Service, Child, Social Security, Federal, Aid, Federal Student Aid, Education, College Fund, Republicans, Business, Management
President Joe Biden recently announced that he was canceling federal student loans for nearly 153,000 borrowers enrolled in the plan, known as the SAVE plan. For Lauran Michael and her husband, the SAVE plan has reduced student loan payments by half. If you are interested in applying for the SAVE plan, here's what you need to know:WHAT IS AN INCOME-DRIVEN REPAYMENT PLAN? Borrowers can apply to the SAVE plan using the Income-Driven Repayment Plan request through the Education Department’s website. If you’d like to repay your federal student loans under an income-driven plan, the first step is to fill out an application through the Federal Student Aid website.
Persons: Joe Biden, Michael, they've, , you’ve, they’re, Biden’s, Charles Schwab Organizations: SAVE, U.S . Education Department, WHO, PLAN, Program, Education, Education Department, Public, Defense, Federal, Aid, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: U.S, Raleigh , North Carolina
Anne, 46, received notice in June that her loans were forgiven thanks to her years of public service. But in late February, MOHELA told her the relief was an error, and her balance was reinstated. AdvertisementAnne breathed a sigh of relief in June when she received the notice she waited years for: her nearly $200,000 student-loan balance was forgiven. I really can't believe this is true," Anne told Business Insider. BI previously spoke to another borrower, Okwara, who MOHELA told that the loan forgiveness he received last year was a mistake.
Persons: Anne, MOHELA, , She's, Anne isn't, I'm, Okwara, she's, it'll, I've Organizations: Service, Public, Business, PSLF, BI, Education Department
Income-driven repayment plansIncome-driven repayment plans, which date to 1994, set borrowers' monthly payments based on a share of their discretionary income. "The loan servicers weren't keeping track of the number of qualifying payments," Kantrowitz said in a previous CNBC interview. watch nowThe Biden administration has been evaluating millions of borrowers' loan accounts to see if they should have had their debt forgiven. Most people with federal student loans qualify for income-driven repayment plans, and can review the options and apply at Studentaid.gov. Public Service Loan ForgivenessNavigating the Public Service Loan Forgiveness program has been famously difficult.
Persons: Joe Biden, Shawn Thew, Mark Kantrowitz, Kantrowitz, Biden, George W, Bush Organizations: Chamber, Afp, Getty, CNBC, Education Department, Valuable Education, Public, Consumer Financial Locations: Washington ,
When Biden was first running for office, he campaigned on canceling $10,000 in student debt per borrower, along with reforming repayment programs like Public Service Loan Forgiveness. AdvertisementThe Education Department is undergoing a process to get relief to borrowers using a different law, but it will take time to reach borrowers. Targeted student-loan forgivenessWhile the Supreme Court struck down Biden's first try at broad student-loan forgiveness, he has still enacted smaller amounts of relief to borrowers through various reforms. Additionally, the Education Department has announced debt cancellation for borrowers defrauded by the schools they attended, including the major for-profit chains ITT Technical Institute and Corinthian Colleges. In February, the department announced $1.2 billion in debt relief for 153,000 borrowers, the first group to benefit from that provision.
Persons: , Joe Biden, Biden, Clare McCann, Arnold Ventures —, McCann, Biden's, Donald Trump Organizations: Service, Public, Biden, Business, Department, Arnold Ventures, Education Department, ITT Technical Institute, Corinthian Colleges, Education, Higher Locations: PSLF, deferment
Millions of student-loan borrowers might soon see improvements to the platforms they use to pay off their debt. Federal Student Aid also posted an announcement on its website with further details on the platform changes. This is likely an effort to prevent scams by making it clear to borrowers that the servicer works with the federal government. It'll ensure that borrowers can detect whether information is coming from an Education Department website to protect them from scams and reduce disruptions across servicing platforms. Advertisement"You will see more improvements when managing and repaying your loans in the coming year," the email to borrowers said.
Persons: Joe Biden's, MOHELA Organizations: Service, Joe Biden's Education Department, Business, Federal, Aid, Education Department
Liberty University, the evangelical Christian university in Lynchburg, Va., agreed to pay a record $14 million fine for breaking federal campus safety laws, the Education Department announced on Tuesday, accusing the school of creating a “culture of silence” that discouraged the reporting of crimes and repeatedly mishandling sexual assaults. In a 108-page report, the department found particular problems with how the university handled sexual misconduct, including that it had punished several sexual assault victims for violating the student honor code, which prohibits premarital sex, while failing to punish their assailants. As a result, sexual assaults commonly went unreported, the department said. The report also said Liberty discouraged staff members from sending out emergency notifications, failing to notify students of dangerous events such as campus bomb threats and gas leaks. Mr. Falwell’s son, Jerry Falwell Jr., resigned as president in 2020 amid a sex scandal, and was sued by the university for $40 million in damages the next year for various breaches of contract.
Persons: Jerry Falwell, Falwell’s, Jerry Falwell Jr Organizations: Liberty University, Christian, Education Department, Liberty Locations: Lynchburg, Va, aggrandizing
Okwara, 36, received a letter from MOHELA in May 2023 confirming his loans were forgiven. But on February 29, MOHELA sent a letter telling him the relief was a mistake, and his balance was reinstated. Okwara made those investments because he no longer had to worry about his student loans — or so he thought. On February 29, he received a letter that confirmed exactly what he feared: the forgiveness was a mistake, and his $93,000 balance had been reinstated in full. Did you get a notice that your student loans were reinstated after receiving forgiveness?
Persons: MOHELA, , Okwara —, Okwara Organizations: Service, Business, PSLF, Public, BI, An Education Department, Education Department Locations: MOHELA
Thousands of student-loan borrowers are still waiting for relief under the Sweet v. Cardona settlement. The Justice Department said the delays could be a result of complex loan histories that take time for servicers to process. President Joe Biden's Justice Department has some reasons why the process has been so delayed. "Receiving settlement relief in a timely and predictable manner is a matter of urgency for Class Members," the letter said. It also said in a recent report that it "will continue to work on improving that process and on verifying the status of Class Members' relief."
Persons: , Joe Biden's, Cardona, Donald Trump, hasn't Organizations: Justice Department, Service, Department, Trump, Lending, Education Department, The Education Department, guaranty Locations: Cardona
Read previewThree top Democratic lawmakers want federal and state officials to investigate a major student-loan company. AdvertisementThey called on the CFPB and attorneys general to "investigate MOHELA and pursue action to the fullest extent possible under the law. We’re standing with @theSBPC and @AFTunion in expressing outrage at MOHELA’s student loan mismanagement. Since student-loan payments resumed in October after an over three-year pause, federal servicers have been under scrutiny over their handling of the return to repayment. AdvertisementIn January, the Education Department withheld varying amounts of pay from the other three federal servicers for the same reason.
Persons: , Chuck Schumer, Elizabeth Warren, Bernie Sanders, MOHELA, they're, Biden, — Chuck Schumer, Warren Organizations: Service, Democratic, Consumer Financial Protection Bureau, Business, Protection, American Federation of Teachers, Sunshine Law, AGs, Education Department Locations: Sens, Missouri
President Joe Biden's Education Department is officially one step closer to finalizing its second attempt at student-loan forgiveness for federal borrowers. This second attempt at student-debt relief is separated from the other targeted relief initiatives the Education Department has been in the process of carrying out. During a February 21 speech touting the latest relief, Biden said he would continue to pursue loan forgiveness for federal borrowers despite legal challenges. "Look, early in my term, I announced a major plan to provide millions of working families with debt relief for their college student debt. "I announced we were going to pursue alternative paths for student debt relief for as many borrowers as possible.
Persons: , Joe Biden's, It's, Biden's, Tamy Abernathy, Abernathy, Biden Organizations: Service, Joe Biden's Education Department, Higher, Education Department, Democratic, Federal Register, Republican
So far, almost 3.9 million borrowers have gotten their education debt erased, totaling $138 billion in relief . Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 or 25 years. The companies earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities. "Loan servicers were not tracking the number of qualifying payments, and the automatic forgiveness was not occurring," Kantrowitz said. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, denied that the companies benefit by veering from the government's orders.
Persons: Joe Biden, Culver City Julian, Mark Kantrowitz, servicers, Nadine Chabrier, Kantrowitz, he'd, Scott Buchanan, Buchanan, Biden, who've, Persis Yu Organizations: Culver City, Culver City Julian Dixon Library, Education Department, U.S . Department of Education, U.S . Department, Center for, Lending, The Education, Finance, IRS, Student Loan, Alliance, Student, Protection Locations: Culver City , California, U.S
Student-loan borrowers, check your emails — you might find a message from President Joe Biden in your inbox telling you that your debt is canceled. Additionally, per the fact sheet, 7.5 million borrowers are enrolled in the SAVE plan, and 4.3 million of them have a $0 monthly payment. Here's what will happen next for borrowers who are, or hope to be, eligible for SAVE plan relief. Next steps for SAVE plan debt reliefBiden's email noted that the Education Department has already informed impacted borrowers' loan servicers that they are eligible for relief. Once negotiations conclude, the department will prepare proposed text on the borrowers it's seeking to include in this new relief plan.
Persons: , Joe Biden, Biden, I've, they've, forbearance Organizations: Service, White House and Education Department, Business, Education Department, SAVE, Public, Family Education Locations: noreply@studentaid.gov
Thousands of student-loan borrowers just became the first group to see relief under President Joe Biden's new repayment reform. On Wednesday, Biden — along with the Education Department — announced that 153,000 borrowers are getting $1.2 billion in debt cancellation as a result of a new provision in the SAVE income-driven repayment plan. "If you've been paying for a decade, you've done your part, and you deserve relief," Education Secretary Miguel Cardona said in a statement. The Education Department first implemented the SAVE plan over the summer, intended to make borrowers' monthly payments cheaper. Of course, the relief comes as many borrowers are encountering challenges with the return to repayment that began in October.
Persons: Joe Biden's, Biden, , you've, Miguel Cardona, Biden's, Education James Kvaal Organizations: Wednesday, Education Department —, Education Department, Business, Administration, SAVE, The Education Department, Public, Department, Education
Read previewTwo top Democratic lawmakers are urging President Joe Biden to go beyond his proposals for student-loan forgiveness and get borrowers as much relief as possible. On top of that, the department is also in the process of crafting its second attempt at debt relief after the Supreme Court struck down its first plan. On Thursday and Friday, it will be holding its fourth negotiation session with stakeholders to discuss relief for borrowers experiencing hardship, but Warren and Schumer said Biden shouldn't stop there. Advertisement"We support all that the president has done, and we, along with millions of Americans crushed under student loan debt, urge him to use the full extent of his authority to cancel more student debt," they wrote. "He should provide relief for as many people as possible and make that relief as easy to access as possible.
Persons: , Joe Biden, Chuck Schumer, Massachusetts Sen, Elizabeth Warren, Biden, Warren, Schumer, Sen, Chris Van Hollen, it's Organizations: Service, Democratic, Massachusetts, Boston Globe, Business, Education Department, Public, Parent Locations: Schumer
Sean Rayford | Getty ImagesSince the Biden administration's first student loan forgiveness plan was rejected at the Supreme Court, it has been working on creating a new, legally viable relief package. The alternative plan, which has become known as Biden's "Plan B," could forgive the student debt for as many as 10 million people, according to one estimate. While Biden first attempted to cancel student debt through an executive order, he has now turned to the rulemaking process. Borrowers in repayment for 20 years or moreThose who have been carrying their student debt for decades may also benefit. watch nowStudent loan servicers also earn a fee per borrower per month, which advocates say discourages transparency around loan forgiveness opportunities.
Persons: Joe Biden, Sean Rayford, Biden, Persis Yu, George W, Bush, servicers, Yu Organizations: Flex, Biden administration's, Supreme, U.S . Department of Education, Student, Protection, Education Department, Public, Consumer Financial, Bureau Locations: West Columbia, South Carolina
Photos You Should See View All 33 ImagesSchools won't get the information they need to award financial aid until next month, forcing them to adapt. Just this past week, Virginia Tech, for example, said it had moved its admissions deposit deadline for first-year college students to May 15. More than 17 million students use the FAFSA every year to receive financial aid for their college education. Rachel Reniva of Dothan, Alabama, said the financial aid decision will affect not only her son’s future but also her entire family’s. Although Jaramillo lives in Toronto, he is a U.S. citizen and thus eligible for financial aid.
Persons: they’ll, , Jenny Nicholas of Keene, , ” Juan Espinoza, Agata James, ” James ’, James, Miguel Cardona, Rachel Reniva, Jesus Noyola, hasn’t, It’s, Noyola, Travis Hill, Lorenzo Jaramillo, Jaramillo, Helen Faith, , Charles Schwab Organizations: Federal Student Aid, The Education Department, Virginia Tech, New, Queens, Education Department, Rensselaer Polytechnic Institute, Social Security, Dallas, Social, Financial, University of Wisconsin, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Jenny Nicholas of Keene , New Hampshire, New York, Dothan , Alabama, Troy , New York, Texas, Toronto, U.S, Madison
Chrystal Copeland, 46, is stuck paying off her ex-husband's student loans. While a law passed to allow the separation of spousal balances, it'll take time to implement. But their student loans are keeping them together. "The only thing that is still holding me in this cycle of abuse is these student loans. She now has about $50,000 in student debt, according to documents reviewed by Business Insider, and she's facing payments of about $500 a month.
Persons: Chrystal Copeland, Copeland, , that's, I'm, Sen, Mark Warner, David Price, Joe Biden, she's, she'll, hasn't, I've Organizations: Service, Business, Education Department, Federal, Public, Aid, Federal Student Aid, Group Locations:
It is a miserable year to be applying for financial aid. Millions of families probably won’t get a final price tag for college until at least April, because of a series of Education Department delays in rolling out the new FAFSA financial aid form. But if you’re applying for aid and have grandparents who want to help, you may be in luck. But now, thanks to a 2020 law that went into effect this year, those questions about money and income are gone. That means that at most schools, help from a grandparent will no longer count against you.
Persons: Pell Grant Organizations: Education Department, Federal Student Aid
The CFPB accused a student-debt relief company, Performance SLC, of illegally charging borrowers fees. The company didn't admit any wrongdoing but is no longer allowed to offer debt relief services. Performance never admitted any wrongdoing and agreed to a settlement that bans the company from engaging in any debt relief services going forward. Over the past few years, the CFPB has been getting relief to thousands of borrowers after paying companies for debt relief services that are free of charge with the federal government. In 2022, for example, the CFPB accused five student debt relief companies of charging consumers unnecessary fees, resulting in a total payment amount to consumers of about $19 million.
Persons: Organizations: Service, Consumer Financial, Bureau, Education Department, Consulting, The Education Department Locations: California
Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 years or 25 years. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, refuted that the companies benefit by veering from the government's orders. Shortly after Fox heard that his student loans were forgiven, he received a payment from the government for $56,801. When he told people he was still paying off his student debt, they scratched their heads. Over the decades, based on Fox's records which CNBC reviewed, he paid around $200,000 to his federal student loans.
Persons: Marlon, George, servicers, Nadine Chabrier, Fox, he'd, Scott Buchanan, Buchanan, I've, Marlon Fox, overpayments, Biden, Debbie Organizations: Biden, U.S . Department, Center for, Lending, The Education, Student Loan, Alliance, Palmer College of Chiropractic, CNBC Locations: forbearances
A group of Democrats urged the Education Department to expand relief for parent PLUS borrowers. They also requested PLUS borrowers be included in Biden's second attempt at broader loan forgiveness. Elizabeth Warren and Bernie Sanders — in sending a letter to Education Secretary Miguel Cardona regarding parent PLUS borrowers. The burden increases on parents because, as the lawmakers wrote, options for federal relief on PLUS loans "remain extremely limited." "We write to you out of deep concern that Parent PLUS borrowers have been left out of key student loan actions the Administration has taken," the Democrats said.
Persons: , Sen, Chris Van Hollen, Elizabeth Warren, Bernie Sanders —, Secretary Miguel Cardona, Biden, Derrick Johnson, Wisdom Cole, Cardona Organizations: Education Department, Service, Democratic, Secretary, Parent, Education, Higher, The Education Department, National, Parent PLUS Locations: Sens
Total: 25