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☆ Here are key things to know as Supreme Court nears decision on Biden's student loan forgiveness
▼ + stars: | 2023-06-16 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

The United States Supreme Court Building Geoff Livingston | Moment | Getty Images1. You'll be able to read the ruling on the Supreme Court's website, likely some time in the morning of decision day. A top Education Department official recently warned that resuming student loan bills without Biden's loan cancellation could trigger a historic rise in delinquencies and defaults. They said the decreased revenue for MOHELA, or the Missouri Higher Education Loan Authority, could leave the agency unable to meet its financial obligations to Missouri. Student loan borrowers gathered outside the U.S. Supreme Court on Feb. 27, 2023, the night before the court hears two cases on student loan forgiveness.

Persons: Geoff Livingston, Mark Kantrowitz, Kantrowitz, You'll, Biden, Elizabeth Prelogar, Prelogar, they'd, Mark, servicers, Amy Coney Barrett, James A, Campbell, Barrett wasn't, you've, Annie Nova Organizations: United States Supreme, Supreme, Department, Republican, GOP, South Carolina –, Job, Network Foundation, Missouri Higher Education Loan Authority, CNBC, U.S Locations: delinquencies, — Arkansas, Iowa , Kansas , Missouri , Nebraska, South Carolina, Missouri, Nebraska

☆ Over 14 million student-loan borrowers will resume payments this year under new companies — and that'll further 'complicate' the repayment process, a federal consumer watchdog says
▼ + stars: | 2023-06-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

14 million student-loan borrowers could resume payments under a new servicer, the CFPB said in a new report. It could "complicate" the repayment process due to confusion on where the debt is owed, per the report. According to the report, 44%, or 14 million, student-loan borrowers in the bureau's sample will have their loans managed by at least one new student-loan company when payments resume, which could "complicate" the process. Additionally, the bureau found that about one in five borrowers in its sample have "risk factors" that suggest they could struggle when payments resume. "I'm in this limbo period not really knowing what's going on with my student loans," he said.

Persons: —, delinquencies, MOHELA, I'm Organizations: Service, Education Department, Consumer Financial, Public, Federal Student Aid, — Locations: autopay

☆ Corporate boycotts clash with political reality
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, June 15 (Reuters Breakingviews) - Republicans are firing from the hip when it comes to corporate boycotts. Conservative Americans’ changing beer habits may have contributed to Bud Light being pulled from its spot as the number one beer in the United States for the first time in more than two decades. In May, Bud Light sales dropped a quarter compared to the same month last year, consulting companies Bump Williams and NielsenIQ said Wednesday. As conservatives encourage consumption based on political views, they may in some cases pull cash from their own pockets. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bud Light, Marjorie Taylor Greene, Ted Cruz, Marsha Blackburn of, Busch, influencer Dylan Mulvaney, Bud, Bump Williams, NielsenIQ, Ben Winck, Lauren Silva Laughlin, Streisand Neto Organizations: Reuters, Conservative, Republican, Anheuser, Bud Light, Democratic, Constellation Brands, Target, Twitter, Thomson Locations: United States, Marjorie Taylor Greene of Georgia, Ted Cruz of Texas, Marsha Blackburn of Tennessee

☆ Oil servicers sweeten the pill
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 15 (Reuters Breakingviews) - The approach of peak oil demand is bad for oil producers, but it’s worse for companies that help dig and service new wells. A $5 billion merger between Patterson-UTI Energy (PTEN.O) and NexTier Oilfield Solutions (NEX.N), two small oil field services firms, offers a way out. Big oil producers are already focusing on returning cash to investors as they face up to the inevitable. The International Energy Agency said on Wednesday that global demand growth is set to nearly halt by 2028, as the use of oil in transport falls from 2026. That trend is one reason Patterson-UTI and NexTier have both delivered negative total shareholder returns since 2018.

Persons: Patterson, Robert Cyran, John Foley, Streisand Neto Organizations: YORK, Reuters, Patterson, UTI Energy, International Energy Agency, Twitter, Thomson Locations: India

☆ Millions of student loan borrowers will have a new servicer when payments restart
▼ + stars: | 2023-06-12 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Borrowers who are being transferred to a different servicer should receive alerts via email, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. These notices will explain any steps you'll need to take, he said, and include information on your new servicer. watch nowBorrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Borrowers can check who their new servicer is by logging in to StudentAid.gov., Kantrowitz said. Also, Kantrowitz said, "whenever there is a change of loan servicer, there can be problems transferring borrower data.

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

☆ Third Point Real Estate's managing partner said it's 'a foolish debate' to say the office market will fail
▼ + stars: | 2023-06-11 | by ( Al Yoon | ) www.businessinsider.com time to read: +9 min

Frank Scavone, managing partner of Third Point Real Estate Strategies, said offices aren't dead. Frank Scavone, the managing partner of Third Point Real Estate Strategies, told Insider he's up for the challenge. But are there opportunities now for investors like Third Point Real Estate Strategies? What's going to happen with all the commercial real estate debt coming due in this higher interest rate environment? And let's not forget about the more than $300 billion in dry powder aimed at North American commercial real estate investment.

Persons: Frank Scavone, Scavone, Daniel Loeb's, —, Trepp, CBRE, That's, San Francisco — Organizations: Service, Third Point, Hedge, CBRE, downtown, Employers, North Locations: San Francisco, downtown San Francisco, Marin County, York, multifamily, New York City

☆ San Francisco Hilton investor will stop making loan payments
▼ + stars: | 2023-06-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Downtown San Francisco has been dealt another blow after an investor in one of its largest hotels said it would stop paying its loans. An investor presentation from Park reveals that San Francisco accounted for 16% of its business in 2019, then fell to just 3% over the past 12 months following the pandemic. The San Francisco Hotel Council told CNN affiliate KGO-TV that it’s “not uncommon for hotel ownership to change” and it expects the hotel will find new owners. Property crimes in San Francisco have garnered national attention because of several attention-grabbing videos of thieves in action. Meanwhile, violent crime statistics in San Francisco have remained relatively steady in recent years.

Persons: Thomas Baltimore , Jr, ”, It’s, Nordstrom Organizations: New, New York CNN, Downtown, Park, Resorts, Hilton San Francisco, Square, Marriott, Hyatt, San Francisco, San Francisco Hotel Council, CNN, KGO, San Francisco Police Department Locations: New York, Downtown San Francisco, Francisco, San Francisco

☆ Borrowers brace for student loan bills to resume — '$600 a month, where is that going to come from?'
▼ + stars: | 2023-06-04 | by ( Annie Nova | ) www.cnbc.com time to read: +6 min

As a result of the policy, the average borrower likely saved around $15,000 in student loan payments, Kantrowitz said. ″[T]he one-time student loan debt relief program was intended to avoid" that problem, he added. Yet consumer advocates say the troubles for student loan borrowers are far from over. "Borrowers are not ready to resume payments," said Persis Yu, deputy executive director at the Student Borrower Protection Center. To be able to afford his student loan payment in September, Berlet plans to cut back on how much food he buys.

Persons: Donald Trump, Mark Kantrowitz, Kantrowitz, James Kvaal, Joe Biden's, Mark, Kvaal, Kevin McCarthy, Biden, McCarthy, Persis Yu, Yu, they'd, Paul, Berlet, he'll, Brooks, didn't, wasn't, Paul Berlet Organizations: Twitter, Student, Protection, Kantrowitz, Education Department, Pennsylvania Higher Education Assistance Agency, Granite State Locations: U.S, Pennsylvania, Granite, Wilmington , Delaware

☆ The Student Loan Payment Pause Is Ending. Here’s How to Prepare.
▼ + stars: | 2023-06-01 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

After a three-year break, student loan payments are about to come due again. The payment pause on federal loans has been extended eight times since March 2020 as part of a pandemic relief measure. That isn’t much different from the timeline that Mr. Biden previously laid out, but codifying it may give him less leeway to extend the pause yet again. The payment break has provided relief for roughly 27 million borrowers and another seven million in default, who received a reprieve from wage garnishment and other collection efforts. Your finances may look completely different from what they were three years ago, which is why borrowers should take a moment to evaluate where they stand — ideally well before loan servicers are crushed with calls and inquiries.

Persons: Biden, Kevin McCarthy

☆ Here's the 'most likely scenario' for when student loan payments could restart — and how to prepare
▼ + stars: | 2023-05-25 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Borrowers may be down to their last few months without a student loan payment. "The most likely scenario is repayment restarts in September," said higher education expert Mark Kantrowitz. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, also said lenders are actively preparing for the bills to restart in September. Readjusting your budget to include a student loan payment again may not be easy. Fortunately, there are steps you can take to be more prepared.

Persons: Mark Kantrowitz, Scott Buchanan, servicers, Biden Organizations: Biden, U.S . Department of Education, Student Loan, Alliance, Finance, House Democrats, Social

☆ Biden's plan to give millions of student-loan borrowers who fell behind on payments a fresh shot at debt relief is working
▼ + stars: | 2023-05-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Biden announced a "Fresh Start" plan to return borrowers behind on payments to good standing before reentering repayment. Data from the New York Fed found less than 1% of borrowers are in default due to the plan. The Education Secretary recently confirmed that payments will resume this year, with or without broad debt relief. This progress is important given that student-loan payments are expected to resume this year after what will be an over three year pause. The Education Department is also in the process of implementing a new income-driven repayment plan, which it says would be "the most affordable repayment plan ever."

☆ The Daughter Who Got the Government to Cancel Her Mother’s Debt
▼ + stars: | 2023-05-13 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

After that, Susan went to her second job working with autistic toddlers, while her daughter was in after-school care. The debt repayment process had kicked in while she was raising Arianna, as did the confusion that so many borrowers have faced over the years. There are different types of loans and various interest rates for each of them. There are a bunch of ways you can repay them, a variety of ways to consolidate them and several ways to have the loans canceled. An employee at one of the four entities that had serviced her loans suggested consolidating her debt so she could make just one payment each month.

☆ Biden promised student-loan borrowers cheaper payments and more debt relief. The government might not have enough money for everyone to actually get those benefits.
▼ + stars: | 2023-05-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

With broad student-debt relief, many student-loan borrowers anticipate reforms to payment programs. Congress didn't increase funding for Federal Student Aid last year, and the impacts already show. Federal student-loan borrowers are facing a consequential year ahead. Alex Wong/Getty Images'We really need to be worried and concerned'The issue of a lack of funding, and how it impacts student-loan borrowers, has been on some Democratic lawmakers' radars. "That's why I'll continue to fight for the increased funding the Student Aid Administration needs to provide quality services and support at-risk borrowers," she said.

☆ The federal student loan payment pause may end soon—how borrowers can get ready now
▼ + stars: | 2023-05-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +6 min

While the summer signals music festivals and vacations for many, this year it will also mean the return of federal student loan payments. Interest hasn't been accruing and borrowers haven't been required to make payments on their federal student loans since March 2020. But as the federal government winds down its pandemic relief, student loan borrowers are bracing to resume payments, or start making them for the first time. If you graduated or left school between March 2020 and now, you may have never been required to make a payment on your federal student loans. If you're not sure, you can log into your Federal Student Aid (FSA) account and scroll down to the "My Loan Servicers" section, or call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

☆ A student-loan company at the center of a lawsuit blocking Biden's debt cancellation with a 'dubious record of customer service' just got a new contract to keep servicing millions of borrowers, Cori B
▼ + stars: | 2023-05-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department awarded five student-loan companies new contracts, including MOHELA. "No company should be profiting from the student debt crisis, especially MOHELA with their dubious record of customer service in the past," she continued. "My office will continue our work to hold student loan servicers accountable for their harm to our communities. Ultimately, there is still much work to be done to provide student debt relief, bolster college affordability, and begin the transition to a world without student debt at all." As Bush referenced, MOHELA is responsible for the whole PSLF portfolio, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.

☆ Monitoring Financial Institution Compliance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +41 min

Compliance MonitorshipsA compliance monitor (also called an independent examiner or independent compliance consultant) is an impartial party appointed by the government to detect the root causes of the institution’s compliance failures. The purpose of a compliance monitor is not to address a particular compliance failure or punish the institution. Responded to compliance issues, in a timely manner and in a way that demonstrates that the institution takes compliance issues seriously. Compliance Department EmployeesThe monitor must evaluate the adequacy of compliance department employees, including the number of compliance employees, their experience, and their expertise. Assess the Compliance SystemsThe monitor typically engages compliance technology experts, who have specific knowledge of coding and compliance technology software, to test and evaluate the institution’s compliance systems.

☆ After being on pause for more than 3 years, student loan payments are expected to resume soon
▼ + stars: | 2023-04-28 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Three companies that serviced federal student loans — Navient , the Pennsylvania Higher Education Assistance Agency (also known as FedLoan) and Granite State — all said they'd be ending their relationship with the government. Impacted borrowers should get multiple notices, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. But if you can afford it, the standard repayment plan is just 10 years. To calculate how much your monthly bill would be under different plans, use one of the calculators at Studentaid.gov or Freestudentloanadvice.org, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit. If you do decide to change your repayment plan, Mayotte recommends submitting that application with your servicer before payments turn back on.

WASHINGTON, April 19 (Reuters) - The U.S. Supreme Court on Wednesday bolstered a bid by Turkey's state-owned lender Halkbank (HALKB.IS) to avoid criminal charges in the United States for allegedly helping Iran evade American economic sanctions. The court's majority, while rejecting a key defense mounted by Halkbank, ordered the Manhattan-based 2nd U.S. Shares in Vakifbank (VAKBN.IS), another Turkish state bank, jumped 9.9% and the bourse's banking index climbed more than 4%. Sovereign immunity generally protects countries from facing legal action in another country's courts. The majority found that the 2nd Circuit did not fully consider whether the bank has immunity under "common law" principles.

☆ The Supreme Court just ruled that $6 billion in student-loan forgiveness for 200,000 borrowers can move forward
▼ + stars: | 2023-04-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Supreme Court ruled that $6 billion in student-debt relief for 200,000 borrowers can move forward. Three schools named in the settlement had asked the Supreme Court to pause the relief. The lawsuit was first filed in 2019 under former President Donald Trump on behalf of borrowers with stalled borrower defense claims, or claims borrowers can file if they believe they were defrauded by the school they attended. The Ninth Circuit Court of Appeals rejected the request, and now, the Supreme Court came to the same conclusion. "The application for stay presented to Justice Kagan and by her referred to the Court is denied," the Supreme Court wrote in its very brief decision.

☆ Thousands of student-loan borrowers are facing 'obvious harm' if the Supreme Court agrees to halt the debt relief they already won in court, Biden's Education Department says
▼ + stars: | 2023-04-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department pushed back on a lawsuit to halt student-debt relief for borrowers who said they were defrauded. A federal judge signed off on a settlement that would give those borrowers $6 billion in debt relief. The Education Department agreed to the settlement last summer, and in November, a federal judge signed off on $6 billion in debt relief for 200,000 borrowers. On Wednesday, the Education Department responded to the schools' appeal, and as expected, it told the Supreme Court that staying the relief will cause "obvious harm" for impacted borrowers and the department itself. The Supreme Court heard oral arguments in a case aiming to block that broader relief in February.

☆ Student-loan borrowers are about to face more hurdles after a major company reduced its call center hours — and laid off 550 more employees
▼ + stars: | 2023-04-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Education Department modified student-loan company Nelnet's contract, per SEC documents. The changes included reduced call center hours, contributing to Nelnet laying off 550 employees. It also allows Nelnet to have a higher percentage of borrowers hang up without receiving help. At the end of March, student-loan company Nelnet announced a series of changes to its contract implemented by the Education Department. But it's a critical year for student-loan borrowers, and Nelnet is just one sign that they're facing a rocky road ahead.

☆ Taxes and adulting: What to know about filing taxes on your own for the first time
▼ + stars: | 2023-04-03 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

Taxes are genuinely confusingIf you’re confounded by filing your taxes, you may think it’s because you’re young and inexperienced. Organize everything before filling out anythingYour tax return is a financial snapshot of your life over a 12-month period, in this case 2022. Above those levels, the child tax credit starts to get reduced. Deadlines matterYour federal tax return is due on April 18. That is the day by which you must have filed your 2022 individual tax return and paid any remaining federal income taxes owed for last year.

☆ 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.

☆ A student-loan borrower was promised a $5,000 refund on payments after Biden's broad debt relief. Months later, she's still waiting — and no one is picking up the phone to help.
▼ + stars: | 2023-03-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Roxanne Dougherty, 31, is waiting for a $5,000 refund on her student-loan payments. The Education Department directed Insider to guidance on refunds posted on Federal Student Aid's website. "No one is taking the time to help me or to listen to me when it comes to MOHELA," Dougherty said. "It just seems like there's something in it for them to not help," Dougherty said. Are you still waiting for a refund on your student-loan payments?

☆ Some student-loan companies are 'ignoring' court orders and continuing to collect borrowers' debt after they received relief through bankruptcy, a federal consumer watchdog finds
▼ + stars: | 2023-03-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The CFPB found some student-loan companies have continued to collect on debt that was discharged in bankruptcy. It comes after the Education and Justice Departments reformed bankruptcy guidance for borrowers last year. The student loan servicing industry should ensure that their collection practices are compliant with the law." The companies' unlawful misconduct only adds to the difficult process borrowers must face when attempting to get rid of their student debt through bankruptcy. The entire student loan industry should take notice—the days of cheating borrowers out of their legal right to bankruptcy are over."

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