DIRS.INFO The most relevant business & tech news

☆ When will Supreme Court rule on Biden's student loan forgiveness plan? Here's what you need to know
▼ + stars: | 2023-03-03 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Payment pause on federal student loans is still ongoingFederal student loan payments have been on pause since March 2020, when the coronavirus pandemic first hit the U.S. and crippled the economy. The Department of Education in November said the bills would resume 60 days after the litigation over its student loan forgiveness plan resolves. If the justices allow student loan forgiveness to go through, many borrowers will never have to restart payments. "Sixty days will be enough to forgive student loan debt if the president's plan survives," Kantrowitz said. A ruling against student loan forgiveness isn't the end

☆ Will student loan forgiveness pass the Supreme Court? Here's what we know so far
▼ + stars: | 2023-03-02 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +7 min

WASHINGTON, DC - People rally in support of the Biden administration's student debt relief plan in front of the the U.S. Supreme Court on February 28, 2023 in Washington, DC. This week, the Supreme Court heard oral arguments from both supporters and opponents of President Joe Biden's student debt forgiveness plan. Student loan borrowers have the most immediately at stake, but the high court's ruling and rationale could have bigger implications for the government. Nebraska solicitor general, James Campbell, who represented the state plaintiffs, responded that "the state speaks for MOHELA." Will student loan forgiveness pass?

☆ When will student loan payments restart? What borrowers need to know
▼ + stars: | 2023-02-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Skynesher | E+ | Getty ImagesRestart depends on Supreme Court decision timingWhen student loan payments restart depends on how long the Supreme Court justices take to issue a decision on the president's plan, said higher education expert Mark Kantrowitz. Servicers will determine when your payment is dueFederal student loan payments have been on pause since March 2020, when the coronavirus pandemic first hit the U.S. and crippled the economy. "They're not going to restart everybody's student loan payments on the same day, everywhere, all at once," he said. Two of these lawsuits — which the Supreme Court has agreed to hear oral arguments for — have been successful in at least temporarily halting the relief. Sixty days will be enough to forgive student loan debt if the president's plan survives.

☆ Biden administration is making a big change to student loan repayment. What borrowers need to know
▼ + stars: | 2023-02-15 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Currently, after 20 years of payments on undergraduate student loans, any leftover debt is forgiven on the existing REPAYE Plan. However, under the Biden administration's proposal, those with original student loan balances of $12,000 or less may get their loans forgiven after just 10 years. watch nowPreviously, a borrower who made $40,000 a year would have a monthly student loan payment of around $151. The new option should be available to borrowers with undergraduate and graduate student loans, although undergraduate borrowers will have lower payments. Once the new REPAYE Plan is available, borrowers can call their student loan servicer to enroll in the option, or apply at StudentAid.gov.

☆ As ChatGPT mania takes hold, here's how companies beyond tech are using A.I.
▼ + stars: | 2023-02-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

AI's been in use for years, of course, helping companies improve products, efficiency and their business models. Media conglomerate Comcast (the parent of CNBC) is harnessing AI to improve expenses and innovate within high-speed broadband, while Stanley Black & Decker mentioned it's using AI to help customers better measure the hardening of concrete. Here's how some of the biggest companies outside of technology are utilizing AI to improve their businesses: Healthcare companies bet on AI One of the biggest beneficiaries of the latest AI trends might be healthcare companies. Some health companies also view machine learning and AI as tools to assist in areas with doctor shortages or fewer resources. Minneapolis-based utility Xcel Energy said it's using AI technology to improve efficiency at its plants and move from "reactive to proactive maintenance," said Brian Van Abel, Xcel's chief financial officer.

☆ White House approves 16 million people for contested student loan forgiveness plan. Whether they see relief depends on Supreme Court decision
▼ + stars: | 2023-01-27 | by ( Annie Nova | ) www.cnbc.com time to read: 1 min

Wirestock | Istock | Getty ImagesThe U.S. Department of Education has "fully approved" more than 16 million people for federal student loan forgiveness and sent their applications to loan servicers, the Biden administration announced Friday. The administration gave a state-by-state breakdown of the number of borrowers who have applied and been approved for its sweeping debt relief program, which is on hold until the U.S. Supreme Court decides its fate.

☆ One map shows how many student-loan borrowers could have gotten Biden's debt relief before lawsuits blocked his plan
▼ + stars: | 2023-01-27 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +4 min

The White House released data showing how many student-loan borrowers applied for or were deemed eligible for Biden's debt relief. This data was collected before two lawsuits blocked the implementation of the debt relief. The White House released data on Friday morning showing how many borrowers applied, or were deemed eligible, for Biden's debt relief plan before the legal challenges. The Supreme Court will be taking on two lawsuits that blocked Biden's debt relief. And the other lawsuit was filed by two student-loan borrowers who sued because they did not qualify for the full $20,000 amount of relief.

Under a Biden administration plan, married couples filing taxes separately could get student-loan payments eliminated altogether. When filing separately, you can use your lower AGI to get lower monthly payments. Married couples could lower their monthly payments even more by filing their taxes separately, Hornsby says. Use this equation to calculate your new monthly student-loan paymentsHere's an equation you can use to estimate your new monthly student-loan payments, factoring in the new proposed IDR regulations. When filing separately, married people are no longer eligible to claim the $2,500 student-loan interest tax deduction.

☆ Transitioning millions of student-loan borrowers back into repayment this year will be a 'huge undertaking,' Biden's Education Department says
▼ + stars: | 2023-01-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Federal Student Aid's 2022 annual report said that resuming student-loan payments this year will be a "huge undertaking." It cited the unprecedented nature of Biden's broad debt relief and extensions of the payment pause. The agency said it will improve customer service, but borrowers are continuing to struggle with their loan servicers. But it also noted changes that came from Biden's announcement in August to cancel up to $20,000 in student debt for federal borrowers making under $125,000 a year. Insider previously reported on hours-long hold times some borrowers were experiencing when trying to get help from MOHELA, a company currently involved in one of the lawsuits seeking to block Biden's broad debt relief.

☆ 3 signs Biden's Education Department has not 'efficiently or effectively' taken steps to overhaul the student-loan repayment system, according to the inspector general
▼ + stars: | 2023-01-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department plans to revamp the student-loan servicing system. But a report from the Inspector General found it has not been preparing to do so effectively. Last week, the Education Department's Office of Inspector General released a report analyzing Federal Student Aid's (FSA) efforts to transition the current repayment system to a new one, known as Next Generation (Next Gen) Loan Servicing. Additionally, it recommends that FSA develop a policy that requires a budget request be completed and approved prior to moving forward with any changes to the student-loan servicing system. The exact timeline for when borrowers will experience the revamped student-loan servicing system is unclear at this point, especially as the administration is working to implement other significant changes.

WASHINGTON, Jan 17 (Reuters) - The U.S. Supreme Court is set on Tuesday to hear arguments over a bid by Turkey's state-owned lender Halkbank (HALKB.IS) to avoid criminal charges in the United States for allegedly helping Iran evade economic sanctions. The justices are weighing Halkbank's appeal of a lower court's ruling in favor of the U.S. government that allowed the prosecution of the bank to proceed. The case tests Halkbank's contention that it is shielded from prosecution because, as an entity majority owned by the Turkish government, it has sovereign immunity. Halkbank's case has complicated U.S.-Turkish relations, with Turkish President Tayyip Erdogan calling the 2019 American charges against the bank an "unlawful, ugly" step. They also said Halkbank helped Iran secretly transfer $20 billion of restricted funds, with at least $1 billion laundered through the U.S. financial system.

☆ More student loan borrowers may have $0 payments under Biden's new plan. What you need to know
▼ + stars: | 2023-01-17 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Silverkblack | Istock | Getty ImagesIn the new student loan repayment plan proposal rolled out this month by the Biden administration, more borrowers could see their monthly payments drop to $0. The new REPAYE plan could officially be available July 1, 2024, according to higher education expert Mark Kantrowitz. Yet under the new proposal, those who have fallen behind may be able to sign up for the income-based repayment plan, another one of the income-driven repayment plan options. Borrowers will need to enrollOnce the new REPAYE plan is available, borrowers can call their student loan servicer to enroll in the option, or apply at StudentAid.gov. The pandemic-era relief policy suspending federal student loan bills and the accrual of interest has been in effect since March 2020.

☆ The government's new spending bill has protections for student-loan borrowers dealing with bad behavior by companies that manage their debt
▼ + stars: | 2022-12-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The new government spending bill did not increase funding for the Federal Student Aid office. But it did include language on holding student-loan companies accountable for misleading borrowers. On Monday, the House appropriations committee released the text of its $1.7 trillion government spending bill for the upcoming fiscal year. But given the lack of increased funding in the spending bill, its likely the implementation of that system will be delayed. Borrowers have reported a number of issues with student-loan companies over the past year.

More than 40 million borrowers like Morales-Bartlett were eligible to cancel up to $20,000 in federal student loan debt under President Joe Biden’s one-time student loan forgiveness plan. Meanwhile, the pandemic-era federal student loan repayment pause has been extended while the government awaits the court’s decision. The average federal student loan debt nears $30,000. Brown’s son still has about $50,000 in student debt despite being one of the thousands of North Carolinians who received some student loan relief as part of a multistate settlement with Navient, one of the nation’s largest student loan servicers, over allegations of unfair and deceptive student loan servicing and predatory lending practices, according to Pennsylvania Attorney General Josh Stein's office. He also applied to the currently blocked student loan forgiveness program and is waiting to hear back.

☆ The Supreme Court will hear Biden's student-loan forgiveness case in February. Here's what that means for millions of borrowers waiting for relief.
▼ + stars: | 2022-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Supreme Court agreed to hear oral arguments on Biden's student-debt relief in February. The good news is that President Joe Biden's debt relief isn't dead in the water — the Supreme Court agreed to hear arguments to the case early next year. In the meantime, all eyes are on the Supreme Court. The issue of standing has long been the focus of not only this specific lawsuit, but the other conservative lawsuits that have sought to block debt relief. "Our student debt relief program is necessary to help 40M eligible Americans struggling under the burden of student loan debt recover from the pandemic," Education Secretary Miguel Cardona wrote on Twitter.

☆ What borrowers need to know while student loan forgiveness is in limbo
▼ + stars: | 2022-11-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Loan payment pause may be extended againThe Biden administration is reported to be considering extending the payment pause on student loan bills yet again. Indeed, a top official at the Education Department recently said student loan default rates could dramatically spike if its loan forgiveness plan is thwarted, "due to the ongoing confusion about what they owe." Borrowers have other aid optionsThose unnerved by the possibility of student loan forgiveness falling through may take some comfort in a number of other options that may offer help. (Use one of the calculators at Studentaid.gov or Freestudentloanadvice.org to find the repayment plan most affordable for you.) The Public Service Loan Forgiveness program, which allows those who work for the government and certain nonprofits to get their debt cleared after a decade, is also getting a number of improvements.

☆ Student debt forgiveness is on hold for now—here's why it's blocked and what could happen next
▼ + stars: | 2022-11-16 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +9 min

After appearing to clear a number of other legal hurdles, President Joe Biden's student debt forgiveness plan has been blocked. If the president's appeal in Texas is successful, it's likely the plaintiffs will escalate the case to the Supreme Court or vice versa. Still, federal judges are appointed by elected officials, and it so happens the judges striking down Biden's debt forgiveness were nominated by Republican presidents. Aside from appealing in Texas, the president has not yet announced next steps for the debt forgiveness plan or other relief for borrowers. The 8th Circuit Court's decision to keep the block on debt forgiveness for now adds to the likelihood of a Supreme Court case, she says.

☆ Amid court challenges to its student debt forgiveness, Biden administration could extend payment pause yet again
▼ + stars: | 2022-11-15 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

With the legal blows to President Joe Biden's student loan forgiveness plan mounting, it's possible that the administration could extend the payment pause on the monthly bills yet again, experts say. "I'm sure they have to be considering it as an option," said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. If the president's policy remains blocked in the courts by the end of the year, higher education expert Mark Kantrowitz said, "the Biden Administration is likely to further extend the payment pause." Federal student loan payments have been on pause since March 2020, when the coronavirus pandemic first hit the U.S. and crippled the economy. The U.S. Department of Education closed its student loan forgiveness portal last week after a federal judge in Texas called Biden's plan "unconstitutional" and struck it down.

☆ Another federal court just slammed the brakes on Biden's student-loan forgiveness, keeping debt relief from millions of borrowers
▼ + stars: | 2022-11-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The 8th Circuit just blocked Biden's student-loan forgiveness plan in response to a lawsuit filed by six GOP-led states. This means Biden cannot cancel any student debt while the injunction is in place, pending an appeal. It's the second court in recent days to put a block on Biden's plans to cancel up to $20,000 in debt. It also comes after a federal court in Texas struck down Biden's debt relief plan, declaring it illegal on November 10. The Education Department has not yet indicated whether that pause will be further extended, given the injunction on the relief.

☆ Could student loan forgiveness still happen this year? It's possible
▼ + stars: | 2022-11-10 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

But now the Biden administration finds itself unable to start delivering its relief because of a court-ordered stay of its policy. Here's where forgiveness stands, and what might happen next. Originally, the Education Department had said that borrowers would receive forgiveness within six weeks after they applied. Loan servicers were given 15 days to apply the forgiveness to a borrowers' account after they were notified, Kantrowitz said. "If the forgiveness is still paused by the end of the year, the Biden administration is likely to further extend the payment pause," Kantrowitz said.

☆ Student-loan companies are 'ready to apply' debt cancellation to borrowers' balances, Biden's Education Secretary says
▼ + stars: | 2022-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Miguel Cardona said student-loan companies are "ready to apply" debt relief. But they cannot actually cancel any student debt right now because the plan continues to be stalled. That's due to a ruling from the 8th Circuit in response to a GOP-led lawsuit seeking to halt the relief. "Unfortunately, our ability to process loan forgiveness has been paused," Cardona wrote. "We believe strongly that the lawsuits are entirely meritless, and that the debt relief plan is lawful and necessary," he added.

☆ Meet a 30-year-old with $110,000 in student debt who chose her job in hopes of public-service loan forgiveness — but her balance just keeps growing
▼ + stars: | 2022-10-30 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Kjerstin Laine, 30, owes over $110,000 in student debt from undergraduate and graduate programs. But interest means she's barely paid it off, and Biden's forgiveness is just a drop in the bucket. For Laine, a 30-year-old who has over $110,000 in student debt, the $20,000 in forgiveness she's set to get from President Joe Biden's plan is just a drop in the bucket. Her situation points to the larger structural issues underpinning the student debt crisis, where first-generation and lower-income students take on huge debt burdens to get ahead and up their earnings but still find themselves buried under ever-growing balances. The company that manages the entire Public Service Loan Forgiveness portfolio — MOHELA — isn't making matters any easier.

☆ A court just ruled that CFPB's funding is unconstitutional, and that could be 'catastrophic' for mortgage markets
▼ + stars: | 2022-10-28 | by ( Stephanie Dhue | ) www.cnbc.com time to read: +6 min

Mortgage rules at riskIf the agency's legal authority is undermined, it could have a profound affect on home lending markets — an industry that's prone to disruption when laws are murky, especially as interest rates rise. That extended the potential damages to the Wall Street banks as well as mortgage investors Fannie Mae and Freddie Mac. Appeal likelyIf the Fifth Circuit decision is upheld, it could call into question those long-standing mortgage rules. "The loss of the CFPB mortgage regulations and the effect on the market would catastrophic," said Andreano. "Potential changes in how the CFPB are funded aren't likely to have an immediate effect on the mortgage market."

☆ 4 key things student-loan borrowers should watch out for after applying for Biden's debt cancellation
▼ + stars: | 2022-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers can now officially apply for up to $20,000 in debt cancellation. But after submitting the form, borrowers should keep track of follow-up notices from the Education Department. The Education Department will take it from there, notifying borrowers if it requires any additional documentation to ensure the applicant's income is under the $125,000 threshold. "Bringing student loan debt relief to folks that need it most as they recover from the pandemic and prepare to restart loan payments keeps that commitment." Your loan servicer will apply the debt relief to your account.

☆ How to Apply for Student Loan Forgiveness
▼ + stars: | 2022-10-22 | by ( ) www.wsj.com time to read: +15 min

The official student loan forgiveness application is available on the Federal Student Aid website. What you can do now to prepare for student loan repayment and reliefFirst and foremost, you can fill out the application for up to $20,000 in student loan forgiveness on the Federal Student Aid website. “January will almost certainly be a chaotic time for the [student loan] servicers,” says Michael Lux, attorney and founder of The Student Loan Sherpa. You might also check out alternative options for student loan forgiveness, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. If your state charges a tax rate of 5%, for example, expect to pay about $500 in taxes on $10,000 in loan forgiveness or $1,000 on $20,000 in loan forgiveness.

Search resuls for: "servicers"

25 mentions found