Tag Archives: borrowers

Advocacy groups are calling on the Education Department (ED) to forgive $8 billion in student debt held by nearly 518,000 borrowers who are totally and permanently disabled. The groups sent a letter to Education Secretary Miguel Cardona on Friday morning, stating that the department’s existing regulations “unnecessarily prevent qualifying borrowers from accessing and maintaining loan cancellation.” ED confirmed to Yahoo Finance that the agency received the letter and did not provide additional… Source link

Cancelling $50,000 in federally-backed student loan debt for American borrowers would actually help lower-income debtors far more than rich ones, according to a new research brief. The study by the Roosevelt Institute, a left-leaning think tank based in New York City, came to the conclusion as other academics argue that eliminating debt for millions of borrowers would instead disproportionately benefit high-income borrowers. “We made a policy mistake, in terms of placing the funding of higher… Source link

When the U.S. government bailed out student loan lenders during the Great Recession, legislators unintentionally set off a series of cascading events that has left more than 6 million student loan borrowers locked out of a crucial benefit more than 10 years later amid the coronavirus pandemic. Two consumer advocacy groups are pressing the Biden administration to change that. “The Trump administration exercised executive authority to cancel student loan interest charges and pause loan payments… Source link

Fenaba Addo is an associate professor of consumer science at the University of Wisconsin-Madison and Ashley Harrington is the federal advocacy director at the Center for Responsible Lending. The debate around canceling student debt has been front and center in the wake of the presidential election, and President-elect Biden should provide substantial cancellation on his first day in office. This crisis has reached roughly $1.7 trillion and is disproportionately affecting Black students and… Source link

Dave Osborne, 72, is currently making a nearly $700 monthly payment to Sallie Mae to pay down $55,000 in private student loans while living in retirement in Akron, Ohio. Osborne, having co-signed on loans taken out by his grandson to fund his college education, started paying the recurring debt payment as his kin struggled with employment amid the coronavirus pandemic. “Obviously, it’s put a strain on our relationship,” the former school administrator told Yahoo Finance. “If we… Source link