Tag Archives: forgiveness

The U.S. Supreme Court has agreed to hear a challenge to President Biden’s executive order that extends student loan debt cancellation to millions of American borrowers. On Thursday, the court said it would hear arguments concerning the measure during its February 2023 session. In agreeing to take up the case, the court kept in place an injunction that, for now, prevents the White House from offering the promised debt relief. The challenge, brought by six Republican-led state attorneys… Source link

The student loan forgiveness application officially opened on Monday at studentaid.gov/debt-relief/application, powered by the Education Department (ED). This is the only site where borrowers can sign up for student loan forgiveness. The official launch of the application portal follows a beta test that offered borrowers periodic access over the weekend. The application is available until December 31, 2023. “This is a game-changer for millions of Americans,” President Joe Biden said Monday at… Source link

President Joe Biden revealed a loan forgiveness plan in August that will forgive $10,000 of student debt for borrowers earning less than $125,000 per year, and up to $20,000 for Pell Grant recipients. But another component of the plan is often overlooked, Secretary of Education Miguel Cardona explained during a recent episode of “Influencers with Andy Serwer.” Income-driven repayment plans make student monthly loan payments affordable by basing them off a borrower’s income and family… Source link

Secretary of Education Miguel Cardona is uncomfortable. I’m beginning an interview with him in the Glendora (New Jersey) Elementary School library and we’re seated on plush, giant, hand-shaped kiddie chairs when Cardona—himself a former fourth-grade teacher—calls an audible. “Wait,” he says. “Let’s stop the interview and change out these seats.” Makes sense, Mr. Secretary. The chairs weren’t working. And with what he’s going through these days, the man needs all the… Source link

President Biden’s move to cancel student debt was long-expected — but the scope of the effort was not. The expectation of $10,000 in student loan cancellation was widely reported in the lead-up to Wednesday’s news, but the final package included an additional $10,000 in forgiveness for Pell Grant recipients. The administration also laid out a cap on income-based repayments that could be felt for decades to come. “It’s a game-changer,” President Biden said Wednesday in unveiling the… Source link

Elon Musk and Sergey BrinWin McNamee/Getty Images, Chris Hondros/Getty Images Elon Musk reportedly dropped to his knees and begged for forgiveness from Brin after he had an affair with the Google co-founder’s wife. The incident happened at a party earlier this year, sources told the Wall Street Journal. While Brin acknowledged the apology, the two tech moguls are not speaking, WSJ reported. After Google co-founder Sergey Brin divorced his wife in January upon learning of her alleged affair with… Source link

Millions of dollars in student loan debt could have been cancelled already had the student loan machinery worked properly, according to a government watchdog. A new report by the Government Accountability Office (GAO) looked into income-driven repayment (IDR) plans and found that as of June 1, 2021, around 7,700 student loans were due to be forgiven under existing rules — but the Education Department (ED) had only approved 157 loans to actually be discharged. “Until Education takes steps to… Source link

The Education Department (ED) is rolling out a series of major changes to a notoriously troubled Public Service Loan Forgiveness (PSLF) program for student loan borrowers in public service. “Borrowers who devote a decade of their lives to public service should be able to rely on the promise of Public Service Loan Forgiveness,” Secretary of Education Miguel Cardona said in a press release. “The system has not delivered on that promise to date, but that is about to change for many borrowers… Source link

While some progressive Democrats continue to push the president to cancel student loan debt, there’s a bipartisan effort underway to overhaul the student loan system in another way: by making bankruptcy discharges more accessible for student debtors. Senate Majority Whip Dick Durbin (D-IL), who chairs the Senate Judiciary Committee, and Senator John Cornyn (R-TX) announced a new bill called the “FRESH START Through Bankruptcy Act of 2021” last week to better enable borrowers to seek a student… 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