Tag Archives: loan

Thousands with student loan debt are owed refunds — see if you qualify The very first COVID-19 relief bill, signed into law in March of last year, barred student loan companies from garnishing the wages of borrowers in default. But thousands still had some of their pay seized in spite of the moratorium, because of the government’s slow uptake in those early days of the pandemic. Well over a year later, nearly 11,000 of those borrowers are still owed refunds, according to information obtained… Source link

Biden has canceled almost $10B in student loan debt. What about bigger relief? President Joe Biden has shown an appetite for helping out America’s student loan borrowers. The U.S. Department of Education just reported that it has approved $9.5 billion in student loan discharges since January — lightening the burdens of 563,000 borrowers who now have more ability to increase savings, invest money and deal with other debts. If you haven’t been paying attention, you might even qualify for some… Source link

Student borrowers with certain types of private loans inched closer to being able to discharge that debt in bankruptcy after a New York court ruling. On Thursday, the U.S. Court of Appeals for the Second Circuit sided with student debtor Hilal Homaidan against student loan giant Navient (NAVI), which had argued that private student loans could not be erased under the existing bankruptcy laws. A three-judge panel determined that certain private student loans can be discharged in certain cases… Source link

Several prominent Democratic lawmakers are asking the Education Department (ED) about student debt collection practices in the face of a potential wave of student loan defaults when the pandemic payment pause expires, Yahoo Finance has learned. “With student loan and interest payments scheduled to resume on October 1, 2021, and a wave of loan delinquencies and defaults likely to follow, we are concerned about the Department resuming these payment collections and are seeking information about… Source link

Biden just canceled millions more in student loan debt — who qualifies this time? The Biden administration is wiping out another tens of millions of dollars in student loan debt, affecting borrowers who were deceived by schools that are now out of business. With this new debt forgiveness, the Department of Education has now canceled at least $3 billion in student loans since the beginning of the year. Borrowers have been given more room in their budgets to save, invest or get a grip on their… Source link

This story has been updated to include a statement from the Education Department. The Pennsylvania Higher Education Assistance Agency (PHEAA) — a national student loan servicer that has been criticized for failing to forgive the debts of public servants — is planning to exit the federal student loan servicing business in December of this year. PHEAA, which administers the Public Service Loan Forgiveness (PSLF) program and operates as FedLoan Servicing, has notified the Education Department… Source link

Senators Elizabeth Warren (D-MA) and John Kennedy (R-LA) sent a letter to a key student loan servicer CEO over “what appear to be false and misleading” statements during a congressional testimony on April 13, Yahoo Finance has learned. “We write to seek information on what appears to be false and misleading testimony that you provided at a hearing before the Committee on Banking, Housing, and Urban Affairs’ Subcommittee on Economic Policy on April 13, 2021,” they wrote.  Warren, the chair… 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

The New York Times Prosecutors Investigating Whether Ukrainians Meddled in 2020 Election Federal prosecutors in Brooklyn have been investigating whether several Ukrainian officials helped orchestrate a wide-ranging plan to meddle in the 2020 presidential campaign, including using Rudy Giuliani to spread their misleading claims about President Joe Biden and tilt the election in Donald Trump’s favor, according to people with knowledge of the matter. The criminal investigation, which began… Source link

An Education Department (ED) secretary during the George W. Bush administration said she was opposed to student debt cancellation and free community college because those policies would distort the value and price of post-secondary education credentials. “We need to empower consumers with better information about how much they spend and what the value of it is in the marketplace,” former Education Secretary Margaret Spellings said on Yahoo Finance Live (video above). “We need to reward… Source link