Tag Archives: loan

Who has student loan debt for Biden to cancel? Surprisingly, millions of boomers It’s not just Americans in their 20s, 30s and 40s who are looking for relief from student loan debt. An estimated 8.4 million people in their pre-retirement years are burdened with school debt, too — from their own time in college decades earlier or from loans taken out for children or grandchildren. Student loan debt held by borrowers in their 50s and 60s is growing rapidly and threatening retirement security,… Source link

A bankruptcy attorney specializing in student loan debt is running as a Democrat for a New York House seat that is currently held by a staunch Trump ally. Austin Smith, in his first bid for public office, launched a campaign for the 2022 House office currently held by Rep. Lee Zeldin (R-NY) in the 1st congressional district of New York, representing eastern Long Island. “I’m a bit old fashioned and for all my rabble-rousing in my legal career to date, I am skeptical of utopias and weary of… Source link

Prominent Democrats continue to urge a skeptical President Biden to cancel $50,000 in federally held student loan debt via executive action (as opposed to legislation passed by Congress). In an interview with Yahoo Finance, Senator Elizabeth Warren (D-MA) explained why she and others believe that cancellation would have a stimulus-like effect on the U.S. economy. “It’s going to be a huge, huge boost to our economy,” Warren, who chairs the Subcommittee on Economic Policy at the Senate… Source link

Senator Elizabeth Warren (D-MA) grilled two student loan servicers and hosted experts at a student loan hearing on Tuesday before sitting down with Yahoo Finance to describe her argument for President Biden to unilaterally cancel $50,000 in federally-backed student loans for tens of millions of Americans. “Overall, in this hearing, it was perfectly clear [that] we have a broken student loan system,” Warren, chairwoman of the Subcommittee on Economic Policy at the Senate Committee on Banking,… Source link

Biden is canceling another $1.3B in student loan debt. Who qualifies? The Biden administration has announced plans for another wave of student debt forgiveness, this time involving more than $1.3 billion in federal student loan debt held by more than 230,000 people. In many cases, their loan balances were previously wiped out by the government, but then came back — like zombies — because the borrowers had failed to keep officials updated about their incomes. The administration says it’s… Source link

The New York Times U.S. Rushes to Expand Vaccine Eligibility in a ‘Race Against Time’ CHICAGO — Officials in at least 18 states have committed in recent days to opening coronavirus vaccine appointments to all adults in March or April, part of a fast-moving expansion as states race to meet President Joe Biden’s goal of universal eligibility by May 1. In Ohio, all adults will be allowed to seek shots starting March 29. In Connecticut, April 5. In Alaska and Mississippi, all adults are… Source link

Senate Democrats cited a provision in the new stimulus bill to again call on Biden to cancel $50,000 in student loan debt through an executive order — despite the president previously stating that he would not do so. “Student loan debt is crushing millions of Americans,” Senators Elizabeth Warren (D-MA) told reporters on Monday. “President Biden has an opportunity to fix that with the stroke of a pen. This bill helps pave the way to cancel $50,000 in student loan debt.” The recently-passed… Source link

Eleven state financial regulators are calling on Education Secretary Miguel Cardona to rescind Trump-era regulations that they say are insulating student loan servicers from more oversight. The consumer protection agencies from California, Colorado, Connecticut, Illinois, Maine, Massachusetts, New Jersey, New York, Rhode Island, Washington and Wisconsin are asking Cardona to reverse what they call “unnecessary and legally dubious” guidelines under former Education Secretary Betsy DeVos… Source link

After pressure from progressive groups, the head of student loans at the Education Department (ED) resigned from his position on Friday. Mark Brown, who was the chief operating officer at ED’s office of Federal Student Aid, oversaw a trillion-dollar student loan portfolio — making it equivalent to the nation’s fifth-largest bank. He was appointed by former Education Secretary Betsy DeVos, after the resignation of his predecessor, A. Wayne Johnson. Robin Minor, currently the deputy COO for… 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