Tag Archives: Student

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

A grandmother who had nearly $90,000 in student debt had her loans cancelled by a bankruptcy court in Nebraska, adding to an emerging trend of student loan borrowers successfully finding relief through personal bankruptcy. “Most of my clients are surprised to hear that they can get their student loans discharged,” the debtor’s lawyer, Lea Wroblewski, an attorney and the director of the debt and finance unit at Legal Aid Nebraska, told Yahoo Finance. Jamie Mudd attended college in… 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

The federal payment pause on student loans has given some debtors breathing room. But a new survey shows how borrowers have taken advantage of the pause to target their loans. In January, the Biden administration extended the interest-free payment pause on federal student loans to at least Sept. 30, 2021. While student loan borrowers don’t technically need to repay their debt as the government continues to make the payments on their behalf, some have used the opportunity to drill down on… Source link

A medical graduate with more than $440,000 in student debt recently saw nearly 99% of his loans cancelled by a bankruptcy court in California, highlighting the growing trend of certain student loans being dischargeable. San Diego-based Seth Koeut was born to Cambodian refugees who came to the U.S. when he was a child and later pursued a medical degree in hopes of becoming a doctor. After he failed to obtain a residency role — a required part of the transition from medical school graduate to… 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

In a heartfelt moment speaking about racial disparities related to student debt, Representative Ayanna Pressley (D-MA) recently revealed that she defaulted on her student loans at one point. “Like 85% of Black students, I had to borrow; and like so many of those students, I also defaulted on those loans,” Pressley said during a press conference organized by the American Federation of Teachers. “We know that Black and Brown students are five times more likely to default for those loans, than… Source link