Student Loan – The News Desk

Biden is canceling $7.4 billion in student debt for 277,000 borrowers. Here’s who is eligible.

12Apr

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Biden is canceling $7.4 billion in student debt for 277,000 borrowers. Here’s who is eligible.

The Biden administration on Friday said it's canceling $7.4 billion in student debt for 277,000 borrowers, with the recipients scheduled to receive emails today to alert them to their loan discharges. The latest effort extends the debt relief provider under President Joe Biden after the Supreme Court last year blocked his administration's plan for broad-based student loan forgiveness. With the latest batch of loan cancellations, the White House said it has forgiven about $153 billion in debt for 4.3 million student borrowers. Biden, who had made student loan relief a major campaign pledge, is tackling an issue that affects about 43 million Americans with a combined $1.7 trillion in student debt. It's a burden that some borrowers and their advocates say has harmed their ability to save fo...

Biden’s new student loan forgiveness plan could help 30 million borrowers. Here’s who would qualify.

11Apr

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Money

Biden’s new student loan forgiveness plan could help 30 million borrowers. Here’s who would qualify.

President Joe Biden once again is trying to deliver widespread student debt forgiveness, with a new plan unveiled on Monday that could help about 30 million borrowers erase some or all of their college loans. The latest attempt at broad debt relief comes less than a year after the Supreme Court blocked Biden's previous attempt to help student borrowers, when the court's June 2023 ruling denied up to $20,000 in forgiveness to roughly 40 million Americans. Biden, who had made student loan relief a major campaign pledge, unveiled the new plan on Monday, describing it as potentially "life changing" for millions of Americans. About 43 million people are carrying $1.7 trillion in student debt, a burden that some borrowers and their advocates say hampers their ability to buy a home or achieve ot...

These were top campaign themes on GoFundMe in 2023

5Dec

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Money

These were top campaign themes on GoFundMe in 2023

Since launching in 2010, GoFundMe has become a widely used crowdfunding platform where people can solicit donations for a variety of causes, from help paying for cancer treatment to recovering from natural disasters. CEO Tim Cadogan also describes the company as a barometer of need that simultaneously functions as a sign of the times. "You do tend to see shifts — some cultural moments, responses to economic changes, policy changes in terms of how people are using the platform," he told CBS MoneyWatch in an exclusive interview. As GoFundMe's year-end report shows, the 30 million fundraising appeals on the platform this year reflect a range of everyday financial struggles that the usual yardsticks of how the U.S. economy is performing typically fail to capture. ...

For some people with student loans, resuming payments means turning to GoFundMe

3Nov

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Money

For some people with student loans, resuming payments means turning to GoFundMe

Student loan repayments resumed in October after a three-year pandemic-era pause and the Supreme Court this summer dashed hopes for relief by blocking President Biden's plan to erase up to $20,000 in debt for eligible borrowers.With the resumption of payments proving a financial hardship for many Americans, some people are turning to other means to find the money: asking for handouts. Through October, the number of crowdfunding campaigns on GoFundMe tied to college loans has surged nearly 40% over the last 12 months, with those seeking to raise money coming from diverse backgrounds and across all age brackets, according to data the platform shared with CBS MoneyWatch. "GoFundMe is often a reflection of real-time needs because it is a resource people tu...

Biden admin is forgiving $9 billion in student debt for 125,000 Americans. Here’s who they are.

5Oct

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Money

Biden admin is forgiving $9 billion in student debt for 125,000 Americans. Here’s who they are.

The Answer: What to know as student loan payments resume The Answer: What to know as student loan payments resume 01:16 The Biden administration said it is forgiving $9 billion in student debt for 125,000 borrowers, a move that comes as student loan repayments are starting up again this month after a hiatus of more than three years. The debt cancellation is the latest push from the White House to erase some student loans in the wake of the Supreme Court's June ruling. The ...

Student loan borrowers are facing “nightmare” customer service issues, prompting outcry from states

3Oct

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Money

Student loan borrowers are facing “nightmare” customer service issues, prompting outcry from states

Student loan repayment date is here, resuming after 3-year hiatus Student loan repayment date is here, resuming after 3-year hiatus 01:42 As student loan repayment requirements resume this month, some borrowers are experiencing customer service issues with their loan servicers. The resulting chaos has prompted 19 state attorneys general to argue that consumers facing servicer difficulties shouldn't have to repay their debt until the problems are resolved. In a Friday letter to the Departmen...

Student loan payments resume October 1 even if the government shuts down. Here’s what to know.

30Sep

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Money

Student loan payments resume October 1 even if the government shuts down. Here’s what to know.

Millions of Americans with student loans will need to resume payments starting October 1, even in the case of a U.S. government shutdown that could start that same day, according to Education Department officials. House Speaker Kevin McCarthy is running out of time to pass spending measures by Saturday night, when the federal fiscal year draws to a close. Without such measures, the government will shut down on Sunday, causing millions of federal workers to be furloughed and many government services to be halted. Student loan repayments aren't among those services that will be paused, officials said. "Even if extreme House Republicans needlessly shut down the government, loan payments will continue to be due starting this month," an Education Department...

Student loan forgiveness scams are surging: “Full discharge of all your federal student loans”

12Sep

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Money

Student loan forgiveness scams are surging: “Full discharge of all your federal student loans”

Scammers are trying to prey on some of the 44 million Americans who are set to start making their first payments in more than three years.More than 350,000 student-loan related robocalls have been placed in the last two weeks — roughly as many as in the nine prior weeks, Transaction Network Services (TNS), which analyzes calls across dozens of carrier networks to identify robocall scams, told CBS MoneyWatch.The jump in student debt-related scams comes as the first repayments on college loans are set to resume in October, following a pandemic-era pause that began in 2020 to help borrowers stay afloat amid the public emergency. At the same time, President Biden's offer to forgive up to $20,000 in student debt per borrower was quashed by the Supreme Court, even as some other debt-forgiveness...

6Sep

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Money

Biden’s new student debt repayment plan has 4 million signups. Here’s how to enroll in SAVE.

The Biden administration's new student loan repayment plan has enrolled 4 million people in the two weeks since it launched in late July, Education Department officials said on Tuesday. The new plan, called the Saving on a Valuable Education (SAVE) plan, could lower monthly repayments for about 20 million borrowers. The SAVE plan debuted with a beta rollout and was ready for all applicants in mid-August.The SAVE plan is an income-driven repayment program, or IDR, which pegs a borrower's monthly payment to their income, lowering their out-of-pocket costs. The Biden administration developed SAVE in response to criticisms about existing plans that had major pitfalls, such as allowing interest to snowball on a borrower's debt. Of the 4 million enrollees so...

Student loan repayments are set to resume. Here’s what to know.

28Aug

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Money

Student loan repayments are set to resume. Here’s what to know.

About 44 million Americans with student debt must soon start repaying their student loans, a change that could impose a financial strain on many households after a three and a half year hiatus. Interest will start accruing on education loans on Friday, with payments set to resume in October.The student loan reprieve began in March of 2020 as part of a series of pandemic-related measures geared toward keeping households financially stable as COVID-19 shut down the economy. Since then, the pause had been extended several times, but Congress earlier this year blocked additional extensions.The resumption of loan repayments may not only be confusing to people who had been paying off their balances prior to the pandemic, but also to young professionals who are among the four years of graduating...