Friday, October 18

Tag: student loans

How it impacts your money
1Nov By adminNo Comments
Money

How it impacts your money

The Federal Reserve left its target federal funds rate unchanged for the second consecutive time Wednesday.Even so, consumers likely will get no relief from current sky-high borrowing costs.Altogether, Fed officials have raised rates 11 times in a year and a half, pushing the key interest rate to a target range of 5.25% to 5.5%, the highest level in more than 22 years. "Relief for households isn't likely to come soon, at least not directly in the form of a cut in the fed funds rate," said Brett House, economics professor at Columbia Business School.The consensus among economists and central bankers is that interest rates will stay higher for longer, or until inflation moves closer to the central bank's 2% target rate.What the federal funds rate means for youThe federal funds rate, which i...
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Weaponizing Student Loan Forgiveness – WSJ
31Oct By adminNo Comments
Health

Weaponizing Student Loan Forgiveness – WSJ

No act of public service goes unpunished. The Missouri Higher Education Loan Authority (Mohela) mounted a successful legal challenge to the Biden Administration’s $400 billion student loan forgiveness. Now the Administration is dunning the student loan servicer for problems the government caused.Education Secretary Miguel Cardona and Federal Student Aid Chief Operating Officer Richard Cordray said Monday they are withholding $7.2 million in payment to Mohela for allegedly failing to send timely billing statements to 2.5 million borrowers before their loan payments restarted in October after the three-and-a-half year pandemic pause.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Student Loan Processor Mohela Punished for Millions of Late Billing Notices
30Oct By adminNo Comments
World

Student Loan Processor Mohela Punished for Millions of Late Billing Notices

Oct. 30, 2023 10:38 am ETThe Education Department will withhold a $7.2 million monthly payment for a major student loan processor because it failed to send out timely billing notices to millions of borrowers.The Monday move against Mohela, the Missouri Higher Education Loan Authority, comes as the government and the contractors who handle the billing and repayment program enrollment for federal student loans struggle with returning 28 million borrowers to repayment after a more than three-year pandemic-era pause.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Biden Has Canceled About $127 Billion of Student Loans Despite Supreme Court Ruling. Here’s How.
28Oct By adminNo Comments
World

Biden Has Canceled About $127 Billion of Student Loans Despite Supreme Court Ruling. Here’s How.

Listen to article(2 minutes)More than three million borrowers have had $127 billion of their federal student loans flagged for cancellation, despite a Supreme Court ruling in June that blocked relief for millions more student-loan holders. The high court ruled that the Biden administration couldn’t cancel hundreds of billions of dollars for tens millions of student-loan holders, reasoning that the authority for such a broad-based policy doesn’t exist under the law. While that closed one path,  Biden tapped a variety of different tools that no previous president had ever used to this extent.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Do Student Loans Affect Your Credit Score? | Student Loans and Advice
21Oct By adminNo Comments
Money

Do Student Loans Affect Your Credit Score? | Student Loans and Advice

Student loans can have a major effect on your credit score, so it pays to understand the relationship between student loans and credit. Borrowing and paying back student loans can do wonders for your credit history but missteps like skipping payments or defaulting can send your score plummeting.Can Student Loans Positively Impact Your Credit?If you manage your student loans responsibly, they can help you build good credit. Here's how:Build a Positive Payment History The most heavily weighted factor in your credit score is your payment history, which makes up 35% of your score. That's why one of the best things you can do for your credit is pay your student loan bill on time and in full every month.You can also help your credit score by starting your student loan repayment ahead of schedul...
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Biden admin is forgiving $9 billion in student debt for 125,000 Americans. Here’s who they are.
5Oct By adminNo Comments
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 ...
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Student loan borrowers are facing “nightmare” customer service issues, prompting outcry from states
3Oct By adminNo Comments
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...
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