Thursday, July 29

Student Debt

Biden, Chuck Schumer, Economy, Education Department, Elizabeth Warren, Justice Department, Markets, Policy, Politics, Student Debt, Student debt forgiveness, Student Loans

Biden has been assessing the legality of canceling $50,000 in student debt for millions of Americans. After several months, there’s still no word.

Early in his term, Biden asked the Education and Justice Depts. to review the legality of canceling student debt. They are assessing $50,000 in student debt being canceled per person, and no update has been released. Some Democrats remain adamant that Biden can cancel student debt under the Higher Education Act. LoadingSomething is loading. Ima...
Debt payoff, DFP, Freelancer, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Related Content Module, PFI-XAMP, Student Debt, student loan payoff, Student Loans

4 straightforward strategies a millennial used to pay off $25,000 of student loans in 10 months

After a job loss and financial emergency, Ashley Patrick was determined to get out of debt. She had $25,000 of student loans left to pay, so she and her husband took aggressive action. They paused their 401(k) savings, cut their spending way down, and carefully tracked their payoff. Read more stories on Personal Finance Insider. For many of us, student loan debt may feel like a ball and chain that we drag around for years on end.That's how Ashley Patrick felt about her $25,000 in student loans. When her husband lost his job and the couple was unable to quickly pay back a loan they'd borrowed against their 401(k) to remodel their house, they ended up owing th...
Biden, Economy, Education Department, Markets, Policy, Politics, Public Servants, Public Service Loan Forgiveness Program, Student Debt, Student debt forgiveness, Student Loans

Biden wants to hear the public’s stories about the student loan forgiveness program for public servants with a 98% denial rate

The Education Dept. is launching a public inquiry on the Public Service Loan Forgiveness program. The program, which is supposed to forgive student debt for public servants, rejects 98% of applicants. Anyone can submit comments which the department will consider when implementing improvements. See more stories on Insider's business page. LoadingSomething is loading. ...
Economy, Elizabeth Warren, Markets, Policy, Politics, Public Service Loan Forgiveness Program, Student Debt, student loan forgiveness, Student Loans

Inside the’vicious cycle’ of spiralling student-loan debt caused by servicers just not picking up the phone

Some student-loan borrowers told Insider they are struggling to get help from their loan servicers. Even though some qualify for debt relief, they accumulate more debt instead. Lawmakers have been pushing to hold the servicers accountable, but further reform is pending. LoadingSomething is loading. ...
Debt payoff, DFP, Freelancer, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Related Content Module, PFI-XAMP, Student Debt, Student Loan Debt, student loan payoff, Student Loans

5 steps a couple took to pay off $25,000 of student-loan debt in 5 months

Kelan and Brittany Kline graduated with a combined $40,000 in student loan debt. By 2018, they had $25,000 left, and they decided together to focus on paying it off. They dramatically cut back their expenses and earned as much money as possible to pay off the debt. Read more stories from Personal Finance Insider. Student debt is crippling America. The total student loan debt in the US currently hovers at a staggering $1.7 trillion, and the median amount of outstanding student debt for an individual is between $20,000 to $25,000. Which is why, sadly, it's no surprise that people continue to pay off their debt into their 60s and beyond.But what if you could cr...
Biden, CFPB, Economy, Education Department, Elizabeth Warren, FSA, Markets, Policy, Politics, Richard Cordray, Student Debt, Student Loans

Tackling student debt may have just gotten easier as 4 more advocates join Biden’s ranks

Four former Consumer Financial Protection Bureau employees just joined the Federal Student Aid office. The bureau, which Elizabeth Warren helped create, fights to protect student-loan borrowers. These new hires could help Warren's agenda in cancelling student debt for all borrowers. See more stories on Insider's business page. President Joe Biden may not have yet canceled student debt for every borrower, but new hires to his administration suggest the crisis could be inching up on his agenda.On Monday, the Education Department announced five new hires to the Federal Student Aid (FSA) office, four of which were former employees at t...
Economy, Elizabeth Warren, John Kennedy, Markets, Policy, Politics, Public Service Loan Forgiveness Program, Student Debt, student loan forgiveness, Student Loans

8.5 million student-loan borrowers can’breathe a sigh of relief’ after major loan company shuts down, says Elizabeth Warren

The Pennsylvania Higher Education Assistance Agency, a major student-loan servicer, is shutting down in December. Elizabeth Warren has long criticized the company for failing to provide debt relief to borrowers. The company administers PSLF, which denies 98% of public service workers who seek debt forgiveness. See more stories on Insider's business page. A company that handles 8.5 million Americans' student loans is shutting down after lawmakers like Elizabeth Warren accused it of misleading borrowers, lying to Congress, and failing to properly issue loan forgiveness.The Pennsylvania Higher Education Assistance Agency (PHEAA) notif...
Biden, Economy, HBCU, Markets, Policy, Politics, Public Service Loan Forgiveness Program, Student Debt, Student debt forgiveness, student loan forgiveness, Student Loans

Biden campaigned on cancelling and reforming student debt. Here’s where those promises stand.

Biden campaigned on cancelling $10,000 in student debt per person and reforming loan programs. He has yet to deliver on those promises, but the government has begun work on reforming student debt. Advocates and lawmakers say borrowers need more certainty from the Education Department. LoadingSomething is loading. ...