Monday, July 26

Student Loans

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. ...
BI-freelancer, contributor 2019, Education, forbearance, Nordic, Personal Finance, Strategy, Student Loan Debt, student loan forgiveness, Student Loans, Students

3 people on how ending the COVID-19 student-loan forbearance will impact their lives and finances

The CARES Act student-loan forbearance period comes to a close at the end of September. Insider spoke to three people with between $14,000 and $185,000 in debt about how this impacts them. "With the forbearance ending, student-loan forgiveness is my best bet," Glenda Johnson said. LoadingSomething is loading. Millions of Americans are still rec...
coronavirus, COVID-19, DFP, Federal student loan, Loans, Personal Finance, Personal Finance How To, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Reference, PFI Related Content Module, PFI-XAMP, Student Loan Debt, Student Loans, TOC-jump-to, Unemployment

How to apply for an income-driven repayment plan if your student loans are crushing you

There are several reduced-payment options for those who meet income and family size requirements. An income-driven repayment plan may be a good choice if you can't handle your monthly payments. Your federal student loans are in forbearance until September 30, 2021. Read more personal finance coverage. Many Americans are still feeling financial pressure as the US rebounds from the devastating economic impact of the coronavirus pandemic, and that's especially true for anyone in the midst of paying back a student loan. If you're suddenly working reduced hours or have lost your job entirely, that previously manageable monthly payment might be looking a lot hig...
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...
DFP, direct PLUS loans, direct subsidized loans, direct unsubsidized loans, federal student loans, Loans, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Reference, PFI Related Content Module, PFI-XAMP, private student loans, Student Loans, TOC-jump-to

Federal student loans often come with lower interest rates and better protections than private student loans

Federal student loans and private student loans have different benefits and drawbacks. Generally, federal loans are a better deal as they offer more protections and lower fixed rates. However, federal loans come with origination fees, while most private lenders don't charge them. Read more coverage from Insider's Personal Finance team here. You should always try to take advantage of free or lower-cost financial aid, like grants, scholarships, or work-study programs. But your aid package might not always come with enough money to cover the cost of college. That's where student loans come in. Student loan debt has ballooned as educational expenses have contin...