collegedebt
Last week, the Biden administration announced that it would unveil a second attempt at issuing blanket student loan forgiveness within the next few months. The announcement comes more than a year after its first attempt was blocked by the Supreme Court. "The Biden-Harris Administration made a commitment to deliver student debt relief to as many borrowers as possible as quickly as possible," said Education Secretary Miguel Cardona in a statement last Wednesday. "And today, as we near the end of a lengthy rulemaking process, we're one step closer to keeping that promise." The announcement builds...
Reason
The Biden administration's attempt to remake the federal student loan program has experienced a major setback. On Thursday, the U.S. Court of Appeals for the 8th Circuit blocked the SAVE plan, an income-driven repayment (IDR) plan that would have dramatically reduced the amount student loan borrowers were required to pay back before receiving forgiveness. While a pair of federal judges struck down parts of the program in June, Thursday's decision completely blocks the program. In 2022, Biden announced a plan to forgive up to $20,000 in federal student loans for borrowers earning less than $125...
Reason
In 2024, the federal budget deficit is estimated to reach nearly $2 trillion, according to new projections released by the Congressional Budget Office (CBO) this week. In February, the agency predicted that the deficit would only be $1.58 trillion. However, spending increases have caused the projected deficit to increase by $400 billion, a staggering 27 percent hike. According to the CBO, 80 percent of the spike in the deficit can be blamed on four sources of government spending. The largest source, responsible for $145 billion of the increase, is changes to the federal student loan program th...
Reason
This year, the Department of Education created a massive headache for millions of college students and their families when it released an updated version of the Free Application for Federal Student Aid (FAFSA) form that was riddled with technical bugs. Completing the FAFSA form is required for anyone seeking federal grants and loans, as well as institutional financial aid at the vast majority of American colleges and universities. However, despite the form's importance, issues with this year's FAFSA made it nearly impossible to complete for many families and led to a dramatic 13.5 percent decl...
Reason
Government overspending, an activity the Biden administration has taken to a new level, has sent the country into an inflationary spiral. Through trillions of dollars in COVID-19 relief programs, infrastructure spending, vote-buying student loan forgiveness programs, and a political "Build Back Better Agenda," the White House has flooded the economy and decimated consumers' purchasing power. We're paying more and getting less for everything from energy to food. According to the House Budget Committee, the average family of four is paying around $1,143 more each month than it was in early 2021 ...
Reason
Nearly a year ago, President Joe Biden's sweeping one-time student loan forgiveness plan was struck down by the Supreme Court. That setback, however, hasn't kept the Biden administration from enacting a plan to forgive billions in student loans. In 2022, the Education Department unveiled a new, incredibly generous income-driven repayment (IDR) plan that allows many students to receive federal loan forgiveness more than a decade sooner than other similar programs. Several groups sued to stop the new plan's implementation, but a federal judge ruled last week that all but three suing states didn'...
Reason
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