studentloans
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
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
Days after the resumption of federal student loan payments, the Biden administration okayed debt relief worth $9 billion for 125,000 more student loan seekers. Student loan payments resumed after a pause of more than three years under two administrations. Earlier, the Supreme Court set aside President Joe Biden‘s program under which student loans are forgiven. This program pledged up to $20,000 in debt relief. But despite the court’s decision against the program, the government has continued to grant loan forgiveness using other initiatives. For its part, the administration considers the stude...
uPolitics.com
The advent of fintech and its instant popularity among college students is demolishing the monopoly of private banks in college financing. If you are new to the term, ‘fintech’ encompasses two dynamic concepts, finance and technology. Combining the latest digital technology and financial services, fintech holds the potential to revolutionize loan financing for students. Find A Qualified Financial Advisor Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your f...
ValueWalk
Earning your college degree streamlines the path to your dream career. This comes at the cost of your financial freedom, at least for the next few years, if not decades. Graduates often find the loan burdens pulling them down long after those college years. After all, college days are meant to be fun. Why not be strategic with your debt management and clear your liabilities before they start bothering your long-term savings? Whether it’s purchasing a home, raising a family, or allocating funds for your retirement, student loan debts can badly mess up your financial planning. Find A Qualified F...
ValueWalk
When the media talks about the student debt crisis, they tend to focus on six-figure sums, as if the typical student borrows $100,000 or more to fund their college education. Yet, those sums are outliers, or they reflect the experience of graduate students who have accrued more debt by getting into graduate school. The average undergraduate student seldom borrows more than $100,000. America’s student debt crisis is a $1.7 trillion problem and has doubled in the last decade. The fastest-growing segment of the loan market is graduate student loans. According to Brookings, although only 25% of th...
ValueWalk
Although federal student loans are still set to resume after September 30th, recent rumblings propose there may be one final extension, leaving borrowers nationwide pondering, Will they or won’t they? Q2 2021 hedge fund letters, conferences and more Why Lawmakers Are Nervous About Student Loan Payments ResumingAccording to Travis Hornsby, student loan expert and the founder of Student Loan Planner, lawmakers are quite nervous about student loan payments resuming. Travis discusses the various reasons, including: Payments Have Now Been Paused For A Year And A HalfA lot can happen in 18 months - ...
ValueWalk
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