While many are cheering for President Biden's plan to provide federal student loan relief, others are questioning just how it will be paid for. CBS News' Bradley Blackburn joins "CBS News Mornings" with a closer look.
Recent newsthat some Republicans may bring a legal challenge against student loan forgiveness means the relief could be thrown in jeopardy. If you get your loans forgiven before a lawsuit possibly gets in the way, though, you might get to keep it, Kantrowitz said, "even if the courts ru...
000 in student loan debt for borrowers withPell Grantsand $10,000 for other borrowers at a cost of $430 billion. On June 30, 2023, the Supreme Court struck down this plan in a 6-3 decision. The justices in the majority found the forgiveness program overstepped the bounds of federal law...
Those protections include emergency forbearance as well asincome-based repayment plans (IBRs) and public service loan forgiveness (PSLF), that will enable you to either lower your monthly payments based on your income, or have your loans forgiven entirely by working in government jobs for at least...
But if the plan in Congress does pass, or if Biden cancels student loan debt on his own, it likely won’t cover everyone paying student loans. Schumer and Biden have said they only want to forgive loans for people making less than $125,000 a year. It’s not clear if they would ...
Most borrowers qualify for student loan forgiveness through one of these "secret" ways. The secret is simple:sign up for aqualifying student loan repayment plan, and any remaining balance on your loan will be forgiven at the end of the plan. ...
There are multiple loan forgiveness programs available for educators, including initiatives announced by the White House in 2022.
Public Service Loan Forgiveness can erase people’s remaining debt after many years of payments based on their employment type. Only federal student loans qualify for forgiveness programs. Certain income-driven loans may be forgiven if the borrower has made consistent monthly payments for a specific ...
How much debt can I get forgiven? President Joe Bidenannounced in August that most federal student loan borrowerswill be eligible for some forgiveness: up to $10,000 if they didn’treceive a Pell Grant, which is a type of aid available to low-income undergraduate students, and up to $20...
A student loan application form. Health issues that disable the student may also be grounds for obtaining student loan forgiveness. In this instance, the disability must be so severe that it prevents the individual from earning the money to make payments on the loan balance. Once again, the ai...