"I think getting the economy back working again is the best way of moving forward on how to deal with anyone's debt," Rep. Kevin McCarthy offered. 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...
"It's holding people up; they’re in real trouble. They're having to make choices between paying their student loan and paying the rent, those kind of decisions," he said. The plan in Congress faces opposition from Republicans who say canceling student loans will effectively shift the burden...
forgiveness plan is "incredibly problematic and confusing to borrowers" as it stands now, Scott Buchanan, executive director of the Student Loan Servicing Alliance, says, but he's optimistic that the details of the application process get "ironed out" and become "much clearer" in the coming ...
"A college education is one of the largest financial commitments many Americans make, but here isn't that much information for students to know if they are making the right or wrong decision for the amount they are borrowing," Cassidy said....
"If that doesn't differentiate, then they'll apply it to the loans with the lowest balance." How much debt can I get forgiven? President Joe Biden announced in August that most federal student loan borrowers will be eligible for some forgiveness: up to $10,000 if they didn't receive a...
If a person's income in either the 2020 or 2021 tax years was below these income caps, they are eligible for debt forgiveness, senior officials with the Biden administration said. Will you automatically receive student loan forgiveness? Near...
qualify for forgiveness, while the remainder earn too much money and are ineligible. While the program could help about 40 million Americans who are carrying debt from higher education, it has also drawnlegal challengesfrom conservative lawmakers and advocacy groups who are seeking to block the ...
This attempts to address the fact that Congress’ previously mentioned student loan forgiveness plan largely helps out the wealthy, but is an adverse incentive for universities to keep raising tuition and for students to choose to major in low-earning degree programs. Colleges have no reason to ma...
because their school defrauded themor broke specific laws, were dealt a setback when then-President Donald Trump vetoed a bipartisan resolution, which would have overturned new regulations that make it much more difficult to access loan forgiveness.5The new, more onerous regulations...
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...