Implementing a broad student loan forgiveness plan is going to be a "slow process" that requires "a lot of communication between the Department of Education and loan servicers," Michelle Dimino, a senior education policy leader at public policy group Third Way, tellsCNBC Make It. "[Most] bo...
If you're living in a state that may tax student loan forgiveness, you should "be prepared" and try to set the money aside, suggested CFP Ethan Miller, founder of Planning for Progress, specializing in student loans in the Washington, D.C., area. Worst-case scenario: If you save up t...
"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...
People who claim to qualify for loan forgiveness, but actually earn over the income limits, could face fines and other problems, including jail time, administration officials have said. Could legal challenges halt the loan forgiveness? It's possible, according to experts. Several lawsuits have been...
It is a big question, but there is no way to know the answer for sure. However, we do know the following: •Congress would have to pass a law and have it signed by the President to eliminate the Public Service Student Loan Forgiveness Program. ...
That's why people like Alan Collinge, who leads a grassroots campaign called Student Loan Justice, say canceling that debt would be a major boost to the economy. "Younger people aren't able to start families, they're not able to start businesses, and do all the things ...
Nearly 8 million borrowers may be eligible to receive automatic forgiveness because the Department of Education has relevant income data. Abby Shafroth, director of the Student Loan Borrower Assistance Project at the National Consumer Law Center, to...
2 In June 2023, the Supreme Court ruled that the Biden administration can't grant broad student loan forgiveness via the HEROES Act—a 2003 law that gives the Secretary of Education the authority in certain emergency circumstances (ahem, COVID) to waive or modify rules relating to student ...
Unlike most other deductions, the student loan interest deduction is claimed as an adjustment to income on Form 1040. This means that you don't have to fill out a Schedule A, which is used toitemize deductions, to claim it. Special Considerations As noted, you can deduct up to $2,500 ...
Student loan forgiveness for teacherscan allow the forgiveness of up to $17,500 in federal direct and Stafford student loans (but not Parent Loan for Undergraduate Students (PLUS) or Perkins loans). Teachers must teach for five complete and consecutive academic years and teach at a qualifying lo...