— Cardona declined to speculate on what the administration’s new student loan forgiveness proposal might look like or whether a final regulation could be in place before the 2024 presidential election. "We are going to work as quickly as possible," he said. "We know there are students that...
Today the Supreme Court struck down the Biden Administration's plan for federal student loan forgiveness. The plan would have canceled up to $20,000 in federal student loan debt for some of the 43 million Americans who borrowed to attend college. The U.S. Department of Education previously ...
If Trump follows through on his promiseto dismantle the U.S. Department of Education, the $1.6 trillion federal student loan portfolio may face an uncertain future. For now,borrowersface the possibility ofhalted forgiveness effortsand the burden of repayment resuming-a stark shift from Biden's vi...
The US Department of Education recently reported that the student loan default rate had climbed to 8.8% in 2009 from 7% the previous year, before the financial crisis.This year, default rates climbed yet again. At private for-profit colleges, default rates were 15%, up almost 3% since 2010...
Forgiveness (PSLF)or income-driven repayment forgiveness, forbearance is not the way to go. "If you're seeking Public Service Loan Forgiveness (PSLF) or income-driven repayment forgiveness, forbearance will not allow you to make progress toward forgiveness," warns theU.S. Department of Education...
RELATED: Student loan forgiveness: What to know if you've applied for relief In the meantime, the repayment plan changes could also provide a powerful tool to make college more affordable, according to some education experts. If it's finalized, the proposal would create "the mos...
Who is already eligible for student loan forgiveness? Whether or not another pause (more on that later) or loan forgiveness is on the horizon, some borrowers can already have some debt relief. The Department of Education recently announced nearly 100,000 people are eligible for student loan canc...
The Department of Education has sought to address eligibility barriers and confusion through several changes, like the Temporary Expanded Public Service Loan Forgiveness, or TEPSLF, and the limited PSLF waiver. "There seems to be some desire to make the process easier and mor...
This section discusses in turn the elements in an ICL noted earlier: the repayment function (that is, the repayment rate(s) and repayment threshold); the interest rate on the loan and/or the loan surcharge; the cap on borrowing from the system; forgiveness after n years; conditions for ear...
Linda McMahon, President Donald Trump’s nominee to head the Department of Education, said she would implement Public Service Loan Forgiveness Programs (PSLF) if Congress passed them. She also indicated she would encourage the expansion of the Pell Grant program to students...