More student loan borrowers are getting relief through bankruptcy thanks to Biden’s rule change
Americans burdened with student loan debt are increasingly turning to bankruptcy to successfully pay off their debts. (iStock) According to the Department of Education, an increasing number of borrowers who sued to seek student loan forgiveness are now receiving debt relief through bankruptcy after policy changes by President Joe Biden’s administration. A total of 588 […]
Negative car equity is higher among borrowers with lower income and credit scores: CFPB
A recent CFPB report suggests that incorporating negative equity into new car loans may be a risky practice. (iStock) According to a recent study by the Consumer Financial Protection Bureau (CFPB), drivers with negative balances on their auto loans are twice as likely to have their accounts foreclosed, and they also have lower incomes and […]
American student loan ballance tops $1.6 trillion, half of borrowers haven’t resumed repayment
U.S. student loan borrowers are taking their time to resume making payments after the last pandemic-related pause on payments expired late last year. Repayments for federal student loan borrowers were suspended from mid-March 2020, when the COVID pandemic began, and remain in effect until September 1, 2023, three and a half years after the payment […]
Americans’ student loan balance tops $1.6 trillion; nearly half of borrowers haven’t resumed payments
Rep. Virginia Foxx (R-Ill.) said on “The Evening Edit” that students will take on more debt in the future, thinking taxpayers will pay it back. Student loan borrowers U.S. banks are taking their time to resume repayments after the last pandemic-related payment pause expired late last year. Repayments for federal student loan borrowers were suspended […]
3 million student loan borrowers won't owe a payment in July: Here's why
(NEXSTAR) — Millions of student loan borrowers will not have to pay back their debt in July, despite two federal injunctions issued last week. The one-month grace period is part of what was meant to be a new benefit for borrowers enrolled in the Worthwhile Education Savings Plan (also known as Worthwhile Education Savings). SAVE […]
Consumer Alert: CEO says a public bank would allow her credit union to help more low-income borrowers – News10NBC
Consumer Alert: Credit union CEO says public banks will help more low-income borrowers It’s the final stretch. State lawmakers were probably drinking gallons of caffeine Friday night, trying to get bills passed before the session ends. One of the bills would create a public bank in Rochester, an idea I told you about on Tuesday, […]
Borrowers urged to apply for Navient’s private student loan forgiveness
There is a path to relief for private student loan borrowers who were defrauded by their schools. For all the hoopla about federal student loan forgiveness, there has been little relief for students with private student loans, though one little-known program led by private student loan lender Navient is forgiving private loans for borrowers who […]
Biden Admin Cancels $7.7B Student Debt For 160K Borrowers
U.S. President Joe Biden speaks about the PACT Act, which expands coverage for veterans exposed to hazardous substances, at the Westwood Park YMCA in Nashua, New Hampshire, on May 21, 2024. (Photo by Mandel NGAN/AFP) ) (Photo by MANDEL NGAN) /AFP via Getty Images) OAN’s James Myers8:24am – Wednesday, May 22, 2024 The Biden administration […]
Biden admin announces $7.7B student debt handout for 160K borrowers
The Biden administration on Wednesday morning announced a massive new student loan benefit that will put $7.7 billion toward debt consolidation for more than 160,000 borrowers. The latest distribution focuses on three categories of borrowers: those receiving Public Service Loan Forgiveness (PSLF), those who are enrolled in President Biden’s Savings for Valuable Education (SAVE) Plan […]
$3 million may be paid to private student loan borrowers ignored by servicer – Here’s who is impacted
Private student loan borrowers may receive compensation if their requests are ignored. (iStock) National College Student Loan Trusts (NCSLT) and loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA) will provide $3 million in compensation to student loan borrowers whose payment relief requests, including during the COVID-19 national emergency, were ignored. You may have to pay […]