Student loan borrowers at risk of garnished wages: What to know
Default student loan borrowers will need to plan in the coming weeks as the Trump administration plans to resume unwilling collections for those who missed payments. Five years later, the Ministry of Education announced on Monday that it had defaulted or people who had not paid loans for more than 270 days. The change is […]
Trump admin ends Biden’s free ride: 5+ million deadbeat student loan borrowers to face collections
President Donald Trump’s Department of Education announced Monday that he will soon be able to finish the former Biden administration’s free ride for student loan borrowers by default. ED’s Federal Student Aid Agency will resume collections on May 5th for more than 5 million borrowers who have not paid for at least 360 days. Another […]
Student loan borrowers face hits to credit score: NY Fed
(News Nation) – Some student loan borrowers face penalties for late payments on federal student loans. If delinquency appears in credit reports for the first half of 2025, more than 9 million borrowers could face a significant drop in their credit scores. Federal Reserve Bank of New York. After a pandemic-era suspension in September 2023 […]
Supreme Court takes up Biden's proposal to expand relief for borrowers defrauded by schools
The Supreme Court decided Friday to accept the Biden administration's appeal defending its proposal to ease applications for the Borrower Defense Student Debt Relief Program. In a short order, the justices agreed to review an appeals court ruling that upheld a challenge by Texas school groups that argued the government lacked the authority to expand […]
Biden administration forgives $4.5 million in student debt for 60,000 borrowers
Borrowers who work in the public service sector or the government are eligible for this exemption. (iStock ) An additional 60,000 student loan borrowers will receive student loan relief in the coming weeks. of Biden administration announces $4.5 billion in relief for public servants such as nurses, teachers, and social workers. This relief comes as […]
Last pandemic-era student loan benefit ends even as borrowers struggle to make payments
The last of the pandemic-era student loan benefits will be wiped out, cutting off four years of extra aid for borrowers, but advocates say it was never actually enough. The Biden administration's “infusion of capital” over the past year ended in early October, and borrowers will now be subject to penalties for missing payments. Advocates […]
Trump's 10% credit card interest cap could hurt borrowers, experts say: 'Access to credit would dry up' – CNBC
Republican presidential candidate and former US President Donald Trump arrives at the Dort Financial Center in Flint, Michigan, for his first campaign event since a man with a rifle was arrested Sunday near a golf game at his Florida club, September 17, 2024. Scott Olson | Getty Images Former President Donald Trump made headlines last […]
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 […]