Millions of student loan borrowers nationwide with federally backed student loans breathed a sigh of relief when The White House announced that $10,000 of student loan debt can be forgiven to individual borrowers who make less than $125,000 per year or married couples who bring in less than a combined $250,000, and $20,000 forgiven for those with Pell Grants. It was also made known that the federal student loan pause was extended a final time, through December 31. Along with this news, the U.S. Department of Education will cut monthly payments in half for undergraduate loans and propose a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive credit toward loan forgiveness. Borrowers who qualify for student loan debt relief can sign up at this link to be notified when more information becomes available. However, for those who…
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The U.S. Department of Education recently announced that more than $10 billion in debt relief has been approved through the Public Service Loan Forgiveness program, which in October 2021 adjusted certain rules to make it easier for public servants with federal student loans to have debts canceled, according to the press release. Borrowers who apply prior to the October 31 waiver deadline are eligible to receive additional credit toward forgiveness. To date, more than 1 million borrowers have received additional credit toward forgiveness – with the average borrower receiving more than one year’s worth of progress – and a total of $32 billion in student loan relief has been approved for more than 1.6 million borrowers, according to the USDE. “(This) announcement that we’ve surpassed $10 billion in forgiveness for more than 175,000 public servants shows that the Biden-Harris administration’s efforts to cut red tape are turning the Public Service…
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A recent Business Insider article paints an eerie picture of the stats of the student-loan bankruptcy process. Since the Biden administration has pledged to reform the process entirely, the Education Department is making the lives of borrowers difficult by shutting down requests in court. Senate Majority Leader Chuck Schumer has asked for a fair balance for everyone who declares bankruptcy. “It’s outrageous that other people get to declare bankruptcy, but students can’t,” Schumer said at a press conference in February. Aaron Ament, the president of Student Defense, is asking for new policies that put the interests of student borrowers first. “While we strongly welcome the Department’s commitment to change how it treats student loan borrowers in bankruptcy, in the meantime, it continues to oppose discharges for cancer patients, struggling grandparents and public school employees with serious medical issues,” Ament told the Insider. “We join Senator Schumer in calling for a…
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