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It’s been an incredibly challenging and chaotic year in studentloan space,” said Persis Yu, deputy executive director and managing counsel at the Student Borrower Protection Center, a nonprofit organization working to eliminate student debt. The debt burden is not distributed equally among students.
The American Federation of Teachers (AFT) and other unions filed a federal lawsuit Monday alleging that DOGE staff, including a 19-year-old with a history of leaking information, have been given improper access to millions of Americans' sensitive studentloan data, Social Security numbers, and other private records.
Nearly a third of borrowers whose federal studentloans entered repayment in October 2023, following the COVID-19 pandemic extended pause, are past due on the payments, according to a newly released report from the U.S. The above pie chart shows the number of federal studentloan borrowers in repayment by status, as of Jan.
The burden of studentloan debt limits future finances of graduates of historically Black colleges and universities (HBCUs). The federal studentloan payment pause was great relief for HBCU alumni finances, according to the report.
A new National Consumer Law Center (NCLC) report analyzes a Unified Servicing and Data Solution (USDS) contract, set to go live in the spring, and its potential impact on studentloan borrowers’ rights and experiences. Alpha Taylor The U.S.
Having studentloans is associated with worse health outcomes and practices, according to a new study published in the Journal of American College Health. universities, looking to see whether there was a relationship between studentloan presence and the health of students.
Federal Student Aid has provided guidance on how borrowers who made federal studentloan payments in 2024 should report this information to the IRS for the upcoming tax year.
New Mexico's Higher Education Department has announced that it is accepting applications for a program that will provide up to 100 percent studentloan forgiveness for New Mexico residents who graduated from one of the 23 out-of-state professional and graduate programs.
Fortunately, NPSAS goes far beyond illustrating the extent to which students struggle with affordability. Among students with unmet need in 2019-2020 school year: 40% reported taking out studentloans, nearly twice the rate of students without unmet need (21%).
Federal studentloan borrowers have access to a new income-driven repayment plan, the SAVE plan. This gives the servicer time to get a borrower’s payment calculated […] The post Administrative Forbearance for StudentLoans appeared first on StudentLoan Planner.
PROTECT YOURSELF FROM SCAMS INVOLVING STUDENTLOAN DEBT RELIEF YOU ARE YOUR BEST PROTECTION AGAINST SCAMMERS DON’T pay anyone who contacts you with promises of debt relief or loan forgiveness. The post StudentLoan Debt Relief Do’s and Don’ts appeared first on ED.gov Blog. Continue Reading.
We experienced it all: studentloan debt, lack of affordable housing, mental health issues, child care challenges and underwhelming job prospects after graduation. I spent the bulk of my childhood watching my parents work toward bachelor’s degrees, and their individual journeys came with great difficulty and cost to our family.
College students get Federal studentloan relief until May 2022. The current administration extended a studentloan moratorium that has allowed families to put off debt payments during the pandemic. Payments on Federal studentloans will be paused through May 1, 2022.
A key federal oversight agency is warning studentloan companies not to try to collect payments from borrowers who have had their studentloans discharged in bankruptcy.
Whether you are just starting your studentloan journey or have been dealing with studentloan debt for decades, you can use NCLC’s newly created StudentLoan Toolkit to help you take charge of your studentloan situation and move forward. Download the toolkit today!
Let’s be honest: in the summertime, no one wants to be reading up about interest rates or studentloan options. But as parents of college students, we also all know that time flies by quickly. Pushing off research on loan options may seem like the.
This year has been somewhat of a mixed bag for studentloan borrowers. On the one hand, President Biden’s signature mass studentloan forgiveness plan – which would have erased up to $20,000 in federal studentloan debt for millions – was struck down last summer by the Supreme Court.
This is a one-time initiative Continue Reading The post Seven Things to Know About the StudentLoan Payment Count Adjustment appeared first on ED.gov Blog. Department of Education (Department) has approved almost $44 billion in debt relief for more than 900,000 borrowers as part of the payment count adjustment.
Tiffane Cochran The student debt report, " Student Debt, COVID-19 Relief, and Loan Forgiveness: Perspectives from Today’s Young Lawyers ," was conducted between April and May. The data were analyzed by staff at AccessLex Institute’s Center for Legal Education Excellence.
More than 40 million borrowers are simultaneously returning to repayment this month following the historic end of the studentloan pause in August. As borrowers begin to report problems, a federal watchdog agency is warning loan servicers that it is monitoring studentloan companies for unfair, deceptive, or illegal conduct.
The deadline to apply to consolidate many older federal studentloans to be included in the one-time payment count adjustment is Tuesday, April 30th. Do I need to consolidate my loans to get additional credit toward debt relief? I have loans I need to consolidate – what do I do next?
When your home gets damaged or destroyed, or you’re without running water or electricity, the last thing on your mind is student… The post Hurricane Relief: StudentLoan Help After a Natural Disaster appeared first on StudentLoan Planner.
The first month of repayment following the end of the studentloan pause has been a bit of a mess. Hundreds of thousands of borrowers have had their studentloan payments miscalculated by their loan servicers, according to reports from The Washington Post and The New York Times.
The FUTURE Act made it possible for a borrower to share their income automatically with their studentloan servicer for the purposes of recertifying their income driven repayment (IDR). However, this requires an individual’s consent.
The report shows that students who come from these low-wealth backgrounds often struggle in repaying their studentloans. Michele Shepard Zampini, senior director of college affordability at TICAS.
Multiple efforts are underway to repeal President Biden’s signature studentloan forgiveness initiative. Biden’s one-time student debt relief plan, if allowed to proceed, would provide $10,000 in federal loan forgiveness, or up to $20,000 if the borrower received a Pell Grant.
As 40 million studentloan borrowers return to repayment this month following the three-year Covid forbearance, one group of borrowers is facing particularly dire circumstances: parent borrowers. Parent PLUS loans are federal loans issued to parents for the benefit of a child’s undergraduate education.
Department of Education This spring, Federal Student Aid (FSA) will begin improving how individual borrowers manage and repay their federal studentloans.
Aidvantage is a federal studentloan servicer that’s designated by the Department of Education. As a federal loan borrower, you might be working with the company while paying off your studentloan.
Update about federal studentloan servicing The U.S. Department of Education, including its office of Federal Student Aid (FSA), is constantly working to improve the studentloan borrower experience.
Cordray worked to fix studentloan system programs, like Public Service Loan Forgiveness and Income Driven Repayment, and oversaw the development and implementation of the SAVE Plan. Cardona said the COO revitalized the FSA Enforcement Unit to hold schools accountable for cheating students and combated studentloan scams.
This impacts you as a studentloan borrower in a number of different ways depending on the type of repayment approach you’re taking with your loans. The post How Inflation Impacts StudentLoan Borrowers appeared first on StudentLoan Planner. If you’re careful, […].
What you owe on your studentloans is likely more than you borrowed. It can be jarring to see your loan amount go up, compared to your principal balance. So what increases your studentloan balance, exactly? Interest is the price of accessing loans. In many cases, interest is the culprit.
Nursing school, however, can lead to large amounts of studentloan debt and hefty monthly payments. Several national and state studentloan forgiveness programs have been created to attract new nursing candidates because the demand for […].
If you’re readjusting to making monthly federal studentloan payments again, you might consider getting on a new repayment plan. You can change your studentloan repayment plan whenever you want, at no cost to you. This benefit is typically reserved for studentloan borrowers with federal loans from the U.S.
Studentloan payments are set to resume as soon as the longest national forbearance in history comes to an end. For over three years, the studentloan pause has suspended payments, frozen interest, and halted collections for most studentloan borrowers.
For studentloan borrowers, the environment is as complex as ever, with a broad array of new programs, laws, temporary initiatives, and expiring… The post 2024 Tax Issues for StudentLoan Borrowers: What You Can’t Afford to Miss appeared first on StudentLoan Planner.
A crucial deadline directly related to studentloan forgiveness is approaching. To benefit from one of President Biden’s most successful studentloan forgiveness initiatives, certain borrowers might need to consolidate their loans through the federal Direct Loan program by April 30, 2024.
In its latest report regarding higher education’s return on investment (ROI), Georgetown University’s Center for Education and the Workforce (CEW) has analyzed 186 law schools and found at nearly one-in-five law schools, graduates’ net take-home pay after studentloan payments averages at $55,000.
The return to repayment is not going very well for millions of studentloan borrowers. The Covid forbearance (also known as the studentloan pause) ended in the fall of 2023. Most federal studentloan borrowers had three-and-a-half years of suspended payments and no interest accrual.
What are the COVID-19 studentloan relief deadlines for federal debt repayments? You may have heard some studentloan servicers are closing shop — when does that happen? Over next two years: Many federal studentloan servicer contracts due to expire. When do you need to file your FAFSA for this year?
And the Know Before You Owe Federal StudentLoan Act would strengthen current loan counseling requirements for higher ed institutions, require loan counseling annually, and allow students to decide exactly how much they would like to borrow. So much of the student debt conversation focuses on repaying debt.
Public Service Loan Forgiveness (PSLF) is one of the most popular federal studentloan forgiveness programs, and it has been in the news a lot during the last two years. As… The post 3 New Pathways To StudentLoan Forgiveness Through PSLF Under New Rules appeared first on StudentLoan Planner.
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