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Department of Education announced this week that its Office of Federal Student Aid (FSA) will resume collections on defaulted federal studentloans beginning Monday, May 5, 2025, ending a pause that has been in effect since March 2020. million borrowers owing more than $1.6
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.
Department of Education has announced that collections on defaulted federal studentloans will resume on May 5, 2025, ending a pause that began in March 2020 due to the COVID-19 pandemic.
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.
If passed, the RESEARCHER Act could help address challenges like food insecurity, studentloan debt, housing costs, and childcare expenses that threaten to drive talented researchers from STEM careers.
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%).
But at the highest levels of power, where decisions about studentloan policy are made, race is barely discussed at all. “How much money you borrow and then what happens to that debt after you leave school is strongly structured by racial inequality.”
If a former student is past due on a Federal studentloan, there is an obvious way to bring the loan account current. Each type of Federal studentloan has a unique set of terms and conditions that determine the way interest is treated. This is due to their status as need-based student aid.
Here's how: Dual enrollment and Grow Your Own programs that recruit aspiring diverse educators while in high school; Paid, year-long clinical residencies that reduce financial barriers to entry and provide real-world experience; Targeted financial supports such as housing stipends, childcare vouchers, and studentloan forgivenessespecially for candidates (..)
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.
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.
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.
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.
While such a move would require congressional approval, discussions have already begun about shifting its responsibilitiesincluding the management of federal student loansto other agencies. Federal StudentLoans Would. For financial aid professionals, understanding the potential implications of such a transition is crucial.
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!
If this relatively small group of lawmakers doesn’t get what they want, and Congress is unable to reach a bipartisan agreement without […] The post Government Shutdown Could Imperil StudentLoan Forgiveness and Repayment Initiative appeared first on StudentLoan Planner.
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.
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.
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.
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.
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.
This is how many more years and months of qualifying payments you will need to make before you qualify to have any remaining balance on your studentloans canceled. Click on View IDR Progress, which will take you to a page where you can see your qualifying payment count for each of your federal studentloans.
Among graduates who borrowed money to finance their education, three-quarters expressed confidence in their ability to repay studentloans. Those who completed internships were more likely to find employment in their field and report feeling "very successful" after graduation.
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 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.
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.
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.
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?
Department of Education This spring, Federal Student Aid (FSA) will begin improving how individual borrowers manage and repay their federal studentloans.
In addition to raising the debt ceiling, the bill includes… More » End of StudentLoan Payment Pause Imminent The post End of StudentLoan Payment Pause Imminent first appeared on College Aid Services. The bill received a vote of 314-117, with support from both Democrats and Republicans.
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.
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