The administration began sending email notifications on Wednesday to some of the borrowers who will benefit from what the White House has called the SAVE, or Saving on a Valuable Education, program.
IBJ Podcast: Pete The Planner on potential student loan tumult and its wider economic threats
Federal student loan borrowers haven’t been required to make loan payments since March 2020. But the grace period is almost over: Some 44 million borrowers will be required to either begin or continue making payments in September.Read More
Supreme Court keeps student-loan cancellation plan blocked for now
The Supreme Court on Thursday agreed to take up the case in late winter. The court’s decision to hear arguments relatively quickly means it is likely to determine whether the widespread loan cancellations are legal by late June.Read More
Former ITT Tech students get $3.9B in debt cancellation
Students who used federal loans to attend Carmel-based ITT Technical Institute as far back as 2005 will automatically get that debt canceled after authorities found “widespread and pervasive misrepresentations” at the defunct for-profit college chain.Read More
Settlement would forgive $6B for defrauded college students
Almost all the schools involved are for-profit colleges. The list includes ITT Technical Institute, which was headquartered in Carmel and shut down in 2016.Read More
Borrowers will be eligible for cancellation if they are enrolled in the new SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments.
The Education Department on Monday released a draft of new federal rules paving the way for a second federal attempt at loan relief.
The latest attempt will rest on a sweeping law known as the Higher Education Act, which gives the education secretary authority to waive student loans, although how far that power extends is the subject of legal debate.
Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. Here’s what you should know.
the U.S. Court of Appeals for the 5th Circuit issued an injunction to prevent the government from implementing regulations that took effect last month while it considers a lawsuit brought by Career Colleges and Schools of Texas.
The Biden administration calls it a “student loan safety net.” Opponents call it a backdoor attempt to make college free. And it could be the next battleground in the legal fight over student loan relief.
Hundreds of thousands of Hoosiers will soon be required to make payments on their federal student loans after a 3-1/2-year pandemic pause—and some of those borrowers are more prepared for that day than others.
Starting this summer, millions of Americans with student loans will be able to enroll in a new repayment plan that offers some of the most lenient terms ever.
Just as the American economy is struggling with high inflation and interest rates, the coming resumption of student loan payments poses yet another potential challenge.
The student loan forgiveness program faces legal challenges, and the Supreme Court is set to issue a ruling on its legality before the end of June.
While President Biden has promised to veto the bill, the vote in the Senate, in which two Democrats and an independent sided with Republicans, shows the divisiveness of the student loan policy and the difficulty of getting any future plan through Congress.
The measure would also end the pause on federal student loan payments, a policy first introduced by the Trump administration in response to the coronavirus pandemic more than three years ago.
SoFi Bank argues the moratorium has no legal basis and has cost the bank, known for its refinancing business, millions of dollars in profits.
In questioning on Tuesday, Chief Justice John Roberts pointed to the wide impact and expense of the program, which is estimated to cost $400 billion over 30 years.
President Biden’s far-reaching initiative to forgive student loan debt will be debated this week before a Supreme Court that is skeptical of the administration’s bold claims of power—a nearly half-trillion-dollar showdown that could affect more than 40 million Americans.
Next month, the Supreme Court will hear oral arguments in two cases seeking to overturn the debt relief policy that conservatives have panned as an expensive giveaway and executive overreach.
President Joe Biden is moving forward with the repayment plan even as his one-time debt cancellation faces an uncertain fate before the Supreme Court.
The U.S. Supreme Court has expanded a planned showdown over President Joe Biden’s student-loan relief plan, saying it will hear arguments from two borrowers who contend they are being unfairly excluded from the full scope of the program.
Wednesday’s ruling by a three-judge panel of the New Orleans-based court is the latest blow to a plan that has been shadowed by legal doubt since President Joe Biden announced it in August.