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.
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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.
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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.
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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.
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The announcement marks an end to a period of leniency that began during the COVID-19 pandemic. No federal student loans have been referred for collection since March 2020, including those in default.
The settlement stems from a 2017 lawsuit brought by the bureau that casts Navient as a company that was far more concerned with its financial interests than the needs of vulnerable student loan borrowers.
Cost estimates of the new Saving on a Valuable Education plan vary from $276 billion to $475 billion over 10 years.
The ruling comes the same day that the Biden administration announced another round of student loan relief, this time totaling $1.2 billion in forgiveness for roughly 35,000 borrowers who are eligible for the Public Service Loan Forgiveness program.
The judges’ rulings prevent the U.S. Department of Education from helping many of the intended borrowers ease their loan repayment burdens going forward under a rule set to go into effect July 1.
Indianapolis was home to one of the system’s schools, the Art Institute of Indianapolis, from 2006 to 2018.
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.
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.
