Bank sues to block Biden’s pause on student loan payments
SoFi Bank argues the moratorium has no legal basis and has cost the bank, known for its refinancing business, millions of dollars in profits.
Student loans
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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.
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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.
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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.
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Ex-ITT Tech students among thousands to receive $415M in loan cancellations
This is the fourth finding against Carmel-based ITT Tech that has led to the approval of debt relief claims by the department. All told, the evidence has resulted in about $660 million in discharges for roughly 23,000 students.
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Articles
Conservative justices question Biden student loan forgiveness plan
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.
Biden’s student loan forgiveness program comes before Supreme Court
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.
Data shows 542K Hoosiers applied for student debt relief from embattled loan forgiveness program
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.
Feds propose ‘student loan safety net’ alongside forgiveness
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.
Biden’s student-loan plan to get expanded review from 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.
Biden’s bid to restore student-debt relief rejected by another court
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.
Appeals court grants injunction against Biden’s student loan forgiveness
The future of President Biden’s student loan forgiveness program remains in doubt after a federal appeals court issued an injunction preventing the government from discharging any debt while it considers a lawsuit to end the policy.
U.S. judge in Texas strikes down Biden loan-forgiveness plan
A U.S. judge on Thursday blocked President Joe Biden’s plan to provide millions of borrowers with up to $20,000 apiece in federal student-loan forgiveness.
Court temporarily blocks Biden’s student loan forgiveness
Attorneys for six Republican-led states are asking a federal appeals court to reconsider their effort to block the Biden administration’s program to forgive billions of dollars in student loan debt.
Judge dismisses six-state effort to halt student loan forgiveness plan
Earlier Thursday, Supreme Court Justice Amy Coney Barrett rejected an appeal from a Wisconsin taxpayers group seeking to stop the debt cancellation program.
Small business group files suit over Biden student loan plan
The new suit is one of a growing number of legal challenges against the proposal laid out by President Joe Biden in late August to cancel up to $20,000 in debt for certain borrowers.
Biden administration narrows eligibility for student debt cancellation
Hundreds of thousands of borrowers could be shut out of the student debt relief promised by President Biden after the Education Department announced Thursday that privately held loans will not be forgiven.
Libertarian group sues to block student debt cancellation
The lawsuit was filed in federal court in Indiana, one of several states that plan to tax any student debt canceled by President Biden’s plan.
CBO: White House plan to cancel student loan debt costs $400 billion
The new cost estimate will add fresh fuel to the debate over President Joe Biden’s decision to cancel up to $20,000 in student debt for eligible borrowers.
White House: More than 850K Hoosiers eligible for student loan debt forgiveness
Most of those Indiana recipients could have up to $20,000 forgiven because they received Pell Grants, which are provided to students whose families can’t help them pay for college.
Indiana to tax student loan forgiveness, similar to other states
Democratic state Rep. Rep. Greg Porter of Indianapolis condemned the policy in a statement Tuesday and said he was drafting legislation to retroactively eliminate state income tax on debt relief.
Student loan servicers inundated with refund requests after forgiveness news
The Education Department has offered to return money to people who continued to pay since the inception of the moratorium in March 2020, but the policy went largely unnoticed until last week.
Biden’s student-loan action ignites instant political battle
Fissures opened instantly within the Democratic Party, as moderates said Biden was doing too much and liberals demanded he do more, while Republicans lined up in adamant opposition to the debt-forgiveness plan.
Biden announces long-awaited student debt-forgiveness plan
The plan calls for $10,000 or more in federal loan forgiveness for millions of Americans. Democrats are betting that President Joe Biden, who has seen his public approval tumble over the past year, can help motivate younger voters to the polls with the announcement.