Today, about 1 in 5 federal student loan borrowers are in default, meaning they are more than nine months behind on their payments.
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As part of several federal student loan changes that took effect July 1, the U.S. Department of Education altered lending limits for students pursuing a graduate or professional degree.
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Students pursuing graduate degrees in nursing, physical therapy and several other fields will be eligible to take out higher federal student loan amounts.
The discount could result in savings of hundreds or thousands of dollars over the lifetime of a student loan.
The proposed regulations could cut off federal student aid for thousands of programs whose graduates earn meager salaries, including in cosmetology, theology and the performing arts.
A little-known nonprofit created by Indiana lawmakers more than four decades ago could become a major lender for student loan borrowers due to tighter federal student loan restrictions.
In justifying the change, Trump officials said the Education Department is “ill-equipped” to handle such a big loan portfolio.
There were about 5.3 million borrowers who had not made a payment on their federal student loans for at least 360 days as of June 30.
Even as the Education Department reopens loan forgiveness, the ongoing government shutdown could slow the agency’s ability to process discharges quickly.
If you think you’re too well off to receive help paying for college, you’re probably wrong. And the process for filing the FAFSA isn’t nearly as arduous today as its reputation suggests.
According to the Federal Reserve Bank of New York, about 1 in 4 people with student loan accounts were more than 90 days behind on payments at the end of March.
Millions of Americans are suddenly facing dramatically lower credit scores from delinquent student loans, making it tougher for them to secure housing, insurance, car loans and even employment at a vulnerable time for the U.S. economy.
As the U.S. economy contracts, consumer confidence weakens and we await the impact of tariffs, millions of student loan holders must redirect their income to payments. Pete Dunn helps us get a footing in this economic limbo.
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.
