Forty million student debtors are waiting anxiously for President Biden’s loan forgiveness plan to kick in. Biden wants to knock off $10,000 from everyone’s student loans who makes less than $125,000 a year. That won’t mean much to people whose loans are in six figures, but it will mean a great deal to people with …
On November 17, the U.S. Department of Education and the Department of Justice issued a 15-page document titled “Guidelines For Department Attorneys Regarding Student Loan Bankruptcy Litigation.” According to the memo, these guidelines aim “to enhance consistency and equity in the handling of [student-loan] bankruptcy cases.” These guidelines are bullshit and won’t do anything to …
Federal student-loan borrowers are disappointed by federal court decisions that have stopped President Biden’s student-loan forgiveness scheme. Advocacy groups are arguing that Biden should extend the pause on student-loan repayments until after the legal challenges to his loan-forgiveness plan are resolved. College borrowers are currently expected to resume monthly loan payments in January 2023. By that time, …
President Joe Biden made a campaign pledge to forgive $10,000 in federal student loans. In August 2022, Biden announced that he would fulfill that pledge and offer $10,000 in student-loan forgiveness to anyone whose income is less than $125,000. People who received Pell grants while in college are eligible for $20,000 in student-debt relief. Biden’s Department of Education immediately …
Last spring, the Federal Trade Commission settled its case against St. James School of Medicine, a foreign medical school operating from two Caribbean campuses. According to the FTC, the school lied to students “about their chances of success–both in passing a medical school standardized test, and in matching with a residency program after graduating.” The FTC accused …
Cabrini University, a small Catholic school near Philadelphia, is eliminating its Provost position as part of a plan to cut costs and balance its budget. It will also eliminate two associate provost positions and shrink the number of department chairs from 18 to eight. “We continue to lose money every year,” Helen Drinan, Cabrini’s interim president, explained. …
Honoring a campaign promise, President Biden will forgive $10,000 in personal student-loan debt owed by about 40 million college borrowers. The only people ineligible for this bonanza will be single persons who make more than $125,000 a year or married people making more than $250,000. Biden’s Department of Education released its loan-forgiveness application a few days ago, …
Get Out of Debt Guy, an online debt counseling site operated by Steve Rhode, recently received a request for advice from Rose, a graduate of St. George University Medical School. Rose now owes more than half a million dollars in student loans. Rose said her education quality was fine, but the medical school misrepresented the cost. …
College debtors definitely have a friend in President Biden. So far, his administration has approved $25 billion in loan forgiveness. In addition, it paused student borrowers’ monthly payment obligations until the end of 2022. More relief is on the way. President Biden announced loan cancelation of up to $20,000 per student borrower. The Congressional Budget Office predicts the program will cost …
The Merriam-Webster dictionary defines snafu as “a situation marked by errors or confusion.” The word is an acronym for “Situation Normal, All Fouled (or Fucked) Up.” Earlier this month, the Consumer Financial Protection Bureau issued a report confirming what we already knew: the federal student program is all f-cked up. Unfortunately, the CFPB’s publication is titled Supervisory Highlights …