What happened: House Republicans passed a resolution to terminate President Biden’s policy to cancel student loan debt for millions of borrowers. Who supported it: The resolution was supported by every Republican on the House Education and the Workforce Committee and introduced by Rep. Bob Good, R-Va. What the program entails: Biden’s program would cancel up …
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, …
Question: Dear Steve, $568,000 in student loan debt between undergraduate and medical school. I went to St George’s University a massive for-profit medical school in Grenada. The education was fine, but the cost of attending was extremely misleading, and I was told I could do my clinicals in Connecticut (my home state), which would have …
Question: Dear Steve, In 1992 I had a small student loan for a career college in Indianapolis. A year later, I was sent to Federal prison and incarcerated for 26yrs and 3mos. Can I qualify for forgiveness? I definitely worked for UNICOR INDUSTRIES. Ivan Answer: Dear Ivan, I’m assuming you had a federal student loan. …
Question: Dear Steve, My son’s student debt is in repayment now for the 22nd year, late with their payments by a week or two, many times. The loan servicer (Navient) added almost $20 thousand capitalized interest to the loan due to this, plus charged late payment fees on top of that. Is it legal for …
Question: Dear Steve, I had asked you previously about refinancing Sallie Mae Student Loans (personal, not federal anymore). We have looked around and decided on Rhode Island Student Loan Authority. However, my husband is cosigning to get a lower rate. Just under $40,000.00, and the loan we are settling on is: Loan preapproved for 15 …
Question: Dear Steve, We have a “spousal” consolidation loan which was sold many times since the 2005 origination. Our original consolidation app does not specify it as a spousal loan. Navient, the current holder of the loan, says it is a spousal loan. My husband was in law enforcement for 43 years & we have …
Question: Dear Steve, I’ve been paying on student loan debt for over 12 years now & haven’t seen the total amount decrease. If anything, it’s increased. My private loans are constantly being sold to other companies. I’m at a loss. I want to give up on making payments. I would love to put this money …
Question: Dear Steve, Owe approx $150k on an original loan of approx $58k. Been paying steadily while trying to raise a family for years now. Did an IBR, making approx the same monies and they almost doubled my new payments starting this month. I don’t feel I can comfortably make these newly adjusted payments. What …
The Federal Trade Commission is sending 14,521 checks totaling more than $822,000 to borrowers who lost money to a student loan debt-relief scheme that operated under the name Student Advocates. Consumers who receive checks should cash them within 90 days, as indicated on the check. Recipients who have questions about their refund should call the …