The Public Service Loan Forgiveness (PSLF) program was established in 2007 to provide debt relief to nonprofit and government agency employees. The program’s goal was to forgive the student loans of borrowers after they made 120 qualifying payments (10 years of payments). However, the program’s approval rate was low, with only around 7,000 borrowers approved …
Today, the U.S. Department of Education (Department) proposed regulations to reduce the cost of federal student loan payments, especially for low and middle-income borrowers. The regulations fulfill the commitment President Biden laid out in August when he announced his Administration’s plan to provide student debt relief for approximately 40 million borrowers and make the student loan …
In response to the COVID pandemic, the Department of Education stopped garnishing the Social Security checks of elderly student-loan defaulters in March 2020. However, DOE will return to that practice soon–probably by midsummer 2023. In an article posted on MSN.com, Vance Cariaga estimated that garnishment of Social Security checks will cost senior student-loan defaulters, on average, about …
Can we be honest for a minute? The entire issue of forgiving student loans with a one-time approach is stupid. It does not address the systemic breakdown of the cost of higher education or the realities of the BS schools selling students into debt for the corporation’s benefit. If the Biden student loan forgiveness plan …
Last August, President Biden announced his plan to forgive between $10,000 and $20,000 in student debt to individuals who make less than $125,000 a year. He also extended the pause on making student loan payments until at least midsummer. Who could object? Turns out, a lot of folks objected. The NAACP didn’t think Biden’s plan was generous …
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 …
Are you in an income-based repayment program? Have you been repaying your federal student loans for more than ten years? Have you tried to work with your servicer on a more reasonable payment plan? -or- Are you in default on your federal student loans? And have you been unemployed for at least 5 of the …
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 …
The Department of Education just released a guidance document to the Department of Justice on what they feel should be done to allow people to discharge federal student loans, partially or entirely. While I applaud the efforts by the Department of Education, it seems like we’ve watched this movie before. This guidance is just that, …
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 …
