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 …
The federal student loan forgiveness program, so many people were going to eliminate $10,000 to $20,000 of their federal student loan debt, was halted by a federal court judge. You can follow Brown v. Department of Education for updates here. But Here is the Kicker Federal student loan payments are set to resume in January …
The U.S. Department of Education (Department) released final regulations that streamline and improve the rules for major targeted debt relief programs. The regulations expand eligibility, remove barriers to relief, and encourage automatic discharges for borrowers eligible for loan relief because their school closed, they have a total and permanent disability, or their loan was falsely …
In April 2022, the Department announced one-time improvements to address historical inaccuracies in the count of payments that qualify toward forgiveness under IDR and practices by loan servicers to put borrowers into forbearance in violation of Department rules. As a result of these past failures, borrowers who were in repayment for 20 or 25 years or …
The Department of Education set the ground-level bar for federal student loan forgiveness. You don’t even need to log in or provide any documentation. You should avoid services that charge you to apply for forgiveness since the application is easy to manage and free. To get your $10,000 or $20,000 in federal student loan forgiveness, …
If you’ve been following along with the mess that is Tuition Answer private student loans serviced by Navient, there is an update. In 2016 I wrote at length about the misinformation Navient was giving consumers about Tuition Answer private student loans. As I said in this post, Navient was telling investors the loans might not …