
Here's what to know about Trump and the future of student loan relief
President-elect Donald Trump has called the Biden administration's student loan relief efforts a "total catastrophe."
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President-elect Donald Trump has called the Biden administration's student loan relief efforts a "total catastrophe."
Student loan payments for people enrolled in the Biden administration's SAVE plan will remain on hold for at least six more months.
The 12-month grace period for student loan borrowers ended Sept. 30. The "on-ramp" period helped borrowers struggling to make payments avoid the risk of defaulting and hurting their credit score.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
This round of Biden's student loan forgiveness proposals targets the interest that adds up over time on student loans.
President Biden said that of the borrowers who can get their loans forgiven, nearly 44,000 are teachers, nurses, firefighters and others who are eligible for forgiveness after working 10 years of public service.
Borrowers who took out $12,000 or less in loans and have been in repayment for at least 10 years could get their debt erased.
This latest $4.8 billion in relief brings the grand total of approved debt cancellation by the administration to $132 billion for over 3.6 million Americans.
The number of people seeking help on the platform to pay student loans has exploded over the last year, the crowdfunding site says.
Department of Education said impacted borrowers will not have payments due until these mistakes are fixed
As student loan repayments restart in October, the Biden administration said 125,000 people with student loans will have their debt erased.
Teri Hornstein reports there are several ways to pay back loans, including an income driven repayment plan.
Americans with student loan debt need to begin repaying their loans again after a hiatus of more than three years.
There is help available
Scammers are seizing on "chaos and confusion" ahead of the resumption of student loan repayments, one expert warned.
Biden administration officials say the new federal program could cut monthly loan payments for 20 million people.
After a three-year hiatus, interest on student loans begins piling up again on Friday, with payments due in October.
Two conservative groups are asking a federal court to block the Biden administration's plan to cancel $39 billion in student loans for more than 800,000 borrowers.
Only one-third of borrowers are aware that loan repayments will restart in October, a new survey found.
Jacqueline Quynh spoke with a student loan expert on the options available for repayment.
In just a matter of months, people with student loan debt will have to start making payments
There are options for repayment of student loan debt.
"We'll use every tool at our disposal to get you the student debt relief you need to reach your dreams," President Biden said.
Student loan financial consultant Meagan McGuire says loan payments will be due starting in September.
Nicole D'Antonio reports 40 million Americans would benefit from it if approved
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