Biden administration forgives another $1.2 billion in student loans
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
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About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
Total student loan debt in the U.S. is now nearly $1.8 trillion, and experts say young people are delaying buying homes and starting families because of it. So, what could the lives of students look like when they graduate debt-free?
More than $345 million in debt will be forgiven for about 18,000 Pennsylvanians who attended The Art Institutes.
Glitches in this year's Free Application for Federal Student Aid, or FAFSA, have millions of students waiting to hear how much college will cost. FAFSA completions are down significantly this year as well, experts say.
This round of Biden's student loan forgiveness proposals targets the interest that adds up over time on student loans.
The new FAFSA is meant to make it easier to apply for federal student aid, but the program's launch has been riddled with technical difficulties.
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.
As student loan repayments restart in October, the Biden administration said 125,000 people with student loans will have their debt erased.
Americans with student loan debt need to begin repaying their loans again after a hiatus of more than three years.
About 44 million Americans with student debt must start repaying their student loans, a change that could impose a financial strain on many households after a three-and-a-half-year hiatus.
Late last week, interest began accruing again for federal student loans after it was stopped in March 2020 to help people during the COVID-19 pandemic.
After a three-year hiatus, interest on student loans begins piling up again on Friday, with payments due in October.
Some borrowers who had enrolled in income-driven repayment plans will start getting their debt discharged this week.
Many graduates aren't earning enough to even pay down their interest, causing loans to snowball.
Unlike Biden's blocked one-time forgiveness program, the new repayment plan will provide benefits for both current and future borrowers who sign up for it.
Eligible borrowers can now enroll in a new income-driven repayment plan that could lower their monthly bills and reduce the amount they pay back over the lifetime of their loans.
Nearly 30,000 Pennsylvanians have been approved for more than $1.3 billion under Biden's IDR forgiveness plan.
Loan payments are set to resume later this year after a pandemic pause. Friday's ruling comes as a blow to millions of borrowers who were hoping for help as everything costs more these days. Joe Holden spoke to some of the worried borrowers.
Biden addressed the nation after the Supreme Court struck down his student loan relief program in a 6-3 decision that upended a key campaign promise. READ MORE: https://cbsloc.al/434FNNa
"We'll use every tool at our disposal to get you the student debt relief you need to reach your dreams," President Biden said.
The Supreme Court struck down President Biden's student loan forgiveness plan, denying relief to 40 million Americans who stood to benefit from the program.
A three-year pause on student loan payments will end this summer regardless of how the Supreme Court rules on the White House plan to forgive billions of dollars in student loan debt.
The debt ceiling deal includes a provision to end the pandemic-related federal student loan payment pause
The debt ceiling deal includes a provision to end the pandemic-related federal student loan payment pause
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Ukee Washington reports.
Natasha Brown reports.
Natasha Brown reports.
Natasha Brown reports.
Ukee Washington reports.
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