Education Department to begin collecting payments for student loans in default
The U.S. Department of Education says that starting May 5, it'll begin collecting payments for student loans that are in default.
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The U.S. Department of Education says that starting May 5, it'll begin collecting payments for student loans that are in default.
Nearly 10 million borrowers could be in default within a few months, according to the department.
As the president continues his push to close the Department of Education, many are wondering what comes next for financial aid and student loans.
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.
More than $345 million in debt will be forgiven for about 18,000 Pennsylvanians who attended The Art Institutes.
This round of Biden's student loan forgiveness proposals targets the interest that adds up over time on student loans.
Earlier this week, the Biden administration announced $1.2 billion in forgiveness for 153,000 borrowers.
Receiving financial aid can be the difference in whether some attend college or not, making the application process critical.
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.
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.
Biden administration officials say the new federal program could cut monthly loan payments for 20 million people.
The White House says that the plan is based on the borrower's income and family size, not their loan balances.
Only one-third of borrowers are aware that loan repayments will restart in October, a new survey found.
"We'll use every tool at our disposal to get you the student debt relief you need to reach your dreams," President Biden said.
For many, while inflation is still high and the price for almost everything costing more, it could come as a shock to some having to budget those loan payments.
For three years during the pandemic, students, former students and their families had their federal student loan payments suspended.
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Some education experts see the plan as a more powerful tool to make college affordable than the proposal to slash or eliminate student debt for 40 million Americans, which is before the Supreme Court.
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