student loans

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Don't Expect a Huge Number on Biden's Student Loan Salve

President still considering 'some debt reduction,' but not the $50K-per-borrower some Dems want

(Newser) - Reducing, or outright eliminating, debt for the 43 million people who've borrowed money via federal student loans has long been a top priority on progressives' wish list. And President Biden is seriously considering "some debt reduction," he announced this week, though advocates shouldn't get their hopes...

Big Help Coming for Millions of Student Loan Borrowers

Retroactive help is on the way from the federal government

(Newser) - After years of lawsuits and pressure from lawmakers, activists, and others, the US Department of Education will offer retroactive assistance to millions of borrowers who utilized income-driven repayment (IDR) plans. Among those raising awareness of the issue was NPR , which this month released an investigation revealing how the plans, which...

Pressure Increases for Biden to Cancel Student Loan Debt

President has canceled more debt than any predecessor, but borrowers feel let down

(Newser) - During his 2020 campaign, President Biden called for canceling student debt up to $10,000 for the 43 million people who borrowed money for school. He hasn't done that, though he's chipped away at the debt, canceling loans for people who are permanently disabled, those employed in the...

Students Misled by Universities Will Have Loans Canceled

Biden administration grants relief to those who claimed fraud by for-profit schools

(Newser) - The Biden administration on Wednesday announced it will cancel more than $70 million in student debt for borrowers who say they were defrauded by the for-profit DeVry University— the first time the Education Department has approved such claims for an institution that’s still in operation. At least 1,800...

Student Loan Servicer Must Cancel Debt of 66K Borrowers

Navient settles claims of predatory lending

(Newser) - Navient, one of the nation's large student loan servicers, has settled allegations of predatory lending practices for $1.85 billion, Pennsylvania's attorney general said Thursday. The settlement requires the company to cancel the debt of 66,000 borrowers, a total of $1.7 billion, and to pay $95...

Another Reprieve for Americans With Federal Student Loans

Payments will remain paused

(Newser) - The Biden administration on Wednesday extended a student loan moratorium that has allowed tens of millions of Americans to put off debt payments during the pandemic. Under the action, payments on federal student loans will remain paused through May 1. Interest rates will remain at 0% during that period, and...

School Erases Debts of Students Who Left

South Carolina State hopes debt-free students will return

(Newser) - One university is using federal pandemic relief money to cancel $9.8 million in loans owed by students who left school because of money problems. It's an effort to help the former students resume their education and graduate without debt, the Guardian reports. "No student should have to...

She's Paid $60K on Student Debt of $78K, Now Owes $100K

Molly Webster writes of her uphill battle against interest on her loans

(Newser) - Molly Webster is a science reporter for the popular Radiolab show, but her op-ed in the New York Times is on a different topic entirely: student debt. "I have a secret shame," she begins. "I am 38 years old and I carry enormous federal student loan debt,...

Biden on Student Debt Idea: 'I Will Not Make That Happen'
Biden Shuts Down $50K
Student Debt Idea in 6 Words
the rundown

Biden Shuts Down $50K Student Debt Idea in 6 Words

'I will not make that happen'

(Newser) - President Biden on Tuesday slammed the door shut on a proposal to erase $50,000 in federal student loan debt per borrower with six words: "I will not make that happen," he said at a CNN town hall. But NBC News reports he did indicate that he was...

A Company Sent Him a Letter—55K Times

All that mail/bonfire fuel might've cost some $11K to send

(Newser) - Dan Cain was expecting a statement about his daughter's student loan. He was not expecting 55,000 copies. But when the Ohio man showed up to the Twinsburg Post Office, he was told his mail wouldn't fit through the front door, reports WOIO . Driving around back, he saw...

Judge Overturns Myth, Wiping Out a Student Loan Tab
Judge Wipes Out
a Student Loan Tab
in case you missed it

Judge Wipes Out a Student Loan Tab

$220K decision reflects the rethinking of standards for helping borrowers

(Newser) - Kevin J. Rosenberg borrowed about $116,500 between 1993 and 2004 to get him through the University of Arizona, where he earned a history degree, and Cardozo Law School. With interest, that debt grew to $221,400, the Wall Street Journal reports. In 2018, Rosenberg filed Chapter 7 bankruptcy, unable...

Is the Solution to the Student Debt Crisis Hiding in Kentucky?
Is the Solution to the
Student Debt Crisis
Hiding in Kentucky?

Is the Solution to the Student Debt Crisis Hiding in Kentucky?

Berea College has taken a novel approach for more than a century

(Newser) - Could the answer to our student-debt woes be hiding rural Kentucky? Maybe, writes Holly Honderich for the BBC . And if it is, it's an answer that was arrived at in 1892. That's the year Berea College, which was founded nearly four decades prior, ceased charging tuition. Honderich explains...

Judge Holds DeVos in Contempt Over Student Loans

Court finds Education Department disregarded order to stop collecting on loans of 16K

(Newser) - Education Secretary Betsy Devos was held in contempt of court and handed a $100,000 fine Thursday for violating a federal judge's order to stop collecting on certain student loans. The move came after the Education Department was told in May 2018 to stop collecting on the loans of...

Sanders to Propose 'Revolutionary' End to an 'Absurdity'

Presidential contender wants to wipe out all $1.6T of student loan debt in the US

(Newser) - The first debates for Democratic presidential contenders are taking place Wednesday and Thursday, but one candidate isn't keeping a major proposal under wraps until then. Per Vox , Sen. Bernie Sanders on Monday is set to unveil legislation in support of a "College for All" proposal that calls for...

Man Who Fled US After Graduation: 'College Ruined My Life'

Student loan debt made living in America unbearable for Chad Albright, and others

(Newser) - You just graduated college. What are you doing next? The answer was not "going to Disney" for these three grads profiled by CNBC —it was fleeing to Ukraine, Japan, and even a jungle in India, all to escape the crushing debt from their student loans back in the...

Billionaire Stuns Grads With Commencement Pledge

Robert F. Smith will pay off the loans of Morehouse College students

(Newser) - Billionaire investor Robert F. Smith received an honorary degree from Morehouse College during graduation ceremonies Sunday—and he told the rest of the Class of 2019 that they wouldn't have to worry about repaying student debt. "This is my class and I know my class will pay this...

What It's Like to Be 30 and Ruined by Student Loan Debt
The Reality of Living With
a $100K Student Loan Debt

The Reality of Living With a $100K Student Loan Debt

MH Miller is due to have it paid off in 2032

(Newser) - "I have come to think of my debt as like an alcoholic relative from whom I am estranged, but who shows up to ruin happy occasions." MH Miller's description of his roughly decade-old student loan debt might not be extreme enough. In a lengthy piece for the...

A Student-Loan Debt 'Bomb' Is Going to Go Off in 2027
They Think Their Student Loans
Will Vanish. There's a Problem

They Think Their Student Loans Will Vanish. There's a Problem

When the 20 years are up, there's a tax bill

(Newser) - For some 3.2 million Americans who work in the private sector, it has apparently seemed like a good deal: Lock in their monthly federal student-loan payments at 10% of their discretionary income. Make those payment for 20 years (25 if it's graduate school debt, notes Forbes ). Hit...

How One Man Racked Up $1M in Student Debt

Orthodontist and his wife lived frugally but the bills kept piling up

(Newser) - Mike Meru has a staggering student-loan problem: He owes lenders $1,060,945.42. He is making payments, but still, his debt grows $130 every day. And the 37-year-old orthodontist is not alone. There are currently 101 borrowers who owe more than $1 million in student loans, and there are...

Widely Quoted Expert on Student Loans Doesn't Exist

Chronicle of Higher Education unearths truth about 'Drew Cloud'

(Newser) - You'd think it wouldn't be too difficult to track down an expert on student loans who has been quoted in some of the nation's biggest media outlets. It actually proved impossible because, as the Chronicle for Higher Education explains, Drew Cloud doesn't exist. After more than...

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