student debt

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Feds Move to Ban Medical Debt From Credit Reports

Rule change would prohibit lenders from evaluating it when dispensing loans

(Newser) - The Biden administration announced new rules Tuesday that would prevent medical debt from factoring into whether someone qualifies to rent an apartment, buy a car, or take on a mortgage. The Consumer Financial Protection Bureau said the changes would remove medical bills from credit reports and prevent lenders from making...

40% of Recent Grads Aren't Using Their Degree

Class of 2024 faces tough job market as AI takes over some entry-level jobs

(Newser) - Experts are cautioning recent grads to lower their expectations with limited job prospects in some fields. Employers plan to hire 5.8% fewer new grads in 2024 than they did in 2023, according to a survey of 226 employers . Under 25% of graduating seniors had accepted a full-time role by...

160K Student Borrowers Just Got Good News

Biden administration is moving to cancel a new round of student debt

(Newser) - The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs. The Education Department announced the latest round of cancellation on Wednesday, reports the AP , saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said...

317K People See Their Student Loans Erased

Former students of the for-profit Art Institutes see loans canceled, payments refunded

(Newser) - The Biden administration on Wednesday said it will cancel $6 billion in student loans for people who attended the Art Institutes, a system of for-profit colleges that closed the last of its campuses in 2023 amid accusations of fraud. Saying the chain lured students with "pervasive" lies, the Education...

'Plan B' to Cancel Interest for Half of Those in Student Debt

Biden administration's revamped plan will test the 1965 Higher Education Act

(Newser) - More than 25 million people with student debt could see some of that debt forgiven under new plans laid out Monday by the Biden administration. Narrower than the effort struck down by the Supreme Court as unconstitutional , "Plan B" targets the 25 million borrowers who owe more money now...

153K People Got a Welcome Email From Biden Today
153K People Got
a Pleasant Email
From Biden Today
the rundown

153K People Got a Pleasant Email From Biden Today

The recipients will see their $1.2B in student debt forgiven

(Newser) - Some 153,000 people got an email from President Biden on Wednesday, and regardless of their politics, it's likely one they were thrilled to get. The Department of Education says the email informs those borrowers that their student loan debt will be forgiven—some $1.2 billion in total....

Biden Erases Student Debt for 125K Borrowers

Move wipes out another $9B in debt

(Newser) - President Biden announced another round of federal student loan forgiveness on Wednesday as borrowers braced for payments to restart after a three-year pause that began during the COVID-19 pandemic. The president's latest step will help 125,000 borrowers by erasing $9 billion in debt through existing relief programs, the...

White House Wipes Out Student Debt of 800K

Adjustment affects only those who have made payments for years under 'IDR' plans

(Newser) - The Supreme Court rebuffed President Biden's plan to wipe out the student debt of millions of borrowers. Now comes a more modest move by the White House that will nonetheless cancel the remaining debt for about 800,000 borrowers, reports the Washington Post . The move affects only those who...

SCOTUS Sounds Skeptical in Student Debt Argument

Conservative justices question plan's fairness

(Newser) - The Supreme Court heard arguments Tuesday in two cases involving President Biden's student loan forgiveness plan—and analysts say the day left the plan's future looking shaky. The arguments stretched almost an hour beyond the allotted two hours, and Chief Justice John Roberts was among the conservative justices...

Supreme Court Tackling a Big Case: Student Loans
Supreme Court Tackling
a Big Case: Student Loans
the rundown

Supreme Court Tackling a Big Case: Student Loans

On Tuesday, justices will hear arguments on whether Biden's loan forgiveness is legal

(Newser) - The Supreme Court on Tuesday will hear arguments in a closely watched case—actually two cases—that will have a tangible effect on the bank accounts of many Americans. The issue is whether President Biden's plan to give people a break of up to $20,000 on their federal...

Supreme Court to Decide Fate of Student Debt Relief

Justices keep pause on Biden's debt-canceling plan in place now

(Newser) - The Supreme Court on Thursday said the Biden administration program to cancel student loans will remain blocked for now, but the justices agreed to take up the case in late winter. The court's decision to hear arguments relatively quickly means it is likely to determine whether the widespread loan...

Biden Is Extending Student Loan Pause

Pause on repayments will continue while debt cancellation plan faces legal challenges

(Newser) - President Biden announced Tuesday that his administration will extend the pause on federal student loan payments while the White House fights a legal battle to save his plan to cancel portions of the debt. "It isn't fair to ask tens of millions of borrowers eligible for relief to...

Appeals Court Grants Injunction Blocking Student Debt Plan

Courts have kept Biden's forgiveness plan from getting started

(Newser) - A federal appeals court granted a preliminary injunction Monday pausing President Biden's program to wipe clean billions of dollars in student debt, the AP reports. Six states challenging the plan had asked the 8th Circuit Court of Appeals in St. Louis for an injunction while issues around the case...

Lawsuit Seeks to Block Biden Loan Forgiveness Plan

Plaintiff argues that he'll be forced to pay state income tax on forgiven debt

(Newser) - President Biden's student loan debt forgiveness plan is being challenged by a lawsuit seeking to block it just before it can take effect. In the lawsuit filed in the US District Court for the Southern District of Indiana Tuesday, public interest lawyer Frank Garrison argues that he will be...

CBO to Biden: Here's Your Student Debt Price Tag

$400B over the next 30 years, it estimates

(Newser) - President Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office. The figures were released Monday in response to a request from Republican lawmakers who oppose Biden’s plan in large...

Critics Call Biden Student Debt Plan a 'Regressive Mistake'

'WaPo' calls it 'ill-conceived and misdirected'

(Newser) - President Biden rolled out his long-awaited plan for federal student loan debt forgiveness on Wednesday—but while it will erase student debt for an estimated 20 million Americans and reduce it for many millions more, the list of people criticizing the plan is a long one, including those who say...

Report: Biden Will Make Big Student Loan Announcement Wednesday

Insiders say debt forgiveness plan will include $125K income cap

(Newser) - President Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January, the AP reports, citing three people familiar with the plan. Biden has faced pressure from liberals to provide...

Decision on Student Loans Coming in 'Next Week or So'

Nobody has been required to make a student loan payment since March 2020

(Newser) - The Biden administration will announce something about student loans "within the next week or so." Per the Hill, Education Secretary Miguel Cardona promised on Sunday's Meet the Press that an announcement is forthcoming ahead of an Aug. 31 deadline, after which loan payments are scheduled to resume....

Couple Pays Off Student Debt for LA School's Class of 2022
Graduation Got Even Sweeter

Graduation Got Even Sweeter

Evan Spiegel and Miranda Kerr pay off student debt for LA school's Class of 2022

(Newser) - Evan Spiegel, who later co-founded Snapchat, has fond memories of taking summer classes at Otis College of Art and Design while in high school. "It changed my life and made me feel at home," Spiegel said, the Los Angeles Times reports. "I felt pushed and challenged to...

Debt Forgiveness May Turn Good Choices Into 'Sucker's Bet'

Two columnists worry about the fairness of wiping out student loans

(Newser) - Progressives are pushing President Biden to make a dramatic move to wipe out a large chunk of student debt before the midterms. Sen. Elizabeth Warren, for example, wants the president to use his executive authority to cancel $50,000 in debt per person, which she argues would eliminate the loans...

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