Student loan payments have been paused since March 27, 2020. However, they are set to resume on October 1, 2021. A handful of United States senators are currently working to urge Biden to extend the pause on payments “until at least March 31, 2022”. According to economists, ending the pause may lead to widespread missed […]
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Answer: It depends on what kind of loans you have and how far behind you are. With federal loans, your options are generally forbearance, deferment, consolidation or rehabilitation. For private loans, your options are limited to whatever accommodations your lender is willing to give you. I can counsel you on your options and help you […]
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Critics of student loan forgiveness widely assert that the policy would mostly benefit individuals who are financially well-off. This assumption is made with reasoning that attending college leads to higher earnings. However, new research refutes this assumption. According to a recent study, that “the biggest benefits of cancelling student debt would go to those with […]
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There has been a freeze on student loan payments since March 2020. However, student loan debt still has not failed to wreak havoc on the mental health of borrowers. In a new survey by Student Loan Planner, “1 in 4 respondents had suicidal ideation at some point due to student loan debt” and “1 in […]
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President Biden has asked Education Secretary Miguel Cardona to look into the president’s ability to cancel up to $50,000 in student loan debt through executive action. The cost of attending college has risen significantly in recent decades, making the aid of student loans a necessity for a great number of individuals. According to an analysis […]
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President Biden has cancelled $1 billion in student loan debt, but who is eligible? The Biden administration will be forgiving student loan debt of individuals whose schools have engaged in misconduct or “misleading” practices. This will apply to approximately 72,000 borrowers. Education Secretary Miguel Cardona states, “Borrowers deserve a simplified and fair path to relief […]
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In the following article, these particular facts about United States student loan borrowers are revealed: Out of 1,059 survey respondents in a new poll titled “Yahoo Finance and Harris Poll” 22 percent responded they have student debt. Out of this 22 percent of respondents, 44 percent stated they have not made payments since March of […]
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The federal government’s income-driven repayment (IDR) program exists to grant low-income individuals debt relief after 20-25 years of monthly payments. However, due to numerous flaws in the program, only 32 borrowers have ever qualified for cancellation of their loans through IDR. This poses as a real issue, as about two million borrowers currently face the […]
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Lawmakers have been pushing President Biden to forgive $50,000 in student debt per borrower. Many may respond to that fact by stating student borrowers have not been as detrimentally impacted by the ongoing pandemic as other demographic groups. However, numerous facts assert that those who hold student debt have actually been hit hardest by the […]
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The U.S. Department of Education’s office of Federal Student Aid website serves as a reliable source detailing the latest updates relevant to payment of your student loans. Via the following link, you will find an update stating the COVID-19 emergency relief for student borrowers has been extended through September 30, 2021. The new initiative will […]
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