After numerous setbacks in his attempt to implement student loan forgiveness, President Joe Biden was dealt yet another blow last month. On July 18, a federal court issued a stay preventing the U.S. Department of Education from operating its Saving on a Valuable Education (SAVE) plan, which was touted at the time of launch as
Within less than 24 hours last weekend, I received two similar texts about what to do if you’re falling behind and failing to pay your student loan bills. “Working America: Fed student aid in default? There is a fed government program that may help. Deadline is 9/30.” The two different phone numbers listed as the
Back-to-college involves far more than scrolling online to shop for dorm-ready decor. It’s also triggers yet another reminder that it’s time to get back to borrowing — and, yes, sticker shock. The fixed interest rate on federal student loans will climb to 6.53% for undergraduate loans — up from 5.5% last year. The new higher
An estimated 20 million borrowers could benefit from the Biden administration’s student loan debt forgiveness plan. But how do you know if you are eligible? The income-driven repayment program, Saving on A Valuable Education Plan, will allow borrowers to pay only 5% of their discretionary income. Initially launched in 2023, the Biden administration sought to
Corrections and Clarifications: A previous version included an incorrect number of Arizonans who owe student debt. The Biden administration’s student loan repayment plan, Saving on Valuable Education, is facing a legal hurdle. Federal judges in Missouri and Kansas blocked parts of the program in separate rulings on Monday. Though the decision does not cancel assistance
Student loan repayments restarted last fall after President Biden’s forgiveness plan was stopped by the Supreme Court. Still, the president and Department of Education are working to forgive as many loans as possible and with a new plan proposed, news around student loan forgiveness can be confusing. Here’s the latest on who is eligible for