student loan forgiveness Balanced News

Six States File Lawsuit Challenging Biden Student Debt Cancellation Program

Earlier today, six GOP-controlled state governments filed a lawsuit challenging the legality of President Biden's massive student loan forgiveness program. This development is notable because at least some of the states have a very strong argument for "standing," the biggest procedural obstacle to getting legality of the program considered in court.
— Reason (September 30)   (Pocket)  (Media Bias)

Student loan forgiveness applications will be online soon. How to apply. - USA TODAY

People who earned $125,000 or less (or $250,000 for households) in 2020 or 2021 are eligible for at least $10,000 in federal student loan debt forgiveness. Recipients of Pell Grants – usually awarded to low-income undergrads – can receive up to $20,000 in relief.
— USA Today (October 2)   (Pocket)  (Media Bias)

'Just Kidding': Biden Yanks Student Loan Forgiveness From 770,000 Borrowers

'Just Kidding': Biden Yanks Student Loan Forgiveness From 770,000 Borrowers In a jarring reversal, the U.S. Department of Education on Thursday quietly revised its online guidance on who qualifies for the $10,000 of student loan forgiveness that President Biden announced in August. In doing so, it pulled the rug out from under at least several hundred thousand people. At issue: Borrowers who have Perkins loans and Federal Family Education Loans (FFEL). Those earlier-generation loans were guaranteed by the federal government but were issued and are managed by private lenders. The FFEL program ran from 1965 to 2010; Perkins loans ended in 2017.
— ZeroHedge Opinion (September 30)   (Pocket)  (Media Bias)

I Requested a Student Loan Refund. Now My Forgiveness Is More Complicated - CNET

Courtney Johnston is an editor for CNET Money, where she manages the team's editorial calendar, and focuses on taxes, student debt and loans. Passionate about financial literacy and inclusion, she has prior experience as a freelance journalist covering investing, policy and real estate. A New Jersey native, she currently resides in Indianapolis, but continues to pine for East Coast pizza and bagels.
— CNET (September 30)   (Pocket)  (Media Bias)

Biden administration changes student loan guidance, as Republican-led states file lawsuit - Reuters

Biden administration changes student loan guidance, as Republican-led states file lawsuitReutersBiden administration scales back student loan forgiveness plan as states sueCNNBiden administration sends emails with details about college debt forgivenessKENS 5: Your San Antonio News SourceBiden’s Student loan forgiveness is a political bribe
— Reuters (September 30)   (Pocket)  (Media Bias)

Biden administration scales back student debt relief for millions amid legal concerns - POLITICO

Biden administration scales back student debt relief for millions amid legal concernsPOLITICOBiden administration scales back student loan forgiveness plan as states sueCNNBiden administration changes who qualifies for student loan forgivenessWTHROpinion
— Politico (September 29)   (Pocket)  (Media Bias)

Borrowers who hate Biden's student loan forgiveness plan can now keep their debt

An estimated 8 million federal student loan borrowers are set to receive forgiveness automatically under President Joe Biden’s one-time cancelation plan. But the U.S. Department of Education quietly updated their website this week to say that borrowers can opt out if they so wish.
— Fortune (September 29)   (Pocket)  (Media Bias)

Brief Update on the Pacific Legal Foundation Case Against Biden's Student Loan Cancellation Plan

On Wednesday I wrote about the case challenging Biden's student loan debt cancellation program filed by the Pacific Legal Foundation (PLF) on behalf of attorney Frank Garrison, who is himself a PLF employee. For details about the case and its novel strategy for getting around the procedural constraint of "standing" see my earlier post.
— Reason (September 30)   (Pocket)  (Media Bias)

Student loan forgiveness applications will be online soon. How to apply. - USA TODAY

People who earned $125,000 or less (or $250,000 for households) in 2020 or 2021 are eligible for at least $10,000 in federal student loan debt forgiveness. Recipients of Pell Grants – usually awarded to low-income undergrads – can receive up to $20,000 in relief.
— USA Today (October 2)   (Pocket)  (Media Bias)

'Just Kidding': Biden Yanks Student Loan Forgiveness From 770,000 Borrowers

'Just Kidding': Biden Yanks Student Loan Forgiveness From 770,000 Borrowers In a jarring reversal, the U.S. Department of Education on Thursday quietly revised its online guidance on who qualifies for the $10,000 of student loan forgiveness that President Biden announced in August. In doing so, it pulled the rug out from under at least several hundred thousand people. At issue: Borrowers who have Perkins loans and Federal Family Education Loans (FFEL). Those earlier-generation loans were guaranteed by the federal government but were issued and are managed by private lenders. The FFEL program ran from 1965 to 2010; Perkins loans ended in 2017.
— ZeroHedge Opinion (September 30)   (Pocket)  (Media Bias)

I Requested a Student Loan Refund. Now My Forgiveness Is More Complicated - CNET

Courtney Johnston is an editor for CNET Money, where she manages the team's editorial calendar, and focuses on taxes, student debt and loans. Passionate about financial literacy and inclusion, she has prior experience as a freelance journalist covering investing, policy and real estate. A New Jersey native, she currently resides in Indianapolis, but continues to pine for East Coast pizza and bagels.
— CNET (September 30)   (Pocket)  (Media Bias)

Biden administration changes student loan guidance, as Republican-led states file lawsuit - Reuters

Biden administration changes student loan guidance, as Republican-led states file lawsuitReutersBiden administration scales back student loan forgiveness plan as states sueCNNBiden administration sends emails with details about college debt forgivenessKENS 5: Your San Antonio News SourceBiden’s Student loan forgiveness is a political bribe
— Reuters (September 30)   (Pocket)  (Media Bias)

Biden administration scales back student debt relief for millions amid legal concerns - POLITICO

Biden administration scales back student debt relief for millions amid legal concernsPOLITICOBiden administration scales back student loan forgiveness plan as states sueCNNBiden administration changes who qualifies for student loan forgivenessWTHROpinion
— Politico (September 29)   (Pocket)  (Media Bias)

Borrowers who hate Biden's student loan forgiveness plan can now keep their debt

An estimated 8 million federal student loan borrowers are set to receive forgiveness automatically under President Joe Biden’s one-time cancelation plan. But the U.S. Department of Education quietly updated their website this week to say that borrowers can opt out if they so wish.
— Fortune (September 29)   (Pocket)  (Media Bias)

@ShondaMartin_: Qualifications for Student Loan Debt Relief: - Adjusted Gross Income below $125k(Single), or $250k(Married or Head Of Household) - Outstanding balance on a FEDERALLY OWNED student loan - $10,000 Credit - No Pell Grant or Parent PLUS Loans) - $20,000 Credit - Pell Grant Recipient

@TheDemocrats: Reminder: Under President @JoeBiden’s student loan debt plan, nearly 90% of relief dollars will go to borrowers earning less than $75,000 a year.

Biden's Student Loan Debt Forgiveness Plan Now Estimated To Cost $400 Billion

In a letter published on Monday, the Congressional Budget Office (CBO), a nonpartisan federal agency, estimated that Biden's student loan debt forgiveness plan will increase the cost of student loans by $400 billion. That's more than the White House originally projected, and it means that the fiscally imprudent debt relief effort will end up swamping the modest budgetary savings achieved by last month's passage of the Inflation Reduction Act by more than $150 billion.
— Reason (September 27)   (Pocket)  (Media Bias)

Student loan forgiveness applications will be online soon. How to apply. - USA TODAY

People who earned $125,000 or less (or $250,000 for households) in 2020 or 2021 are eligible for at least $10,000 in federal student loan debt forgiveness. Recipients of Pell Grants – usually awarded to low-income undergrads – can receive up to $20,000 in relief.
— USA Today (October 2)   (Pocket)  (Media Bias)

Biden administration scales back student debt relief for millions amid legal concerns - POLITICO

Biden administration scales back student debt relief for millions amid legal concernsPOLITICOBiden administration scales back student loan forgiveness plan as states sueCNNBiden administration changes who qualifies for student loan forgivenessWTHROpinion
— Politico (September 29)   (Pocket)  (Media Bias)

$400 Billion!? Biden Student Loan Forgiveness To Cost Far More Than Initial Estimate

$400 Billion!? Biden Student Loan Forgiveness To Cost Far More Than Initial Estimate President Joe Biden's student loan forgiveness plan will cost at least $400 billion over three decades, blowing away initial estimates of $300 billion, the Congressional Budget Office has estimated. The plan, a handout for the middle and upper classes (and will only raise GDP by 0.1%), will provide debt relief of $10,000 per borrower, subject to income caps of $125,000 per individual or $250,000 per household - while Pell Grant recipients will receive an additional $10,000 of forgiveness, Bloomberg reports. According to the CBO, the moves will cancel $430 billion in overall debt - while Biden's suspension of student loan payments through the ...
— ZeroHedge Opinion (September 26)   (Pocket)  (Media Bias)

How to get a student loan refund if you paid during the pandemic

For some people, that refund will be automatic. You can get a refund without applying if your payments brought your loan balance below the maximum debt relief amount: $10,000 for all borrowers, and $20,000 for Pell Grant recipients. Borrowers can check their balance in their studentaid.gov account.
— PBS (September 20)   (Pocket)  (Media Bias)

Here's how many people will get student loan forgiveness in each state - CNBC

There is no precedent for the sweeping loan relief President Joe Biden announced last month, which may cost up to $1 trillion. Under the Biden administration's action, most borrowers will be eligible for up to $10,000 in cancellation if they didn't receive a Pell Grant, which is a type of aid available to low-income undergraduate students, and up to $20,000 if they did.
— CNBC (September 20)   (Pocket)  (Media Bias)

Inside preparations to challenge Biden's student loan forgiveness

Conservative groups have launched a national search for prospective plaintiffs to challenge the Biden administration's federal student loan forgiveness order in court.Why it matters: 43 million student borrowers eligible for relief could be stuck in financial limbo if the order becomes embroiled in drawn-out litigation.What we're watching: The Job Creators Network — a right-leaning small business group that's advocated for lower taxes and fewer regulations — is preparing to file a lawsuit once the Department of Education unveils the website where borrowers can apply. They've tapped Karen Harned from the National Federation of Independent Business to lead a team vetting potential plaintiffs.
— Axios (September 20)   (Pocket)  (Media Bias)

@GovWhitmer: Today, we announced student loan relief would not be treated as taxable income in Michigan. Roughly 1.4 million Michiganders eligible for relief will not owe any state taxes for receiving benefits of the Public Service Loan Forgiveness program or other student loan forgiveness.

@ShondaMartin_: Qualifications for Student Loan Debt Relief: - Adjusted Gross Income below $125k(Single), or $250k(Married or Head Of Household) - Outstanding balance on a FEDERALLY OWNED student loan - $10,000 Credit - No Pell Grant or Parent PLUS Loans) - $20,000 Credit - Pell Grant Recipient

@TheDemocrats: Reminder: Under President @JoeBiden’s student loan debt plan, nearly 90% of relief dollars will go to borrowers earning less than $75,000 a year.