Automatic Student Loan Forgiveness Could Be A Big Win For Borrowers

While there are many different schools of thought when it comes to the best ways to finance higher education, most experts would agree our current reliance on student loans is simply unsustainable. After all, more than 45 million American borrowers currently owe a collective $1.7 trillion dollars on student loans at last count. That means the average student borrower owes $37,693 on their loans, and obviously millions of borrowers owe significantly more than that.

The federal government has created several different programs that can help borrowers pay back their loans faster, or have some of their balances forgiven. Their solutions

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Judge rules DeVos must testify in lawsuit over student loan forgiveness

The Trump administration stopped issuing final decisions on the student borrowers’ claims — known as borrower defense applications — for at least 18 months, and then swiftly dismissed large swaths of claims with little explanation provided to each borrower. The Trump administration said it needed this the time to figure out its policy and issue reasoned decisions on borrowers’ claims.

The freeze in the program happened as DeVos was taking a series of policy steps designed to cut the amount of debt relief that defrauded borrowers can receive under the program. She criticized the Obama administration’s more permissive approach to

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A little known provision of the CARES Act helps employees pay their student loans

Recent research has shown that the millennial population (those generally born between 1981 and 1996) now make up the largest generation in the U.S. labor force, and that the up-and-coming GenZ’ers (those born after 1996) are expected to cause an influx of roughly 60 million job seekers in the next decade.

There’s one thing many of these younger workers have in common: They’re shouldering a massive amount of student debt from their college loans — $1.6 trillion, according to some sources. The Biden administration is toying with the idea of forgiving some of this debt — as much as

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Refinancing student loans? Here’s the credit score you’ll need

If you’re considering a student loan refinance, here’s the credit score you’ll need, and some more details about refinancing requirements. (iStock)

Paying off student loans can always be a challenge but COVID-19 has made the process tougher for many borrowers. 

The Biden administration has taken steps to help student loan borrowers during this time, including suspending payments and interest on federal student loans. And it’s also considering other student loan reforms, such as possibly forgiving some debt. However, these efforts aren’t aimed at borrowers with private student loans. 

Those whose educational debt is owed to private lenders have

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Student: I’ve got an avalanche of college debt. Loan forgiveness isn’t the total solution. | Opinion

By KerriAnn Mattaliano

Looking at today’s headlines about the $1.7 trillion student loan crisis, I cannot help noting I am part of that shocking statistic. It seems like yesterday I was choosing where to go to college and thinking, “I only need a $1,000 loan to cover the difference from my grant package.”

Yet over the next four years, that $1,000 snowballed and over the next 20 years that snowball became an avalanche. I and many others will still be digging out for another 20 years without the help of loan forgiveness. But can loan forgiveness stop the avalanche from

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Fixed-rate student loan refinancing rates sink to new record low for the second straight week

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

The latest trends in interest rates for student loan refinancing from the Credible marketplace, updated weekly. (iStock)

Rates for well-qualified borrowers using the Credible marketplace to refinance student loans into 10-year fixed-rate loans hit another new record low during the week of May 3, 2021.

For borrowers with credit

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Student Loan Cancellation Faces Major Setback

Student loan cancellation just faced a major setback.

Here’s what you need to know — and what it means for your student loans.

Student Loans

Student loan cancellation hit a major speedbump, not in Congress or with the president, but in court. The U.S. Court of Appeals for the Second Circuit issued a ruling last month that could make it more difficult to discharge student loans in bankruptcy. While this may not impact one-time, wide-scale student loan cancellation, the ruling could impact any borrower that seeks to cancel student loans

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Student loans should be paid off before credit cards

Americans are in debt.

The average person has more than $92,000 in debt, according to the Experian 2020 Consumer Credit Review.

The most important step to paying off your obligations will be deciding which loans you need to tackle first, according to financial expert and podcast host Suze Orman.

You should start by categorizing your loans as secured or unsecured, said Orman.

Check out this video to see how the bestselling author recommends you determine which type of debt you have and what you need to do after compiling your list.

More from Invest in You:
How much you can

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Bipartisan bill would fix decades-old student loan problem for divorced Americans

In 1992, Congress tried to address student loan default rates by creating a statute in the Higher Education Act that enabled married couples to consolidate their debt with their spouses.

Nearly 30 years later, lawmakers are trying to pass a new law to fix the unintended consequence of some of those borrowers being divorced and squabbling over the consolidated debt.

A bipartisan group of lawmakers — including Representatives David E. Price (D-NC), Greg Murphy (R-NC), and Haley Stevens (D-MI), in addition to Senators Mark Warner (D-VA), Marco Rubio (R-FL), and John Cornyn (R-TX) — have now reintroduced the Joint Consolidation

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Student Loan Debt Forgiveness: Where It Stands Now

The Biden administration hasn’t made a decision when it comes to forgiving student loan debt, despite pressure from progressive Democrats that have called on the president to issue an executive order that would wipe out millions of borrowers’ debt.

However, the administration’s latest moves toward student loan forgiveness suggest that widespread student loan cancellation could be possible in the future.

Here’s what to know about student loan debt forgiveness and how soon it could impact your student loan debt.

What’s happening right now with student loan forgiveness?

In his most recent and obvious step toward mass forgiveness, Biden in early

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