By Katie Lobosco, CNN Washington (CNN) – The Biden administration has reversed a controversial Trump-era policy that will lead to the cancellation of roughly $1 billion in student debt for borrowers who were defrauded by their colleges. The change will deliver full loan forgiveness to 73,000 people who were deemed
Senator James Sanders Jr. last week saw important pieces of his legislation pass the senate. One bill (S664/A5601) related to student debt would require standard financial aid award letters to include the estimated cost of repayment of all outstanding loans including expected monthly payments. Debt from student loans has continued
By Stephanie Jane Bentley & John Maddock, JD Supra The COVID-19 pandemic hit the United States with force in March 2020. As the virus rapidly spread, the federal government responded with temporary changes to the Bankruptcy Code through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES
By Annie Nova, CNBC Struggling student loan borrowers who own a business received some welcome news this week: They will no longer be excluded from the Paycheck Protection Program. Any business owned 20% or more by a borrower who had fallen behind on their payments previously could be determined ineligible
By Katie Lobosco, CNN Washington (CNN) – President Joe Biden made it clear during Tuesday night’s CNN town hall that he disagrees with other members of his party who want to cancel $50,000 of student debt per borrower. “I will not make that happen,” Biden said after a member of
By Diana Olick, CNBC Mortgage rates fell for the first time in nearly a month, and that lit a fire under current borrowers who may have thought they missed the boat on refinancing their loans. Applications to refinance jumped 11% last week from the previous week, according to the Mortgage
By Adam S. Minsky, Esq., Forbes Democratic Senators unveiled a sweeping bankruptcy bill this week that would dramatically reform the United States bankruptcy system, and make it easier for struggling Americans to discharge student loans and medical debt through bankruptcy. The Medical Bankruptcy Fairness Act of 2021, proposed in response
By Zack Friedman, Forbes The new stimulus package says this about student loans and student loan cancellation. Here’s what you need to know — and what it means for you. Student Loans The new, $1.9 trillion stimulus package that President Joe Biden proposed doesn’t include any student loan cancellation. The stimulus plan
By Chris Farrell, Market Watch For many older Americans, everyday life is becoming increasingly precarious financially. A major reason: Too much debt. The numbers are striking. The share of families headed by people 55 and older with debt is up from 54% in 1998 to 68% in 2019, according to
By Kathryn Pomroy, Fox Business As a rule, borrowers must pay taxes if a lender forgives, cancels or discharges a debt for less than the amount owed. That money is considered ordinary income for tax purposes. Yet, early in December, Senate Majority Leader Chuck Schumer urged President Joe Biden to
