The Biden administration’s new income-driven repayment plan, SAVE, will reduce payments for millions of borrowers and more will qualify for $0 payments.
Category: Student Loans
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Credit Card Debt Hits New Peak as Some Borrowers Face Financial Strain
Debt rose to more than $1 trillion in the second quarter, a report found — a sign of financial strain for some, even before student loan payments resume.
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As Student Loan Payments Resume, Gen X Struggles to Save for Old Age
The end of the payment pause means Americans in this age group will once again have to juggle paying off debt while trying to save for older age.
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Discharging Student Loans in Bankruptcy Show Mixed Results
Last year, the Biden administration provided a new path to make it easier to discharge student loans in bankruptcy. The results appear promising, but success has been limited.
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What Higher Interest Rates Mean for Mortgages, Credit Cards and More
Savers benefit from higher rates, but borrowers have faced bigger bills on credit cards, student loans and other forms of debt.
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As Student Loans Come Due Again, Many Borrowers Lose a Lifeline
The payment pause freed up money that gave people breathing room — or allowed them to help family members in need. They will soon have to budget for that expense.
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Biden’s New Student Debt Repayment Plan Could Cost $475 Billion
The report estimates that the plan will slash borrowers’ payments and cost more than President Biden’s recently rejected debt cancellation plan.
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Biden Cancels $39 Billion in Student Loans for 800,000 Borrowers
One-time credits will wipe out loans, fixing mistakes made by loan servicers when collecting payments under income-driven repayment programs.
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How Biden Might Try to Cancel Student Debt Again
The administration proposed to use its “compromise and settlement” powers under the Higher Education Act of 1965. But what does that mean?
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How to Think About Financial Aid and Paying for College
Responses to queries about financial aid, 529 plans, need-blind schools and more.
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Many Student Loan Borrowers Will Continue to Struggle After Supreme Court Ruling
Those who didn’t complete their degrees and many parents are among the borrowers likely to face challenging times ahead.
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What Will Happen to Your Student Loans Now
The pandemic pause on student loan payments will end soon, but a new system for calculating repayments may lower monthly bills.