2023-01-25 19:24:05

Too Good to Be True: Student Loan Borrowers Start to Doubt Forgiveness Plan

Logo Nasdaq
By Money Com

Student loan forgiveness, once a far-fetched idea from progressives, seemed to become reality in August when President Joe Biden announced a plan to cancel debt for some 40 million Americans. Six months later, many borrowers are back to dreaming.

As the Biden administration and conservative groups now debate their student loan forgiveness arguments before the Supreme Court, borrowers are worriedly wondering if the relief they were promised will ever come their way.

Its rare in U.S. politics that a presidents order or the fate of a court case carries this much immediate weight for the finances of so many Americans.

If the Supreme Court upholds the loan forgiveness program, millions of student loan borrowers will have up to $20,000 of debt wiped out potentially the difference of a couple hundred dollars in monthly payments. Borrowers say the result of the debt relief case could determine whether theyre able to buy a house or repair their credit, while the uncertainty has complicated financial decisions.

Continue read on nasdaq.com

Business / FinanceBy Annie Nova2023-01-24 19:47:59
Key Points With the fate of the Biden administration's sweeping student loan forgiveness plan uncertain, borrowers in New York state may have another option...

Logo Benzinga
PoliticsBy Bhavik Nair2023-01-25 02:37:46
Congressional Democrats are now reportedly pushing Republicans to come up with a proposal to increase the debt ceiling and avert a U.S. default after they...

Logo Bloomberg
PoliticsBy Josh Wingrove2023-01-24 20:40:23
Congressional Democrats pressed Republicans to offer a concrete proposal for raising the nation’s debt ceiling and avoiding a default after a meeting on...

Logo Bloomberg
PoliticsBy Laura Litvan2023-01-24 20:24:50
Senate Republican Leader Mitch McConnell says it’s up to President Joe Biden and House Speaker Kevin McCarthy to avert a catastrophic debt default later this...

Logo Nasdaq
Business / FinanceBy The Motley Fool2023-01-25 19:00:25
Image source: Getty Images The United States officially hit its debt ceiling on Thursday, Jan. 19, according to a letter from Treasury Secretary Janet...

Logo CBS News
PoliticsBy Kathryn Watson2023-01-24 22:02:13
Senate Minority Leader Mitch McConnell said Tuesday that any "solution" to the debt ceiling will have to come from both fellow Republican House Speaker Kevin...

Logo Nasdaq
Business / FinanceBy Go Banking Rates2023-01-18 19:55:46
With the legality of President Bidens broader federal student loan forgiveness program in question, the U.S. Department of Education (ED) has proposed...

Logo Nasdaq
Business / FinanceBy Go Banking Rates2023-01-13 15:21:17
With the Biden administrations federal student loan forgiveness plan in limbo due to a series of legal challenges, supporters have been busy filing briefs...

PoliticsBy Lisa Mascaro2023-01-24 05:09:42
WASHINGTON The debate around raising the debt ceiling sounds eerily similar: Newly elected House Republicans, eager to confront the Democratic president in...

Logo Bloomberg
PoliticsBy Madlin Mekelburg2023-01-24 22:08:50
A coalition of 20 mostly Republican-led states sued the Biden administration seeking to block new US plans to grant certain migrants from Cuba, Haiti,...

Business / FinanceBy Annie Nova2023-01-12 18:55:46
Key Points Two law professors, in a brief to the Supreme Court, said they think Biden's student loan forgiveness plan is "unlawful" but they still urge the...

PoliticsBy Lisa Mascaro And Seung Min Kim2023-01-24 20:31:29
WASHINGTON President Joe Biden is hosting the Democratic congressional leaders Tuesday at the White House as they face a new era of divided government in...

Business / Finance2023-01-19 09:37:45
Congress will have a shorter-than-expected window to negotiate a debt limit increase this year thanks to policy decisions by both the Biden administration...

Business / FinanceBy Lorie Konish2023-01-24 20:35:56
Key Points A 2015 expansion of the Military Lending Act extended a cap on annual percentage rates at 36% for revolving credit. As interest rates on debt...

Logo Nasdaq
Business / FinanceBy The Motley Fool2023-01-24 21:00:12
Image source: Getty Images From the start of 2022 through the end of it, consumers had no choice but to grapple with soaring inflation. As a result, many...

PoliticsBy Josh Boak2023-01-24 17:33:08
WASHINGTON U.S. Treasury Secretary Janet Yellen sent a letter Tuesday to congressional leaders saying she's suspending the reinvestment of federal bonds in a...

Logo U.S. News & World Report
PoliticsBy Associated Press2023-01-24 22:32:56
RICHMOND, Va. (AP) A Virginia Senate committee advanced a bill Tuesday that would prohibit lawmakers from using campaign funds for personal expenses like a...

Logo Benzinga
PoliticsBy Bhavik Nair2023-01-25 01:09:48
Treasury Secretary Janet Yellen activated another extraordinary cash management measure on Tuesday to avert breaching the federal debt limit by suspending...

Logo Benzinga
PoliticsBy Bhavik Nair2023-01-24 04:56:41
California Democrat Rep. Ro Khanna (D-CA) has reportedly said the U.S. will not default on its debt but the Biden administration might have to act...

Logo Bloomberg
PoliticsBy Alex Harris2023-01-25 16:00:00
A failure by the US government to pay its debts on time would probably cause catastrophic fallout throughout global financial markets. But some are more...