Education Department cancels $ 6.8B in student loans for over 113K in public service

What is the Public Service Loan Forgiveness program? The Public Service Loan Forgiveness program began in 2007 as a reward for college students who go into public service but has been criticized for its complex requirements in the past. WASHINGTON – Temporary changes to the troubled US Public Service Loan Forgiveness (PSLF) program have helped … Read more

Biden’s student-loan relief is un-‘forgive’-able

Rumblings that the Biden administration plans to “forgive” some student-loan debt for potentially millions of upper-class people earning up to $ 125,000 a year does not sit well with many Americans. It will drive up inflation and create an unfair subsidy from the working class to the most educated people, many on track to earn … Read more

This is how student loan debt became a $ 1.7 trillion crisis

For decades now, the country’s outstanding student loan debt balance has only trended in one direction: Up. Today, around 44 million Americans owe a combined $ 1.7 trillion for their education. But it did not have to be this way. Legislation like the GI Bill, the National Defense Education Act, and the Higher Education Act … Read more

Navient cancels $ 1.7 billion in student loans following settlement

article FILE- Photo illustration, the Navient Corporation logo. BOSTON – Navient, a major student loan collecting company, agreed to cancel $ 1.7 billion in debt owed by more than 66,000 borrowers across the US and pay over $ 140 million in other penalties to settle claims of abusive lending practices. The settlement with 39 state … Read more

‘She has no ambition’: I’m 41, and make $ 100,000. I’m buying a home before getting married. My fiancée earns $ 50,000 and has $ 20,000 in student debt. What’s a fair prenup?

I have been in my current relationship for almost three years. I’m a young woman, 41, have a great, stable career and make about $ 100,000 a year. I am ambitious and my prospects have me increasing my income by $ 10,000 every year. I have about $ 140,000 in savings, and no debt. I … Read more

‘I can not afford to pay the loan because I’m on a fixed income.’ I’m a 57-year-old widow with $ 67K in student loan debt. Can you help me get rid of it?

There are some forgiveness and benefit options, including some specific to military spouses that could provide financial compensation. AP Question: I’m a military wife, and my husband died on active duty, so I’m now a widow. My student loan is sitting at $ 67,000. I’m 57 and I can not afford to pay the loan … Read more

Here’s how Biden could move to cancel student loans

President Joe Biden has made headlines by saying he’ll roll out a plan for canceling federal student loans “in the next couple of weeks” – and that he’ll aim to forgive less than $ 50,000 in debt per borrower. A Biden move to wipe out some student loans through “executive action, with the sweep of … Read more

What every parent should know about investing for retirement

This article is reprinted by permission from NerdWallet. The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. One of the first times I started to panic about … Read more

Majority of borrowers say fed student loan debt is not worth it, CNBC survey finds

Yet, many millennials and Gen Xers are far more skeptical. Some 63% of respondents ages 35 to 44 said, considering their current situation, it was not worth it to take out federal student loans. The average loan amount for federal student loan borrowers is $ 36,510. Kate Bernyk, 39, finished graduate school nearly 15 years … Read more

Student Loan Forgiveness: How to Take Advantage of Revised Federal Programs

The US Education Department is hoping to make it easier for people with student loans to have some of their debt forgiven. Last week, the department announced changes designed to speed up the loan forgiveness process under existing programs that borrowers complain have been complicated and difficult to navigate. Specifically, the Education Department said it … Read more