Student Loans

The Supreme Court agreed Thursday to decide whether the Biden administration can broadly cancel student loans, keeping the programme blocked for now but signalling a final answer by early summer. That's about two months before the newly extended pause on loan repayments is set to expire. The administration had wanted a court order that would have allowed the program to take effect even as court challenges proceed. The justices didn't do that, but agreed to the administration's fallback, setting arguments for late February or early March over whether the program is legal. President Joe Biden's plan promises USD 10,000 in federal student debt forgiveness to those with incomes of less than USD 125,000, or households earning less than USD 250,000. Pell Grant recipients, who typically demonstrate more financial need, are eligible for an additional USD 10,000 in relief. The Congressional Budget Office has said the program will cost about USD 400 billion over the next three decades. More

A federal appeals court has issued an administrative stay temporarily blocking President Joe Biden's plan to cancel billions of dollars in federal student loans. The Eighth Circuit Court of Appeals issued the stay late Friday while it considers a motion from six Republican-led states to block the loan cancellation programme. The stay ordered the Biden administration not to act on the programme while it considers the appeal. The order came just days after people began applying for loan forgiveness. It's unclear what the decision means for the 22 million borrowers who already applied for the relief. The Biden administration had promised not to clear any debt before October 23 as it battled the legal challenges, but the soonest it was expected to begin erasing debt was mid-November. The crucial question now is whether the issue will be resolved before January 1, when payments on federal student loans are expected to restart after being paused during the pandemic. Millions of America

President Joe Biden said nearly 22 million people have applied for federal student loan relief in the week since his administration made its online application available more than half of the number the White House believes are eligible for the programme. Speaking at Delaware State University, a historically Black university where the majority of students receive federal Pell Grants, Biden touted the first-week statistics since the application was beta-launched last Friday. He officially unveiled it at the White House on Monday. Biden's plan calls for USD 10,000 in federal student debt cancellation for those with incomes below USD 125,000 a year, or households that make less than USD 250,000 a year. Those who received federal Pell Grants to attend college are eligible for an additional USD 10,000. The plan makes 20 million eligible to get their federal student debt erased entirely. Biden highlighted the ease of the application, which doesn't require users to upload any forms or to

President Joe Biden's student loan forgiveness plan could lift crushing debt burdens from millions of borrowers, but the tax man may demand a cut of the relief in some states. That's because some states tax forgiven debt as income, which means borrowers who are still paying down student loans could owe taxes on as much as $10,000 or even $20,000 that was taken off their bill. In Mississippi, Minnesota, Wisconsin, Arkansas and North Carolina, forgiven student loans will be subject to state income taxes unless they change their laws to conform with a federal tax exemption for student loans, according to a tally by the Tax Foundation, a Washington, D.C.-based think tank. That dismays Cathy Newman, a Louisiana State University graduate who just took a job teaching freshman biology at the University of Southern Mississippi in Hattiesburg. She figures she could end up owing a few hundred dollars of money that she could have kept had she stayed in Louisiana. Newman said she can come up wit

According to Laurence Vance, a columnist and policy adviser for the Future of Freedom Foundation, "the government should not be in the student loan business in the first place."

President Joe Biden on Wednesday is set to announce his long-delayed move to forgive up to USD 10,000 in federal student loans for many Americans and extend a pause on payments to January, according to three people familiar with the plan. Biden has faced pressure from liberals to provide broader relief to hard-hit borrowers, and from moderates and Republicans questioning the fairness of any widespread forgiveness. The delay in Biden's decision has only heightened the anticipation for what his own aides acknowledge represents a political no-win situation. The people spoke on the condition of anonymity to discuss Biden's intended announcement ahead of time. The precise details of Biden's plan, which will include an income cap limiting the forgiveness to only those earning less than USD 125,000 a year, were being kept to an unusually small circle within the Biden administration and were still not finalized on the eve of the announcement. Down-to-the-wire decision-making has been a ...

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