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[ad_1] Another student loan forgiveness plan Biden administration takes steps to forgive billions in student loans 03:43 President Joe Biden on Tuesday said he is forgiving $130 million in student debt for 7,400 borrowers who attended CollegeAmerica in Colorado, a defunct for-profit college that shut down in 2020 after misleading students about their career prospects and loans. The debt will be forgiven automatically for students who were enrolled in the Colorado-based locations of CollegeAmerica between January 1, 2006 and July 1, 2020, the U.S. Department of Education  said Tuesday in a statement. The college's Colorado locat

[ad_1] Options for student loan repayments Options for student loan repayments 02:19 More than 800,000 borrowers with $39 billion in federal student loans will get their debt forgiven, the Biden administration said on Friday.  The Department of Education said it will begin notifying borrowers today about the automatic discharge of their debt, which will occur in the next few weeks.  The debt relief comes two weeks after the Supreme Court invalidated the Biden administration's plan for broad-based student loan forgiveness, which would have helped more than 40 million borrowers each erase up to $20,000 in debt. The plan announced on Friday is related to a separate effort by the Biden

[ad_1] After the Supreme Court reversed President Biden's student-loan forgiveness plan, critics of the decision are pointing to other recent examples of the government forgiving debt —many with far larger amounts of money than at stake than in the student loan plan. In particular, the Paycheck Protection Program has so far forgiven $757 billion in loans to private businesses, according to government databases — nearly double what the Biden administration's student-loan forgiveness would have cost.  Mr. Biden made that comparison in a press conference on Friday afternoon, pointing out that many members of Congress received PPP loans that were forgiven.  "I was trying to provide students with $10,000 to $20,000 in relief," Biden said. "The average amount forgiven in the PPP program was $70,000." He added, "The hypocrisy is stunning." How much in PPP loans was forgiven? The government, through the S

[ad_1] The finances of about 40 million Americans with college loans may take a hit now that the Supreme Court has struck down President Biden's plan  to forgive up to $20,000 per person in student debt. Borrowers are now facing a double whammy this summer because the high court invalidated the plan just before the pause on debt repayment lifts in September. That means borrowers will need to start repaying their loans on September 1 without any debt relief, experts note. The Biden plan, announced last August, was aimed at wiping out the student-loan debt of 20 million Americans, while lowering the balances of 20 million others who qualified for the relief. On Friday, the court's conservative majority found  that federal law does not authorize the program to wipe out nearly half-a-trillion dollars in debt. With repayments resuming without any debt relief, more than 12 million borrowers could find it difficult to make their payme