Biden just canceled hundreds of millions in student loan debt — do you qualify?
Biden just cut hundreds of millions on student loans - are you eligible?
The Biden administration has announced plans to wipe out hundreds of millions of dollars in student loan debt for borrowers who claim they have been ripped off from their school.
This latest wave of debt relief comes on top of student loans of at least $ 2.3 billion that the Department of Education canceled earlier this year. These borrowers now have more headroom in their budgets to save, invest, or manage their other debts.
As millions of Americans wait for President Joe Biden to grant massive student loan forgiveness, check out here to see if you might be covered by the new measure.
Who is entitled to the latest forgiveness?
@MargJohnsonVA about Twenty20
The new debt relief goes to students who attended the ITT Technical Institute and made claims against the school for false information or fraud, the Ministry of Education said on Wednesday. ITT, a for-profit technical school that operated campuses in the United States, closed in 2016.
Eligible Borrowers will receive 100% loan relief totaling approximately $ 500 million. Applications from around 18,000 students have been approved, the department says.
"Our action today will give thousands of borrowers the fresh start and the relief they deserve after ITT repeatedly lied to them," Education Minister Miguel Cardona said in a press release.
Officials found that the school misrepresented how much students could earn and what types of jobs they could find after graduation. In reality, the department's borrowers told the department that it was harder to find employment when they included ITT on their resumes.
This is "Borrower Defense" debt relief
@BeautyStars on Twenty20
This latest round of awards is thanks to government regulations that allow borrowers with federal student loans to demand repayment of debts if their schools have committed fraudulent or illegal activity - or went abruptly out of business.
In order for any of these "borrower defense claims" to be approved, you must be able to demonstrate that your college violated state law with your loan or with the educational services the school provided.
This new relief is on top of the $ 1 billion student debt that the Biden White House canceled under the same law earlier this year. A later, unrelated move awarded an additional $ 1.3 billion.
In the case of ITT, eligible borrowers will receive notices in the next few weeks - followed by the issuance of their loans.
How about a broader student loan issuance?
This year's debt relief is, to be honest, only a small change from the major student loan relief being debated in Washington and advocated by a number of influential lawmakers.
Members of Congress were on a mission to convince President Biden to wipe out up to $ 50,000 in federal student loan debt for every American with unpaid college loans. They want the president to use executive power to cancel the debt.
He has stated that he is willing to cancel $ 10,000 student debt, but has denied requests for a larger amount. Even so, he has asked administrative officials to look into the idea, and he recently told Senate Majority Leader Chuck Schumer and Massachusetts Senator Elizabeth Warren that they are welcome to move him forward on the matter.
Those fighting for more generous relief say it would give Americans a more meaningful break from breaking the student debt that has kept them from buying houses and cars, getting married, and investing in their futures.
In the meantime, this is how you deal with your student debt
@natabene about Twenty20
If you are not eligible for the latest government forgiveness plan and need to be rid of overwhelming student loan debt, now is the time to do things to make your life a little easier.
First, consider refinancing your student loans. Student loan refinancing rates from private lenders have hit record lows, so replacing your debt with a new private student loan could cut your monthly payments significantly.
Refinancing a federal student loan into a private loan would make you ineligible if a federal loan is ever made.
If you are a homeowner, you may want to refinance your mortgage. With 30-year interest rates averaging less than 3%, refinancing could save around 14.1 million mortgage holders an average of $ 287 per month, according to mortgage technology and data provider Black Knight.
The best interest rates go to borrowers with the highest creditworthiness. If you haven't seen your score in a while, you can now easily see your credit score for free.
After lowering your debt costs, you can make a little more income with some low-stake investments in the stock market. A popular app helps you build a diversified portfolio with little more than your "room move" from daily shopping.
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