Student loan defaults surging in wake of COVID-tied payments pause expiration
Defaults on student loans have surged across the United States, reaching record levels as borrowers struggle to keep up with payments.
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Defaults on student loans have surged across the United States, reaching record levels as borrowers struggle to keep up with payments.
Loan revamp affects how much students and families can borrow to pay for college, as well as their repayment options.
The Department of Education doesn't oversee school curriculums, but it does offer a range of services affecting millions of Americans.
Student loan payments for people enrolled in the Biden administration's SAVE plan will remain on hold for at least six more months.
About 1 in 10 people with student loans have gotten debt relief, according to the Biden administration.
As student loan repayments restart in October, the Biden administration said 125,000 people with student loans will have their debt erased.
After a three-year hiatus, interest on student loans begins piling up again on Friday, with payments due in October.
"We'll use every tool at our disposal to get you the student debt relief you need to reach your dreams," President Biden said.
The extension, up to June 30, 2023, will give the courts time to decide the fate of student loan cancellation.
This comes after the plan has been blocked by two separate federal court rulings.
In their appeal, attorneys for several Republican-led states said the plan will irreparably harm their states' student loan programs.
On Monday, the federal government officially launched its student loan forgiveness program. CBSLA's Joy Benedict speaks to those who have already signed up.
President Biden announces new college-debt forgiveness site, calling it a "game changer for millions of Americans."
Teachers and other public servants need to apply soon to ensure they are considered for a one-time waiver.
In partnership with California Attorney General Rob Bonta, the Campaign for California Borrowers' Rights on Monday launched a "California Student Debt Challenge," a statewide informational campaign on student loan forgiveness.
Interest rates will be 4.99% for undergraduate loans, 6.54% for graduate loans and 7.54% for PLUS loans for the 2022-2023 year.
A review found some servicers had been placing borrowers facing financial difficulties into forbearance instead of giving them clear information about income-driven repayment options.
Nearly 35,000 California students who attended Santa-Ana based Corinthian Colleges will not have to repay any the remaining balance of their private student loan debt.
The plan would cover not just tuition but also living expenses.
President Trump's speech at the Republican National Committee convention touched on the polarizing NBA trade that sent superstar guard Luka Dončić from the Mavericks to the Lakers.
One of the organizers who says she was sexually abused by Latino labor leader César Chavez decades ago has sued nonprofits tied to him.
The Los Angeles Dodgers routed the Cincinnati Reds 14-1 for their seventh consecutive win.
Ryan Gauld scored his 50th career goal with Vancouver and Yohei Takaoka recorded his 11th clean sheet of the season to help the Whitecaps beat the LA Galaxy 3-0.
Jude Terry and Armindo Sieb each scored a goal, Hugo Lloris had his MLS-leading 12th shutout this season, and Los Angeles FC beat the New York Red Bulls 2-0 to snap a six-game winless streak.
President Trump's speech at the Republican National Committee convention touched on the polarizing NBA trade that sent superstar guard Luka Dončić from the Mavericks to the Lakers.
One of the organizers who says she was sexually abused by Latino labor leader César Chavez decades ago has sued nonprofits tied to him.
Hollywood post-production crews are rallying behind California Governor Gavin Newsom, hopeful that he'll sign a bill that will create a tax credit aiming to keep their jobs in-state.
Opponents of Proposition 39 rallied against the proposed voter ID law appearing on California's November ballot.
The Southern California Pit Bull Rescue is offering a $10,000 reward to help find the person who shot a coyote in Studio City.
Hollywood post-production crews are rallying behind California Governor Gavin Newsom, hopeful that he'll sign a bill that will create a tax credit aiming to keep their jobs in-state.
Opponents of Proposition 39 rallied against the proposed voter ID law appearing on California's November ballot.
The Southern California Pit Bull Rescue is offering a $10,000 reward to help find the person who shot a coyote in Studio City.
The longest road trip in NFL history has brought the San Francisco 49ers and the Los Angeles Rams to Australia's sports capital for a season opener in front of more than 100,000 football-hungry fans packed into the Southern Hemisphere's largest stadium.
A Los Angeles Fire Department firefighter was among the three people injured when an ambulance crashed into another vehicle in Boyle Heights on Wednesday.
A Los Angeles animal rescue group is desperately trying to find a permanent home for a 6-year-old dog whose owners were swept up during an immigration raid.
Several homes along a Dana Point street were red-tagged due to damage from the powerful surf that has battered the Southern California coastline in recent days.
The powerful waves from Hurricane Marie continued to push water and sand into Southern California's beach communities.
Deputies from Los Angeles and Orange counties seized roughly 2,400 stolen catalytic converters and arrested five people in a joint bust on Thursday.
Every weekend, Bree Juan and her 15-year-old son, Skylar, make the drive from Orange County to Koreatown to set up their food stand at the corner of Third Street and Vermont.
Lake Elsinore is being eyed as the destination for a private luxury motorsports destination complete with a racetrack, country club and condominiums — all from the mind of a retired NASCAR driver.
An off-duty deputy helped his colleagues recover nearly $50,000 in stolen train cargo after the suspects drove by him on the freeway.
A 71-year-old woman was nearly beaten to death with a metal baseball bat after she helped a stranger who claimed he had just been robbed.
A Lake Elsinore man jumped in between In-N-Out workers and an irate customer swinging around a stick in the restaurant.
A Riverside County man was arrested for allegedly riding a motorcycle into a crowd of people in Riverside on Wednesday morning, injuring two people.
Average temperatures across the U.S. soared to record heights between June and August in 2026, a new report found.
Apple introduced the iPhone 18 at its annual tech showcase and unveiled its first foldable phone.
The Transportation Security Administration has launched a new program at 13 airports, allowing eligible TSA PreCheck members without plane tickets to pass through security and enter the gates.
The California Board of Parole granted Erik and Lyle Menendez an early parole suitability hearing, which is tentatively scheduled for March 2027.
In less than two weeks, the high-energy laser weapon system has taken down 11 drones, coinciding with a 75% drop in drones probing the border, military officials told CBS News.
President Trump's speech at the Republican National Committee convention touched on the polarizing NBA trade that sent superstar guard Luka Dončić from the Mavericks to the Lakers.
The new laws establish what the governor's office describes as the nation's first standards for independent third-party audits and assessments of AI technology.
California voters will decide in November whether to change how the state reviews the environmental impacts of certain major projects.
The Trump administration moved Tuesday to ban imports of Canadian motorcycles, some dairy products and most types of alcohol starting later this month, intensifying the trade war between the two countries.
The Transportation Security Administration has launched a new program at 13 airports, allowing eligible TSA PreCheck members without plane tickets to pass through security and enter the gates.
Homeowners getting their insurance through the California FAIR Plan will soon be paying even more, but industry observers say it may be a good sign for the state's insurance market.
Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Some Trader Joe's shoppers will get a payout after a lawsuit alleged that the retailer's customer receipts put shoppers at risk of ID theft.
California Attorney General Rob Bonta and local prosecutors urged parents to check their children's e-bikes, saying some of the vehicles may be motorcycles or mopeds capable of high speeds.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
Patients taking the first-of-a-kind pill, called daraxonrasib, lived for a median of 13.2 months compared with 6.7 months for chemotherapy recipients, studies showed.
Moderna and Merck announced study results that reflect a "landmark moment" in treatment for one of the deadliest forms of skin cancer.
The Social Security Administration is expanding its list of diseases and other health conditions that may qualify for accelerated approval of disability benefits.
In a wide-ranging interview with the CBS News partner BBC News, Hunter Biden grew emotional as he discussed his father's condition, describing it as very sad to watch.
Orange County Health Care Agency officials have confirmed the county's first human West Nile virus case of 2026, amid what some medical experts believe could be one of the worst mosquito seasons on record.
Pest control company Terminix has agreed to pay $3.15 million to settle a lawsuit brought by 29 California counties alleging the company unlawfully disposed of pesticides and violated customer privacy laws.
As Californians prepare to celebrate Labor Day and the contributions of American workers, labor unions are raising alarms about what they see as a growing threat to the future of human work.
California regulators approved Waymo to expand its services in Los Angeles and the Bay Area, and to offer its autonomous ride-hailing service in Sacramento and San Diego in the future, the company said Friday.
A California lawmaker wants to address the rising cost of event tickets by limiting how much some tickets can be marked up on the resale market.
California Gov. Gavin Newsom on Friday announced the rollout of the state's new electric vehicle instant rebate program, touting it as part of an investment in the state's clean-vehicle future.
President Trump's speech at the Republican National Committee convention touched on the polarizing NBA trade that sent superstar guard Luka Dončić from the Mavericks to the Lakers.
The Los Angeles Dodgers routed the Cincinnati Reds 14-1 for their seventh consecutive win.
Ryan Gauld scored his 50th career goal with Vancouver and Yohei Takaoka recorded his 11th clean sheet of the season to help the Whitecaps beat the LA Galaxy 3-0.
Jude Terry and Armindo Sieb each scored a goal, Hugo Lloris had his MLS-leading 12th shutout this season, and Los Angeles FC beat the New York Red Bulls 2-0 to snap a six-game winless streak.
The longest road trip in NFL history has brought the San Francisco 49ers and the Los Angeles Rams to Australia's sports capital for a season opener in front of more than 100,000 football-hungry fans packed into the Southern Hemisphere's largest stadium.
While performing in St. Louis on Saturday night, Lionel Richie appeared at one point to lean on a piano for support, according to video from the show.
The international airport in Nashville, Tennessee, would be renamed for Dolly Parton under a proposal by Tennessee's governor.
Both sides have rested in the murder trial of Duane "Keffe D" Davis, who prosecutors allege orchestrated the 1996 murder of Tupac Shakur.
Tim Curry was known for his iconic performances in cult classics like "The Rocky Horror Picture Show" and the original screen adaptation of Stephen King's "It."
Audience members at a stage performance of "9 to 5: The Musical" in the U.K. were heard gasping aloud at the news of Dolly Parton's death Tuesday.
After several days of unusual weather and humidity, Southern California is still bracing for even more heat, with triple-digit temperatures expected to affect the region. Hunter Sowards reports.
After a two-year renovation project, the Japanese American National Museum in Little Tokyo announced it will reopen its doors in January.
Opponents of Proposition 39 rallied against the proposed voter ID law appearing on California's November ballot. Tom Wait reports.
A new pancreatic cancer treatment drug recently received FDA approval following clinical trials conducted by City of Hope in Duarte. Kara Finnstrom reports.
Post-production crews are banking on Gov. Gavin Newsom to sign legislation that would add a tax credit that aims to keep their work in California. Gio Insignares reports.
Some of golf's best are facing off at the U.S. Women's Open at the Riviera Country Club in the Pacific Palisades over the weekend. The event runs from June 2 to June 7.
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
