Supreme Court to hear case on student loan relief
The Supreme Court has agreed to take up the case concerning President Biden's plan to cancel hundreds of billions of dollars in student loan debt. The court will hear oral arguments in February.
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The Supreme Court has agreed to take up the case concerning President Biden's plan to cancel hundreds of billions of dollars in student loan debt. The court will hear oral arguments in February.
The woman worried she could lose everything — but a stranger from the internet offered to help.
U.S. has told millions of people with student loans that their applications for relief were approved — but there's a hitch.
Only 0.1% of people with college debt who filed for bankruptcy have tried to get their student loans discharged.
Ruling came in response to lawsuit by six Republican states that accused Biden administration of overstepping its authority.
With the possibility of getting up to $20K forgiven tied up in the courts, experts list some steps borrowers can take.
The Department of Education's website now informs borrowers: "Student loan debt relief is blocked."
The program had already been on hold since the 8th Circuit Court of Appeals issued a temporary stay last month.
With Biden's ambitious program now in limbo, borrowers should prepare to repay their loans starting in January, experts warn.
The government also said in its response to the 8th Circuit Court of Appeals' decision to pause the program that the states do not have standing to intervene.
Education Department is offering more details about its "short and simple" form to get up to $20,000 in debt wiped away.
Teachers and other public servants need to apply soon to ensure they are considered for a one-time waiver.
The Biden administration says that the application to apply for student loan debt forgiveness will be accessible this month. But not all of the roughly 40 million borrowers are eligible. Danielle Douglas-Gabriel, higher education reporter for The Washington Post, joins CBS News to discuss.
Six Republican-led states are suing to block President Biden's student loan forgiveness plan. Terry Haines, the founder of Pangaea Policy, joins CBS News to discuss the suits and the latest developments on the administration's plan.
Forecast from Congressional Budget Office estimates extending repayment pause will cost another $20 billion.
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Multiple states could tax loans forgiven under President Biden's student debt plan. Jared Walczak, with the Tax Foundation, explains the complexity of current tax laws and how they could affect borrowers.
The application could be ready in early October and millions will be jockeying to get their loans relieved quickly.
Loan forgiveness won't trigger federal taxes, but some borrowers could owe up to $1,100 in state taxes, analysis finds.
The Education Department announced Tuesday it will discharge loans for students who attended the for-profit Westwood College.
Federal reserve chair Jerome Powell has warned there will be "some pain" for Americans in the fight to reduce inflation. Gene Sperling, senior adviser to the president, joins CBS News' John Dickerson to discuss the state of the economy.
Following the White House's announcement of a sweeping student debt reform package, some are expressing concerns that the plan could result in higher inflation. Marc Goldwein, senior policy director at the Committee for a Responsible Federal Budget, joins "CBS News Mornings" to explain the impact the move could have on inflation and the federal deficit.
Most of the benefit of erasing college loans would go to households earning below $88,000, new analysis finds.
About $400 billion in debt could be forgiven. But some economists say the impact on the economy is likely to be minimal.
Many people with student loans remain mired in debt for years despite making payments. The White House wants to fix that.