53% of student borrowers say financial health tied to debt relief
Painfully high inflation is putting even more pressure on Americans struggling to repay their college loans.
Watch CBS News
Painfully high inflation is putting even more pressure on Americans struggling to repay their college loans.
One part of plan for tackling student debt could spur more people than expected to join program, analysis says.
The proposal comes as the Biden administration's plan to forgive up to $20,000 in student debt remains in limbo.
The Biden administration had earlier extended a repayment pause while its student-debt relief program remains tied up in court.
A Biden administration program forgiving up to $20,000 in student loans remains hung up in court.
U.S. has told millions of people with student loans that their applications for relief were approved — but there's a hitch.
Ruling came in response to lawsuit by six Republican states that accused Biden administration of overstepping its authority.
Federal judge Mark Pittman in Fort Worth ruled the Department of Education's Secretary, Miguel Cardona, didn't have the authority to create the program.
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.
Teachers and other public servants need to apply soon to ensure they are considered for a one-time waiver.
President Joe Biden is offering to forgive up to $10,000 in student loan debt for those making less than $125,000 a year and as much as $20,000 for eligible Pell Grant recipients.
Most of the benefit of erasing college loans would go to households earning below $88,000, new analysis finds.
The Department of Education estimates that 27 million people will qualify to receive student loan debt relief.
Some students are worried the plan could increase inflation.
More than 40 million Americans may qualify, with income the main factor that determines who qualifies for relief.
The Biden administration extended the payment pause in April through August 31.
More than 43 million borrowers hold more than $1.6 trillion in federal student loan debt.
The college posted a video of the commencement ceremony with the students being told, "You are debt-free."
