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Utah’s exit from student loan servicing may mean $289M scholarship fund
Utah is getting out of the student loan servicing business, which could result in the creation of a $289 million endowment for scholarships and grants for Utah students. Earlier this month, the Utah Board of Higher Education authorized the sale of the Federal Family Education Loan Program portfolio administered by the Utah Higher Education Assistance Authority. The authority is a subsidiary of the Utah System of Higher Education. Financial advisers estimate the net proceeds of the sale of the federal student loan portfolio could be between $207 million and $220 million, according to a document prepared for an upcoming legislative
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Democrats step up pressure on Biden on student loan forgiveness
Democrats are once again pressing President BidenJoe BidenJill Biden campaigns for McAuliffe in Virginia Fill the Eastern District of Virginia Biden: Those who defy Jan. 6 subpoenas should be prosecuted MORE to act on student loan forgiveness, stepping up the pressure on the White House to deal with the issue even as it struggles to bring a divided party together around the president’s agenda. “Today would be a great day for President Biden and Vice President Harris to #CancelStudentDebt,” Senate Majority Leader Charles SchumerChuck SchumerHispanic organizations call for Latino climate justice in reconciliation Senate to vote next week
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‘Landmark settlement’ reached in lawsuit over Public Servant Forgiveness Program
One of America’s largest teacher’s unions and the Department of Education (ED) announced a settlement on a key loan forgiveness program used by public service workers. The American Federation of Teachers (AFT) hailed the “landmark settlement” in the case of Weingarten v. DeVos — originally filed in July 2019 and titled after the AFT President Randi Weingarten and former Education Secretary Betsy DeVos — as an agreement that will “hold the federal government accountable for its failure to manage the Public Service Loan Forgiveness program.” The news comes a week after ED announced a series of major changes to the
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New student-loan forgiveness guidelines explained: a step-by-step guide to taking advantage of the PSLF waiver
Hello and welcome back to MarketWatch’s Extra Credit column, a weekly look at the news through the lens of debt. In this week’s column we want to help you navigate changes to the Public Service Loan Forgiveness program announced by the Department of Education earlier this week with a step-by-step guide. But first a little bit of background (scroll down if you’d prefer to skip to the guide). Over the past several years, we have written about the challenges nurses, teachers, social workers and other public servants have faced accessing the relief they were promised. In many cases, these borrowers
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Who is eligible and how to apply under Biden’s overhauled relief program
A federal program failed to fulfill its promise of offering student debt relief to thousands of public workers, including teachers, police officers and firefighters. Now, the government is trying to make it right. On Wednesday, the U.S. Department of Education announced sweeping changes to its Public Service Loan Forgiveness program after thousands of borrowers applied for forgiveness, with nearly all of them being rejected by the federal government. After making a decade of payments, many found out that they had the wrong type of federal loan or repayment plan to be eligible for the program. Thousands have been straddled with
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Easy to get loans are what you don’t need
Getting loans was never easier. Everywhere you go, there are various forms of loans available for any kind of purchase. If these, buy now pay later (BNPL) schemes are getting more and more popular. And why not? They offer interest-free loans which can be paid back in equal installments over 6-12 months. BNPL makes it easier for consumers to make purchases by deferring payments to the future. BNPL is also gaining traction because there is no high interest to be paid and credit scores are not so important to access the scheme. Retailers are happy with increasing sales, financial institutions
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Should You Pay Off Student Loans or Invest?
Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. When to prioritize paying off student loans When trying to decide what to prioritize, there are a few things you should consider: Your overall financial health, including what other kinds of debt you have (credit card, auto loan, personal loan, etc.) Your total amount of student debt and your interest rate Your monthly student loan payment, and how that impacts your monthly budget Any
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Nia DaCosta Talks Captain Marvel 2 and Her Student Loan Debt
Photo: Rachel Murray/Getty (Getty Images) A few months after Nia DaCosta officially signed on to direct the new Candyman—which has gone on to become the first movie directed by a Black woman to premiere at the top of the box office—the director happened to bump into New York Times columnist and illustrator Julia Rothman, who was randomly interviewing people on the street about their relationships to debt. While those not familiar with DaCosta’s earlier work like Little Woods might not have recognized her name at the time, what she said about her $100,000 student loan
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