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Calls for student loan forgiveness expected to intensify as Biden’s legislative agenda stalls
President Joe Biden’s ambitious social spending and climate-change package of legislation, the Build Back Better Act, appears unlikely to pass as originally written after the moderate West Virginia Democrat Sen. Joe Manchin declared his opposition in the days before Christmas and reiterated this week that there are no ongoing discussions over the bill. Though it’s possible Democrats can muster their razor-thin margins in the House of Representatives and Senate to pass some sort of stripped-down spending bill, it’s almost a certainty that Biden will either this year or after a likely loss of the House after the November elections, turn
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The end of student loans
When it comes to student loans, President BidenJoe BidenOvernight Energy & Environment — Manchin raises hopes on climate spending Missouri state GOP lawmaker resigns for Florida consulting job Joe Manchin stood up for West Virginia values MORE is acting like Lucy removing the football just as naïve Charlie Brown is persuaded to kick it. Every time the president sets a new date to resume student payments, he takes it away. Student borrowers wonder when payments will start again and if they do, where they will find the money they long since spent. Delaying payments is not a policy;
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Waiting for student loan forgiveness? What to do in the meantime
Flashpop | Stone | Getty Images Getting impatient waiting to hear if your student loans will be forgiven? Millions of other borrowers are in the same spot. The topic of loan cancellation has been floated for years now. On the campaign trail, President Joe Biden promised to forgive at least $10,000 of the debt for all but other Democrats are pressuring him to raise that amount to $50,000. Some experts suspect there could be action before the November mid-term elections, with Democrats hoping that delivering on loan cancellation could help them on the ballots. Here’s what you can do while
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With payments paused again, will student loan debt ever be forgiven?
President Joe Biden walks to the Oval Office upon his return to the White House on Dec. 20, 2021. Kevin Lamarque | Reuters When Scott Heins heard that the Biden administration was giving student loan borrowers another three months before they’ll have to start making their payments again, he had mixed feelings. On one hand, the freelance photographer in Brooklyn, New York, doesn’t know how the fast-spreading omicron variant of Covid-19 will impact his work, and so getting a little more time is a relief. More than a decade after graduating college, he still owes more than $20,000. Yet the
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Why 2022 is the year student loans could be linked to your 401(k)
Retirement reform advocates in Washington have had a bumpy 2021. Multiple efforts to help people save more effectively for retirement, including one informally called SECURE 2.0, seemed to be on track for passage before Congress’ other efforts crowded them out. But the effort may gain renewed traction in 2022. In a recent webinar co-hosted by Yahoo Finance and the Bipartisan Policy Center, Rep. Fred Keller (R-PA) said, “I think our chance for success in the upcoming year to get the SECURE 2.0 on the books is pretty positive.” Keller and other lawmakers have focused on one particular provision: linking retirement
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Biden administration considers extending payment pause for student loan borrowers
President Joe Biden addresses graduates of South Carolina State University during their commencement ceremony on Dec. 17, 2021. Mandel Ngan | AFP | Getty Images The Biden administration is considering extending the payment pause and interest waiver for most federal student loan borrowers once again. “Since day one of the Biden Administration, we’ve been hard at work delivering meaningful relief to student loan borrowers,” a spokesman for the U.S. Department of Education told CNBC on Tuesday. “That started with an extension of the pause on federal student loan repayment until Jan. 31, 2022,” the spokesman said. “Later this week, we
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Race and finance: the student loan trap
This is the second of a series of articles looking at race and the financial system When US civil rights campaigners of the last century took to the streets, they dreamt of a day when black Americans would enjoy the same educational opportunities as everyone else in the country. Sabrina Cannon has lived that dream — and it has landed her deep in debt. Cannon, 33, was the first member of her African-American family in Buffalo, New York, to go to college, using $100,000 in federal student loans to obtain a marketing degree in 2010 from Niagara University, a nearby
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White House not budging on Feb. 1 end to student loans forgiveness
One such “tense meeting,” described by someone familiar with what happened in the conversation, happened Wednesday. Loan forgiveness advocates relayed to members of Biden’s domestic policy and economic teams that beyond the actual economic, legal and policy implications of lifting the loan repayment pause, the move was “bad politically.” They wanted “to sound the alarm to them about what we believe to be a very serious political mistake that they’re about to be making,” said a second source familiar with the conversation. Biden’s team was not moved. Multiple sources familiar with what was said at the meeting described the administration’s
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