Student loan 'forgiveness

2022 - 8 - 23

Post cover — Image courtesy of "Politico"

Biden closes in on student loan forgiveness plan and extension of ... (Politico)

The White House is likely to announce a student loan relief plan as early as Wednesday that would forgive up to $10,000 for some borrowers and further ...

But the companies say that the uncertainty so close to the deadline is pushing the repayment system to the brink of major problems. The White House has struggled for more than a year over the issue of student debt cancellation. The department has been studying ways to automatically provide as much relief as possible without requiring borrowers to fill out an application form. The administration is widely expected to, at a minimum, extend the student loan freeze to avoid having tens of millions of borrowers receive bills just before the midterm elections. The pandemic-related moratorium on interest and payments, which started in March 2020 in the Trump administration and has been extended four times by President Joe Biden, is set to expire Aug. The White House has been considering for months canceling $10,000 for borrowers who make $125,000 or less annually.

Student Loan Forgiveness: Biden Administration Debating Details (Forbes)

The White House is still considering the details of an announcement on student loan forgiveness - and it's unclear how far President Joe Biden could go on ...

[announcement from Biden on student loan forgiveness](https://www.forbes.com/sites/zackfriedman/2022/08/09/student-loan-forgiveness-biden-days-away-from-potentially-canceling-student-loans/) and the [student loan payment pause any day](https://www.forbes.com/sites/zackfriedman/2022/08/22/student-loan-payment-pause-what-to-expect/). Here are some popular ways to save money and pay off student loans faster: [Student loan refinancing](https://www.mentormoney.com/calculators/student-loan-refinancing-calculator/)(lower interest rate + lower payment) [Income-driven repayment](https://www.mentormoney.com/guide-to-lower-student-loan-payments/)(lower payment) [Student loan forgiveness](https://www.forbes.com/sites/zackfriedman/2022/07/09/biden-proposes-to-extend-limited-waiver-for-student-loan-forgiveness/)(federal student loans) [wide-scale student loan forgiveness](https://www.forbes.com/sites/zackfriedman/2022/08/01/student-loans-4-things-to-expect-if-biden-enacts-student-loan-forgiveness/) redistributes income to higher-income earners. With [broad student loan cancellation](https://www.forbes.com/sites/zackfriedman/2022/08/04/heres-who-could-qualify-for-10000-of-student-loan-forgiveness/), these Americans will effectively be asked to pay for the college education of other Americans. Biden also must weigh feedback from some moderates, independents and Republicans who say student loan cancellation will fuel inflation, [cost $400 billion](https://www.forbes.com/sites/zackfriedman/2022/06/28/biden-has-canceled-400-billion-of-student-loans-so-republican-says-no-more-student-loan-cancellation/) and hurt working Americans who didn’t go to college or don’t have student loans. [latest student loan debt statistics](https://www.forbes.com/sites/zackfriedman/2022/05/16/student-loan-debt-statistics-in-2022-a-record-17-trillion/), there are 45 million borrowers who collectively owe $1.7 trillion of student loans. The White House disagrees, saying that any [wide-scale student loan relief](https://www.forbes.com/sites/zackfriedman/2022/07/29/student-loan-forgiveness-internal-documents-reveal-historic-student-loan-relief-but-biden-must-approve/) will have minimal, if any, impact on inflation. [Inflation reached a 40-year high](https://www.forbes.com/sites/zackfriedman/2022/08/20/expect-layoffs-at-half-of-us-companies-according-to-new-survey/), and the last thing the Biden administration wants is the perception that broad student loan forgiveness will increase inflation. With only days away until the expiration of the student loan payment pause, Biden’s [announcement on the prospect of wide-scale student loan relief](https://www.forbes.com/sites/zackfriedman/2022/08/09/student-loan-forgiveness-biden-days-away-from-potentially-canceling-student-loans/) could come right before student loan borrowers are expected to [restart federal student loan payments](https://www.forbes.com/sites/zackfriedman/2022/08/17/education-department-confirms-biden-will-decide-on-student-loan-payment-pause-soon/) on September 1, 2022. Republicans in Congress also say wide-scale student loan cancellation will [increase monster inflation](https://www.forbes.com/sites/zackfriedman/2022/06/14/student-loan-forgiveness-how-monster-inflation-could-impact-bidens-decision/). (Other reporting notes [student loan forgiveness](https://www.forbes.com/sites/zackfriedman/2022/08/22/biden-could-announce-10000-of-student-loan-forgiveness-wednesday/) could come as early as tomorrow). [hasn’t](https://www.washingtonpost.com/us-policy/2022/08/23/biden-student-loan-cancellation/) finalized details on broad student loan forgiveness.

Joe Biden expected to announce $10000 student loan forgiveness ... (Fox News)

President Biden's expected announcement to forgive $10000 in student loans will cost American taxpayers around $300 billion, according to some estimates.

[CLICK HERE TO GET THE FOX NEWS APP](https://www.foxnews.com/apps-products?pid=AppArticleLink) On the campaign trail, Biden proposed canceling up to $10,000 per borrower, with no mention of an income cap. "[D]ebt cancellation would boost near-term inflation far more than the IRA will lower it," CRFB wrote in its analysis. [STUDENT LOAN CANCELLATION COULD COST $900B AND FAVOR TOP EARNERS, ANALYSIS SHOWS](https://www.foxbusiness.com/economy/student-loan-cancellation-could-cost-900b-favor-wealthy-americans-analysis-shows) The nation's federal student debt now tops $1.6 trillion after ballooning for years. [cost increases](https://www.foxnews.com/category/us/economy/inflation) to around $330 billion if the program is continued over the standard 10-year window, according to the figures.

President Biden poised to announce some form of student loan ... (ABC News)

Joe Biden is poised to decide whether to cancel student loan debt for a subset of Americans and continue to keep a COVID-era pause on the repayments.

"My students will be able to earn, as a first year teacher in the city of Dallas, upwards of $60,000," Mason said. "I bear the weight of $70,000 in student loans," Mason told ABC News. Shareefah Mason, the dean of Educator Certification at Dallas College, feels this impact firsthand as a Black woman with student debt. The smaller the amount of cancellation, the easier the question is," Brooks said. This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020," Johnson said. "I think things will get really tight in the winter because my utility bills are higher," Fuller told ABC News. "A lot depends on the size of the cancellation. "If the rumors are true, we've got a problem. But multiple people familiar with White House policy discussions told ABC News that the loan pause, first put in place under President Donald Trump during the disruptions of COVID-19's onset, is expected to be extended. "We recognize it's an important issue for many families. "Wiping out all student debt with a single stroke might be tougher, but the president through the secretary of education does have the power to adjust the amount of loan principle that any borrower has." In an interview on Tuesday afternoon, U.S.

Who qualifies for student loan forgiveness? (CBS News)

How can I get my student loans forgiven? 4 programs to consider. moneywatch. By Stephanie Colestock. Updated on: August 23, 2022 / 9:55 PM / CBS News.

So, it's wise to take advantage of the student loan forgiveness programs available if you haven't already. [ Borrower Defense to Loan Payment](https://studentaid.gov/sites/default/files/borrower-defense-application.pdf). In general, you should be wary of companies that reach out to you first, promising instant or complete loan discharge or forgiveness. Loan discharge is a process that essentially cancels out some (or all) of your eligible student loans. If you have federal loans, you can qualify for income-driven repayment options to potentially reduce your monthly payment and can even utilize loan forbearance or deferment options during times of financial hardship. If you believe you qualify for this, make sure you fully explain your experience in the application. This allows you to deduct up to $2,500 or the total interest you paid that tax year on qualifying loans (whichever is less) as long as you meet certain income limits. There are also strict qualifications - such as your occupation, specific student loan plan, military status and more - if you want to have any portion of your loans cleared. Check out the student loan forgiveness programs listed below to see if you qualify. So, it should come as no surprise that many graduates are eager to learn more about [student loan forgiveness](https://www.cbsnews.com/news/student-debt-forgiveness-new-rules-proposed-biden-administration/) and loan discharge options. There are also many state programs as well as forgiveness options for employees in certain fields. However, it would provide much-needed relief for those overwhelmed with student loan debt.

Biden's student loan test (Axios)

In deciding to cancel some student loan debt, President Biden is carrying out a campaign promise that could leave progressive and working-class Democrats ...

[The Ukraine war, six months on](/2022/08/24/ukraine-six-months-invasion) [SoCal facing "precarious situation" as water levels hit historic lows](/2022/08/24/california-drought-crisis-water-waste-celebrities) will provide Ukraine with an additional nearly $3 billion in military aid as Ukraine marked six months since the start of Officials across the administration are concerned about the effect of high prices on lower income Americans — not to mention the political implication for Democrats in November. “Student loan debt relief is spending that raises demand and increases inflation,” [said Tuesday](https://www.theglobeandmail.com/world/article-us-urges-citizens-to-leave-ukraine-as-fears-grow-of-russian-attacks-on/) he would not agree to freeze the conflict where it stands, with Russia occupying one-fifth of his country. - In April of this year, Biden shut the door on the bigger amount. [AP](https://apnews.com/article/us-ukraine-3-billion-dollar-aid-package-363cdbeb670626eb410d72e81bd8068c) reported. [Russia's unprovoked invasion](https://www.axios.com/2022/02/22/russia-ukraine-invasion-putin-live-updates) as well as its independence day. [as an anti-inflationary bill](https://www.axios.com/2022/08/16/biden-reconciliation-inflation-reduction-act). [dropped to 8.5%](https://www.cnbc.com/2022/08/10/consumer-prices-rose-8point5percent-in-july-less-than-expected-as-inflation-pressures-ease-a-bit.html) in July, is his top priority. [Politics & Policy](https://www.axios.com/politics-policy)