student loan debt
The Supreme Court may have struck down a sweeping plan for student loan debt forgiveness, but under President Biden's new income-driven repayment plan, SAVE, borrowers stand to pay thousands less.
With President Biden pledging a veto, the resolution amounts to a mostly symbolic show of congressional disapproval on a plan to cancel up to $20,000 in federal student loan debt.
If it passes, the proposed debt deal would set the date for federal student loan repayments to resume. The pause's end will affect some 43 million borrowers, but, in effect, it's not a big change.
Nearly 22 million people — more than half of qualifying borrowers — have signed up. The Biden administration says it is continuing to accept and review applications during the temporary hold.
President Biden's plan to forgive hundreds of billions of dollars in student debt will help millions – but it's also raising concerns about inflation, economic fairness and college tuition costs.
Students affected do not have to take any further action to secure their funds, and the Department of Education will begin notifying those students soon, the agency said.
Spiegel and Kerr, who have been married since 2017, gave the commencement speech and got honorary degrees from Otis College of Art and Design. Then they surprised graduates with a gift of their own.
Congress hit pause on federal student loan payments in the CARES Act. The latest extension of this relief will last until after President-elect Joe Biden takes office.
The president-elect called for immediate action to help borrowers who are "having to make choices between paying their student loan and paying the rent."