The department is withholding payment from loan servicer MOHELA as 2.5 million borrowers didn't receive timely billing statements.
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.
The court has struck down President Biden's plan to discharge federal student loan debt for tens of millions of Americans. Here are five takeaways for borrowers and the country.
The court unanimously dismissed on standing grounds a challenge to President Biden's groundbreaking plan to forgive some or all federal student loan debt for tens of millions of Americans.
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.
Amid President Joe Biden's announcement that his administration will be forgiving up to $20,000 in federal student loans, scammers may be looking to take advantage of borrowers.
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.