Student loans to go to Treasury Department
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In an ominous sign for student loan borrowers, the Education Department published new data indicating that backlogs for repayment plans and loan forgiveness are ongoing.
More than half a million federal student loan borrowers remain in a backlog of applications for an affordable repayment plan, a court filing revealed.
Federal appeals court officially ends Biden's SAVE student loan plan, reportedly impacting 7 million borrowers who must now seek alternative repayment options.
A federal appeals court has struck down the Biden‑era SAVE student loan repayment plan after years of legal challenges. The program, which offered the most generous repayment terms and potential loan forgiveness after as little as 10 years,
Trump's cap on student-loan borrowing for advanced degrees has prompted colleges to create new lending programs to fill financing gaps.
A federal judge approved an agreement this week to phase out the Saving on a Valuable Education, or SAVE, Plan. The move could affect millions of borrowers.
Recently released data from the Education Department showed that by the end of last year, 7.7 million borrowers had defaulted on $181 billion in federal student loans.
Most student loan borrowers can answer student loan questions themselves with free resources. However, in some cases with more complicated legal and financial situations, paid help may be necessary.